Isaiah Fund Certified as a Community Development Financial Institution
October 31st, 2013
The Isaiah Fund recently became a certified Community Development Financial Institution (CDFI), an important milestone for the interfaith initiative. The Isaiah Fund is a multi-faith-based permanent disaster response loan fund that provides long-term investment in the revitalization of disaster-torn communities.
The OMI USP is an investor in the Isaiah Fund, which targets rebuilding in low-income communities. The Oblate US Province Sharing Fund has also supported their work.
With CDFI certification, the Fund should be able to grow, attracting new investors, which will enable it to broaden its reach to the poor and marginalized, who suffer most when natural disasters occur.
Certification by the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is an important milestone for the fund and has been many years in the making. It will now make Isaiah eligible to apply for competitive Financial Assistance funds from the CDFI Fund as well as investments and equity from banks, insurance companies, and other investors.
The need for rebuilding after major disasters continues – in New Orleans, more than eight years following Hurricane Katrina, and in New Jersey and New York one year following the destruction caused by Hurricane Sandy. The Isaiah Fund continues its work to deploy loans and mission deposits where they are needed most in these communities.