Multifamily Loan Consortium (AMLC)
Contact: Bill Tilly
The Alabama Multifamily Loan Consortium (AMLC) is a nonprofit
organization formed in 1996 by representatives of several financial institutions
in Alabama under the sponsorship of the Alabama Bankers Association and in
cooperation with the Alabama Housing Finance Authority. AMLC’s purpose
is to provide financing for the development of affordable rental housing
for low- and moderate-income persons throughout the state.
Currently, AMLC has a membership of 51 participating
banks. AMLC operates a loan participation pool of $62 million, through
which its members finance shares of permanent mortgages for affordable multifamily
housing developments. To date, the AMLC has provided over $30 million
loans, leading to the creation of over 1800 units of affordable housing.
AMLC has committed an additional $19.5 million, which will finance
an additional 800 units.
Reinvestment Corporation (CCRC)
Contact: Mary Kaiser
A nonprofit multi-bank lending consortium founded in 1989,
the California Community Reinvestment Corporation (CCRC) is a certified CDFI
that provides both long-term mortgage and bond financing for new construction,
acquisition, and rehabilitation of affordable housing units, as well as direct
equity investment funds to acquire housing at risk of going to market rate
rents. CCRC recently closed a $30 million equity fund, the CCRC Workforce
Housing Fund, which targets developments of for-sale affordable housing for
equity/mezzanine debt investments.
Currently, CCRC has a membership of 44 participating
banks and operates a loan pool of $281 million. To date, CCRC has funded
over $386 million in mortgages to developers of housing servicing low-income
families and seniors throughout California, creating 15,000 affordable
housing units. In addition, CCRC’s bond program, funded by 14 investors
providing an additional $87 million in capital, has funded in excess of $45
in projects for an additional 1,800 units of affordable housing.
Community Investment Corporation (CIC)
Contact: Mike Bielawa
Formed in 1974 by Chicago’s major financial institutions,
the Community Investment Corporation (CIC) is a nonprofit pooled-risk mortgage
lender that specializes in providing financing to buy and rehab multifamily
apartment buildings with five units or more in the six-county metropolitan
Chicago area. In 2003, CIC launched its “Troubled Building Initiative” to
foster rehab of the worst buildings in a neighborhood by responsible hands-on
owners/rehabbers. CIC is a certified CDFI, and also offers property management
training to help owners and managers better market, manage, maintain, and
improve affordable rental property.
CIC’s $563 million revolving loan fund is capitalized
by 47 banks, Fannie Mae and Peoples Energy. Since 1984, CIC has loaned $736
million for the rehab of 37,000 units of quality affordable housing in the
greater Chicago metropolitan area. Over 85% of the units financed by CIC
are affordable at or below 50% of area median income.
Community Investment Corporation of the Carolinas
Contact: Cindy Wiggins-Tiede
Formed in 1990 by the North Carolina Bankers Association, the Community Investment Corporation of the Carolinas (CICCAR) is an affordable housing loan consortium whose sole purpose is to provide long-term, permanent financing for the development of low- and moderate-income multifamily and elderly housing throughout North Carolina, South Carolina and Virginia.
CICNC’s $214 million loan pool is funded by the 111 CICNC member banks utilizing the voluntary loan pool participation process. Membership is open to all financial institutions in North Carolina, South Carolina and Virgnia, and it includes a thrift with less than $10 million in assets and the largest national banks in the state. The lending consortium, which began accepting applications in March of 1991, has provided approximately $164 million in financing for 193 affordable housing developments in North Carolina and South Carolina. CICCAR has committed an additional $45 million in financing for 47 additional developments that are in various stages of construction and lease-up.
Community Partners (FCP)
Contact: Charles Rowe
Established by the Florida banking community in 1990 as
the Central Florida Community Reinvestment Corporation, Florida Community
Partners is a nonprofit corporation that provides capital throughout Florida
for a variety of community revitalization initiatives including affordable
housing, economic development and support services.
FCP’s $40 million loan pool is capitalized
by its 19 member financial institutions. To date, FCP has provided
loans totaling over $48 million,
leveraged with another $296 million in public funds. This represents
31 communities with 5,707 rental units for working poor and elderly
families with incomes
ranging from 35-65% of the area median income and 202 Single Room Occupancy
units for otherwise homeless persons with special needs.
Affordable Housing Corporation (GAHC)
Contact: David Young
Formally established in 1998, the Georgia Affordable Housing
Corporation (GAHC) is a nonprofit loan consortium that provides permanent
mortgages for new construction and to substantially rehabilitate multi-family
affordable housing units throughout the State of Georgia. GAHC is a certified
CDFI, and has also established technical assistance services to assist developers
and sponsors of affordable housing on a consulting basis.
