News from CRF
January 30, 2017
MINNEAPOLIS, MN - January 30, 2017 - Community Reinvestment Fund, USA (CRF), a Minneapolis-based non-profit, elected four new members to their Board of Trustees at the January 26, 2017 board meeting.
The staff and current board are pleased to welcome Janie Barrera, President & CEO, LiftFund; Eileen Fitzgerald, President, Stewards of Affordable Housing for the Future; Laura Trudeau, Board of Directors, Invest Detroit; and Luther M. Ragin, Jr, Board of Directors, Rockefeller Philanthropy Advisors.
"These four individuals bring a great deal of expertise, energy and commitment to the board," said Frank Altman, CRF's President and Chief Executive Officer. "We are fortunate to have them in our corner as we take CRF to the next level and continue to grow our impact in communities across the country."
Janie Barrera is founding president and chief executive officer of Liftfund. Created in 1994, Liftfund has grown to hold the nation's largest microlending portfolio. The nonprofit agency provides small loans and management training to microenterprises of all kinds -- from startups to long-established businesses -- and operates in the states of Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas.
As president and CEO, Ms. Barrera is responsible for the organization's financial management, oversight of its annual budget and the development of methodology and loan delivery procedures. She has received recognition for her accomplishments, including the Small Business Administration Financial Services Advocate of the Year and the Minority Enterprise Development Consortium's Corporate Advocate of the Year. San Antonio Business Journal listed Ms. Barrera as one of "Twenty Defining Players: People Who Have Helped Shape the City," and also named her as one of 2013's "Legacy Leaders." Ms. Barrera has served on many national, state and local boards, including the Federal Reserve Board's National Consumer Advisory Council. President Barack Obama appointed Ms. Barrera to the President's Advisory Council on Financial Capability and she also was named to the board of directors for the Federal Reserve of Dallas' San Antonio Branch.
Ms. Barrera began her career as director of telecommunications for the Diocese of Corpus Christi in 1977. There, she helped found the area's first nonprofit radio stations, KLUX and KHOY, as well as two television production studios. After completing her MBA from the University of the Incarnate Word, the Corpus Christi native remained in San Antonio where, in 1989, she became marketing director for the U.S. Air Force Morale, Welfare and Recreation Division headquartered at Randolph Air Force Base.
Eileen Fitzgerald is the President and CEO of Stewards of Affordable Housing for the Future (SAHF).
In her role as President and CEO, Ms. Fitzgerald works to identify, develop and advocate for key strategic issues of concern to SAHF and its members, create a level playing field for effective, mission oriented nonprofit businesses and amplify SAHF's impact to create more sustainable properties and communities and improve the lives of residents.
Ms. Fitzgerald has over 25 years of experience in housing and community development. Prior to joining SAHF in 2014, Ms. Fitzgerald served as CEO and COO of NeighborWorks America. During her tenure, NeighborWorks became a leader in responding to foreclosures, initiating the highly successful National Foreclosure Mitigation Counseling program and partnering to create the National Community Stabilization Trust. She oversaw more than $1.5 billion in grants and emphasized the importance of a balanced housing policy, substantially growing the rental housing portfolio of the NeighborWorks' organizations.
Previously, Ms. Fitzgerald served at the Fannie Mae Foundation, as the Acting Executive Director and Vice President of Program Operations at the McAuley Institute, and as the Chief Investment Officer for Single Family at the AFL-CIO Housing Investment Trust. She also served at the U.S. Department of Agriculture's Rural Housing Service as the Associate and Acting Administrator.
Ms. Fitzgerald is a graduate of Fordham University in New York and the Woodrow Wilson School of Public and International Affairs at Princeton University.
Laura J. Trudeau recently retired from the Kresge Foundation where she served as senior advisor to the President.
Laura was previously managing director for Kresge's Detroit Program, leading the foundation's nine-point framework to reverse decades of disinvestment in Detroit and to reposition the city as a model for revitalization. She also worked with community development grantmakers and practitioners to identify promising initiatives for the redevelopment of older industrial cities and to build bridges between Detroit and other urban communities to encourage the sharing of information and strategies.
Laura joined Kresge as a program officer in 2001, initially working on the foundation's national facilities capital challenge grant program. She was instrumental in developing Kresge's Green Building initiative. Laura also has worked as a senior program officer and as a program director at the foundation.
From 1972 to 2001, Laura worked at what is now JPMorgan Chase in the trust office, commercial banking and public affairs. As vice president and regional head for philanthropy and community relations in the Midwest, she oversaw the bank's grantmaking activity in Detroit and surrounding areas.
A graduate of Central Michigan University in Mount Pleasant, Mich., Laura is active in the nonprofit sector. She serves on the Detroit Local Initiatives Support Corporation's local advisory board and the Living Cities program committee.
Luther Ragin, Jr
Luther Ragin, Jr. recently retired as Chief Executive Officer of Global Impact Investing Network, a position he held since September 2011.
Prior to that, Ragin served as Vice President of Investments at The F.B. Heron Foundation in New York for over 10 years, where he was an impact investing pioneer, building a world-class institutional investment portfolio that demonstrates the ability to achieve consistently strong financial performance with substantial social impact through investments. He has also been a singularly effective advocate of impact investing among investment peers and a wider audience, including through his appointment as a William H. Bloomberg lecturer at Harvard University and as a Regular Commentator and Writer.
