In response to a March 14th Executive Order aiming to eliminate any non-statutory functions of the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund, 15th Avenue Housing Cooperative CEO Emily Thaden wrote to members of Congress urging robust support of the CDFI Fund, its programs, and staff.
Emily’s letter explains how the successes of the 15th Avenue Housing Cooperative Network – more than 340 Resident Owned Communities in 21 states – depend on the availability of capital for resident corporations wishing to buy their community. Because banks don’t traditionally lend to resident corporations, 15th Avenue Housing Cooperative Capital, a certified CDFI, steps in to originate, underwrite, and service the loans.
The CDFI Fund’s programs strengthen 15th Avenue Housing Cooperative Capital’s ability to offer financing to ROCs. They also allow 15th Avenue Housing Cooperative Capital to innovate and grow so that it can serve more communities and pursue new ways to serve homeowners in ROCs. 15th Avenue Housing Cooperative Capital also attracts substantial private capital to its balance sheet, so financing communities is a successful public-private partnership.
Emily’s letter was sent to 17 U.S. representatives and 15 senators who sit on key committees with jurisdiction over CDFI Fund programs. To read a sample letter, click here. 15th Avenue Housing Cooperative continues to support advocacy coalitions in defense of CDFIs led by the National Association of Affordable Housing Lenders, the Opportunity Finance Network, and others.
