Focus on Justice
Our Member Outreach meetings late last year and early this year produced broad overall support and agreement. In one area, however, the only consensus was confusion: Our strategic plan's language about Opportunity Finance Network's commitment to justice. Because our core purpose is aligning capital with social, economic, and political justice, the Board felt it needed to act.
Big New Opportunity
Announcing a Big New Opportunity for the Industry!
A Membership Teleconference Introducing a Big New Opportunity for the Industry will be held Thursday, June 28th at 1:00 PM EDT and Friday, June 29th at 1:00 PM EDT. Save The Date! All Members are Welcome! Please RSVP to Jacki Fox at jfox@opportunityfinance.net to recieve your dial in information.
Financing
News
Tanya P. McInnis joined Opportunity Finance Network on June 4 as a Vice President in the Financial Services group. Tanya is focused on ensuring the success of the mortgage platform and other elements of our Financial Services strategies. She has over 19 years of experience in community development, risk management and other financial services. She was most recently with Fannie Mae for 14 years. Tanya has acquired a thorough understanding of the mortgage industry, capital markets and real estate securitization and is proficient in risk analysis and underwriting. Tanya says "I'm very happy to be a part of the team, as OFN has an incredible reputation in the industry."
Policy
News
The Financial Services and General Government Appropriations Subcommittee on June 5th marked up its appropriations for FY 2008. Chairman José Serrano's (D-NY) draft legislation for FY 2008 was approved and included $100 million for the CDFI Fund, a $45.5 million increase over last year's funding level and $71.4 million greater than the President's $29 million request for the CDFI Fund. The full Appropriations Committee, in a voice vote, approved the bill on June 11th. The legislation next moves to consideration by the full House of Representatives.
Innovations
Opportunity Finance Network Members should watch their mail for an exciting new initiative proposed by OFN's Board of Directors and Policy Committee, The Next American Opportunity. The objectives of this program are to educate every 2008 Presidential and congressional candidate about opportunity finance, and to make our work a domestic policy priority by connecting individual CDFIs to congressional and Presidential campaign activities at every possible opportunity. To do this, we will need every OFN Member to promote and support this effort.
Results
State initiatives are gaining momentum across the country and CDFIs have had two recent victories. First, in New York, AB 1709 amends the New York State Urban Development Corporation Act to create a CDFI program. The New York CDFI Fund Bill first appeared in the assembly about ten years ago as a result of efforts of the state's CDFI Coalition. The Bill died and was then reintroduced and died in successive assemblies until 2005, when it was reintroduced in a format that addressed the contentious appropriation issue and the issue of where it should be housed. As of June 13, 2007, it was been passed by both Houses and is currently awaiting the Governor's signature.
Brand
News
Mark Pinsky told an American Banker reporter "The CDFI Fund is unsurpassed among government programs that benefit low-income and low-wealth people" in a June article on the House Appropriations Committee vote June 18th to raise the appropriation for the Community Development Financial Institutions Fund to $100 million for fiscal year 2008, nearly double what was appropriated for the current fiscal year and more than three times the $28 million that the Bush administration had requested for fiscal 2008.
Results
Interviews with Members who connected with the brand and qualified for a Member Profile are just wrapping up. Expect to see the results from this round posted in July.
Knowledge Sharing
On the Road
On June 25th, Donna Fabiani and Bryony Edwards will present at the Federal Reserve Bank of Richmond's Community Development Finance Opportunity Workshop in Charleston, West Virginia. They will discuss opportunities for investors interested in working with CDFIs serving West Virginia and give a technical assistance session to CDFIs and prospective CDFIs serving this Appalachian state
Innovations
Big New Opportunity Impacts 2007 Conference
The 2007 OFN Conference will be exciting and different in many ways. Dial in to the Membership teleconference (see Big New Opportunity article above) for details. Remember to save the date- December 11-14, 2007- and join us at the 2007 Opportunity Finance Network Conference in Miami, FL.
Results
On June 10th, OFN, in partnership with Oweesta and the National Federation of Community Development Credit Unions, kicked off the new Native Credit Union Program. Funded by the CDFI Fund, the Native Communities Financing Initiative program was expanded to include Native credit unions. The first event was a day-long training session at the National Congress of American Indians Mid-Year Session in Anchorage, Alaska. The training "Does Your Native Community Need a Credit Union?" was attended by a number of Native community members and others from across the country.
Welcome New Members
Southern California Reinvestment CDFI (SCR) was established in January 2005 as a result of the merger between Inland Empire Lenders' Community Development Corporation, a CDFI, and Bankers' Small Business Community Development Corporation of Orange County, also a CDFI. SCR is a full-for profit CDFI with over $3.2 million in assets. The corporation was created to promote, develop and improve the economic conditions of people in Southern California with a focus on Orange, Riverside, and San Bernardino Counties. Through low-interest small business loans and technical assistance, SCR seeks to improve the condition of small businesses, particularly those owned by minorities, women and persons in low to moderate-income census tracts.
Industry News
Legislators in Maine Sent a Strong Bipartisan Message:
No more predatory lending in our state. With unanimous support from both Maine's House and Senate, Governor John Baldacci signed the new law that will give Maine families more responsible and affordable subprime mortgages.
Did Greenspan Add to Subprime Woes?
Alan Greenspan was arguably the country's most powerful financial cop in his 18 years as chairman of the Federal Reserve. But Mr. Greenspan's regulatory record has received far less scrutiny than his management of the economy. That may be changing. A former colleague says Mr. Greenspan blocked a proposal to increase scrutiny of subprime lenders under the Fed's broad authority.
More People Paying Half Their Incomes For Housing; Annual Harvard Report Released
One of every seven households in the United States now pays more than half its income for housing, according to The State of the Nation's Housing 2007.
Oweesta Native Circle has launched Circle Up
The Native community development listserve, in an ongoing effort to create a greater exchange of information for Native practitioners, Native CDFIs, Native communities, tribes, investors, funders and others. Our Native Circle is the new online community development resource center, where members can blog, send stories, create forums, add events to the national calendar, etc. Membership is free - www.ournativecircle.org/user/register and paid advertising, links and mini-sites are available.
Grants Will Help Save Local Apartments
Seven rural community-based organizations will be better able to help local renters, thanks to grants announced today and made possible by a partnership between Enterprise Community Partners and the Housing Assistance Council.
AEO to Offer Webinar Series serving rural America
Rural Pathways to Success features five webinars presented by June Holley and focuses on a range of strategies for supporting rural business and building pathways to thriving rural economies. You won't want to miss this opportunity to learn, engage with leaders in rural development and advance your rural initiatives. Register for the entire series to receive a $50 discount coupon good for future AEO webinars!
The Emerging Immigrant Market and Microenterprise
FIELD has released the eighth guide it its series designed to help funders identify strategic ways to invest in the microenterprise field. The Emerging Immigrant Market and Microenterprise explores the role immigrants are playing in the U.S. economy and especially in microenterprise.
Green Building Advocates Meet Rural Challenges
A growing number of community-based housing organizations in rural areas are building environmentally sensitive, affordable homes for low-income rural Americans. A new report by the Housing Assistance Council explains how they succeed despite unique rural challenges.
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 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 new 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 what's coming on our comprehensive calendar of events. If you don't see your event posted, use the online link 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.
*Unsubscribe
If you wish to stop recieving the Opportunity Finance Network e-Newsletter please click here.