In response to a March 14th Executive Order aiming to eliminate any non-statutory functions of the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund, ROC USA CEO Emily Thaden wrote to members of Congress urging robust support of the CDFI Fund, its programs, and staff.
Emily’s letter explains how the successes of the ROC USA Network – more than 340 Resident Owned Communities in 21 states – depend on the availability of capital for resident corporations wishing to buy their community. Because banks don’t traditionally lend to resident corporations, ROC USA Capital, a certified CDFI, steps in to originate, underwrite, and service the loans.
The CDFI Fund’s programs strengthen ROC USA Capital’s ability to offer financing to ROCs. They also allow ROC USA Capital to innovate and grow so that it can serve more communities and pursue new ways to serve homeowners in ROCs. ROC USA Capital also attracts substantial private capital to its balance sheet, so financing communities is a successful public-private partnership.
Emily’s letter was sent to 17 U.S. representatives and 15 senators who sit on key committees with jurisdiction over CDFI Fund programs. To read a sample letter, click here. ROC USA continues to support advocacy coalitions in defense of CDFIs led by the National Association of Affordable Housing Lenders, the Opportunity Finance Network, and others.
