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Grow Smart Maine Summit 2012
Private Sector Capital for Public Good
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The Community Reinvestment Act enacted by Congress in 1977 is intended to encourage financial
institutions to meet the credit needs of communities, including LMI
neighborhoods consistent with safe and sound banking practices.
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Compliance Obligationor
Business Opportunity?
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Business Objectives
Grow CRA lending, investment, and service Serve LMI populations and communities Leverage public sector programs Develop affordable housing Support local economic development Invest in community facilities Practice “ABCD”
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Target Market
Non-profits Community development corporations Public housing authorities Social service agencies Local government State agencies
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Doing Good is Good Business!
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Public
PrivateNon-Profit
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The Results 2009-2012 Lending
$225 Million - First time homeowner mortgage loans $900 Million - Total residential mortgage loans $450 Million - Small business loans
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2009-2012 Lending
$150 Million - Community Development loans : $20 Million - LIHTC projects $22 Million - NMTC projects $5 Million – Native American Reservation projects 330 Units of affordable housing
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2009-2012 Investments
$18.8 million new CRA investments $31.7 million total CRA investment balances
CRA Mortgage Backed Securities LIHTC Funds NMTC Equity Investments Qualified School Construction Bonds CRA Bond Funds Socially Responsible Venture Capital Funds
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PUBLIC DISCLOSURE
April 30, 2012
COMMUNITY REINVESTMENT ACT
PERFORMANCE EVALUATION
INSTITUTION RATING
INSTITUITION’S CRA RATING:
This institution is rated Outstanding.
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Success Stories:Maine businesses are succeeding and Maine
Communities are achieving sustainable prosperity with investments of private sector capital encouraged by public sector development
programs.
Historic Preservation Tax Credits
New Markets Tax Credits
Case Studies
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