CLF received a 2012 U.S. Treasury CDFI Fund financial assistance award in the amount of $703,806.  It will utilize this award to offer flexible financing options that will increase production of affordable housing, improve access to healthy foods, and support local and regional community development lenders.  This is CLF’s 5th consecutive award from the U.S. Treasury, for a total of $4,153,544 in support from the CDFI Fund.

What is a CDFI?

CDFIs (Community Development Financial Institutions) are mission-driven financial institutions that provide financial products and services to low-wealth communities for community development projects.  More than 900 CDFIs have been certified by the CDFI Fund; South Carolina has 9 active CDFIs.

Why are CDFIs needed?

CDFIs fill the gap between resources and need, providing financing to communities where traditional financial institutions are unable to serve.  Their flexible financing allows them to finance community development projects including affordable housing, small businesses, and community facilities.  CDFIs create jobs and build wealth for underserved communities.

What is the CDFI Fund?

The U.S. Treasury Department’s CDFI Fund is a federal agency created to support the growth of CDFIs and to expand their capacity to better serve low-wealth communities.  The CDFI Fund administers the Financial and Technical Assistance program, which through a competitive grant program, provides capital to CDFIs to carry out their mission.  Since 1996, South Carolina has received $5,153,084 in CDFI Fund awards.

To learn more about CDFIs, view this video.

To learn more about how CLF is utilizing its CDFI Fund award, please visit our website at www.sccommunityloanfund.org.