CDF Historic Timeline
Throughout its history, CDF has partnered with local institutions, foundations, socially motivated investors, and local and federal government sources to identify community needs and provide loan capital to revitalize Greater Cincinnati’s urban core.
Cincinnati Development Fund (CDF) was established as an independent, not-for-profit organization by local bankers and development professionals. CDF provided banks a cost-effective, shared-risk method through which to invest in complex community development lending, predominantly for housing development. Early CDF loan programs led to the preservation of hundreds of vacant, blighted units that became quality, affordable housing.
CDF formed four separate loan pools, bringing together more than a dozen financial institutions to provide capital and share risk. Combined, these loan pools provided more than $30 million in loan capital.
Loan Pool 5 was created with 15 participating financial institutions providing $14.8 million in loan capital.
CDF organized $20 million from local banks and business leaders to create the Urban Living Loan Fund. This fund supported pioneer redevelopment in Cincinnati’s urban core neighborhood of Over-the-Rhine.
CDF led the effort with Downtown Cincinnati Inc. and the Cincinnati Business Committee to educate local bankers and business leaders about the importance of creating a vibrant urban center and how that related to economic growth for the entire region. These efforts contributed to the creation of Cincinnati Center City Development Corporation (3CDC) in 2003.
CDF became a certified Community Development Financial Institution (CDFI) expanding beyond its traditional role as a conduit for local banks.
CDF received its first CDFI Fund Technical Assistance award of $37,500 to support the organization’s infrastructure and ability to offer technical assistance to borrowers.
Loan Pool 6 was formed, bringing together 10 financial institutions to provide $13.5 million in loan capital.
CDF became a Community Development Entity (CDE), further expanding its ability to finance projects in low-income communities by applying to the CDFI Fund for New Markets Tax Credit (NMTC) allocations.
CDF partnered with the City of Cincinnati to introduce the Cincinnati Housing Development Fund, which financed home ownership development in neighborhoods that had suffered population loss and blight.
CDF formed the Uptown Cincinnati Development Fund, a separate for-profit subsidiary Community Development Entity that was capitalized with a $52 million NMTC allocation. This fund supported the newly created Uptown Consortium in catalyzing large-scale revitalization and private investment in the neighborhoods surrounding University of Cincinnati, Cincinnati Children’s Hospital Medical Center and the Cincinnati Zoo. Projects included the Cincinnati Herald office building, Stetson Square condominiums and the Hampton Inn hotel and parking garage.
CDF established its Regional Loan Fund to make short-term loans for acquisition, stabilization, predevelopment, construction and equity bridge loans. CDF raised more than $3 million in permanent capital dedicated to the fund from retained earnings, a $305,000 CDFI Financial Assistance (FA) award, local grants and Program Related Investments.
Loan Pool 7 was formed. For the first time, CDF participated in the loan pool, committing $6.5 million of its own loan capital that it obtained through EQ2 funds. Together, CDF and 13 other Pool 7 participants provided $17.3 million in loan capital.
CDF received a $1 million Financial Assistance award from the CDFI Fund. It used this award for loan capital.
The CDFI Fund awarded a $30 million NMTC allocation to CDF. Projects funded included Good Samaritan Medical Center, Vernon Manor rehabilitation, Washington Park and garage, and 21c Museum Hotel.
CDF was among the first CDFIs to attain membership in the Federal Home Loan Bank system. Membership in the system enables CDF to take short- and long-term advances of loan capital for up to 30 years.
The City of Cincinnati provided CDF access to $12 million to be used as cash collateral to encourage banks to lend for real estate development in neighborhoods experiencing population loss and blight, to create jobs and contribute to creating neighborhoods of choice. This is CDF’s Build Cincinnati Development Fund (BCDF).
The City of Cincinnati granted CDF $1.5 million to use for flexible capital to ensure that high-priority development could continue during the recession. This is CDF’s BCDF Pre-Development Fund.
