News, Innovations, & Results

CARS™ is partnering with the PRI Makers Network to introduce CARS™-rated CDFIs to the growing number of philanthropies that offer program-related investments. Find out more.

Paige Chapel, the director of CARS™, will be participating in a panel on risk rating and monitoring at the Network's conference in Chicago in May.

OFN has Closed its First Loan Participation with ROC USA™
OFN has partnered with ROC USA™ to participate in mortgage loans to Manufactured Housing Communities converting from investor ownership to resident ownership. On June 17, 2009, OFN closed its first deal with ROC USA™. OFN purchased a $600,000 participation in a four party, mortgage loan of $5.4 MM to a newly-formed corporation, Ryder Woods Resident Association, controlled by the residents, which is a 174-unit manufactured housing community located in Milford, Connecticut.

Opportunity Finance Network has already approved almost $5.9 million in financing to 6 CDFIs (including 3 loans totaling $1.6 million for Manufactured Housing Communities) that finance affordable housing, community facilities, and small businesses in low-income communities throughout the U.S. We've also closed 6 loans in 2009 for a total $11.4 million (including 2 loans totaling $7.5 million for the 2008 Wachovia NEXT Awards for Opportunity Finance).