23 items found for ""
- City National Bank Supports Students in Affordable Housing with $10,000 Grant to CCRC's Mary Kaiser Education Scholarship
GLENDALE, CA, UNITED STATES – September 17, 2024 – City National Bank has made a $10,000 charitable contribution to the California Community Reinvestment Corporation’s Mary Kaiser Education Scholarship, demonstrating their commitment to CCRC’s mission of empowering low-income communities across California. The Mary Kaiser Education Scholarship supports students pursuing higher education or GED assistance who live in CCRC-financed affordable housing communities. Named after Mary Kaiser, CCRC’s former president of 27 years, the scholarship has awarded over $500,000 to residents of these communities. Many recipients are first-generation college students, single parents with dependent children, or individuals facing significant barriers to educational achievement. This scholarship serves as a crucial resource for restoring opportunities to historically underserved demographics through education. Affordable housing is essential for creating stability and autonomy within vulnerable communities, but CCRC's mission extends beyond simply providing shelter. To address the long-standing challenges faced by low-income Californians, CCRC is committed to supporting housing as a continuum, from houselessness to affordable housing to homeownership, and restoring financial autonomy to vulnerable Californians. Support from organizations like City National Bank enables the Mary Kaiser Education Scholarship to continue fostering resilience and unlocking opportunities for those who need it most. About California Community Reinvestment Corporation: CCRC is a reliable and trusted partner and California’s premier multifamily housing lender, tackling the affordable housing crisis throughout the state. CCRC and its lending products are providing term financing for multifamily rental housing in California through a taxable mortgage pool and by committing to purchase tax-exempt bonds directly. With the help of various products and partnerships, CCRC can offer CRA-eligible lending and investment opportunities. This financial support has led to the creation of more than 48,000 low-cost housing units for vulnerable individuals and families across the state of California. For more information, visit https://www.e-ccrc.org/ About City National Bank: Founded in 1954 and acting as a subsidiary of the Royal Bank of Canada, City National Bank has established a reputation as a people-first financial service provider with proven success in community investment. Driven by a mission to provide quality banking to a diverse client base across North America, City National Bank has dedicated substantial resources to education, housing, and other people-oriented services. To read more, see: https://www.cnb.com/content/cnb/en/about-us.html
- CCRC's President & CEO Tia Boatman Patterson Discusses Role of Federal Government in Housing Policy with Atlanta Civic Circle
California Community Reinvestment Corporation (CCRC) President & CEO Tia Boatman Patterson recently talked with Sean Keenan of the Atlanta Civic Circle to discuss the role of the federal government - specifically the President of the United States - in the housing policy process ahead of the general election in November. As the President appoints the Secretary of the U.S. Department of Housing and Urban Development (HUD) and the director of the Federal Housing Finance Agency (FHFA), Presidential candidates are frequently evaluated based on their housing policy perspectives. Yet the politicization of housing policy ends up creating a binary in housing solutions, where bipartisan work to effectively address the shortage rarely gets accomplished. The ability to create and affect housing infrastructure at a federal level is an incredibly potent power, but change can be made from all sides of the political spectrum to meet the needs of the vulnerable in this nation. “Everyone should be concerned about this,” Tia Boatman Patterson wrote. To read more, see: https://atlantaciviccircle.org/2024/08/12/how-the-us-president-pushes-housing-policy/
- First Northern Bank Of Dixon Doubles Credit Line With CCRC To $1M, Enhancing Affordable Housing Support In California
GLENDALE, CA, UNITED STATES – August 8, 2024 – First Northern Bank of Dixon has doubled its credit line with California Community Reinvestment Corporation (CCRC), increasing its previously $500,000 participation to a new total of $1,000,000! The collaboration of committed member banks like First Northern Bank of Dixon is a mutually beneficial means of ensuring support to vulnerable communities while also maximizing the ability of these banks to meet their CRA requirements. CCRC’s access to credit from banks in the lending consortium is operationally fundamental, and these credit commitments allow the organization the mobility it needs to expand affordable housing development across California. “First Northern Bank of Dixon has been a committed member bank since 2002,” said CCRC’s SVP – Chief of Staff Maria Majczinger . “Long-term partnerships like what First Northern Bank of Dixon has shown are critical to supporting our efforts to address the pervasive housing crisis in California.” First Northern Bank of Dixon is a locally-owned bank serving a diverse community of Californians, with longstanding values to put people first and operate with integrity. Since its founding in 1910, First Northern Bank of Dixon has strengthened its operations exponentially and now provides financial services to a client base across multiple counties in California. The partnership between CCRC and First Northern Bank of Dixon exemplifies a cross-organizational duty to maximize the resiliency of the state, its economy, and the communities within. About California Community Reinvestment Corporation: CCRC is a reliable and trusted partner and California’s premier multifamily housing lender, tackling the affordable housing crisis throughout the state. CCRC and its lending products are providing term financing for multifamily rental housing in California through a taxable mortgage pool and by committing to purchase tax-exempt bonds directly. With the help of various products and partnerships, CCRC can offer CRA-eligible lending and investment opportunities. This financial support has led to the creation of more than 48,000 low-cost housing units for vulnerable individuals and families across the state of California. For more information, visit https://www.e-ccrc.org/ About First Northern Bank of Dixon: Founded in 1910, First Northern Bank of Dixon has created a reputation for independent ownership and accountability to its client base. Serving counties from Solano to Sacramento to El Dorado, First Northern Bank of Dixon offers an array of specialized financial services. First Northern Bank of Dixon is experienced, resourceful, and dedicated to putting people first with a longstanding eye on excellence in banking. For more information, visit https://www.thatsmybank.com .
