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Community Investment Loans
Approved for January-December 2006

Cornerstone Corporation for Shared Equity received a Community Investment loan from PAB in 2006.  The loan will help to support Cornerstone's “Renter Equity” program. This program is an innovative alternative to renting and owning that assists low-income families in developing financial resilience and planning for the future. 

The Portfolio Advisory Board (PAB) reviewed 12 Community Investment (formerly Alternative Investment) loan proposals and, of those, presented six loan recommendations, as well as eight renewed community deposits, three increased community deposits, and three new community deposits to the General Council for approval throughout 2006.

The nonprofit organizations which received funding in 2006 address various domestic and international projects and programs that foster worker-owned cooperatives; provide access to capital for developers of quality, affordable housing; develop worker training programs and provide links to jobs for people in need; foster development within minority populations; and provide access to credit and fair trade for poor communities in Asia, Africa, Latin America and the Caribbean.

The total amount of community investments approved during 2006 is $1,081,500. These investments, along with the current loan portfolio, allocate essentially the entire $3.5 million of the Congregation’s Community Investment Fund (formerly the Alternative Investment Fund).

Through investments made in community organizations, the Congregation is able to continue to carry out its mission. It is by partnering with these community-focused groups that our financial resources are able to have a critical impact where otherwise there may not have been a presence.

• • • • • • • •

The General Council accepted the recommendations of the Portfolio Advisory Board for the 2006 loan application cycle and approved funding for the following loans made from the Congregation’s Community Investment Fund (formerly the Alternative Investment Fund) in the amounts, terms and rates presented as follows:

1. Red Tomato (Oké USA Fruit Company) Canton, MA
$10,000 at 3% for 5 years

Red Tomato, a grassroots nonprofit produce organization, will be working with Agro Fair, Europe’s leading fair-trade banana company, to develop a fair-trade banana program for North America. The newly formed company, named Oké USA Fruit Company, is a Massachusetts-based tropical fruit importer with a simple mission: To improve the lives of poor banana farmers and workers by making sure they get a fair price for their fruit.

2. EcoLogic Finance, Cambridge, MA
$100,000 at 2.5% for 5 years

A nonprofit development finance institution that offers affordable financing to community-based businesses operating in environmentally sensitive areas of the developing world. EcoLogic Finance is an eco-lending organization with an overall objective of being both profitable and supportive of grassroots economic development, specifically providing trade credit and capital goods financing for small-scale producers of sustainable-grown coffee.

3. Community Financial Resource Center (CFRC), Los Angeles, CA
$50,000 at 3% for 5 years

CFRC was established to respond to the divestment in South Central Los Angeles. It provides programs and services specifically targeting the economically distressed and underserved areas of South Central or South Los Angeles. Adrian Dominican loan capital is pooled for re-lending to women and minority business owners located in this area.

4. Cornerstone Corporation for Shared Equity (CCSE), Cincinnati, OH
$50,000 at 2.25% for 5 years

 A nonprofit organization operating a “Renter Equity” program in an otherwise hopeless environment in the Over-the-Rhine district of Cincinnati. The CCSE program generates assets for residents through a housing management system that improves safety, cleanliness and financial performance of the project. The development of such a management system addresses wealth disparities between renters and homeowners.

5. Oikocredit USA, Washington, D.C.
$21,500 at 2% for 5 years

A nonprofit organization whose funds are used to provide low-interest loans to poor communities in Asia, Africa, Latin America and the Caribbean through cooperative enterprises and micro-credit banks.


6.
Unitarian Universalist Affordable Housing Corp., Washington, D.C.
$75,000 at 3% for 5 years

 A faith-based community development financial institution operating in the D.C. area and working for social and economic justice. Its mission is to promote livable and inclusive communities with affordable housing, quality childcare, green space and access to economic opportunity.

Total New and Renewed Loans: $306,500

Currently held certificates of deposit in the following community banks and credit unions will be renewed or increased, or are new, as follows:

  • Appalachian Federal Credit Union, Berea, KY, $50,000
  • First Delta Federal Credit Union, Marks, MS, $50,000
  • Mission Area Federal Credit Union, San Francisco, CA, $50,000
  • Native American Bank, Browning, MT, $50,000
  • Northeast Community Federal Credit Union, San Francisco, CA, $50,000
  • Santa Cruz Community Credit Union, Santa Cruz, CA, $50,000
  • Sisseton-Wahpeton Credit Union, Agency Village, SD, $50,000
  • Southern Development Bancorp, West Helena, AR, $50,000

Total Renewed Deposits: $400,000

  • First Delta Federal Credit Union, Marks, MS, $25,000
  • Mission Area Federal Credit Union, San Francisco, CA, $25,000
  • Sisseton-Wahpeton Credit Union, Agency Village, SD, $25,000

Total Increased Deposits: $75,000  

  • Latino Community Credit Union, Durham, NC, $100,000
  • Hope Community Credit Union, Jackson, MS, $100,000
  • National Federation of Community Development
    Credit Union, New York, NY,$100,000

Total New Deposits: $300,000

Total Deposits: $775,000

Overall Total Loans and Deposits: $1,081,500