Announcing the Wachovia NEXT Awards
NEXT is the New Now
The Wachovia NEXT Awards for Opportunity Finance (www.nextawards.org) saw the light of day on June 27th after more than six months of design, planning, and development. These $41.75 million awards over five years, officially the Wachovia NEXT Awards for Opportunity Finance in Partnership with The John D. and Catherine T. MacArthur Foundation, will make one-time investments in exceptional CDFIs with extraordinary promise. Developed in partnership with the Wachovia Foundation and the MacArthur Foundation, the Wachovia NEXT Awards will be presented annually starting this year at the Opportunity Finance Network Conference. The 2007 Conference will take place December 11-14 in Miami, Florida (see www.opportunityfinance.net/conference for more information).
CEO Perspective
Welcome Helen Leung, New Chief Operating Officer
Opportunity Finance Network welcomes Helen Leung as the new Chief Operating Officer. Helen, who officially joined Opportunity Finance Network as Chief Operating Officer on July 16, 2007, will be in charge of the day-to-day operations of Opportunity Finance Network. Her career in financial services spans more than 30 years, including diverse responsibilities ranging from back-office operations to corporate risk to correspondent banking to bank branch management. She is excited by and passionate about the work of opportunity finance, and is enthusiastic about the chance to make us more successful than we already are. Helen is arriving at an exciting time, and she will be critical in helping OFN continue to successfully implement our strategic plan. We are very excited to have Helen as a member of the team.
Financing
News
The Opportunity Mortgage Network (OMN) Mortgage Platform launched on June 21st!
The OMN Mortgage Platform is now operational in ten states across the country, by the end of this year, the platform projects to be operational in an additional ten states. The OMN Platform operates on an end-to-end product development, training and certification, marketing/lead generation, common loan origination system, centralized processing and fulfillment, credit enhancement, financial literacy, wholesale lending, and master servicing basis.
CARS™ is Humming
The CDFI Assessment and Ratings System™ (CARS™) has quietly continued to complete ratings, provide value to CDFIs and their investors, and ease the hard work of underwriting (and being underwritten). CARS™ got a boost when the new Wachovia NEXT Awards (see above) leveraged CARS™ analyses by including them as part of the application process.
Policy
News
CDFI FUND APPROPRIATIONS VICTORY!
The Senate Appropriations Financial Services and General Government Subcommittee recommended $90 million in appropriations for the CDFI Fund for FY2008. This is $35.5 million above FY2007 funding and $61.4 million above the President’s request for the program. Total spending included in the bill is $21.80 billion, slightly higher than the President’s requested $21.78 billion. Senator Richard J. Durbin (D-IL) chairs the Subcommittee.
Innovations
Opportunity Finance Network’s The Next American Opportunity is off to a great start. To date, Members have pledged more than $120,000 for this effort. For this initiative to be a success, we need your support. If you have not already returned your pledge, please do so today. Download the pledge form.
Results
VICTORY IN NEW YORK!
On July 3, 2007, New York Governor Eliot Spitzer signed into law, S.3575A, which amends the New York State Urban Development Corporation Act to create a CDFI program. To view the final legislation, go to http://assembly.state.ny.us/leg/?bn=S03575.
Brand
News
Explore Audio, Video and Press Clippings from the Wachovia NEXT Awards
Opportunity Finance Network invites you to experience the multimedia coverage of the announcement of the Wachovia NEXT Awards. You can view a selection of the national and international press clippings we have received to date here. Listen to a streaming audio replay of the June 27, 2007 tele-news event, including statements from Opportunity Finance Network, The Wachovia Foundation, and MacArthur Foundation, as well as Q&A with members of the press here. In addition, take a moment to watch video of the Wachovia NEXT Award partners discussing how they expect the Awards to propel high-potential CDFIs to a next level of growth, success, and staying power.
Talented Intern Joins Team
Dafina Williams joined OFN as Assistant, Policy and Strategic Communications on July 16. Some Members have already met Dafina via phone or email, as she has been an intern with the Policy team since August of 2006. We are delighted that she will now join us full time. Dafina graduated from Temple University in May 2007 with a degree in Economics, and is an active volunteer in a variety of Philadelphia-based youth outreach and reading programs.
Results
Eleven new Member Profiles have just been posted, and more will follow soon. See a comprehensive listing of Member Profiles. Member Profiles provide your organization with the opportunity to share what is unique about your CDFI. Connect your organization to the brand, and sign up for a Member Profile to amplify your message and leverage your national network more effectively than ever before. We’ll be recruiting for the next round soon.