- HSBC Bank Increases Participation in CCRC by $5,000,000!
GLENDALE, CA, UNITED STATES – August 6, 2024 – HSBC Bank has increased its participation in California Community Reinvestment Corporation (CCRC) by $5,000,000! The total credit line between CCRC and HSBC Bank now stands at $20,000,000, showcasing the unwavering commitment of HSBC Bank to serving vulnerable Californians. HSBC Bank’s credit line with CCRC has been operational since 2013 and has been indispensable in CCRC’s achievements in the affordable housing space over the last several years, including the production of over 48,000 housing units since founding in 1989. The creation and production of affordable housing through CCRC’s lending consortium relies on our member banks leaning in and finding opportunity to enact positive change as HSBC has. “HSBC Bank’s credit line increase will make an innumerable difference in CCRC’s ability to finance affordable housing,” said CCRC President & CEO Tia Boatman Patterson . “The work that we’re doing for low-income communities across California can’t wait, and HSBC digging in and committing to doing the work with us is extremely heartening.” HSBC has over 150 years of experience in banking, providing more-than-centennial proof of their ability to effectively manage and support an international client base. The bank’s support for sustainability, community development, and affordable housing through their corporate investments drive home their mission to ensure quality and accountability in the global economy. About California Community Reinvestment Corporation: CCRC is a reliable and trusted partner and California’s premier multifamily housing lender, tackling the affordable housing crisis throughout the state. CCRC and its lending products are providing term financing for multifamily rental housing in California through a taxable mortgage pool and by committing to purchase tax-exempt bonds directly. With the help of various products and partnerships, CCRC can offer CRA-eligible lending and investment opportunities. This financial support has led to the creation of more than 48,000 low-cost housing units for vulnerable individuals and families across the state of California. For more information, visit https://www.e-ccrc.org/ About HSBC Bank, USA, N.A.: Powered by strong and longlasting international networks and more than 100 years of banking experience, HSBC’s USA branch has served the nation since 1865. Through cross-border investment and innovative banking and financial services, HSBC transcends traditionality and empowers its base of clients to new heights in their diverse pursuits. For more information, visit https://www.about.us.hsbc.com/
- Tia Boatman Patterson featured on NHC's Beyond Four Walls Podcast
Recently, California Community Reinvestment Corporation (CCRC) President & CEO Tia Boatman Patterson sat down with David Dworkin of the National Housing Conference (NHC) on the Beyond Four Walls podcast to discuss how to best navigate the expanding housing crisis and the work of qualified CDFIs like CCRC in that process. Boatman Patterson discussed her story which led her to housing, including her experience with homelessness, public housing, and homeownership, and the dissipating pathway between these different forms of housing. As federal financing has undergone several shifts since the early 2000’s, the continuum has become oriented towards permanent supportive housing almost exclusively. Boatman Patterson discussed how critical it is to understand housing as a continuum that serves all members of the community, including financing homelessness prevention, affordable housing preservation and affordable housing construction. As CCRC continues to work to maximize affordable housing opportunities, it is important to emphasize that comprehensive solutions bring all partners to the table. Redressing decades worth of housing infrastructure involves equal parts ideation and compromise, such that the work is oriented around the community it seeks to serve. CCRC is committed to building out the future of housing to serve all who struggle to find adequate housing across all income levels in California. To listen to the podcast, visit A Conversation with Tia Boatman Patterson, California Community Reinvestment Corporation | National Housing Conference ( nhc.org ) .
