FUNDER PROFILES
BANK OF AMERICA
Bank of America has long pioneered the development of economic empowerment in traditionally underserved communities. By working to expand investment, job creation, housing and economic opportunities, Bank of America Community Development Banking revitalizes neighborhoods while achieving its mission to support sustainable community development as part of a profitable business strategy. Recently, the Bank announced an unprecedented $350 billion, 10-year commitment to community development lending and investment ever undertaken by an U.S. bank.
Key to this effort are the Bank's initiatives in affordable housing. Not only is Bank of America the leading lender in the creation of affordable housing finance, it also operates the oldest and largest community development equity program in the country. The Bank makes loans and invests significant capital in projects, organizations and financial intermediaries that create housing. In addition, the Bank is one of the nation's largest investors in low-income housing tax credits, providing critical equity to affordable housing projects. Bank of America Community Development Banking works in a number of ways to revitalize communities, including specialized lending, government lending products, small business lending and investments, mortgage products, intermediary finance, national initiatives and alliances with organizations such as the Neighborhood Assistance Corporation (NAC) and ACORN Housing Corporation.
BB&T
BB&T is a full-service financial institution that operates as a community bank with local decision making, and possesses a long history of commitment to community economic development. We're strongly dedicated to helping our customers thrive and prosper. We create partnerships and alliances with community-based organizations and develop comprehensive policies and programs for providing funding, investments and financing. These resources may be applied to housing development, innovative low- and moderate income mortgage lending, capacity building within community-based organizations, small business lending, and providing technical assistance. We are poised to respond quickly to our communities with low- and moderate-income product and service delivery. This is done to fulfill a vital part of our Bank's mission: "Making the communities we serve a better place to live."
THE MORRIS AND GWENDOLYN CAFRITZ FOUNDATION
The Morris and Gwendolyn Cafritz Foundation is committed to improving the quality of life for people in the nation's capital. Since 1910, the Foundation has awarded more than $117 million in grants to nonprofit organizations in the greater Washington metropolitan region. Grants are given in four primary areas: arts and humanities, community services, education and health.
CHEVY CHASE BANK
The Chevy Chase Bank provides in-depth technical support and financial support to the broad community of Metropolitan Washington, D.C. Committed to understanding real community needs, grants are made in support of education, low-income housing, the arts and health services. Among those with whom the Bank works closely are Habitat for Humanity, Funds for the Community's Future, East of the River Community Development Corporation, The Foundation for Educational Innovation, D.C. Scores, The Washington Ballet, The Latino Economic Development Corporation, as well as, Greater Southeast Hospital.
CITIBANK, F.S.B.
Citibank, F.S.B. is committed to making a meaningful impact in lending within areas traditionally underserved by financial institutions. To achieve this goal, the Bank strives to maintain an understanding of the D.C. community and its needs and plays a leadership role through its lending, grantmaking and technical assistance to non-profit organizations.
CITY FIRST BANK OF DC
City First Bank of DC is a commercial bank that opened in summer, 1998 to spark the comeback of Washington's diverse low- to moderate-income communities. Its founders and management bring expertise in banking and community development, along with decades of market knowledge and commitment to building a first-class city for all District residents. As a community development bank, it has the mission of providing credit and financial and information services for individuals and businesses to strengthen communities in the nation's capital.
NAOMI and NEHEMIAH COHEN FOUNDATION
The Naomi and Nehemiah Cohen Foundation was established in the District of Columbia in 1959. The Foundation makes grants in the areas of: human services and community development in Washington, DC; grassroots organizing and social justice programs on a national level; and co-existence work in Israel.
LOIS AND RICHARD ENGLAND FAMILY FOUNDATION
The Lois and Richard England Family Foundation is committed to improving the lives of those in need in the Washington metropolitan area. Grants focus on local human services, education, arts and culture, as well as programs to strengthen Jewish life and institutions locally, nationally and in Israel.
THE ENTERPRISE FOUNDATION
The Enterprise Foundation rebuilds communities. Working with partners and a national network of 1,900 nonprofit organizations in more than 700 locations, Enterprise provides low-income people with affordable housing, safer streets and access to jobs and child care. Enterprise has raised and committed more than $3.5 billion in equity, loans and grants to help build or renovate more than 120,000 homes. Launched by Jim and Patty Rouse in 1982, Enterprise is building America one community at a time.
FANNIE MAE FOUNDATION
The Fannie Mae Foundation transforms communities through innovative partnerships and initiatives that revitalize neighborhoods and create affordable homeownership and housing opportunities across America. To promote homeownership and healthy neighborhoods, the Foundation also sponsors public service outreach efforts, including consumer education and home-buying fairs, and conducts housing research. In 1998, the Foundation awarded over $33 million in grants to almost 1,100 different organizations throughout the country. Thirty-two percent of these grant dollars, or $10.3 million, were directed to the Foundation's own hometown, the local Washington, DC metropolitan area. In addition, the Foundation made new commitments in low interest loans, through the Community and Neighborhood Development Fund (CNDF), of $5.9 million bringing its total cumulative CNDF portfolio to $15.5 million. The Foundation's sole source of support is Fannie Mae, a private corporation with a congressional charter and public mission to increase the availability and affordability of housing for low-, moderate- and middle-income Americans.
