CDFI Fund's Strategic Initiative

In July 2007, the CDFI Fund launched a two-year research effort to fund research projects of relevance to the CDFI industry. In October 2007, a total of twelve research projects were selected from more than 40 proposals that were received in response to the CDFI Fund's Request for proposal.

As results of the conference panel discussions and peer review of the draft reports, significant changes were made to the draft reports, which are reflected in these final reports. The research reports developed under this initiative are briefly highlighted below.

The research projects covered a broad range of topics, including the interaction of CDFIs and the subprime mortgage market, CDFIs in underserved markets such as native communities, and the institutional development of CDFIs.

This research initiative provided the first opportunity for researchers to obtain access to and use data collected through the CDFI Fund's Community Investment Impact System, or CIIS. Data are collected through CIIS on an annual basis by CDFIs who have received a monetary award, and until this time, had not been made available for research purposes to those outside of the CDFI Fund.

In June 2008, the CDFI Fund hosted a one-day research conference in Washington, DC, where researchers presented and discussed their draft reports with other researchers and practitioners, after which final edits were made.

The final research papers are available, by category, through the links below.

Overview

CDFIs and the Subprime Mortgage Market

The Role of CDFIs in Addressing the Subprime Mortgage Market: A Case Analysis of New England by Carla Dickstein, Coastal Enterprises, Laura Buxbaum, Hannah Thomas and Kimberly McLaughlin

An Analysis of Successful Mortgage Lending Strategies in Six Cities by Neil Mayer and Kenneth Temkin.

The Role of CDFIs in Home Ownership Finance by Sarah Wolff, Self Help and Janneke Ratcliffe, UNC.

Community and Economic Development and CDFI Lending

CDFI Financing of Supermarkets in Underserved Communities: A Case Study by Ira Goldstein, Cathy Califano, Lance Loethen and Edward Kako, TRF.

Collaborators or Competitors? Examining the Relationship Between CDFIs and Mainstream Banks in Lending to Small Businesses in Underserved Markets by Geoff Smith, Sean Zielenbach, Jennifer Newon and Sarah Duda, The Woodstock Institute.

The Experience of New Hampshire Community Loan Fund in Mainstreaming of Acquisition Loans to Cooperative Manufactured Housing Communities by Michael Swack, University of New Hampshire, and Jolan Rivera, Southern New Hampshire University.

CDFIs in Rural and Underserved Markets

Community Development Financial Institutions and the Segmentation of Underserved Markets by Spencer Cowan, Danielle Spurlock, Janneke Ratcliffe and Haiou Zhu, UNC.

Community Development Venture Capital in Rural Communities by Julia Sass Rubin.

Investing in Native Community Change: Understanding the Role of Community Development Financial Institutions by Sarah Dewees, First Nations, and Stewart Sarkozy-Banoczy, Oweesta.

Institutional Development of CDFIs

Approaches to CDFI Sustainability by Kirsten Moy and David Black, The Aspen Institute.

Riskiness of Sector Dependence in Community Development Financial Institutions by Victoria Salin and Yanhong Jin, Texas A&M, and Wenhua Di, Federal Reserve Bank of Dallas.

Assessing the Systemic Impacts of Community Development Loan Funds by Julia Sass Rubin, John P. Caskey, Carla Dickstein and Sean Zielenbach.

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