- CCRC Annual Meeting Date Confirmed for September 26th, 2024
CCRC is hosting its 35th Annual Meeting at the Civil Rights Institute of Inland Southern California! Save the date for Thursday, September 26, 2024, to celebrate CCRC’s accomplishments and tour Mission Heritage Plaza, a CCRC-financed affordable housing development serving low-income residents of Riverside. These annual meetings offer a space for CCRC's partners and affiliates to meet the team and learn more about the expansive work CCRC has undertaken to finance affordable housing throughout California. The meeting is expected to run from 10am to 2pm. For more information and details on accommodations, contact Luke Rooney at luke.rooney@e-ccrc.org .
- CCRC Attends Grand Opening of La Veranda in Boyle Heights
California Community Reinvestment Corporation (CCRC)’s Aaron Smith and Ting Ting Xiao were honored to attend the grand opening of the La Veranda affordable housing complex in Boyle Heights, CA last Tuesday, June 18th! The Los Angeles County Metropolitan Transportation Authority (Metro) partnered with developer Adobe Communities to bring transit-oriented affordable housing to residents of Boyle Heights earning between 20% and 50% of the Area Median Income (AMI). At the ceremony, also attended by Los Angeles mayor and Metro board chair Karen Bass, dedication was made to the future of multi-faceted, community-oriented housing developments that champion mobility, accessibility, and sustainability. Metro’s partnership in La Veranda speaks to the possibility of dynamic, intuitive collaboration with a wide array of organizations to rectify the housing supply gap. CCRC is honored to provide long-term financing to La Veranda and looks forward to continuing to create, sustain, and join forces on equitable housing developments!
- CCRC Receives A+ Credit Rating from S&P Global Ratings
GLENDALE, CA, UNITED STATES - May 21, 2024 – S&P Global Ratings’ issuer credit rating (ICR) on California Community Reinvestment Corporation (CCRC) has been renewed as ‘A+’ with projections of a stable financial outlook! Profitability metrics, management, and asset quality have been judged as very strong compared with peers across the five-year period from fiscal year 2019 through 2023. Additionally, liquidity has been rated as strong in the same period due to CCRC’s proficiency in stewarding corporate assets. CCRC’s consistently strong lending performance represents the dedication that the organization owes to low -income communities throughout California. Through all the challenges of lending in a fluctuating economy, CCRC has found a way to maintain consistent success and set new industry standards of performance. Californian renters are experiencing extreme rent burden and need a sufficient supply of affordable housing. CCRC continues to seek various financing options as both a certified Community Development Financial Institution (CDFI) and a non-profit banking consortium to meet California’s urgent need to increase the state’s affordable housing supply. This A+ credit rating provides new avenues for the organization to continue the work. About S&P Global Ratings: S&P Global Ratings is an American Credit-Rating Agency that publishes professionally reviewed opinions on organizational credit risks. These opinions include the capacity and willingness of organizations to meet the financial commitments they have undertaken, as well as projections of performance for individual debt issues. For more information, visit https://www.spglobal.com/ratings/en/products-benefits/products/credit-ratings About California Community Reinvestment Corporation: CCRC is a reliable and trusted partner and California’s premier multifamily housing lender, tackling the affordable housing crisis throughout the state. CCRC and its lending products are providing term financing for multifamily rental housing in California through a taxable mortgage pool and by committing to purchase tax-exempt bonds directly. With the help of various products and partnerships, CCRC can offer CRA-eligible lending and investment opportunities. This financial support has led to the creation of more than 47,000 low-cost housing units for vulnerable individuals and families across the state of California. For more information, visit https://www.e-ccrc.org/
- Mission Valley Bank Increases Participation in CCRC
Mission Valley Bank has increased its participation in California Community Reinvestment Corporation (CCRC) by $1,000,000, bringing their total participation amount to $10,000,000! CCRC is honored to have fostered a nearly ten-year relationship with Mission Valley Bank since its commitment to CCRC in 2016. Mission Valley Bank is a woman-led and operated commercial bank with a recorded history of community engagement and support. President, CEO & Director of Mission Valley Bancorp & Bank Tamara Gurney has built a legacy of doing the work to support local communities through both bank processes and outreach and continues to exemplify the bank’s slogan “Your Success is Our Mission.” “We are excited to continue our partnership with the California Community Reinvestment Corporation, furthering our mission to positively impact and uplift local communities,” said Tamara Gurney, CEO & President, Mission Valley Bank. The support that Mission Valley Bank has shown to addressing California’s housing crisis through affordable housing exemplifies the type of all-hands commitment that will move the needle towards a more equitable future. CCRC looks forward to continuing to work with change-committed banks like Mission Valley Bank to build the California that the state’s vulnerable community members deserve. About California Community Reinvestment Corporation: CCRC is a