North Carolina

COMMUNITY REINVESTMENT FUND

Website: http://www.crfusa.com/

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.

COMMUNITY INVESTMENT CORPORATION OF THE CAROLINAS

Website: http://www.ncbankers.org

Since 1990, Community Investment Corporation of the Carolinas (CICCAR) has provided over $250 million in permanent debt financing for over 310 workforce apartment communities, providing housing for 15,937 households located throughout Georgia, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. Approximately one-third (30-35%) of its lending is in rural areas.

CICCAR is an affordable housing loan consortium with over 100 bank members. Membership is open to all financial institutions in the Southeast. Its developments house families, seniors, and persons with disabilities that earn no more than 60% of the area median income and residents pay no more than 30% of their income for housing. Most of the CICCAR communities have received an allocation of Federal low income housing tax credits and also have some form of subordinate debt. The subordinate debt typically comes from the City, County, Federal HOME funds, AHP Grants, CDBG funds or State Housing Trust funds. Its lending program is an excellent example of how public and private partnerships can be forged to achieve a common goal of helping those less fortunate.