CDFI status awarded to Ventura group

CDFI status awarded to Ventura group

The Ventura County Community Development Corporation, a private nonprofit lending affiliate of the Cabrillo Economic Development Corporation, has announced its recent designation as a Community Development Financial Institution (CDFI) by the U.S. Department of Treasury.

With this designation, the development corporation becomes the first CDFI to be headquartered in Ventura County and the only CDFI in the central coast providing lending capital to assist very-low- , low- and moderate-income families with homeownership.

CDFIs are mission-driven financial institutions that provide financial products and services to people and communities underserved by traditional financial institutions, bridging the gap between the economic mainstream and the economically disadvantaged.

Issues that CDFIs address include: quality affordable housing, job creation, wealth-building, financial literacy and education as well as entrepreneurial development and training.

Out of approximately 740 CDFIs operating nationally, 81 of them are based in California. As a CDFI, the Ventura County Community Development Corporation can access federal dollars from the Department of Treasury that can be used as second mortgage "gap" financing to help local families buy homes.