News, Innovations, & Results

CARS™ is starting to build the 2011 ratings schedule. CARS™ augments investor due diligence by providing unparalleled detail and transparency. At the same time, the ratings process gives CDFIs deep insights into how investors assess the risk in their business models and can be a critical capacity building tool for organizations that plan to grow their balance sheets. Interested investors, funders, and CDFIs should contact Paige Chapel to schedule CDFIs for a CARS™ rating in 2011.

OFN has Closed its First Loan Participation with ROC USA™
OFN has partnered with ROC USA™ to participate in mortgage loans to Manufactured Housing Communities converting from investor ownership to resident ownership. On June 17, 2009, OFN closed its first deal with ROC USA™. OFN purchased a $600,000 participation in a four party, mortgage loan of $5.4 MM to a newly-formed corporation, Ryder Woods Resident Association, controlled by the residents, which is a 174-unit manufactured housing community located in Milford, Connecticut.

Opportunity Finance Network has already approved almost $5.9 million in financing to 6 CDFIs (including 3 loans totaling $1.6 million for Manufactured Housing Communities) that finance affordable housing, community facilities, and small businesses in low-income communities throughout the U.S. We've also closed 6 loans in 2009 for a total $11.4 million (including 2 loans totaling $7.5 million for the 2008 Wachovia NEXT Awards for Opportunity Finance).