Abstract
ABSTRACT:This article examines community development loan funds (CDLFs), a type of community development financial institution that provides financing and technical assistance for businesses; for-profit and nonprofit real estate and housing developers; nonprofit organizations looking for facility or operating capital; and low-income individuals looking for financing to purchase or rehabilitate their homes. Like many nonprofits and social enterprises, CDLFs have experienced a worsening political and economic environment since 2000, leaving many of them struggling to stay alive as the subsidized capital necessary to fund their operations largely has evaporated. The article reviews CDLF origins, structures, and current activities; discusses the field’s historic sources of subsidized capital and why they have shrunk; reviews potential new sources of capital and the organizational ways that CDLFs are responding to their changed environment; and makes recommendations for CDLFs, funders, and policy makers. It is based on organizational-level data from annual surveys of CDLFs conducted by the CDFI Data Project and the Opportunity Finance Network; on two dozen interviews with CDLF, foundation and bank officers and staff and policy makers involved with the field; on documents from individual CDLF institutions; and on contemporary press accounts.
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