At two large gatherings over the past two weeks, the Richmond Fed's Community Development professionals led discussions aimed at building Community Reinvestment Act (CRA) partnerships.
The Richmond Fed in collaboration with the Office of Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) presented a workshop on building innovative partnerships through the CRA. During the North Carolina Affordable Housing Conference held in Raleigh, North Carolina, on Oct. 28–29, Healthy Neighborhoods, Inc. (HNI) was highlighted as an example of a partnership that is working well.
HNI, a Baltimore Community Development Finance Institution, engages local government leaders, financial Institutions, foundations and community organizations to support housing development in middle-income neighborhoods. “HNI is a remarkable example of a public-private partnership in the Fifth Federal Reserve District where financial institutions meet the requirements of the CRA through collaboration in a loan pool,” explained Jeanne Milliken Bonds, regional community development manager.
The annual conference brought together housing colleagues from around the state to share the latest news, innovations and best practices. As in the past, nearly 1,000 housing professionals attended.
At the Community Development Finance Association (CDFA) national finance summit in Charleston, South Carolina, on Nov. 5, the Richmond Fed released a new video highlighting the tenure and collaboration that makes HNI a model for replication. More than 600 professionals attended CDFA’s program.
“Partnerships are the cornerstone to the CRA. Over the years, the CRA has spurred tremendous bank involvement in community development benefitting low- and moderate-income communities,” said Sandra Tormoen, community affairs officer. “The Community Development function within the Federal Reserve System holds CRA training and awareness for financial institutions and community based organizations as a priority.”