Community Development Bankers Association’s Post

THE VITAL ROLE OF COMMUNITY BANKS AS ANCHORS OF LOCAL PROSPERITY From supporting local organizations to providing critical PPP loans during COVID, community banks like Haven Savings Bank are integral to the fabric of American life. Community banks stand as pillars of local economies, embodying a spirit of closeness and trust that larger institutions often struggle to replicate. These banks play a crucial role in fostering economic growth, supporting small businesses, and nurturing personal connections within communities. In times of crisis, such as natural disasters or economic downturns, community banks often serve as lifelines for affected communities. During the COVID Crisis, according to Small Business Administration data, community banks made more than 65 percent of PPP loans and served nearly 60 percent of PPP recipients, which saved an estimated 33.7 million jobs. Haven Savings Bank was proud to do their part as well, providing 600 PPP Loans totaling $33 million over two years.

The Community Preservation Corporation (CPC) is set to service debt from the sale of a failed bank's loans, focusing on struggling rent-stabilized building owners in New York City. CPC, along with the FDIC, plans to create a $550 million fund to repair and restructure loans for about 35,000 rent-regulated apartments. The fund aims to address capital improvements and clear violations, also restructuring some of Signature Bank's troubled rent-stabilized loans. CPC, in partnership with Related Fund Management and Neighborhood Restore, acquired a 5% stake in loans backed by these units, with the FDIC holding 95%. The fund is seen as a significant step, especially after 2019 state legislation limited rent increases, leading to many vacant units. However, the fund's impact is uncertain, as it could cover a fraction of the units or more, depending on the extent of renovations and landlords' contributions. #CommunityPreservationCorporation #FDIC #RentStabilizedHousing #NewYorkCityRealEstate #HousingCrisisSolution #LoanRestructuring #CapitalImprovementFund #AffordableHousing #RealEstateFinance #UrbanDevelopment

MDIs and CDFIs are critical pillars of their communities, helping neighbors get on the property ladder and achieve other dreams. But their needs often outstrip their deposits—which is where outside funding comes in. https://lnkd.in/gudN_6R3 #communitybank #communitybanking #independentbanker #blackhistorymonth #cdfi

#CDFI + #AffordableHousing Industry Breaking News: A new U.S. Department of the Treasury program, administered by the Community Development Financial Institutions Fund (CDFI Fund), will provide an additional $100 million over the next three years to support the financing of affordable housing: https://lnkd.in/g2-X4G4B. Includes greater flexibility for #CDFIs to use the #CapitalMagnetFund (CMF) to finance affordable housing. Additionally, Secretary Yellen is calling on the 11 Federal Home Loan Banks (FHLBs) — government-sponsored enterprises that play an important role in the housing finance system — to increase their support for housing programs. #communitydevelopment #lending #lendingsolutions #realestate

Securing a loan is essential for financing community association capital improvements or refinance existing debts. Understanding the key qualifying metrics, like unit count minimum, loan to value, owner concentration and deposit relationship, is crucial. This blog post breaks down these metrics to ensure your association is well-prepared before applying for a loan: https://fnbo.co/4cXv24n #FNBOInsights #CommunityAssociations #CommunityAssociationLoans

Join Let's Do Business Finance at this webinar on what you can do to finance your business if your bank can't lend - where you'll hear from Business Manager Lisa Young on how to prepare your business and what you can do next! Register to join the webinar on 1st October from the link in the post below!

The Coalition for Federal Home Loan Bank Reform released a new report highlighting the need for greater transparency and improved financial reporting about the #FHLBanks. Our members have committed to completing a quarterly analysis of key information about the FHLBank system which will be made public on our website. George Collins emphasizes the need for this increased transparency: "Confusing presentation of financial data is sometimes used to create an aura of brilliance, we’ll cede that for whatever it's worth, but the facts unveiled with simple data will show opportunities for change and improvement of the FHLB system." Go to our website to read the report and see the data that reveals just how important reforms will be for the efficacy of this system: fhlbreform.org #bankreform #affordablehousing #communitydevelopment

Another participant of the IDA 4-1 Match Savings program just made a move towards their homeownership goal. Lender indicated they needed to reduce some credit card debt for future underwriting purposes. Enrolled in our program for 12 months they saved $2400 during the 1 year term ($200 per month). Utilizing this savings they made a payment towards the credit card debt and Ho Chunk Community Capital using his leveraged 4-1 matching funds just sent a check to the debtor significantly reducing the debt ratio for the future homebuyer. With increased FICO will reduce interest rate for additional savings. #hochunkrealtor #HomeOwnership #financialliteracy #CDFIs #nativecdfi #nativeamerican #hochunkcdfi #financialmoves #individualinvest #DebtReduction

Phoenix IDA Housing Director Cindy Stotler participated in a recent roundtable on affordable housing organized by Rep. Ruben Gallego. The congressman invited leaders from local and state agencies, housing developers and nonprofit organizations to discuss efforts aimed at increasing affordable housing. Discussions were about increasing our housing supply, providing more subsidies and what else can be done at the federal level to assist Arizona. The current shortages of housing supply, relative to demand, is a primary reason housing costs are increasing in Arizona. At the Phoenix IDA, we’re committed to providing financing for affordable housing projects in Phoenix as well as to helping low- and moderate-income families obtain quality home loans. #affordablehousing #housingdemand

A really useful seminar for those businesses seeking finance.