New York State Community Development Organizations Meet in Albany on May 7th
New York State Community Development Organizations Meet in Albany on May 7th
Event Will Highlight Alternative Financing and Support for Microenterprises, Affordable Housing Initiatives, Foreclosure Prevention, Green Lending and Homeownership Opportunities
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WHO: |
The New York State Coalition Of Community Development Financial Institutions (CDFI) and the National Federation of Community Development Credit Unions (Federation) |
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WHAT: |
The 2nd Annual New York State CDFI Conference is a forum for over 75 CDFIs to review the economic state of New York and the country and the impact on local communities. It is an opportunity to highlight the work of CDFIs and Community Development Credit Unions as they work to fill the economic gaps in their communities through uses of alternative financing, such as green initiatives, as an avenue for economic change and community development. |
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INTERVIEW OPPORTUNITIES: |
Jeffrey Metzler, Vice President for Economic Empowerment, Empire State Development Corporation; Clifford Rosenthal, CEO, Federation; Dan Delehanty, Vice President, Economic& Community Development, Capital One Bank
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WHEN & WHERE:
WHAT IS A CDFI: |
Thursday, May 7th, 2009 from 9:30 a.m.-5:00 p.m. Holiday Inn at 300 Broadway, Albany, New York
CDFIs are financial institutions with a special mission of serving underserved communities and people of modest means. They provide a range of affordable financial services and loans to consumers, homeowners, small businesses and community organizations that finance affordable housing and community facilities. CDFIs specialize in making the types of loans that banks cannot or will not make, either because they lack presence in low-income communities or because borrowers do not conform to conventional underwriting criteria. There are more than 110 CDFIs and Community Development Credit Unions in New York with more than $1 billion in affordable loans currently outstanding to thousands of economic and community development projects. |
Community Development Financial Institutions From Around the State Meet in Albany on May 7th
CDFIs Facing Growing Demand for Services as the State’s Economy Falters
(May 5, 2009 - New York, NY) In the face of tightening credit and state budget cuts, non- profit Community Development Financial Institutions (CDFIs) around the state continue to lend and provide financial services to their communities; creating jobs, building affordable housing units, supporting small businesses.
On May 7th the New York State Coalition of CDFIs comes together in Albany in hear about the financial “state of the state” and review the impact of the economic downturn on low -to-moderate income communities. Over 50 organizations will gather to hear speakers from state agencies and experts in the fields of microfinance, homeownership and foreclosure prevention, rural mortgage programs and affordable housing development and non-profit financing.
Participants will also have an opportunity to meet with the staff of the U.S. Treasury’s Federal CDFI fund, which received an additional $90 million dollars from the federal stimulus, adding to the $120 Million already available as grants for CDFIs nationally. “It is essential that New York State CDFIs are prepared to tap into this important source of funds” said Melanie Stern, Coordinator of the CDFI Coalition,” This meeting will help position CDFIs to access federal funds which can be leveraged up to 27 to 1.” In 2007 the Coalition of New York State CDFIs reached a major milestone when former Governor Spitzer signed into law a bill creating the New York State CDFI Fund. This fund, to be administered by the Empire State Development Corporation, had bipartisan support in the state legislature. According to Clifford Rosenthal. CEO of the National Federation of Community Development Credit Unions,” One of our major goals in 2009 is to insure that there is an allocation for the New York State CDFI Fund in next year’s state budget. A $15million investment can create as much as $150,000,000 in direct investments in our communities. This fund will link economic development for individuals and small businesses with the corporation’s large-scale economic development projects.”
New York State has the largest concentration of CDFIs in the country, with over 110 loan funds, credit unions, community development banks, affordable housing agencies with over $1 billion made in loans to individuals and businesses in the State. Organizations include multimillion dollar financial intermediaries and small microenterprise loans funds. CDFIs around the state have experienced an upsurge in demand for small business loans, mortgages, and personal loans. They have responded with mortgages that match a client’s ability to pay, anti predatory personal loans and micro financing for start up and small businesses. CDFIs have also continued their partnerships with developers in affordable housing projects.
The Coalition’s conference on May 7th is the only statewide event that brings together participants from all corners of the state to highlight the important work of CDFIs and to voice their support for the New York State CDFI Fund.
The conference is made possible thanks to major sponsorship from Capital One Bank and HSBC Bank, USA, with additional support from JP Morgan Chase Bank, Citibank and the Credit Union Association of New York.
