National Alliance of Community Economic Development Associations                             March 1, 2022

Federal News
NACEDA Supports Bill to Boost FHLBanks' Community Investment

The House Financial Services Committee held a hearing on the Federal Home Loan Banks’ Mission Implementation Act on February 16. The bill would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program, raising the required set-aside from net income from 10% to 20%. The legislation would also create a new community economic development grant program to create jobs in low-income communities and increase FHLBanks’ ability to invest in small business loans, among other provisions.

NACEDA strongly supports this legislation, which was introduced by Sen. Cortez Masto (D-NV) and Rep. Ritchie Torres (D-NY). NACEDA members and staff are meeting with Congressional offices to help move the bill forward. We will keep you informed about opportunities to support this key legislation.

TAKE ACTION - Sign On To Preserve Section 4 Funding

Section 4 funding strengthens low-income rural and urban communities nationwide by providing flexible support to local nonprofits that develop affordable housing, finance small businesses, and revitalize commercial corridors. Sign the letter by March 8. 

Join the NACEDA team!
vista description
The National Alliance of Community Economic Development Associations (NACEDA) leads the community development field in shaping strategies that advance prosperity in low-income communities. We are seeking an AmeriCorps VISTA to serve at NACEDA from July 2022 to July 2023. The Systems Change VISTA will expand our communications with community development nonprofits across the country, increasing their access to resources and capacity-building opportunities. The VISTA will also assist on NACEDA’s Grounding Values Study with the Urban Institute, the most comprehensive study to date of U.S. community-based development organizations. The VISTA will gain communications, member management, and leadership experience while networking with state, regional, and local community development nonprofits. Applications will be accepted on a rolling basis until the position is filled. Apply through AmeriCorps.

Member News 
California Member Awarded CDFI Development & Support Contract   

The California Community Economic Development Association (CCEDA) is embarking on the largest project yet of their CDFI Development and Support program. The California Reinvestment Coalition (CRC) selected CCEDA to provide technical assistance training for 11 nonprofit organizations receiving support from their Resilience Fund, which provides capacity building and grant funding to support BIPOC-led nonprofit organizations.

“CCEDA was selected and contracted by CRC to provide intensive hands-on technical assistance to assist these nonprofit organizations to set up community-based lending programs. e.g., micro and small business lending,” said Roberto Barragan, CCEDA’s Executive Director. CCEDA will help the nonprofits develop credit policies, prepare state lending license applications, deploy initial loan capital, and apply for CDFI Fund certification. 

Funding & Job Opportunities
Featured Funding Opportunity: HUD Section 108 Loan Guarantee Program

The Section 8 Loan Guarantee Program allows Community Development Block Grant recipients and sub-recipients to leverage that allocation into low-interest loans for projects that may be difficult to fund. Projects can fall under a wide range of categories such as Community and Economic Development, Public Infrastructure, Placemaking, Acquisition of Property, and more. HUD’s Financial Management Division provides 1-on-1 Technical Assistance for interested borrowers.

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