Ragin served as the Chief Financial Officer of the National Community Capital Association. He also served eight years as the Chief Financial Officer of Earl G. Graves, Ltd. He served as seven years with Chase Manhattan Bank, including three years as Vice President of Syndications/Assets Sales at the North American Corporate Finance Sector. He has served at F.B. Heron Foundation, a national foundation with assets of about $300 million, since 1999. He has been Director at Rockefeller Philanthropy Advisors since January 8, 2015. He serves as a Director of Threshold Group, LLC and The ShoreBank Corporation. He serves as a Director of The Classical Theatre of Harlem, National Community Investment Fund and the Thembani International Guarantee Fund. He is a member of the board of directors of Social Finance U.S. and is an adjunct lecturer in public policy at the Harvard Kennedy School. Mr.
Ragin received a Bachelor's Degree in Economics and a Master's Degree in Public Policy from Harvard University, and is a Graduate of Columbia University's Executive Program in Business Administration.
About Community Reinvestment Fund (CRF)
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to empower people to improve their lives and strengthen their communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF develops products and services aimed at increasing the flow of capital to historically underinvested communities across the country. CRF has injected more than $2.2 billion to help stimulate job creation and economic development, provide affordable housing, and support community facilities. For more information, visit www.crfusa.com.
Posted by: CRFUSA
November 17, 2016
MINNEAPOLIS - November 17, 2016 - Community Reinvestment Fund, USA (CRF), a non-profit organization that empowers people to improve their lives and strengthen their communities, announced that its affiliate, National New Markets Tax Credit Fund, Inc., received $65 million in federal New Markets Tax Credit (NMTC) funds. Since the program's inception in 2001, CRF has received combined federal NMTC allocations totaling $869.5 million.
CRF was one of 120 organizations selected from a pool of 238 applicants across the country to receive tax credit allocation authority under the 2014 New Markets Tax Credit Program. A total of $7 billion was awarded to stimulate investment and economic growth in low-income urban neighborhoods and rural communities nationwide.
"This continues to be a highly effective tool for CRF and the CDFI industry as we continue to grow our efforts to fill gaps in access to capital and level the economic playing field," said Frank Altman, president and chief executive officer for CRF. "We are grateful to receive an allocation and look forward to working with our partners to deploy the capital to the projects and communities where it can have the greatest impact."
The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as Community Development Entities (CDEs). Since the program's inception, New Markets Tax Credit investments are estimated to have created nearly 600,000 new jobs and supported the construction of more than 160 million square feet of retail, manufacturing, and office space. As the communities benefiting from these investments develop, they become more attractive to investors, creating a ripple effect that spurs more investment.
CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority.
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Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), is a national leader in bringing capital to underserved areas. Founded in 1988, CRF has injected more than $2 billion into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, MN. For more information, visit www.crfusa.com
Posted by: CRFUSA
May 4, 2016
Krysta Pate joins Detroit Home Mortgage in the program's new downtown office space
DETROIT - Detroit Home Mortgage, the innovative new
program designed to make Detroit home buying more accessible, announced today that community development expert Krysta Pate will lead the initiative as program director. Community Reinvestment Fund, USA (CRF), which administers Detroit Home Mortgage, also announced that the initiative will occupy a full-time office in the historic Ford Building.
Pate comes to Detroit Home Mortgage from the Detroit Land Bank Authority where she worked closely with community partners, banks, homebuyer counseling agencies, realtors and government agencies. She is also a member of the national task force charged with improving mortgage conditions in Detroit.
"Krysta brings a wealth of experience and relationships to Detroit Home Mortgage, as well as a proven passion for rebuilding Detroit's neighborhoods," said Frank Altman, president and CEO of CRF. "She will be a tremendous asset as we continue our efforts to help solve the appraisal gap problem and restart the mortgage market in Detroit."
Pate started her career in retail banking as a mortgage loan officer for Bank of America. She also held positions as lead broker at Charter School Development Corporation, aiding charter schools in obtaining working capital loans, and director of residential financing at Home Renewal Systems, LLC, where she developed key neighborhood revitalization strategies for 17 municipalities.
"I have spent my entire career working to strengthen neighborhoods and create housing solutions for families," said Pate. "It's great to see banks, government officials, nonprofits, and realtors collaborate in this groundbreaking and important step towards a real solution for the Detroit real estate market. I am happy to join CRF in their dedication to making Detroit Home Mortgage a success."
To learn more about Detroit Home Mortgage, visit www.detroithomemortgage.org.
About Detroit Home Mortgage
Detroit Home Mortgage (DHM) aims to increase home ownership and reinvestment in Detroit's neighborhoods by helping solve the appraisal gap problem. With DHM, qualifying borrowers receive a first mortgage for the appraised value of their house (less their 3.5 percent down payment), and a second mortgage up to $75,000 to fill the gap between the appraised value and the sale price and/or the cost of renovations. DHM is managed by Community Reinvestment Fund, USA. Learn more about DHM at www.detroithomemortgage.org.=
About Community Reinvestment Fund, USA (CRF)
CRF, a national non-profit community development financial institution (CDFI), is a leader in bringing capital to underserved areas. Since 1988, CRF has injected more than $2 billion into communities in 48 states around the country to provide affordable housing, help stimulate job creation and economic development, and support community facilities. Learn more at www.crfusa.com.
Posted by: CRFUSA