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Posters at the conference highlighted that the first OFN conference in 1985 attracted 21 communitydevelopment loan funds with a combined $27 million in assets under management. By contrast, according to the US SIF (Sustainable Investment Forum), the CDFI industry (including communitydevelopment banks and credit unions) had $457.9
Credit: Morgan Housel on Unsplash The funding landscape for nonprofits has undergone a seismic shift. As my colleague Clara Miller, founder of the NonprofitFinance Fund, has observed , enterprise capital fulfills three universal needs for growing organizations: Capital investmentseparate from regular incomewhen growth or change occurs.
If we want nonprofits to support us in the next crisis, they must have sufficient resources. And to know what nonprofits need to do their jobs effectively, we must ask them directly. Strong communities need strong nonprofits. Racial injustice persists in nonprofits . Were they able to keep up with service demand?
Aisha Benson , CEO of the NonprofitFinance Fund , emphasized the long-term impact of redlining , a policy of legalized housing lending discrimination backed by the federal government from the 1930s until the passage of the Fair Housing Act of 1968. Hollenback argued there is a need to “take the same approach, but for community.”
Policymakers and advocates say: Government must expedite the redevelopment of underutilized church property for affordable housing. Churches should partner with developers and repurpose these properties. Data analysts say: Accelerating church closures are evidence that US Christianity is dying.
CRH’s salvation eventually came in the form of a collaborative approach, pivoting toward a combination of emergency funding provided by a small family foundation; a nonprofit, non-extractive loan fund; a third-party investment firm; and a coalition of Latinx communitydevelopment financial institutions (CDFIs).
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