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CFBanc Corporation
1432 U Street, NWWashington DC, 20009-3916
CDFI Awards for CFBanc Corporation
FA (2004) - $2,000,000
CFBanc Corporation CFBanc Corporation received an equity investment of $2 million to serve as capital reserves for its multi-family permanent loans, and to provide the capital base the bank needs to open a new branch that will primarily serve low-income residents of Prince Georges County, Maryland. CFBanc Corp projects that 100% of its projected activity will be in Hot Zones, and that by FY 2007 over 966 affordable housing units will be developed or rehabbed.
NMTC (2002) - $73,000,000
CFBanc Corporation is a bank holding company. It will use its NMTC allocation to: 1) make an investment of equity into City First Bank of D.C., which will in turn use these funds to expand its loan products to small businesses, community facilities and real estate developers; and 2) establish a commercial real estate investment fund that will provide flexible financing in the form of equity, senior, or mezzanine debt in urban retail, office, industrial, mixed-use, for-sale housing and community facility projects that do not meet the underwriting parameters of the bank.
CORE (2002) - $2,000,000
The $2,000,000 equity investment from the CDFI Fund along with the match will allow financing of affordable housing development and rehabilitation in distressed neighborhoods across Washington, and increase its provision of low-cost basic banking services to residents of Columbia Heights (the transitional neighborhood in which the awardees only bank is located).
SECA (2001) - $135,000
CF Banc Corporation will use the TA award to help develop a community development venture investment fund and for support of a loan production office in economically distressed southeast Washington, DC.
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