In the mid-1980s, Frank Altman and Warren Hanson had a revolutionary idea: create a secondary market for community development loans, which would help other community development organizations weather the uncertain funding atmosphere of the time.
However, as Altman says, “if you don’t think big, it’s not going to happen.”
Altman and Hanson launched CRF in 1988 and issued its first debt offering a short year later.
Altman’s leadership since those first days has kept CRF at the forefront of financial innovation, while never losing sight of what it’s all about: the people.
Since the beginning, CRF has been propelled by innovation resulting in 30 years of change-making and impact. Since 1988, CRF has…
- provided $2.4 billion in financing for communities,
- created and retained 85,000 jobs,
- served over 1,900 small businesses,
- and served 1.8 million people.
In the early 2000s, Altman helped create the New Markets Tax Credit Program and was the first to use it to provide business loans. Since then, CRF has continued to innovate and be an industry leader.
On October 24th, 2018, CRF partners, borrowers, supporters, and staff celebrated the past three decades. It was an evening of laughter, reflection, and inspiration.
Attendees heard from industry experts about the future of community development finance and how private financial institutions and community development organizations can collaborate to create a brighter future for all.
Thank you to all of the evening’s speakers!
- Kim Latimer-Nelligan, Chief Operating Officer & Executive Vice President, Low Income Investment Fund; CRF’s Board Chair
- Jennifer Anderson, President & Chief Financial Officer, CRF
- Daniel Spiller, Senior Vice President & Chief Risk Officer, U.S. Bank’s Payment Services; CRF Board Member
- Joani Essenburg, Co-Founder, Banyan Community
- Warren Hanson, President, Chief Executive Officer & Founder, Greater Minnesota Housing Fund and Minnesota Equity Fund; Co-Founder of CRF
- Dorothy Bridges, Board Director of U.S. Bank; former Senior Vice President of Public Affairs, Outreach and Community Development, Federal Reserve Bank of Minneapolis; CRF alumna
- Kyle Hansen, Executive Vice President of Community Finance Solutions, U.S. Bank
- Natalie Abatemarco, Managing Director, Citi Community Development
- Frank Altman, Chief Executive Officer & Co-Founder, CRF
30 years is a momentous milestone and CRF is capitalizing on three decades of momentum. In the next 10 years, we will:
- Touch one million more lives
- Deploy $1 billion to communities annually