FREDDIE MAC
Freddie Mac is dedicated to brightening the future of children, youth and families at risk. It fulfills this mission by providing funds to organizations working to strengthen the health, education and welfare of children and youth and by providing family support services. The Freddie Mac Foundation provides funds to nonprofit organizations in metropolitan Washington, D.C., Atlanta, Chicago, Dallas, Los Angeles and New York; to statewide initiatives in Maryland and Virginia; and to organizations that provide service on a national scope. In addition to funding, the Foundation is a strong advocate for children, youth and families -- supporting policies and programs that focus attention on their needs and foster positive solutions. The Foundation also encourages and supports the volunteer efforts of Freddie Mac employees.
LOCAL INITIATIVES SUPPORT CORPORATION
The Washington, D.C. LISC Program is one of 35 sites of the Local Initiatives Support Corporation (LISC), a national non-profit intermediary that channels private sector financial and technical resources to community development corporations (CDCs). Serving as a leader, funder, broker and technical assistance provider, LISC's mission is to assist CDCs in transforming distressed neighborhoods into healthy communities. The primary focus is to build the organizational and technical capacity of CDCs so that they can effectively sponsor physical and social development projects that benefit their communities.
M & T BANK
As a full-fledged banking "citizen," M & T Bank recognizes the various needs of our fellow citizens and works hard to contribute to the physical and economic well being of all. Our involvement in the community includes a host of programs and activities that touch the lives of many individuals, homeowners, entrepreneurs, businesses, neighborhood development organizations, and more.
GILBERT and JAYLEE MEAD FAMILY FOUNDATION
The Mead Family Foundation partners with local tax-exempt organizations that effectively address community needs. Program priorities derive from the active involvement of family board members in their own communities. In general, the Foundation supports projects that enrich the lives of youth by strengthening families, educating children in grades K-12, or promoting education and outreach in the performing arts. It seeks visionary leaders, staff and volunteers, who develop innovative projects producing significant results. More than $500,000 is awarded annually; assets are around $10 million.
THE EUGENE AND AGNES E. MEYER FOUNDATION
The Eugene and Agnes E. Meyer Foundation helped initiate the Community Development Support Collaborative in partnership with the Fannie Mae Foundation. The Foundation is a private, Washington-based foundation with annual giving of $3.5 million and assets of $105 million. Nearly one-third of the Foundation's funding is awarded to nonprofit organizations that are revitalizing neighborhoods and creating affordable housing in the region.
NCB DEVELOPMENT CORPORATION
Headquartered in Washington, D.C., NCB and its subsidiaries provide a broad array of financial services to the nation's cooperative business sector, creating economic growth and community development in urban and rural areas. NCB Development Corporation is the development finance affiliate of National Cooperative Bank and is among the top development banks in the country. It provides capital to start-up and existing cooperatives either directly or through developers and intermediary organizations.
PRINCE CHARITABLE TRUSTS
Prince Charitable Trusts is a family foundation which supports efforts of non-profit organizations working in the areas of the environment, arts and culture, education, and health and social services. Prince Charitable Trusts funds organizations in Washington, D.C., Chicago, and Rhode Island. It has been active in the Washington community since 1990.
STRAUCH FAMILY FOUNDATION
WACHOVIA BANK
Wachovia Bank is a full-service commercial bank serving the credit needs of residents and businesses in the Washington, D.C. metropolitan area. Through its partnership with organizations like the Congress of National Black Churches and local nonprofit affordable housing providers and community development corporations, the Bank has targeted its resources to support economic development and community revitalization projects. As a member of the Federal Home Loan Bank of Atlanta, the Bank also provides below market financing for community development projects.
THE WORLD BANK
Established in 1945, The World Bank's purpose is to reduce poverty and improve living standards for people in the developing world. The World Bank provides loans, policy advice, technical assistance and knowledge-sharing services to its clients' countries. In FY 1999, The World Bank lent $22.2 billion dollars for 131 new operations in 39 countries. The World Bank initiated the DC Community Outreach Program in June 1997, and provides the following services:
Technical Support: Up to 200 staff weeks of professional staff advice, analysis and teaching support on municipal and regional issues;
Volunteers: Institutional support for voluntary efforts by the Bank community of almost 24,000 staff members, families and retirees;
Financial Resources: A modest grant facility of $350,000 to support partnerships in education, welfare-to-work and community development;
Facilities: The World Bank facilities are made available for meetings, seminars, training and other activities by public and non-profit community organizations.
The Outreach Program concentrates in three major areas: municipal services, education and youth; and employment and community development. The estimated contribution of The Bank to the Washington community in grants and professional staff time was $1.2 million in FY 1998.
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