Community Development Financial Institution (CDFI)
CDFI Community Lending Goal -
Reduce barriers to housing development by making financing available for pre-development costs incurred before permanent development financing is secured in order to expedite the construction or rehabilitation of affordable housing or related community facilities serving low-income populations.
CASA has operated a pre-development loan fund for nearly 20 years in order to streamline the pre-development process for its projects. In 2001, CASA gained federal certification as a Community Development Financial Institution (CDFI) and converted its pre-development loan fund into CDFI assets. CASA has used the CDFI for nearly every housing project developed to date. The funds are used in the early stages of the project for securing property and paying for items such as architect, engineering and legal fees, environmental reports and appraisals. Although rates may vary, in the past, funds were typically loaned to sponsors at 5% per annum with zero loan fees and a term of two years.
The CDFI (and its predecessor loan fund) have assisted in the construction of nearly 1,000 units, leveraging more than $80 million in private and public funds.
AWARDS