LAKE FOREST, CA—Clearinghouse Community Development Financial Institution has created a new company which will purchase and invest in real estate to revitalize and improve communities in California, Nevada, and Arizona.
Investment and rehabilitation plans include: multi-family rental housing, infill and commercial development, investments and partnership in commercial real estate projects, and build to suit for nonprofit organizations.
"This venture will have a double bottom line: maximizing public benefit and future returns,” said Clearinghouse CDFI President and CEO Douglas Bystry. "These investments will help stabilize the communities we serve while diversifying our revenue streams and increasing returns on capital available for investment.”
CDFI is a Community Development Financial Corporation serving California, Nevada, Arizona, New Mexico and Native American Communities.
An Investment Committee of seasoned, successful, and knowledgeable real estate professionals will provide guidance and oversight for the new venture. Clearinghouse CDFI's Real Estate Investment Company (“CREC”) will utilize its extensive network of financial institutions, governmental agencies, and real estate professionals to identify potential investment opportunities.
Clearinghouse CDFI has been a leader in the CDFI industry, with a number of other “firsts” in its history. It was the first non-depository CDFI to borrow from the Federal Home Loan Bank system in 2012. In 2014, it was the first CDFI to draw funds under the CDFI Fund Bond Guarantee Program, with a facility of $100 million in long term debt capital. Recently, Clearinghouse CDFI became the first non-depository CDFI to attain an S&P credit rating.
Today, Clearinghouse CDFI has over $200 million in assets and equity exceeding $33 million. Clearinghouse CDFI also received B Corp Certification in 2014 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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
