Abstract
In this chapter, we cover the perspective of the public, private, and non-profit aspects of lending and financing for the affordable housing market. In particular, we will focus on Community Development Finance Institutions (CDFI), using Cinnaire Lending as an example. Such organizations fill a vital niche in the process of affordable housing development, offering services that banks and other traditional lenders do not. For example, they provide predevelopment loans that can be used for standard costs incurred with third-party vendors such as market studies, architectural plans, and legal fees. They can also offer short-term acquisition loans to acquire affordable housing properties.
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Notes
- 1.
According to the Opportunity Finance Network, the leading national network of CDFIs, “Community development financial institutions (CDFIs) are private financial institutions that are 100% dedicated to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.” See https://ofn.org/what-cdfi
References
Community Reinvestment Act (CRA) (1977) P.L. 95–128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901
Opportunity Finance Network. What are CDFIs? Retrieved from https://ofn.org/what-cdfi
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Luque, J.P., Ikromov, N., Noseworthy, W.B. (2019). Affordable Housing Development: Further Considerations for Developers. In: Affordable Housing Development. Springer, Cham. https://doi.org/10.1007/978-3-030-04064-2_9
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DOI: https://doi.org/10.1007/978-3-030-04064-2_9
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