Recently, Governor Newsom signed the 2022-23 CA state budget, which includes authorization of $50M to establish the California Investment and Innovation Fund, a state-level Community Development Financial Institution (CDFI) fund. This is a great moment for CDFIs and the communities they serve. This investment will strengthen and further support the work of CDFIs that are actively engaged in supporting, building up and helping low-income under-resourced communities throughout California.
CDFIs are community-based organizations that play a unique role in low-income, rural, urban, Native, and other communities that mainstream finance doesn’t traditionally reach. CDFIs have community development as their primary mission, and have a long history of successfully delivering affordable housing, supporting small businesses, and providing access to health care, and more.
“We have a first State of California CDFI Fund,” said Alan Hoffman, Senior Vice President and CFO of Century Housing. “As the challenges confronting California grow, from homelessness to environmental degradation to increasing social inequality, CDFIs have never been more important. Historically underfunded, CDFI’s have struggled to access the financial resources they need to address these societal issues. The California Investment and Innovation Fund will provide welcome and much needed support to CDFIs in pursuing their mission.”
We appreciate everyone who worked hard to make this a reality, in particular the California Coalition for Community Investment (CCCI) for energizing the CDFI community behind this groundbreaking campaign.