Founded over 25 years ago, Clearinghouse CDFI (CCDFI) addresses unmet credit needs throughout the U.S. with a focus on California, Nevada, Arizona, New Mexico, Texas and Indian Country. The organization provides direct loans, equity investments, and financial assistance for community facilities, affordable housing, small businesses, commercial real estate and tribal lending.
CCDFI has funded $1.98 billion in total loans for over 2,250 community projects. These projects have created or retained more than 23,000 jobs and helped over 2.8 million people. Since the COVID-19 pandemic, CCDFI has also funded over 460 paycheck protection program (PPP) loans that have helped save 1,600 jobs across 28 states, and 63% of Clearinghouse CDFI’s PPP borrowers are minority- or women-owned businesses.
Impact story – Pueblo of Laguna
The Pueblo of Laguna (Laguna) is a federally recognized tribe in New Mexico, 50 miles west of Albuquerque. Residents live in six rural villages across 500,000 acres: Laguna, Mesita, Paguate, Seama, Paraje and Encinal.
Clearinghouse CDFI provided $14 million of federal New Market Tax Credits (NMTCs) for Laguna to develop new wastewater related infrastructure, including sewage treatment, filtration and piping.
The new infrastructure will greatly improve health and safety conditions throughout all six Laguna villages, which have been greatly impacted by the COVID-19 pandemic. This project will also create 40 construction jobs paying above living wage and three permanent, full-time jobs paying above living wage with full health and pension benefits.
Impact story – Pinoleville Pomo Nation
The Pinoleville Pomo Nation consists of 280 Native members in Ukiah, California. The rancheria has been in existence for over 100 years. In a unique partnership, Clearinghouse CDFI purchased a 90% participation in a $2,240,000 loan to the Pinoleville Pomo Nation to obtain land which was part of the tribe’s original rancheria established in 1911, but since been acquired by a private party.
The purchase of the land allows the Pinoleville Pomo Nation to further tribal enterprises for economic development.
The Praxis commitment
Praxis Mutual Funds supports organizations such as Clearinghouse CDFI through investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.
Learn more about the Praxis family of funds.