CDF received a $750,000 FA award from the CDFI Fund and used this award for loan capital.
The CDFI Fund awarded a $28 million NMTC allocation to CDF. Projects funded included U Square, Mercer Commons and University Station.
CDF introduced its Community Enhancement Grant, capitalized with its own retained earnings. This fund provided selected borrowers with small grants to support projects and events that build community in and around a CDF-funded project.
CDF received a $1.5 million FA award from the CDFI Fund. It used this award for loan capital.
CDF received grants of $230,000 through the Opportunity Finance Network (OFN) via the Starbucks Foundation to capitalize a revolving loan fund intended to repopulate vacant storefronts in targeted business districts.
The CDFI Fund awarded a $35 million NMTC allocation to CDF. Projects funded included Broadway Square, Cintrifuse, Incline Theater, Burnet Avenue townhomes and Central Parkway YMCA.
CDF received a $2.5 million FA award from the CDFI Fund. It used this award for loan capital.
CDF was one of 12 CDFIs in the nation to receive assistance from the U.S. Treasury’s CDFI Fund to support healthy food financing. Using the $1 million HFFI award, CDF created its Cincinnati Fresh Food Fund to support healthy food retail in USDA-designated food deserts and low-service areas. Projects funded include The Community Market in Lower Price Hill and Clifton Natural Foods.
Loan Pool 8 was formed, bringing together 8 financial institutions and CDF (using its own loan capital) to provide capital and share risk. Pool 8 provided $10 million in loan capital.
CDF partnered with Greater Cincinnati Energy Alliance to capitalize a $250,000 revolving loan fund to offer 3% fixed-rate loans to nonprofit organizations for energy efficiency improvements.
CDF partnered with IFF, a Chicago-based CDFI, to establish a loan fund to provide low-cost, long-term financing for nonprofit facilities and equipment. The collaboration received support from a $1.4 million grant from JPMorgan Chase Foundation. Projects funded include Kennedy Heights Arts Center and The Kitchen @ Findlay Market.
An event celebrating CDF’s 25th anniversary raised $25,000, which was invested in the organization’s Community Enhancement Grant program. Five grants were awarded to CDF borrowers.
In partnership with Hamilton County Development Corporation, CDF participated in its first SBA 504 (small business) loan, further expanding CDF’s lending portfolio.
The CDFI Fund awarded a $42.35 million New Markets Tax Credit (NMTC) allocation to CDF. Projects funded include Market Square (Findlay Market) and Ziegler Park.
CDF recapitalized Loan Pool 8, raising nearly $5.3 million and adding three new financial institutions to the fund.
CDF received a $1.687 million FA award from the CDFI Fund. It used this award for loan capital.
To accommodate company growth, CDF moved to larger office space at 1224 Race Street in Over-the-Rhine.
The CDFI Fund awarded a $65 million New Markets Tax Credit (NMTC) allocation to CDF. Projects funded include Market Square Phase 2 (Findlay Market), Nehemiah Manufacturing, and Paramount Square.
CDF received a $2 million FA award from the CDFI Fund. It used this award for loan capital.
CDF received a $1.5 million grant from the Duke Class Benefit Fund to support the creation of the Green Cincinnati Development Fund. The new fund provides loan capital for developers who incorporate energy-efficiency features in projects in low-income communities.
CDF received a $776,500 FA award from the CDFI Fund. It used this award for loan capital.
The CDFI Fund awarded a $50 million New Markets Tax Credit (NMTC) allocation to CDF.
Loan Pool 9 was formed, bringing together 10 financial institutions and CDF (using its own loan capital) to provide capital and share risk. Pool 9 provided $15 million in loan capital.
CDF received a $600,000 grant from the Duke Class Benefit Fund to expand its successful Green Cincinnati Development Fund, which was launched in 2017.
CDF received a $700,000 FA award from the CDFI Fund. It used this award for loan capital.