Call for Updates
Is your organization innovating, creating impact in your communities, and making headlines in the media? Highlight your recent achievements in our next e-newsletter by sending news from your CDFI, industry news, or information about upcoming events in your area. To submit your news, email webupdates@opportunityfinance.net or use the online link at Industry and Member News page.
Knowledge Sharing
News
The Connecticut CDFI Alliance, Inc will host this year’s first Regional Meeting on Thursday, July 19th. The Regional Meeting is a chance for Members, CDFI Board Members and community development partners to network and learn about industry trends, policy issues, and discuss CDFI innovations in the region. For registration information, contact Cynthia Russell at the Connecticut CDFI Alliance at (860) 586-2028 or cynthia@chif.org.
Innovations
Applications are now being accepted for the Wachovia NEXT Awards for Opportunity Finance. Six CDFIs will be recognized: Four CDFIs will receive $25,000 Awards for Impact, Innovation, Financing, and Advocacy, one CDFI with financing assets dedicated to lending of $10mm-$50mm will receive a $250,000 grant and a $2.5mm low-cost, long-term loan, and one CDFI with financing assets dedicated to lending of more than $50mm will receive a $500,000 grant and a $5mm low-cost, long-term loan.
Results
On July 6 2007, the CDFI Fund announced the recipients of their Native American CDFI Assistance (NACA) Program. Of the 19 receipts, 16 NACA awardees have participated in the Native Communities Financing Initiative program presented by Opportunity Finance Network in partnership with First Nations Oweesta Corporation and funded by the CDFI Fund. Opportunity Finance Network congratulates all the 2007 NACA award recipients.
Donate
News
Fundraising Capacity Expanded
Opportunity Finance Network has expanded its fundraising capacity to garner support from regional funders for new initiatives and other regionally focused programs. We welcome Valecia Brooks, who has joined the External Relations team as our new Vice President for Regional Development. Valecia, who moved to Philadelphia from Miami, will be responsible for all of our regional fundraising, as well as local and regional Fundraising for our priority initiatives. Valecia has extensive experience in development having worked as a freelance consultant with CDCs in Florida and in University fundraising as the Director of Development for a Law School in Florida.
Innovations
Things are heating up with another Opportunity Finance Network financial innovation – a national financing pool for manufactured housing. Two recent grants move this initiative closer to launch.
Results
Opportunity Finance Network would like to thank the following donors for their generous support in June and July 2007:
- Wachovia
- Citi Foundation
- Northwest Areas Foundation
- SunTrust Banks, Inc.
- PNC Bank
Industry News
The State of the Nation’s Housing 2007 is available
The Joint Center for Housing Studies is Harvard University’s center for information and research on housing in the United States. Established in 1959, the Joint Center is a collaborative unit affiliated with the Harvard Design School and the Kennedy School of Government. The Director of the Joint Center for Housing Studies is Nicolas P. Retsinas, who was appointed in 1998.
CFRC President & CEO appointed to California Commission for Economic Development
Governor Schwarzenegger announced the appointment of Forescee Hogan-Rowles and eight other leaders to the California Commission for Economic Development. The Commission, which is chaired by the Lieutenant Governor, serves as a bipartisan advisory board on economic development issues to the executive and legislative leadership of the state.
Coastal Enterprises, Inc Named as Co-Winner of Annual Prize
CEI of Maine was selected by Southern New Hampshire University as a co-winner with a Philippine group of their first annual prize of $25k for Excellence in Community Economic Development.
To get more Industry News visit the Industry & Member News section of our Web site.
Tell the industry about your news, send us an email so we can highlight your achivements.
Job Bank
For a comprehensive list of all current job opportunities, including openings at Opportunity Finance Network, visit the new Job Bank on Opportunity Finance Network’s Web site. And now we’ve made it easier for you to submit job postings online with our online form.
Events Calendar
July will be an exciting month for Opportunity Finance Network as we prepare for the 2007 regional Member meeting which is being held in Hartford, Connecticut on July 19th hosted by The Connecticut CDFI Alliance. Preview all upcoming events on our comprehensive calendar of events. If you don’t see your event posted, email us at webupdates@opportunityfinance.net to let us know the details.
Feedback
We value your feedback. Please send your comments and suggestions about this e-Newsletter to Lina Page at lpage@opportunityfinance.net.