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Article Archives: Washington
Small Loans, Big Returns
Headquartered in Milwaukee, WtW makes its loans from 43 offices in 21 states: California, Delaware, Florida, Hawaii, Illinois, Indiana, Louisiana, Maryland, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Virginia, Washington, and Wisconsin.
WtW offices are located in social service agencies affiliated with the Alliance of Children and Families (ACF). ACF agencies screen and provide financial education to borrowers and service the loans. WtW local offices provide financial education to more than three persons for every individual who receives a loan. Investors in WtW include several national foundations, the Community Development Financial Institution Fund of the U.S. Treasury Department, local United Way offices, and financial institutions. Banks can be involved by investing in the national WtW loan fund, by referring to local WtW offices prospective borrowers who do not meet conventional credit criteria, by participating in local WtW loan committees, and by providing grants and in-kind donations to WtW.
[Community Developments Investments, Fall 2008]
A Growing Loan Pool in Washington State
In 1992, this shared-risk loan pool began operation as the Washington Community Reinvestment Association (WCRA). Today, membership has grown to 46 financial institutions, and the original loan pool has been expanded into three lending pools, raising WCRA's lending capacity to $105 million.
Since 1992, the WCRA has funded and committed to $199 million in loans representing nearly 8,000 units of affordable housing and nearly 30,000 square feet of economic development projects throughout the state of Washington.
WCRA provides multifamily permanent loans, special needs financing, assisted living financing, and economic development loans. It also makes available tax-exempt bond financing for affordable housing and economic development. Investor banks have also provided construction and bridge financing for WCRA-funded projects.
For more information, contact Susan M. Duren, WCRA, at (800) 788-6508 or visit the Web site.
Low Income Housing Institute’s Community Development Lending Opportunities
The institute is currently developing 13 new projects that will provide nearly 450 housing units and community services for low-income families. The institute periodically seeks private and public funding in the form of loans and grants to support its housing projects.
For additional information, call Sharon Lee, the organization’s director, at (206) 443-9935 or visit LIHI.
[Published in News from the Districts, Community Developments, Spring 2008]