DVCRFCLI at aol.com
02-22-1995, 10:09 AM
The Delaware Valley Community Reinvestment Fund ("DVCRF") was founded in 1985
as a private, Pennsylvania, non-profit corporation. DVCRF is a community
development financial institution dedicated to the revitalization of low
income neighborhoods. DVCRF has a 501(c)3 non-profit designation from the
IRS. Since its founding, DVCRF has made 280 loans to over 85 community-based
organizations ("CBOs") in the Philadelphia PMSA for a total in excess of $19
million. These loans created 1338 housing units for very-low and low income
families. DVCRF's borrowers are all CBOs or joint-ventures involving CBOs.
All past loans have been repaid as agreed and all present loans are
current. With no loan losses and rare delinquencies (presently 0%) DVCRF has
proven itself a skilled loan originator and servicer. DVCRF has raised over
$13 million from individuals, religious institutions, corporations and
foundations largely through the issuance of unsecured notes. DVCRF is
regulated by the Pennsylvania Securities Commission.
DVCRF has a history of assisting local banks in complying with their CRA
responsibilities through loan sales, loan refinances, loan participations and
indirect sales through lending consortia. One such consortium is the DVCRF
Long Term Affordability Fund I & II which matched $2.5 million from private
investors and $490,000 in Federal Home Loan Bank "AHP" direct subsidy to
create a loan pool that has financed 140+ units to-date. Other DVCRF
consortia include the Bucks County Collaborative for Affordable Housing ($1
mil, 60+ units) and the Collaborative Lending Initiative, Inc. ($4 mil, 112
units). DVCRF used these relationships with banks to channel conventional,
and its own more flexible, credit to low income neighborhoods, bridging the
credit needs of banks with the reinvestment needs of communities.
Historically, of all DVCRF loans, 48% have had multi-racial occupancy, 33%
have directly supported African American families, 15% Latino families, 59%
have supported low income families, and 19% have supported very-low income
families (see Exhibit 6). This desirable social impact is the result of
DVCRF's requirements and review of each project's marketing plan, and the
propensity of CBOs to reach out to minorities and low income households.
DVCRF is pleased to join this Internet List. Our compliments to W. Myers and
Cornell Univ. for this important forum. For more information, please fee
free to e-mail, write or call:
Donald R. Hinkle
Senior Loan Officer - DVCRF
Managing Director - Collaborative Landing Initiative, Inc.
924 Cherry Street
Philadelphia, PA 19107
(215) 925-1130 [voice]
DVCRFCLI@aol.com [e-mail]
This post transferred from the cdb-l mailing list
as a private, Pennsylvania, non-profit corporation. DVCRF is a community
development financial institution dedicated to the revitalization of low
income neighborhoods. DVCRF has a 501(c)3 non-profit designation from the
IRS. Since its founding, DVCRF has made 280 loans to over 85 community-based
organizations ("CBOs") in the Philadelphia PMSA for a total in excess of $19
million. These loans created 1338 housing units for very-low and low income
families. DVCRF's borrowers are all CBOs or joint-ventures involving CBOs.
All past loans have been repaid as agreed and all present loans are
current. With no loan losses and rare delinquencies (presently 0%) DVCRF has
proven itself a skilled loan originator and servicer. DVCRF has raised over
$13 million from individuals, religious institutions, corporations and
foundations largely through the issuance of unsecured notes. DVCRF is
regulated by the Pennsylvania Securities Commission.
DVCRF has a history of assisting local banks in complying with their CRA
responsibilities through loan sales, loan refinances, loan participations and
indirect sales through lending consortia. One such consortium is the DVCRF
Long Term Affordability Fund I & II which matched $2.5 million from private
investors and $490,000 in Federal Home Loan Bank "AHP" direct subsidy to
create a loan pool that has financed 140+ units to-date. Other DVCRF
consortia include the Bucks County Collaborative for Affordable Housing ($1
mil, 60+ units) and the Collaborative Lending Initiative, Inc. ($4 mil, 112
units). DVCRF used these relationships with banks to channel conventional,
and its own more flexible, credit to low income neighborhoods, bridging the
credit needs of banks with the reinvestment needs of communities.
Historically, of all DVCRF loans, 48% have had multi-racial occupancy, 33%
have directly supported African American families, 15% Latino families, 59%
have supported low income families, and 19% have supported very-low income
families (see Exhibit 6). This desirable social impact is the result of
DVCRF's requirements and review of each project's marketing plan, and the
propensity of CBOs to reach out to minorities and low income households.
DVCRF is pleased to join this Internet List. Our compliments to W. Myers and
Cornell Univ. for this important forum. For more information, please fee
free to e-mail, write or call:
Donald R. Hinkle
Senior Loan Officer - DVCRF
Managing Director - Collaborative Landing Initiative, Inc.
924 Cherry Street
Philadelphia, PA 19107
(215) 925-1130 [voice]
DVCRFCLI@aol.com [e-mail]
This post transferred from the cdb-l mailing list