Community Reinvestment Fund, USA (CRF) is a national nonprofit organization based in Minneapolis, Minn. that has brought capital to community development lenders in low- to moderate-income communities since 1988. Since inception, CRF has channeled financing to create more than 19,000 units of affordable housing serving nearly 40,000 people.
CRF fills a gap in community development funding by bringing a larger amount of capital to the communities that need it most. This has a powerful impact, creating a huge ripple effect and improving more lives of disadvantaged people in distressed neighborhoods all across the country.
The Community Development Trust (CDT) is a national investor in affordable housing. Working with local, regional, and national partners, CDT makes long-term equity investments and originates and acquires long-term mortgages. In its fifteen years, CDT has invested $1 billion in debt and equity capital to properties in 42 states and regions — helping to preserve and create nearly 35,000 units of affordable housing. CDT is a private real estate investment trust (REIT), a certified Community Development Financial Institution (CDFI), an approved Fannie Mae affordable housing lender, and a member of the Federal Home Loan Bank of New York (FHLBNY).
Massachusetts Housing Partnership (MHP) is a statewide public non-profit affordable housing organization that works in concert with the Governor and the state Department of Housing and Community Development to help increase the supply of affordable housing in Massachusetts. MHP was established in 1985 to increase the state’s overall rate of housing production and find creative new solutions to address the need for affordable housing. In 1990, the state legislature took that premise to heart, becoming the first and only state in the nation to pass an interstate banking act that requires companies that acquire Massachusetts banks to make funds available to MHP for affordable housing.
To date, MHP has used private funds to provide over $4.2 billion in financing to support more than 22,000 rental and more than 19,300 homeownership units. Approximately 33% of its lending is in rural areas.
MHP has been at the forefront of housing innovation, from helping to create the SoftSecond Loan Program for first-time homebuyers in 1991 to the Local Initiative Program (LIP), which gives cities and towns more flexibility in meeting their housing needs. MHP also created Perm Plus, a zero-percent, deferred payment second-mortgage program designed to help developers buy and fix properties and offer affordable rents. In 1999, MHP established the 40B technical assistance program to help local zoning boards of appeal.
Massachusetts Housing Investment Corporation (MHIC) pioneered attracting investor capital for LIHTC tax credit properties in New England, and developed a loan pool for construction and acquisition lending. Since 1990, MHIC has financed $2.16 billion in lending for preservation or creation of more than 19,000 housing units and four million square feet of commercial space. Approximately 17% of its lending is in rural areas. In 2000, MHIC’s product lines expanded to include the New Markets Tax Credit (NMTC) Program, and again in 2008 with the Neighborhood Stabilization Loan Fund to address the mortgage foreclosure crisis. To-date, MHIC has raised more than $2.19 billion from more than 106 institutional investors to support its LIHTC activities in Massachusetts, Rhode Island and Connecticut, and its NMTC activities throughout New England.