MINNEAPOLIS – July 5, 2022 – Community Reinvestment Fund, USA (CRF), a national, non-profit Community Development Financial Institution (CDFI) with a mission to improve lives and strengthen communities through innovative financial solutions announced that Frank Altman will retire as chief executive officer of CRF after co-founding the organization and providing more than 35 years of service. Altman will continue to lead the organization through the transition and search process.
“Under Altman’s visionary leadership and unwavering dedication to creating a just economy that works for all, CRF has helped transform the community development finance system and the way capital flows to underinvested communities,” said Reza Aghamirzadeh, chair, CRF Board of Trustees. “As one of the leading CDFIs in the nation, CRF is innovative, dynamic, and poised for substantial growth.”
Founded in 1988, CRF pioneered the development of a secondary market for community and economic development loans. CRF has since provided more than $3.5 billion in loans and investments to historically underrepresented small businesses, community facilities, charter schools and affordable housing projects in 50 states.
CRF works to co-create innovative financial products that address the barriers and inequities underrepresented small businesses face, design and manage financial programs that attract incremental impact capital to underinvested communities, and build and grow the capacity of a network of trusted business support organizations enabled by technology.
The ways in which CRF delivers impact has evolved over its nearly 35-year history, but its focus on supporting underinvested communities remains constant. Most recently, as the COVID-19 pandemic put many small businesses in crisis mode, CRF quickly shifted its efforts to support economic recovery, providing more than $1 billion to underrepresented communities across the country.
“Economic inequality is one of the most pressing and complex challenges facing our nation today. The last few years have only demonstrated that the work of CRF and the entire community development finance sector is more important than ever before,” said Altman. “It is a privilege and honor to work in partnership with so many dedicated people and communities to help address the barriers and inequities historically excluded people often face. I am incredibly proud of CRF’s contributions and remain committed to our important work while facilitating a smooth leadership transition process.”
The executive committee of the CRF Board of Trustees has engaged Korn Ferry, a leading executive search firm, to conduct a thorough national search for CRF’s next leader.
Founded in 1988, Community Reinvestment Fund, USA (CRF) is a national non-profit organization with a mission to improve lives and strengthen communities through innovative financial solutions. A leading Community Development Financial Institution (CDFI), CRF supports mission-driven organizations, increases economic mobility, and builds strong local economies through the development of solutions aimed at creating an equitable financial system. CRF has injected more than $3.5 billion to stimulate job creation and economic development and support community facilities.