THE WOODLANDS, Texas, March 31, 2017 /PRNewswire/ -- Woodforest National Bank (Woodforest) in partnership with Opportunity Finance Network (OFN) recently announced the creation of the CDFI Community Investment Fund, LLC. The fund will provide cost effective, flexible, subordinate long term investment capital for Community Development Financial Institutions (CDFIs). The fund is an equity equivalent (EQ2) investment with an initial funding commitment of $5 million, with an option to increase the commitment up to $20 million over the next four years. The fund will provide patient capital to CDFIs financing small businesses and other community development projects in affordable housing, economic development, and neighborhood revitalization & stabilization throughout Woodforest's footprint.
In the announcement Robin Odland, OFN executive vice president, Financial Services said, "OFN is very excited to partner with Woodforest National Bank to create the CDFI Community Investment Fund, LLC—an innovative funding vehicle for CDFIs. The fund will provide much needed flexible capital, which can be leveraged with conventional senior debt capital."
Read the full press release here.