CEO Letter to Shareholders

Dear Shareholders and Friends:

As we close the books for 2023, your CDFI is positioned to “Launch” to new levels in 2024 and beyond. After years of planning and hard work, we now have a foundation for accomplishing historic growth and increased community impact. Our corporate recapitalization and restructuring effort will allow us to achieve new goals while aligning the interests of our employees with all of our shareholders and community stakeholders.

In 2023, we continued our strong tradition of purposeful growth and meaningful impact while achieving impressive results in both market and geographic expansion. We originated 65 loans totaling $187 million – which exceeds our highest single year origination level ever. Sixty-one percent of these projects were in either low-income or non-metropolitan census tracts.

Job creation and affordable housing impact metrics were impressive in this past year. We developed, rehabilitated, or preserved 1,089 housing units. Of those, 79% were affordable to low-income families. 5,400 Jobs were created, or retained, as a result of our 2023 lending.

We continued our focus on mobile home park financing through several projects, including the Piney Woods Community project in Crosby, Texas that will create 394 new affordable units. Additionally, we sold one of our commercial properties in Arizona to the current tenant, Let it Roll Bowl, allowing this small business owner to achieve his dream of owning both his business and building assets.

FVLCRUM Fund exceeded its target capital goal and closed in 2023 with over $300 million. We are proud of the leadership role Clearinghouse CDFI played in the fund’s creation and structure. Five of our shareholders also invested in this fund helping us exceed our goal. Through several investments made this year, FVLCRUM is already benefiting low-income families and reducing the minority wealth gap in the United States.

We recorded our 24th consecutive year of profitability with after-tax earnings over $4.6 million.  Total assets increased to $751 million in 2023.

Lastly, we said “goodbye” to our dear friend and  mentor Allen Peters Baldwin, who was the inspiration for our ‘B’ BOLD and ‘B’ BOLD(ER) Internship programs. Allen taught us many things over the years and was instrumental in  establishing the principles and concepts behind the creation of Affordable Housing Clearinghouse and bank participation in affordable housing. He has touched countless lives through his leadership and dedication, particularly through his legacy nonprofit, the Orange County Community Housing Corporation. Thank you and RIP Allen, your work is done but your legacy lives on.

Your strong support allows us to be a positive force for good in this world. We look forward to  working with all of you in the upcoming years to bring capital to the most economically  distressed and underserved communities.

Thank you again for your ongoing support and assistance.


Douglas J Bystry - Clearinghouse CDFI President & CEO - 2022 Annual Report
Douglas J. Bystry
Clearinghouse CDFI President / CEO