The Federal Reserve Bank of Philadelphia recently took a look at the partnership between OFN and Woodforest National Bank (NB) to create the CDFI Community Investment Fund, LLC. OFN's Robin Odland, executive vice president for financial services at OFN, spoke with Keith Rolland for their publication Cascade.
Rolland writes, "The CDFI Community Investment Fund, LLC, has an initial funding commitment of $5.5 million with an option to increase the commitment to up to $22 million over the next four years...[Odland] said that 'the fund will provide much needed flexible capital, which can be leveraged with conventional senior debt capital.'"
"Woodforest NB is the primary capital provider to the fund, while OFN is the managing partner that identifies viable investment opportunities and manages the underwriting, closing, and investment follow-up."
The Fund, as Odland explained in the article, is an "'off-balance sheet way' for OFN to generate more capital for CDFIs."
Read the full article here.