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Community Scope

2016, Issue 2

Acknowledgements, References and Endnotes


Thank you to Surekha Carpenter for assistance with data visualization in this publication, and to Jack Cooper, Renee Haltom and Shannon McKay for their careful review and insightful comments.


20 Years of Opportunity Finance: An Analysis of Trends and Growth.” Opportunity Finance Network (2015).

2013 Rural-Urban Continuum Codes.” U.S. Department of Agriculture (2013).

CDFI Snapshot Analysis: Fiscal Year 2012.”U.S. Department of the Treasury CDFI Fund Office of Financial Strategies and Research (April 2014).

Cowan, Spencer M., Danielle Spurlock, Janneke Ratcliffe and Haiou Zhu. “Community Development Financial Institutions and the Segmentation of Underserved Markets.” U.S. Department of the Treasury CDFI Fund Research Initiative (October 2008).

CRA in Rural America: The Community Reinvestment Act and Mortgage Lending in Rural Communities.” Housing Assistance Council (2015).

Designating a Target Market in myCDFIFund.” U.S. Department of the Treasury CDFI Fund (January 2013).

Distressed and Underserved Tracts.” Federal Financial Institutions Examination Council (2015).

Duncan, Cynthia M. “Community Development in Rural America: Collaborative, Regional, and Comprehensive.” Investing in What Works for America’s Communities (2015).

Expanding the Geographic Reach of Community Investment: The IFF Case Study.” Living Cities (2013).

Fairchild, Gregory B. and Ruo Jia. “Risk and Efficiency Among CDFIs: A Statistical Evaluation Using Multiple Methods.” U.S. Department of the Treasury CDFI Fund (August 2014).

FY2014 Transaction Level Report Entry/Upload Instructions.” U.S. Department of the Treasury CDFI Fund (2014).

Long-Term Trends in Rural Depopulation and Their Implications for Community Banks.” FDIC Quarterly 8(2) (2014).

Neelakantan, Urvi, Lisa Hearl and Kimberly Zeuli, “CDFIs in the Southeast.” Federal Reserve Bank of Richmond Community Scope 1 (1) (2010).

Rubin, Julia Sass. “Community Development Venture Capital in Rural Communities.” U.S. Department of the Treasury CDFI Fund Research Initiative (October 2008).

Smith, Geoff, Jennifer Newon, Sean Zielenbach and Sarah Duda. “Collaborators or Competitors?Exploring the Relationships between Community Development Financial Institutions and ConventionalLenders in Small Business Finance.” Federal Reserve Bank of San Francisco (2009).

Southern Bancorp Awarded $2 Million by the U.S. Treasury Department’s CDFI Fund.” Southern Bancorp (2015).

Swack, Michael, Eric Hangen and Jack Northrup, “CDFIs Stepping into the Breach: An Impact Evaluation Summary Report.” U.S. Department of the Treasury CDFI Fund (February 2015).

Swack, Michael, Jack Northrup and Eric Hangen. “CDFI Industry Analysis: Summary Report.” Federal Reserve Bank of San Francisco Community Investments 24(2) (2012).

Transaction Level Report, 2014.” U.S. Department of the Treasury CDFI Fund (2016).

What Does the CDFI Fund Do?” U.S. Department of the Treasury CDFI Fund.



The Southeast is defined to include Alabama, Arkansas, the District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia. Respondent CDFIs to the 2015 survey represent a wide variety of financial institutions investing in diverse markets. The Richmond Fed Community Scope publication entitled “Community Development Financial Institutions in the Southeast: Surveying the Social Investment Landscape” (2016) presents key survey results summarizing their capitalization, demand, capacity, non-lending programs and services and interactions with impact investors.


What Does the CDFI Fund Do?” U.S. Department of the Treasury CDFI Fund.


The Community Reinvestment Act (CRA) defines low-income as an income less than 50 percent of the area median income (AMI) and moderate-income as an income between 50 and 80 percent of the AMI.


The CDFI Fund identifies loans and leases with the following characteristics as high-risk: “Payments 30 days past due, weak financial condition, uncooperative borrowers, non-existent financial reports, external events with serious negative impacts, possible workout.”


The 16 products and services included in the 2015 survey are: business loans, financial education, commercial real estate, technical assistance to borrowers, consumer loans, depository services to individuals, depository services to businesses, housing financing loans (mortgages), microfinance loans, single-family housing development loans, multifamily housing development loans, housing counseling, downpayment assistance, new market tax credits, healthy foods financing and individual development accounts.


Two incorporated cities in the Southeast (0.2 percent) do not have associated USDA Rural-Urban Continuum Codes.


E.g., Swack et al., "CDFIs Stepping Into the Breach." 

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