July 7, 2010
FOR IMMEDIATE RELEASE
For more information contact:
Community Reinvestment Fund, USA
Grant will expand CRF's "high-touch" loan servicing activities in California, Illinois, Florida, Michigan, New York, Ohio and Texas
MINNEAPOLIS - July 7, 2010 - Community Reinvestment Fund, USA (CRF), a non-profit organization that connects community development lenders with the capital resources of Wall Street, today announced it received a $125,000 grant from Chase. This grant is the latest in a series of investments made to CRF by the foundation.
This contribution will expand CRF's "high-touch" loan servicing and increase its penetration in California, Illinois, Florida, Michigan, New York, Ohio, and Texas. The grant will also allow CRF to provide more robust customer service to more borrowers on behalf of our servicing partners.
"We are grateful for Chase's steadfast support of CRF's mission," said Frank Altman, president and chief executive officer for CRF. "This contribution will support our ongoing efforts to bring needed resources and services to communities throughout the nation."
With market conditions affecting credit availability and more distressed communities seeking capital than ever before, CRF is uniquely able to initiate economic recovery at the grassroots level. Since 1988, CRF has helped drive more than $1.1 billion in private capital to underserved communities, serving more than 200,000 individuals and creating or retaining nearly 45,000 jobs.
"CRF's extensive experience in servicing specialized loan portfolios makes them uniquely suited to help housing non-profits and local governments respond to the mortgage foreclosure crisis," said Mark Rigdon, spokesperson for Chase. "We are proud to provide support for CRF and its vital role in driving change through community development."
Community Reinvestment Fund, USA (CRF), a non-profit organization and certified Community Development Financial Institution (CDFI), is the nation's leader in bringing capital to public and private, non-profit community development lenders through the secondary market for community development loans. Formed in 1988, CRF has injected more than $1 billion into low-income and economically disadvantaged communities around the country to help stimulate job creation and economic development, provide affordable housing, and support community facilities. CRF is headquartered in Minneapolis, Minn. www.crfusa.com.
Chase is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its Chase brands. Information about Chase is available at www.jpmorganchase.com
Posted by: CRFUSA