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Stephanie Kendall
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Media Contact:
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October 17, 2003
National Community Capital Association Announces Honors for Four Finance Leaders
Financial Institutions in NYC, New Jersey, Maryland and Connecticut Recognized; U.S. Sen. Arlen Specter Lauded by NCCA for His Efforts on Capitol Hill
NEW YORK CITY AND PHILADELPHIA, PA - Last night, four community development finance leaders around the U.S. received Wachovia Community Development Financial Institution (CDFI) Excellence Awards presented in conjunction with the National Community Capital Association (NCCA). NCCA also presented its 2003 Congressional CDFI Champion Award to Sen. Arlen Specter.
CDFIs are financial institutions that invest in individuals, small businesses, quality affordable housing and vital community services that benefit economically disadvantaged people and communities. They are financial intermediaries that have community economic development as their core mission and are an important emerging financial industry addressing some of the most pressing community needs.
The awards were presented to CDFIs that demonstrate excellence in the areas of advocacy, community impact, financial performance and innovation. The winners are: Maryland CDFI Coalition (statewide in MD), New Jersey Community Loan Fund (Trenton, NJ), Housing Development Fund of Lower Fairfield County (HDF) (Fairfield County, CT), and ACCION New York (New York City, NY).
"Community development financial institutions are breaking new ground all across the country - in a variety of ways," said NCCA President Mark Pinsky. "We highlight a few CDFIs each year that have created opportunities to assist in underserved areas."
"We're pleased to play a part in recognizing CDFIs that have contributed so much to revitalize our communities," said Wachovia Director of Community Development Jane Henderson. "I know that by honoring this innovative and important work, we're planting seeds for tomorrow's growth and the future leadership of this industry."
ABOUT THE AWARD WINNERS
The following organizations received a Wachovia CDFI Excellence Award and a $1,000 prize:
* ADVOCACY. Maryland CDFI Coalition (statewide in MD). Led by two NCCA members - Community Capital of Maryland and the Unitarian Universalist Affordable Housing Corporation - the Maryland CDFI Coalition has raised the profile of community development financial institutions in Maryland, drawing the attention of Senator Barbara Mikulski, a key federal legislator who has played a leadership role in appropriations for the CDFI Fund. Additionally, a bill passed by the Maryland legislature and signed by that state's governor gave CDFIs priority for projects undertaken under a new Neighborhood Intervention Program in the Maryland Department of Housing and Community Development.
* COMMUNITY IMPACT. New Jersey Community Loan Fund (Trenton, NJ). In 1996, the NJCLF established the Child Care Collaboration to enhance access to and availability of high-quality, affordable child care for low-income families. The organization also provided financing and related technical assistance to early care and education organizations. Through the Child Care Collaboration and on its own, NJCLF has provided invaluable training and technical assistance to more than 200 early care and education provider organizations and has committed more than $14 million in financing to early care and education operations. The Newark Lighthouse Initiative is a targeted, long-term funding initiative aimed at demonstrating models of excellence in early care and education centers in Newark. In collaboration with the Association for Children of New Jersey and the National Institute for Early Education Research, the NJCLF designed a rigorous evaluation methodology and selected three centers to participate in the Lighthouse Initiative. The Initiative's results include hard data showing increases in assessment scores for high-risk children in targeted centers, measurable increases in staff development and training at early care and educational centers, increases in teaching credentials and efforts to share and disseminate best practices in early care and education financing.
* FINANCIAL PERFORMANCE. Housing Development Fund of Lower Fairfield County (HDF), Fairfield County, CT. According to the National Low-Income Housing Coalition, Connecticut has some of the highest housing costs in the U.S. With median home prices exceeding $500,000, Fairfield County has a dearth of affordable housing for its labor force, which includes teachers, firemen, police officers and hospital employees. To date, HDF has financed $19.2 million in affordable housing development and supported the development of 330 housing units. HDF has demonstrated excellence in financial performance by continuing to deliver products and services to its market area while maintaining portfolio performance and a strong balance sheet. HDF has achieved high self-sufficiency over the years and has managed to generate an operating surplus in an environment that has challenged many CDFIs. The organization increased its financing activities dramatically last year. Since its inception in 1989, HDF has experienced no loan losses and has one of the lowest delinquency rates in the field.
* INNOVATION. ACCION New York, New York City, NY. ACCION New York (ANY) operates a four-year old mobile lending initiative called Street Reach that bases a mobile corps of ACCION staff in target communities throughout New York City and its surrounding areas. Equipped with laptop computers, PDAs and cellular phones, ANY loan officers spend the majority of their time directly in their target neighborhoods establishing a vital presence, building trust, and increasing accessibility to ANY clients. With Street Reach tools, ANY staff can reach hundreds of small business owners and microentrepreneurs. They conduct orientations and workshops, accept applications, and service loans in community centers and at borrowers' places of business. ANY has enhanced Street Reach with the Comprehensive Application Tracking Software, a web-based contact management system that strengthens the information network provided by the mobile lending team. Since launching Street Reach in 1999, ANY has reached significantly more small and underserved business owners: The organization saw 181 percent growth in new clients, including a threefold increase in the number of new women business owners, and nearly tripled its lending volume between 1999 and 2002. By providing financial services through an accessible, neighborhood-based mobile system, ANY has used Street Reach to provide hundreds of entrepreneurs with access to the financial mainstream.
NCCA is awarding its 2003 Congressional Champion Award to Sen. Arlen Specter, Republican of Pennsylvania. Sen. Specter led bipartisan efforts in 2002 and 2003 in the Senate to increase funding for the CDFI Fund. Congress created the CDFI Fund in 1994 to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities. The CDFI Fund provides relatively small infusions of capital to CDFIs that serve distressed communities and low-income individuals. Since the Fund's creation, it has made more than $534 million in awards to community development organizations and financial institutions. Appropriations for the Fund have decreased, however, since fiscal 2001.
ABOUT NCCA
National Community Capital Association (http://www.communitycapital.org) is the leading national network of 150 community development financial institutions (CDFIs). The network invests in small businesses, quality affordable housing and vital community services that benefit economically disadvantaged people and communities. NCCA provides financing for CDFIs, training and consulting to CDFIs and CDFI investors, and advocacy on behalf of the CDFI industry.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at September 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
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