Living Cities: the National Community Development Initiative
Through its participation in Living Cities, a consortium of private foundations, corporations and the federal government, MetLife has committed loans totaling $18 million to the Local Initiatives Support Corporation and The Enterprise Foundation for their work with community development corporations (CDCs) in 23 locations around the country. A Foundation loan of $5 million the initiative was made in 1994.
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Community Reinvestment Fund (CRF)
CRF is a private nonprofit organization that purchases development loans from community-based organizations. CRF makes it possible for local communities and nonprofit development organizations to raise money for new projects by selling their existing development loans. Since 1993, MetLife has provided $7.5 million in financing for CRF.
Habitat for Humanity
Since 1997, MetLife purchased $5.7 million in mortgage notes from Habitat For Humanity, the nation's largest nonprofit housing organization. Local Habitat affiliates throughout the country will use the funds to build more affordable houses.
Boston Community Capital
Boston Community Capital (BCC), a Massachusetts nonprofit corporation founded in 1984, is a community development loan fund that borrows money from conventional lenders, foundations and religious organizations and makes loans to local community organizations working in the areas of affordable housing and economic development. In 1999, MetLife made a $2 million loan to BCC.
Low Income Investment Fund
Founded in 1984, the Low Income Investment Fund (LIIF) is a private nonprofit group that borrows money from conventional sources and relends it nationally to community-based nonprofit organizations that build and renovate affordable housing. MetLife has made $5 million in loans to LIIF (which was formerly named the Low Income Housing Fund) since 1996.
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