Our family of related companies work together to serve the needs of low and moderate income residents of the DC metro area. Our group includes both for-profit and 501(c)(3) entities, allowing us to provide a wide range of supports and services to the community.
City First Bank of DC (City First) is a federally-chartered, mission-driven national bank. City First is dedicated to strengthening low-to-moderate income communities by directing the flow of capital to commercial, non-profit and business development projects that increase the quality of life in neighborhoods of need. In the 17 years since City First began operations, the bank has financed 5,753 affordable housing units, created or retained 4,368 jobs, as well as helped to create an additional 8,734 public charter school seats. As of December 31, 2014, City First holds assets of $241 million, deposits of $191 million and loans of $171 million — historically delivering over 80% in loans to underserved communities.
City First Bank of DC is certified as a Community Development Financial Institution (CDFI) by the CDFI Fund of the U.S. Department of the Treasury. Since 2003, City First has been awarded six rounds of funding through the New Markets Tax Credit Program (NMTC) totaling $418 million, and financed over 40 projects in five states — ranking #21 among top NMTC allocation recipients, nationwide.
City First Bank operates its sole branch on the historic U Street corridor at 1432 U Street, NW, Washington, DC. www.cityfirstbank.com
CFHomes is a 501(c)(3) nonprofit organization founded in 2007 by CFE and supported in significant part by financing from the Washington, DC government. CFHomes aims to tackle the District’s growing workforce housing challenge by creating ownership housing that is permanently affordable to generations of working families without requiring further subsidy.CFHomes helps households to responsibly access the wealth-building and tax benefits of homeownership sooner than otherwise possible. CFHomes has a successful record of leveraging private and public sector resources in the creation of affordable housing for low- to moderate-income families and the administration of homebuyer education services. To date, CFHomes has invested over $4M in the creation of affordable housing and has provided homebuyer education to more than 200 individuals and families.CFHomes helps to make homeownership a reality and creates wealth building opportunities for individuals who might not otherwise have access. In many instances, participants in our program realize the dream of homeownership much faster than they would have on their own. About 80% of our current homeowners were first-time buyers when they purchased a home with us.
For more information and to learn about our recent lending activity, please go to www.cfhomes.org
City First New Markets Fund II, LLC was awarded $370 million in tax credit authority over ﬁve funding rounds. $320 million in NMTC loans have been originated that leveraged an additional $270 million in other ﬁnancing to support community development in DC, Maryland, Virginia, Delaware and Pennsylvania. NMTC projects created 4,239 construction jobs, 2,268 permanent jobs and helped to retain 896 existing jobs. Over 2 million square feet of community facilities were ﬁnanced in DC including E.L. Haynes Public Charter School, Bread for the City, Mary’s Center (Ontario Road and Georgia Avenue), Capital Area Food Bank, Washington Latin Public Charter School, Tivoli Square, THEARC, Atlas Center for the Performing Arts and Unity Parkside Health Center.
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