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Updated: 35 min 29 sec ago

RE: Receipt of RRP Funds

Wed, 2021-07-28 14:43
From : Communities>>Open Forum
Jeanne, We received and signed our agreement on 6/29/2021 but as of 7/28/2021 the agreement is still not countersigned. Usually is takes 2-4 days to get a counter signature then another 2-4 days after the counter signature to get the CDFI funds​. About 10 days ago I decided to email the CDFI to ask this question and was told that they are working diligently but because of the number of winners they are swamped. No target date for the counter-signature has been given but I am guessing they have to [More]

Compliance suggestions for Small-ish CDFI/CDC

Wed, 2021-07-28 14:35
From : Communities>>Open Forum
Hi!  Am wondering who you are utilizing for your compliance needs.  I believe that our current needs are pretty simple, but we do require Federal and State of MA compliance.  We would primarily need info for retail lending (no first mtg. loan originations, only 2nd lien fixed rate products) and things like credit bureau reporting, rental, etc.  We are not looking for is full-time staffer that is an attorney or even a paralegal.  We would need perhaps a service that could digest current regulatory [More]

Free LLC formation - limited time offer

Wed, 2021-07-28 13:05
From : Communities>>Open Forum
Hi all, At JUSTLAW for a very limited time we are offering free llc formation. The entrepreneur is required for the payment of all fees to the state, but we do the paperwork and filing for them. No strings attached.  For more information, and a helpful primer on forming LLCs, which you can share with your network, please see this link.  From your friends at JUSTLAW ------------------------------ Jason Gabbard CEO Jason Gabbard 888-587-8187 ------------------------------

RE: Escrow Analysis

Wed, 2021-07-28 10:31
From : Communities>>Open Forum
However I did send to our team, just in case we decide to create our own letter to a client.... ------------------------------ Anthony Thomas Associate Director Solita's House Inc. ------------------------------

RE: Escrow Analysis

Wed, 2021-07-28 10:29
From : Communities>>Open Forum
This is not what we're looking for....this seems more like an article to explain to a client about why thier payment may increase. Thanks for your reply! ------------------------------ Anthony Thomas Associate Director Solita's House Inc. ------------------------------

RE: Escrow Analysis

Wed, 2021-07-28 10:04
From : Communities>>Open Forum
Hi Anthony, does this help: https://www.rocketmortgage.com/learn/why-is-my-mortgage-payment-changing#:~:text=Adding%20an%20escrow%20account%20will,escrow%20expenditures%20for%20the%20year. ------------------------------ Jason Gabbard CEO Jason Gabbard 888-587-8187 ------------------------------

Escrow Analysis

Tue, 2021-07-27 17:36
From : Communities>>Open Forum
Is there a letter anyone can share that explains to your client that their escrow will increase, thus their mortgage payment will increase? Also is their someone we could hire to calculate this or train us on how to evaluate? ------------------------------ Anthony Thomas Associate Director Solita's House Inc. ------------------------------

RE: Member Monday

Mon, 2021-07-26 12:10
From : Communities>>Open Forum
This week, we will look at the amazing work of Mercy Community Capital. Mercy Community Capital started in the 1980s when Sister Mary O'Roark served as a legal aid for families facing eviction in Omaha, Nebraska. Today, MCC is focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. MCC has loaned over $427 million to house over 82,187 residents and create/restore 33,151 units. 100% of their units are serviced to Low-Income [More]

RE: Receipt of RRP Funds

Mon, 2021-07-26 10:00
From : Communities>>Open Forum
All good. Processing over 850 awards for one program is unprecedented for the Fund. We have clients that just received their agreements. In the meantime, check out our new website to learn how CDFIs are using a small portion of their award to make investments in their long term future. Thanks! Jason J. Friedman, CEO Friedman Associates 319-321-5884 New website: www.friedmanassociates.net

RE: Receipt of RRP Funds

Mon, 2021-07-26 09:49
From : Communities>>Open Forum
Jason, We did receive the Assistance Agreement and submitted it back signed almost immediately. We have not yet received the funds and my question was whether we should have received them by now. Thank you, Jeanne Jeanne Schroer, CRE President/Chief Executive Officer Catalytic Development Funding Corp. of Northern Kentucky 50 E. RiverCenter Blvd., Ste. 260 Covington, KY 41011 859-757-0518 phone 859-760-9398 mobile

