First mission-based, nonprofit shareholder in Community Development Financial Institution
LAKE FOREST, CA, March 7, 2018: Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today an equity investment from the Orange County Community Housing Corporation (OCCHC). With this investment, OCCHC becomes Clearinghouse CDFI’s first mission-based, nonprofit shareholder.
Clearinghouse CDFI will use this investment to benefit low-income and distressed communities in the Western United States and Sovereign Nations. The investment will help Clearinghouse CDFI continue financing community facilities, affordable housing, commercial real estate, and other projects that create jobs and services in underserved areas.
“OCCHC has witnessed the success of Clearinghouse CDFI since its inception in 1996. Like OCCHC, Clearinghouse CDFI is also committed to serving low-income and disadvantaged communities throughout Orange County,” said Nora Mendez, Executive Director of OCCHC. “Over the years, Clearinghouse CDFI has shown strong financial results and growth. They have supported our mission as we transition extremely low-income families from homelessness to homeownership. Clearinghouse CDFI’s success breeds success for the entire community. The synergy in our missions made sense in making an investment that will allow us to continue to improve the quality of life for low-income communities for years to come.”
Clearinghouse CDFI has funded $1.55 billion in total loans for over 1,820 community projects over the past 21 years. These projects have created or retained more than 18,000 jobs and benefit over 1.5 million individuals. This includes over 610 underserved communities in California, Nevada, Arizona, New Mexico and on Native American Reservations.
“We have collaborated with OCCHC since our inception and they have helped us in so many different ways. Allen Baldwin, Founder of OCCHC, has been a mentor, supporter and friend for many years. This investment means a lot to us,” said Douglas J. Bystry, President / Chief Executive Officer of Clearinghouse CDFI. “We are honored that OCCHC has become our first mission-based nonprofit shareholder, and we look forward to future partnerships that benefit the communities we serve.”
About Orange County Community Housing Corporation:
OCCHC is a nonprofit organization whose mission is to transition extremely low-income families to greater self-sufficiency by assisting with housing and education. Its founding in 1977 was based on the principle that our low-wage families deserve safe housing and safe neighborhoods so that their children would have the same education benefits as those from more affluent neighborhoods. For more information visit: www.occhc.org.
About Clearinghouse CDFI:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) addresses unmet credit needs in California, Nevada, Arizona, New Mexico, and Sovereign Nations 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
Download the PDF: OCCHC Invests in CCDFI – Final
“What incredible news! How exciting and rewarding to see the investment of a leading community developer in a top CDFI, one that was created out of a community and financial institution collaboration. And both still thrive year over year, achieving what back in 1990 was only a future vision and a dream! Congrats to CCDFI and OCCHC!”
– Melody Winter Head, Federal Reserve Bank of San Francisco