VCCDC provides loans through capital funds by State Farm Bank, Rural Community Assistance Corporation, Neighborhood Reinvestment Corporation, and the Federal Home Loan Bank. VCCDC currently receives operating and technical assistance support from the CDFI Fund, Neighborhood Reinvestment Corporation, and World Savings Bank.CEDC has served the individuals and families of Ventura and Santa Barbara Counties since 1981. From the very start, CEDC’s mission has been to provide quality, affordable housing for working families. In the process, the organization has sought to help support families’ strengths, broaden their opportunities and revitalize the communities in which they live. To date, CEDC has provided housing to more than 3,000 people, both in homes and rentals, provided homebuyer education and counseling to over 1,000 families, and helped 215 families into homeownership. To learn more about CEDC, call 659-3791 ext. 100. For more information on VCCDC, contact 659-6868 ext. 130.
VCCDC receives national certification as a Community Development Financial Institution (CDFI)
December 24, 2004
Santa Paula News
The Ventura County Community Development Corporation (VCCDC), a non-profit, private lending affiliate of the Cabrillo Economic Development Corporation (CEDC), is proud t announce its recent designation as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury.
The Ventura County Community Development Corporation (VCCDC), a non-profit, private lending affiliate of the Cabrillo Economic Development Corporation (CEDC), is proud t announce its recent designation as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. With this designation, VCCDC becomes the first CDFI to be headquartered in Ventura County and the only CDFI in the Central Coast providing lending capital to assist very-low, low, and moderate-income families into homeownership.CDFIs are mission-driven financial institutions that provide financial products and services to people and communities underserved by traditional financial institutions. They bridge the gap between the economic mainstream and the economically disadvantaged and tackle issues of quality affordable housing, job creation, wealth building, financial literacy and education, and microenterprise development and training. CDFIs measure success by focusing on the “double bottom line”: economic gains and the contributions they make to the local community. Approximately 740 CDFIs operate in low-wealth communities in all 50 states and the District of Columbia. There are currently only 81 CDFIs in California.As a CDFI, VCCDC can access federal dollars from the Department of Treasury that can be used as second mortgage ‘gap financing’ to help families into homeownership. Banks and thrifts can also receive tax credits for an investment in VCCDC now that it holds this designation.Mike McGuire, president of Affinity Bank, said this in response to VCCDC’s certification news: “CDFIs offer a great investment opportunity for mainstream banking institutions wishing to extend the reach of their community lending activities. Capital invested in CDFIs by the private sector gets leveraged with federal funds making more credit available at lower rates than can typically be achieved by a bank’s direct community lending programs. VCCDC’s CDFI designation will provide an opportunity for banks like Affinity to help more underserved individuals and families into home ownership.”
