wlm4 at cornell.edu (Will
01-03-1995, 08:14 PM
BAD NEWS! The CDFI Fund, which would provide $500 million to CDFIs over the
next four years, is a likely prospect for inclusion in a rescission proposal
to be introduced early in the 104th Congress.
Both the Association for Enterprise Opportunity and the CDFI Coalition have
written asking CDFI supporters to get in contact with their Congressional
representatives and make your support of this legislation known.
Will you send a version of the attached letter to your Representatives and
Senators, and ask Board members, partners, and even borrowers to do the same?
************************************************** **********
***********************************
Dear Senator/Representative:
As the [POSITION] of [ORGANIZATION] an established community development
financial institution (CDFI) in [ADDRESS], I am writing to urge you to
support the CDFI Fund, the independent agency created by the passage of the
Community Development Financial Institutions Act of 1994 to strengthen and
expand the national network of CDFIs. Funding for this innovative program
is in jeopardy, and we need your help to ensure its survival.
As you may know, The CDFI Act of 1994 was signed into law of September 23,
1994, having passed unanimously in the Senate, and by a vote of 410-12 in
the House. Historically, the CDFI Fund has mustered strong bipartisan support.
While the federal program is new, the industry is established and operating
successfully, with more than 300 CDFIs already working in 45 states. CDFIs
are private sector financial intermediaries that lend and/or invest in
distressed urban, rural, and reservation-based communities. Nationwide, the
CDFI industry currently manages $1 billion in almost exclusively private
capital and has loaned more than $3 Billion, with cumulative loan loss rates
comparible to the best banks.
CCDFIs fill diverse niches that conventional finanical institutions either
cannot or do not serve, bridging the gap in distressed communities across
the country by linking unconventional borrowers to conventional financial
institutions. The [ORGANIZATION] plays a significant role in [CITY/TOWN].
[INSERT BASIC INFORMATION ABOUT YOUR ORGANIZATION HERE.]
CDFIs and conventional financial institutions have established a successful
history of partnerships in community development. [IF POSSIBLE, BRIEFLY
DESCRIBE A COMPELLING BANK PARTNERSHIP YOU HAVE OR HAD HERE.] Banks and
other lenders work with CDFIs because it makes good business sense.
Please express your support for the CDFI Fund to Majority Leader Dole,
speaker Gingrich, and President Clinton, in writing and send us a copy.
This program will benefit virtually every state. If you would like to know
more about [ORGANIZATION], fell free to call me at [PHONE NUMBER]. If you
would like to know more about the CDFI Fund or CDFI industry as a whole,
please contact Mark Pinsky, Coordinator of the CDFI Coaltion at 215-736-1644.
Thank you for your consideration,
Sincerely,
This post transferred from the cdb-l mailing list
next four years, is a likely prospect for inclusion in a rescission proposal
to be introduced early in the 104th Congress.
Both the Association for Enterprise Opportunity and the CDFI Coalition have
written asking CDFI supporters to get in contact with their Congressional
representatives and make your support of this legislation known.
Will you send a version of the attached letter to your Representatives and
Senators, and ask Board members, partners, and even borrowers to do the same?
************************************************** **********
***********************************
Dear Senator/Representative:
As the [POSITION] of [ORGANIZATION] an established community development
financial institution (CDFI) in [ADDRESS], I am writing to urge you to
support the CDFI Fund, the independent agency created by the passage of the
Community Development Financial Institutions Act of 1994 to strengthen and
expand the national network of CDFIs. Funding for this innovative program
is in jeopardy, and we need your help to ensure its survival.
As you may know, The CDFI Act of 1994 was signed into law of September 23,
1994, having passed unanimously in the Senate, and by a vote of 410-12 in
the House. Historically, the CDFI Fund has mustered strong bipartisan support.
While the federal program is new, the industry is established and operating
successfully, with more than 300 CDFIs already working in 45 states. CDFIs
are private sector financial intermediaries that lend and/or invest in
distressed urban, rural, and reservation-based communities. Nationwide, the
CDFI industry currently manages $1 billion in almost exclusively private
capital and has loaned more than $3 Billion, with cumulative loan loss rates
comparible to the best banks.
CCDFIs fill diverse niches that conventional finanical institutions either
cannot or do not serve, bridging the gap in distressed communities across
the country by linking unconventional borrowers to conventional financial
institutions. The [ORGANIZATION] plays a significant role in [CITY/TOWN].
[INSERT BASIC INFORMATION ABOUT YOUR ORGANIZATION HERE.]
CDFIs and conventional financial institutions have established a successful
history of partnerships in community development. [IF POSSIBLE, BRIEFLY
DESCRIBE A COMPELLING BANK PARTNERSHIP YOU HAVE OR HAD HERE.] Banks and
other lenders work with CDFIs because it makes good business sense.
Please express your support for the CDFI Fund to Majority Leader Dole,
speaker Gingrich, and President Clinton, in writing and send us a copy.
This program will benefit virtually every state. If you would like to know
more about [ORGANIZATION], fell free to call me at [PHONE NUMBER]. If you
would like to know more about the CDFI Fund or CDFI industry as a whole,
please contact Mark Pinsky, Coordinator of the CDFI Coaltion at 215-736-1644.
Thank you for your consideration,
Sincerely,
This post transferred from the cdb-l mailing list