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National Alliance of Community Economic Development Associations August 22, 2023
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Federal News
New Measures Announced to Promote Equitable Community Development
The Biden-Harris Administration publicly released a new policy memorandum outlining actions federal agencies can take to advance equitable development in cities and urban communities. The Interagency Community Investment Committee (ICIC) — a coalition of federal agencies that support economic growth in historically underserved communities — announced a slate of new actions that will strengthen how federal community investment programs serve communities across the country that have historically lacked access to resources and capital. The policy memorandum prioritizes an expansion of resources for underserved communities. That includes capacity support for local organizations to receive and steward public and private resources for community development activities.
NACEDA News
Introducing the Money Meets Communities Series by NACEDA
NACEDA released a new research brief, Community Economic Development Organizations and Their Activities. It's the first research brief in the Money Meets Communities Series. This series of five research briefs will explore the lines of business and financial resources of local community economic development organizations across the U.S. The briefs are a vital component of NACEDA's Grounding Values in Research Project. NACEDA Executive Director Frank Woodruff said, “The Money Meets Community Series meticulously examines the finances of community-based development. This has never been done before. The recommendations in the series will be the foundation of an equity agenda for our field." Stay tuned for the next research brief, Tracing Community Economic Development Funding Flows, which will be released later this month. Additional research briefs will provide critical insights into fortifying financial health among community development nonprofits. Join us on Facebook, LinkedIn, and Instagram to continue the conversation. 
Member News
Meet Texas Community Capital's First Executive Director, Hala Farid
 Hala Farid joined the Texas Community Capital (TCC) as its first executive director. This regional community development financial institution (CDFI) was founded by a NACEDA member, the Texas Association of Community Development Corporations (TACDC). Farid brings 30 years of experience in community & economic development, mortgage lending, affordable housing, and non-profit relationship management. She also served on NACEDA’s Board of Directors and led the Office of Homeownership Preservation at Citi Community Development. “It is exciting to lead a CDFI born out of the need to provide access to capital to community development corporations. It grounds our work and heightens our responsiveness to their communities’ needs,” said Farid. Texas Community Capital provides loan and investment products and services that promote affordable housing and financial stability for low- to moderate-income people in under-served Texas communities.TCC operates the Community Loan Center of America program, promoting and expanding employer-based responsible, affordable small-dollar lending by mission-driven community-based organizations and social enterprises as an alternative to predatory small-dollar loans. TACDC Executive Director Matt Hull presented the opportunity to bring Community Loan Centers to other states at NACEDA Summit 2018. That summit presentation led to the creation of Community Loan Centers of Indiana with NACEDA member Prosperity Indiana.
Partner News
TD Bank Announced $2B Community Investment Act Agreement in NJ
The Housing & Community Development Network of New Jersey and New Jersey Citizen Action announced a $2 billion voluntary Community Reinvestment Act Agreement with TD Bank. The agreement runs from 2023 through 2025. “This pledge to invest over $2 billion in affordable home ownership, community development, and small business financing for LMI communities demonstrates a commitment to close the racial wealth gap and facilitate transgenerational wealth for Black & Brown families while breaking down the barriers obstructing them from securing safe and affordable homes. The Network and its members call on all major banks to follow TD’s important lead in forging close relationships with the community development sector,” said Staci Berger, President & CEO of the Network. Network Vice President & COO Sharon Barker added, “TD Bank’s critical investments will support Network members that are working to build affordable homes across New Jersey, create opportunities for first-time homebuyer education through HUD-certified housing counselors, and provide affordable banking products for low- and moderate-income households. Network members will be able to expand the guidance and resources they provide to people across New Jersey, assisting even more households in achieving homeownership.”
Funding & Job Opportunities
$1M Grants Address Systemic Barriers to Affordable Housing
The 2023 TD Ready Challenge will provide $1 million grants to 10 organizations with innovative solutions to help address systemic barriers to affordable housing across the continuum from transitional to permanent homes, and to help increase access to affordable and stable housing for those that need it most. The deadline is September 13.
Federal Grants Include Nonprofit Partners in Disadvantaged Communities
The Neighborhood Access and Equity Grant Program will provide up to $3.155 billion in grant awards to connect communities by supporting neighborhood equity, safety, and affordable transportation access as well as mitigating negative environmental impacts. The program will emphasize assisting economically disadvantaged or underserved communities with planning and capacity building. Nonprofit organizations can partner with “eligible entities” on grants to disadvantaged or underserved communities.
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