reliable and trusted partner and California’s premier multifamily housing lender, tackling the affordable housing crisis throughout the state. CCRC and its lending products are providing term financing for multifamily rental housing in California through a taxable mortgage pool and by committing to purchase tax-exempt bonds directly. With the help of various products and partnerships, CCRC can offer CRA-eligible lending and investment opportunities. This financial support has led to the creation of more than 47,000 low-cost housing units for vulnerable individuals and families across the state of California. For more information, visit https://www.e-ccrc.org/ About Mission Valley Bank: Mission Valley Bank is a commercial bank that opened in the San Fernando Valley in 2001. Community ownership and fostering personal relationships with the local community it represents are some of the most unifying principles of the organization. Mission Valley Bank’s slogan, “Your Success is Our Mission,” speaks to the quality of care and professional courtesy within its business conduct. For more information, visit https://www.missionvalleybank.com/
- Climate United Receives $6.97B Grant from the EPA due to Coalitional Effort Involving CCRC
California Community Reinvestment Corporation (CCRC) is honored to announce that as a coalition member of Climate United, we stand ready to put a portion of the $6.97B awarded to work in California to support sustainability in the affordable multi-family housing we finance. The $6.97B award represents the lion’s share of the National Clean Investment Fund to improve and sustain green affordable housing! Climate United is a national nonprofit focused on creating opportunities for green technology to provide community benefit throughout the country. This nonprofit is a coalition led by The Community Preservation Corporation (CPC), Self-Help Credit Union, and Calvert Impact as well as CDFI partners administering funds at the state level. It was announced as a recipient of the grant by Vice President Kamala Harris and EPA Administrator Michael Regan on Thursday, April 4, 2024. CCRC participated in the coalitional effort alongside several other climate-committed organizations to apply for and secure this grant from the U.S. Environmental Protection Agency’s Greenhouse Gas Reduction Fund. As a stake holding CDFI, CCRC’s cooperation in the procurement of this funding allows the organization to take an active role in the distributive efforts at a state level. With a multi-decade proven commitment to dignified affordable housing, CCRC is excited to continue to champion equity through the intersection of sustainability and infrastructure. Climate United’s emphasis on green affordable housing aligns deeply with CCRC’s work to create long-lasting, intuitively constructed housing for underserved community members. A forward focus for the housing market relies on an understanding that the climate and housing crises are interconnected in their marginalization of low-income communities, and there must be concerted effort to address both at once in a way that reaffirms the autonomy and self-determination of this vulnerable demographic. To read the full mission of Climate United and get statements from other partnered organization, visit the website at https://weareclimateunited.org.
- Grand Opening of Solaire Apartments in San Jose, CA!
California Community Reinvestment Corporation (CCRC) was excited to be represented by Originations Analyst Owen Patterson at the Grand Opening of Solaire Apartments in San Jose, CA, this Monday! Solaire Apartments is an affordable housing development by Eden Housing, Inc. that champions sustainability and access for the residents of its 130-units. With a centralized location, including accessible transportation through the nearby Diridon Station, as well as 50% dedicated units to act as permanent supportive housing for unhoused community members, Solaire Apartments emphasizes long-term thought and commitment to the San Jose community. The Grand Opening celebrated the diligent work of Eden Housing and the many partnered organizations and community members who brought Solaire Apartments to life. CCRC was honored to provide long-term financing on this development and looks forward to seeing how Solaire Apartments supports the city of San Jose into the future!
- Grand Opening of Linnet Corner, Affordable Senior Housing in Alameda, CA
Last Wednesday, April 24th, California Community Reinvestment Corporation (CCRC)’s VP – Relationship Manager Jennifer Quevedo was thrilled to attend the Groundbreaking of Linnet Corner, an affordable housing community set to serve a diverse population of seniors in Alameda, CA! Developed as part of the The Housing Authority of the City of Alameda (AHA)’s North Housing Master Plan, Linnet Corner is expected to open its doors to the valued older adult community of Alameda in 2025. Providing 64 apartment homes to those aged 62 and up, including dedicated space for unhoused senior veterans, Linnet Corner allows its residents the dignity to age in place with accessible, sustainable infrastructure. At a moment in this nation’s history where seniors are one of the demographics increasingly and disproportionately becoming unhoused, the development of affordable housing options is of utmost importance. Creation of housing supply in the current state of the housing market is a process rife with challenges, but the representatives who showed up on Wednesday proved their commitment to dig their shovels in and do the work! CCRC is honored to provide long-term financing to Linnet Corner in collaboration with so many amazing community partners to give the city of Alameda another axis of care for their seniors.