Lake Forest, CA – July 10, 2018 – Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that its President and Chief Executive Officer, Douglas Bystry, was elected Chairman of the California Opportunity Investment Network (COIN) Advisory Board.
Established in 1996, COIN is a collaborative effort between the California Department of Insurance, the insurance industry, community affordable housing and economic development organizations, and community advocates. This voluntary program facilitates insurance industry investments that benefit California’s environment and its low-to-moderate (LMI) income and rural communities. Bystry has served as a COIN Advisory Board member since 2012.
“I am pleased to welcome Doug Bystry as the new COIN Advisory Board Chair,” said Insurance Commissioner Dave Jones. “I am confident Doug’s leadership and experience, which is well established, will serve the Board well.”
Bystry has more than 25 years of experience raising and deploying more than $1 billion in capital to low-income communities. Prior to founding Clearinghouse CDFI in 1996, Bystry was Executive Director of Santa Ana Neighborhood Housing Services and Executive Director of the Affordable Housing Clearinghouse, Clearinghouse CDFI’s nonprofit community partner. He attracted over $200 million in capital for these organizations. He also served on the National Advisory Board for the Neighborhood Reinvestment Corp., as Orange County Housing Commissioner, and on the La Habra City Council.
“Having worked with Doug for more than 20 years, I can unequivocally say that you’d be hard pressed to find someone as committed to COIN’s mission, values, and goals,” said Clearinghouse CDFI Board of Directors Chairman, Gary Dunn. “Doug understands California’s low-income communities and how to properly invest for maximum impact. I congratulate my longtime friend on this great honor.”
COIN guides insurer capital into socially responsible, environmentally sustainable, and community-oriented financial investments. COIN’s team of investment officers provides leadership for a program unlike any other in the nation. The Qualified Investment Platform qualifies investments that provide benefits to low and moderate communities across the state. COIN’s Qualified Investment Platform screens investment deals across asset classes for their risk, rates of return, and provision of tangible benefits to California’s undercapitalized communities and/or environment. Insurers held approximately $22 billion in COIN Qualified Community Development Investments in 2015.
ABOUT CLEARINGHOUSE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Indian Country in the Western United States. Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities. Clearinghouse CDFI is also a B Corp–a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. For more information, visit: www.ccdfi.com
Ron Demeter, Partner
Vectis Strategies on behalf of Clearinghouse CDFI
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