News

The CDFI Coalition, a broad group of more than one-hundred community development lenders and investors serving America’s low-income communities, expressed concern in a Feb. 28 press release about the soon to be released “skinny” budget from President Trump. The New York Times reported that the President’s plans would “all but eliminate” the Community Development Financial Institutions (CDFI) Fund.

“We were disappointed to read these press reports, and we hope they are premature,” said James R. Klein, President of the CDFI Coalition. “The communities that receive financial assistance through the CDFI Fund are precisely the communities President Trump seeks to help, including hollowed out inner-city neighborhoods and economically distressed rural communities.”

Jamie Marks Erickson, MMCDC; Jennifer Novak, Community Reinvestment Fund; and Kathy Henry, MMCDC, met Feb. 28 with Tim Everett, Sen. Al Franken’s Office, to discuss the work of Community Development Financial Institutions. Both MMCDC and CRF are CDFIs.

CDFIs are specialized community-based financial institutions with a primary mission to promote economic development by providing financial products and services to people and communities underserved by traditional financial institutions, particularly in low-income communities. The report on the potentially devastating reduction in funding for CDFIs comes the same day as some 200 CDFIs are gathered in Washington, DC for the CDFI Coalition’s annual conference.

 

The CDFI Fund is an innovative federal agency within the Treasury Department, established to promote community development in distressed rural and urban communities by increasing the availability of credit, investment capital and financial services available. Since 1994, the CDFI Fund has awarded more than $2.4 billion on a competitive basis to CDFIs. These organizations then leverage twelve dollars in private sector capital for every dollar of federal support, creating a substantial impact in the communities where they are deployed in terms business growth and job creation. The CDFI Fund also manages the New Markets Tax Credit program and the CDFI Bond program, which together deliver billions in annual investment to low-income communities.

Last year, CDFI Fund awards supported the creation of tens of thousands of jobs, financed more than 11,000 businesses, supported the creation of 33,000 affordable housing units. Elimination of the CDFI Fund would deprive low-income communities of billions in financial services that help communities and businesses grow and thrive. From the Louisville, KY barber who dreamed of owning his own business to the Arkansas town that wanted to save its largest private employer, CDFIs are filling making a difference for communities left behind.

Reprinted by permission of the CDFI Coalition.  http://www.prnewswire.com/news-releases/community-development-organizations-express-concern-about-reported-elimination-of-treasurys-cdfi-fund-300415148.html

 

Summer will come–eventually–bringing opportunities to attend Open Houses at available homes in the community. Prepare now for all the decisions of homeownership! Attend one of two free homebuyer education classes offered in partnership with our affiliate, White Earth Investment Initiative, in February. Register online by clicking the links below.

*Tuesday and Wednesday, Feb. 14-15, Fergus Falls Community Education, 5:30-9:30 p.m.

*Monday and Tuesday, Feb. 27-28, Detroit Lakes Community Education, 5:30-9:30 p.m.

As of Jan. 4, 2017, more than 100,000 homebuyers have completed Framework, an online homebuyer education program. Find out more about this successful group of homebuyers, or better yet, start down the path toward homeownership by accessing the Framework course website here.

The Framework program is newly updated, making it easier to use than ever before.

 

The Friends of Tamarac, a nonprofit associated with the Tamarac Wildlife Refuge, received The Molly Krival Friends Group of the Year Award for 2016.

The National Wildlife Refuge Association recognized the volunteer group, which raised the necessary funds and constructed a new education facility at the refuge.

The Discovery Center is located northeast of MMCDC’s offices in Detroit Lakes, Minn. More complete information about the Friends of Tamarac–an MMCDC borrower–can be found in their newsletter and in the Completed Projects section of our website.

Congratulations to the Friends!

(Northern lights at Tamarac National Wildlife Refuge, photo by Lee Kensinger, Friends board member)

Audra Tonihka, loan officer at the White Earth Investment Initiative, was recognized Nov. 17 at Minnesota’s Top Women in Finance awards celebration. The awards are bestowed annually by Finance & Commerce magazine, which held this year’s event at the Hyatt Regency, Minneapolis. An interview with Audra is included in the online magazine.

White Earth Investment Initiative is an affiliate of MMCDC and operates in Ogema, Minn., on the White Earth Reservation. It offers community economic development services to Native American Communities.

(Photo by Bill Klotz, reprinted with permission from Finance & Commerce Inc.)

The Metropolitan Economic Development Association (MEDA) will celebrate its 45th anniversary as part of its MEDA Gala, 6 p.m. Saturday, Nov. 19, at The Depot, 225 S. 3rd Ave., Minneapolis, Minn. MEDA is a nonprofit provider of services to minority entrepreneurs.

MMCDC’s affiliate, the White Earth Investment Initiative, is among those organizations helping to sponsor the event. White Earth Investment Initiative is a nonprofit provider of services to Native American Communities and businesses.

Revitalization of a vacant downtown landmark in Park Rapids, Minn., is being recognized with a Quality of Place Award by the Northwest Minnesota Foundation, Bemidji, Minn. The project transformed the former National Guard Armory into Armory Square, an arts and cultural center.

MMCDC provided financing and other assistance for the project. A complete story is found in the Park Rapids Enterprise.

 

Seward Cooperative, an MMCDC borrower, was honored this summer with a visit from U.S. Treasury Secretary Jacob Lew. Highlights of the visit were captured in an announcement by the New Markets Tax Credit Coalition and posted to its webpage. Secretary Lew lauded the Seward expansion as a good use of the federal New Markets Tax Credit (NMTC) program. Congressional leaders and the White House voted Sept. 15 to extend the NMTC for five years.

Walk-in showers, new flooring and appliance updates are under way at Pine Villa Estates, an MMCDC-owned 30-unit building in Wadena County.

Upgrades are made possible by funding from NeighborWorks America and the Federal Home Loan Bank of Des Moines. Pine Villa is specifically set aside for seniors and disabled adults and has an elevator, community room and park-like setting in this safe community. Contact MMCDC for application assistance, tours and more.