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					Community Reinvestment Fund, USA
Bringing Scale and Sustainability to Community
                         Development Finance
              Federal Reserve Bank of Boston
                            November 4, 2005
                                Presented by:
                                Frank Altman
                           President and CEO




          Access to Capital Provides
              Economic Opportunity
   A national non-profit financial services organization
    based in Minneapolis, MN
   Provides capital to communities by purchasing
    economic development and affordable housing
    loans from community development lenders
   Helped establish New Markets Tax Credit as a
    member of the NMTC Coalition




                                                    What is CRF?
To transform the community development
finance system by accessing capital
markets on behalf of local development
lenders to enable them to increase their
impact on the lives of people and
communities.




                           CRF‟s Mission   4
“We talk to the Birkenstocks and to the Wing Tips.”




                     We Work in Two Distinct Markets
                                           INVESTORS INCLUDE:
   $457 million provided to 114            Prudential
    lending partners in 25 states,          MetLife and MetLife Bank
                                            Northwestern Mutual
    District of Columbia.                   Axa-Equitable
                                            Domini Social Investments
   More than 1,600 loans in                Calvert Social Investment Fund
    39 states.                              CRA Fund Advisors
                                            General Board of Pensions and Health
   10,594 total jobs, created/retained,    Benefits of the United Methodist Church
                                            F.B. Heron Foundation
    2,164 of which were provided to         Mennonite Mutual Aid Society Insurance Co.
    minorities or women.                    U.S. Bank
                                            Wells Fargo
   8,733 total housing units.              Washington Mutual
                                            State Farm Bank
   Loss ratio is less than 0.5%            Citibank
                                            MacArthur Foundation
   Delinquencies currently 0.39%           Fannie Mae Foundation
                                            …and many others.




                                                     Track Record
                                                                                     6
Location of Lending Partners
                               7
Location of Borrowers
                        8
Sustained Investment Yields High Impact
       Lake Street Corridor, Minneapolis
                                       9
   Securitization
   New Markets Tax Credit




                     Two Strategies for Raising Capital
   80% market-rate
    investments
   18% social-rate
    investments
   2% charitable
    contributions




                      How CRF Leverages Funds
$130 million in Rated Debt Securities
  Affordable Housing Debt Offering - $84 million
   total offering, S&P „AAA‟ rating for $63.5 million.
  CRF 17 – First rated economic development debt
   offering, $46.1 million total, ($26 million AAA, $7
   million A, $6 million BB), 17% subordinated
   capital (versus 23% in CRF 16).
 New Markets Tax Credits
  $412.5 million New Markets Tax Credit allocation
   for Business Loans in Low-Income Communities.


             Community Development Finance
                Milestones Reached by CRF
                                                         12
   $46.1 million total security
     •   $26.1 million in Class A Notes
   Rated by Standard & Poor‟s
   Privately Placed




                                           Details on CRF USA‟s
                                          Recent Rated Economic
                                           Development Security
Rated Tranches from “AAA” to “BB”
    Community                          National New Markets
Reinvestment Fund       Sponsor of      Tax Credit Fund Inc.



                                         Sub-allocates to
                                          and Controls

                Business Loan                                     Commercial
                 Conduit LLC                                      Lending LLC



Purchases loans from                             Purchases loans from

        Local CDE                                        Local CDE

       Makes loans to            Makes loans to                                 Makes loans to


        Qualified                    Qualified           Qualified                Qualified
        Business                     Business            Business                 Business



                                      Community Reinvestment Fund
                                          Becomes More Complex
•CRF’s ability to grow limited by capital constraint

•Develop a larger market for the unrated, supporting
class of Notes

•Warehousing Capacity is limited but growing

•Become more efficient

•Never lose sight of the MISSION




                                                       Challenges
A multi-billion dollar market financed by a mix of life
insurance companies, banks, pension funds and
mutual funds.

Increasing liquidity for investors

Volume sufficient to support trade in the public
markets

Better lives for people and stronger communities
throughout the nation




                                                      Our Vision
If you would like more information, please contact us.
                              Frank Altman
                      Community Reinvestment Fund
                       801 Nicollet Mall Suite 1700W
                         Minneapolis, MN 55402
                            Frank@crfusa.com
                           612-338-3050 phone
                             612-338-3236 fax
                        Website: www.crfusa.com




                                  Capital for Communities –
                                   Opportunities for People
Capital for Communities
Opportunities for People



         Community Reinvestment Fund, USA