Chicago Area Housing Website - Show full description

Department of Treasury - CDFI Fund (Community Development Financial Institutions)

The Community Development Financial Institutions (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities. The Fund was authorized by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative. By stimulating the creation and expansion of diverse community development financial institutions (CDFIs) and by providing incentives to traditional banks and thrifts, the Fund�s investments work toward building private markets, creating healthy local tax revenues, and empowering residents. The CDFI Fund provides relatively small infusions of capital to institutions that serve distressed communities and low-income individuals. The Fund�s activities leverage private-sector investments from banks, foundations, and other funding sources. Since the Fund�s creation, it has made more than $534 million in awards to community development organizations and financial institutions.

http://www.cdfifund.gov/overview/index.asp