RE: Receipt of RRP Funds

Mon, 2021-07-26 09:43
From : Communities>>Open Forum
Hi Jeanne - the question is whether you have received your assistance agreement? Thanks. ------------------------------ Jason Friedman President and CEO Friedman Associates 319.341.3556 jasonj@friedmanassociates.net New website! www.friedmanassociates.net ------------------------------

RE: Receipt of RRP Funds

Mon, 2021-07-26 09:40
From : Communities>>Open Forum
We haven't received ours yet but we just signed the agreement last week so I'm assuming it will be at least a few weeks before the funds come through. ------------------------------ Eden Schulz Director of Administration The Working World, Inc. New York NY 917.922.3985 ------------------------------

PCG is Hiring a Lending and Compliance Associate

Fri, 2021-07-23 22:56
From : Communities>>Open Forum
Partners for the Common Good is in search of a Lending and Compliance Associate. For more information about the organization, and to apply, please visit our website at www.pcgloanfund.org/careers-and-internships. ------------------------------ Larita Mimms Chief Accounting and Administrative Officer Partners for the Common Good Washington DC (202) 689-8935 ext. 26 ------------------------------

Let's Make a Deal? CDFIs and Local Government

Fri, 2021-07-23 16:11
From : Communities>>Open Forum
Dear Colleagues:  As COVID-recovery dollars have flowed out to local governments, dozens (hundreds?) have turned to CDFIs to help get the money out where it is needed the most. That's great! What's not so great is that is many municipalities don't really understand how CDFIs operate, with the result that the 'deal' offered is not in their best interests of the lender. Familiar story? Read on in "New Equity Capital" - our new blog. Happy Friday! ------------------------------ Jason Friedman President [More]

RE: Other Targeted Populations and Low Income Targeted Populations

Fri, 2021-07-23 12:32
From : Communities>>Open Forum
Thank you Karen, your definition of LITP seems in line with what the CDFI fund told us, but we are CRE, not small business. We were also defining LITP as follows, however CDFI Fund says the last three on the list do not count as LITP: for-profit owner is low-income non-profit clients are majority low-income for-profit affordable housing develop: tenants are majority low-income for-profit BOD is majority low-income for-profit clients are majority low-income non-profit [More]

RE: Consultant for Procurement Policy

Fri, 2021-07-23 10:59
From : Communities>>Open Forum
Hi Deanna- I'm happy to share the procurement policy I wrote for our organization. We kept it simple and ensured the language mirrored what the SBA has in the SOP. Feel free to use it for your organization. ------------------------------ RB Fast Director of Operations Colorado Enterprise Fund Denver CO 7204734051 ------------------------------

Files Attached Document
RE: Consultant for Procurement Policy

NCIF is Hiring

Fri, 2021-07-23 10:22
From : Communities>>Open Forum
National Community Investment Fund is a national CDFI and the largest investor in CDFI and MDI banks. NCIF is expanding and looking to recruit talented individuals to join our growing team. Please spread the word to your networks. Vice President and Controller Senior Portfolio and Asset Management Analyst Credit Analysthttps://ncif.org/connect/about-ncif/careers Thanks,

RE: Revenue Treatment of CDFI Fund RRP Awards

Fri, 2021-07-23 09:41
From : Communities>>Open Forum
My quick answer is that we've considered CDFI Fund awards as a restricted contribution with conditions. We release based on achieving lending deployment targets. However, we have not yet decided how to recognize the Rapid Response award. One thing I've considered, for internal management purposes, is to recognize these awards as non-operating revenue and use them to increase a pool of internally designated lending capital. However, we have not established this internal designation. The auditors [More]

RE: Other Targeted Populations and Low Income Targeted Populations

Fri, 2021-07-23 09:20
From : Communities>>Open Forum
We don't have the OTP target market just qualified investment area and low-income target population, but are considering adding it. My understanding it is related to race/ethnicity only. For LITP: We fund small businesses so the household income of the majority business owner in our service area (the State of CT) must be less than 80% of the Area Median Income of the location of the business (published by HUD). IF we want to go by business owner residential address for the AMI, ALL business owners [More]

Receipt of RRP Funds

Fri, 2021-07-23 09:18
From : Communities>>Open Forum
I would like to find out if anyone has received their RRP funds yet. We have not and I want to make sure we weren't missing something we had to do to receive the funds. Thank you! Jeanne Schroer, CRE President/Chief Executive Officer Catalytic Development Funding Corp. of Northern Kentucky 50 E. RiverCenter Blvd., Ste. 260 Covington, KY 41011 859-757-0518 phone 859-760-9398 mobile

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