The Episcopal Church Economic Justice Loan Committee (ELJC) of the Domestic and Foreign Missionary Society (DFMS) has approved three investments in community development financial intermediaries, totaling $1.5 million.
ELJC approved $500,000 loans to each of the following organizations:
- The New Hampshire Community Loan Fund https://communityloanfund.org/ with the endorsement of the Diocese of New Hampshire. From the website: The New Hampshire Community Loan Fund collaborates with a wide range of donors and lenders, and with business, nonprofit and government partners. Together, we provide the financing and support that people with low and moderate incomes need to have affordable housing. Quality jobs. Child care and early education for their children. And to become financially independent.
- The Vermont Community Loan Fund http://www.investinvermont.org/ with the endorsement of the Diocese of Vermont. From the website: The Vermont Community Loan Fund (VCLF) transforms Vermonters’ lives by providing loans, grants and technical assistance for affordable housing, small businesses, child care providers and other community facilities benefiting lower-income Vermonters.
- The Reinvestment Fund (which covers Philadelphia, PA, Baltimore, MD, and Jersey City, NJ) http://www.trfund.com/ with the endorsement of the Diocese of Pennsylvania. From the website: The Reinvestment Fund (TRF), a national leader in the financing of neighborhood revitalization, has invested $1.2 billion in Mid-Atlantic communities since 1985. A CDFI, TRF finances housing, community facilities, supermarkets, commercial real estate and energy efficiency projects. It also provides public policy expertise by helping clients create actionable solutions and by sharing data and analysis via www.PolicyMap.com
Economic Justice Loan Committee
The Economic Justice Loan Fund is an economic justice ministry through which the Episcopal Church uses part of its investment assets to provide capital for communities and groups that lack full and equal access to financial resources. Loans have been made in the United States and internationally to support community economic development, affordable housing, job creation and other avenues of mission. The Fund was created in 1998 by the Executive Council of the DFMS. It combines two prior loan programs that had existed since 1988 and makes up to $7 million available. Loans are made to financial intermediaries, usually in amounts between $150,000 and $350,000, and usually for terms of three to five years. Loan applicants do not have to be affiliated with the Episcopal Church; however, applicants and recipients must have the endorsement of their local Episcopal bishop. Loans are not made to individuals or for individual projects.
Members and their dioceses are: Lindsey Parker, Chair, Massachusetts; Dr. Scott Bader-Saye, Texas; the Rev. Jane Gould, Massachusetts; the Rev. Canon Gregory Jacobs, Newark; William B. McKeown, New York; Bishop Eugene Sutton, Maryland; Warren Wong, California; Presiding Bishop Katharine Jefferts Schori, Ex Officio; President of the House of Deputies the Rev. Gay Clark Jennings, Ex Officio; and Episcopal Church staff Margareth Crosnier de Bellaistre, Director, Investment Management and Banking, N. Kurt Barnes, Treasurer and Chief Financial Officer; and Alex Baumgarten, Director of the Office of Government Relations.
For more info
For information contact Crosnier de Bellaistre.
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