CDFI Impact in New York State Communities

Steve Gomez (Greater Newark Enterprises Corporation) & Lloyd Doaman (Harlem Entrepreneurial Fund, LLC)

New York State’s Community Development Financial Institutions (CDFIs) are uniquely positioned to utilize their expertise to leverage funds for economic development, small business expansion and job creation.

NYS Impact

From 2003-2018, NYS CDFIs provided $4.3 billion in loans to borrowers creating affordable homes, supporting the start-up and expansion of small businesses and millions invested in not for profit facilities like health care centers, day care centers and community centers across New York State. These investments have created 64,980 jobs.

Since 2002, NYS CDFIs have made New Market Tax Credit investments totaling $5.6 billion.


CDFI Fund Transaction Level Report Data: 2003 – 2018

State

NY

$ Loaned

$4,375,144,830

# Loans

104,929

Avg. Loan $

$41,696

Permanent Jobs Created

25,893

Construction Jobs Created

34,848

Tenant Jobs Created

4,238

Permanent Construction and Tenant jobs Created

64,980

Square Feet Developed

32,540,049

Education and Childcare Seats

44,687

Healthcare Visits/ Patients

2,824,837

Owner Occ Housing Units Created

6,839

Renter Occ Housing Units Created

52,304

Total Housing Units

59,143

Affordable Housing Units Created

53,718

Number of Microenterprises & Small Businesses Financed

73,137

Number of Real Estate Businesses Financed

1,583

Number of Consumers Financed

28,513

Source:  Opportunity Finance Network, 2020; CDFI Coalition, 2019