Community Development Financial Institutions Act of 1993 S 1275 Hearings Bef
Community Development Financial Institutions Act of 1993 S 1275 Hearings Bef
Housing United States Congress Senate Committee On Bank
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This occurs in a variety of ways: CDFIs lending to borrowers with little or no credit history or collateral so that they can develop the lending track record to qualify for conventional bank loans; CDFIs man- aging pools of conventional bank capital; CDFIs packaging loans for conventional 164 lenders; and CDFIs making participation loans with conventional lenders, most often with the CDFIs in a subordinated position. DVCRF, the institution that I run, has broad, constructive experience with ban...ks. Close to 15 percent of our $12 million loan fund pool consists of bank investments. More than 1 out of 5 loans we make is in participation with a conventional lender. Conventional lenders regularly re-finance our loans after the loans demonstrate per- formance and meet conventional financial ratios. And we now are actively develop- ing loan participation pools to increase both our capital and civic capacity to revital- ize low-income areas. Recently, for example, we formed a consortium with seven New Jersey banks for the purposes of bringing conventional credit to neighborhoods in Camden.
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