AFFORDABLE HOUSING

 

* * * N E W * * *

 

Working with A. F. Evans Company, a well known West Coast affordable housing developer, The Development Fund established the $75 million Bay Area Workforce Housing Equity Fund to make homes more affordable to buyers. Fund-financed housing will be sold at approximately 10-15 percent below market prices.

 

 The Development Fund provided overall project management and investor recruitment skills for the formation of the Fund. The new Fund is administered by Pacific Life's Real Estate Group. The Development Fund Advisors (an affiliate of The Development Fund) serves as Fund Advisor.

 

Previously, The Development Fund has partnered with financial institutions to develop "community reinvestment corporations" or "CRCs", non-profit mortgage banking consortia that have financed affordable housing in several states and regions. CRCs generally provide long term debt financing to meet affordable housing needs of the community. Loans are designed for sale in the secondary market. 

These self sustaining programs enable financial institutions to pool their resources to reduce risk while providing a reasonable rate of return and ensuring high standards of safety and soundness. They are successful and practical mechanisms for financial institutions to address unmet community credit needs and achieve CRA objectives.

In total, The Development Fund has established 10 CRCs in California, Washington, Utah, Idaho, Nevada, Florida, Hawaii, Maine, and New Hampshire and generated nearly 1 billion dollars in loan commitments from over 250 financial institutions nationwide.

Affordable Housing Financing Initiatives Established by The Development Fund

California Community Reinvestment Corporation (CCRC)
Mary Kaiser, President
Telephone: (818) 550-9800
Facsimile:   (818) 550-9806
Website: www.e-ccrc.org

Florida Community Partners
Charles Rowe, Executive Director
Telephone: (407) 898-1661
Facsimile:   (407) 898-1414
Website: www.floridapartners.org

Hawaii Community Reinvestment Corporation (HCRC)
Donald Tartleton, President
Telephone: (808) 532-3110
Facsimile:   (808) 524-1069
Website: www.hcrc-hawaii.org

Idaho Community Reinvestment Corporation (ICRC),
JoAnne Wertz, Executive Director
Telephone: (208) 853-2431
Facsimile:   (208) 853-3448
Website: www.ihfa.org

Maine Community Reinvestment Corporation (MCRC)
Ron Phillips, President
Telephone: (207) 882-7552
Facsimile:   (207) 582-7308

Nevada Community Reinvestment Corporation (NCRC)
Gracie Bartholet, Executive Director
Telephone: (775) 333-5488
Facsimile:   (775) 333-5487

New Hampshire Community Reinvestment Corporation (NHCRC)
Chris Miller, Chairman
Telephone: (603) 472-8623
Facsimile:   (603) 471-1043

Neighborhood Lending Partners Inc.
Debra Reyes, President
Telephone: (813) 879-4525
Facsimile:   (813) 873-9767
Website: www.nlp-inc.com

Washington Community Reinvestment Association (WCRA)
Judy Reed, President
Telephone: (206) 292-2922
Facsimile:   (206) 771-0782

Utah Community Reinvestment Corporation (UCRC)
Steve Graham, President
Telephone: (801) 366-0400
Facsimile:   (801) 366-0402