Reinvestment Corporation (HCRC)
Contact: Don Tarleton
Founded in 1991, Hawaii Community Reinvestment Corporation
(HCRC) is a nonprofit, certified CFDI that provides financing for the
acquisition and rehabilitation of properties for low- and moderate-income
the State of Hawaii. In addition, through its wholly-owned subsidiary,
Hawaii Investors for Affordable Housing, Inc. (HIAHI), HCRC organizes
investment funds which assist in the production, rehabilitation, and
preservation of affordable housing through the use of Low Income Housing
Tax Credit Program.
Eight major financial institutions participate in HCRC’s
loan pool, which is currently capitalized at $50 million. Since inception,
HCRC has made $87 million available to 48 affordable rental projects. Six
financial institutions participate in HIAHI’s activities, which include
$95 million in tax credit investments to produce 19 projects.
Community Reinvestment Corporation (ICRC)
Contact: JoAnne Wertz
Formed in 1993 by 10 Idaho financial institutions, the
Idaho Community Reinvestment Corporation (ICRC) is a nonprofit mortgage-banking
consortium that provides permanent financing for the development and acquisition
of affordable rental housing throughout Idaho. ICRC has also provided grants
for very-low-income persons to perform safety repairs on pre-1976 mobile
homes and to nonprofit developers for predevelopment costs.
The ICRC currently has 18 member banks participating
in its $45 million revolving loan pool. Since inception, ICRC has provided
$42 million in debt financing to 35 projects, contributing to the creation
of over 1,600 affordable housing units. Eighty-eight percent are affordable
to families earning 60% of the area median income or less.
Lending Partners (NLP)
Contact: Debra Reyes
Neighborhood Lending Partners, Inc. (NLP) was established
in 1993 under the name Tampa Bay Community Reinvestment Corporation, Inc.,
but changed its name as the organization grew to a statewide organization.
A certified CDFI, NLP provides mortgage financing for holistic neighborhood
revitalization, including affordable housing and commercial revitalization.
NLP has three nonprofit affiliates, each of which administers a revolving
loan pool from which the approved loans are funded.
Currently, 85 bank and thrift members participate in
NLP’s loan pools, which total $216.4 million. NLP has also received
$5.5 million in CDFI funds, which is matched by $11 million from the
State of Florida Housing Incentive Program funding. To date, NLP has
million in loan transactions, representing 8,900 residences for low-
and moderate-income residents.
for Oregon Affordable Housing (NOAH)
Contact: Bill Van Vliet
Established in 1990 by a group of community-minded Oregon
banks, the Network for Oregon Affordable Housing (NOAH) is a statewide nonprofit
corporation that provides financing and technical assistance for new construction
or renovation of traditional multi-family affordable housing, facilities
for senior citizens, and mixed-income housing. NOAH is also a certified CDFI.
Currently, 21 bank members participate in NOAH’s
$88.5 million loan pool. To date, NOAH has provided $105 million in debt
financing, which has contributed to a production of over 4,300 units of rental
housing throughout the state
Utah Community Reinvestment Corporation (UCRC)
Contact: Steve Graham
The Utah Community Reinvestment Corporation was created
in 1999 out of a collaborative effort by Utah’s industrial bank and
commercial bank communities. Established to expand access and improve reliability
of credit to Utah’s small market, by 2001 UCRC had become the primary
source for private term debt for Low Income Housing Tax Credit developers
Today, 35 member banks participate in UCRC’s loan pool, with industrial
banks committing 70 percent of loan pool funding. Between 1999 and 2006,
UCRC financed over 2,200 units of affordable rental housing; assisted 10
organizations (both for-profit and nonprofit) develop their first housing
tax credit property; secured a $74 million revolving credit line for housing
finance; and provided consistent dependable financial service to Utah’s
affordable housing industry.
Community Reinvestment Association (WCRA)
Contact: Judy Reed
Created in 1992, the Washington Community Reinvestment Association (WCRA)
is a nonprofit lending consortium that provides long term financing
to support the creation and preservation of low-income and special
well as real estate based economic development projects in all parts
of Washington State. WCRA is also a certified CDFI.
WCRA administers three revolving loan pools totaling approximately $105
million, with 41 financial institutions participating in the loan pools.
To date, WCRA has provided over $177 million in debt financing to 185 projects.
WCRA also administers programs for the State Housing Division and State Housing