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CDFI Friendly Bloomington reports $26M in CDFI investment leveraged to $57M in projects since 2018; childcare and small‑business focus next
Summary
John Zote, executive director of CDFI Friendly Bloomington, told the commission the nonprofit has provided technical assistance and catalytic capital in the region since 2018, leveraging roughly $26 million of CDFI investment into an estimated $57 million of projects and supporting cooperative housing and childcare pipeline work.
John Zote, executive director of CDFI Friendly Bloomington, presented the organization’s annual update to the Redevelopment Commission on Nov. 3.
Zote said the mission of CDFI Friendly Bloomington is to expand access to mission‑driven financing across 13 counties, fill regional gaps in community development lending, and provide technical assistance to projects that otherwise struggle to access conventional financing. He told the commission the organization has leveraged about $26 million of CDFI capital into roughly $57 million of total project investment since 2018; roughly 62% of current technical‑assistance hours this year have been focused in the city of Bloomington.
Zote described recent and ongoing work: a completed cooperative housing project on the West Side, participation in low‑income housing tax credit applications in the region (including a 50‑unit project in Lagoti), work to support childcare providers, and a new $300,000 CDFI fund grant awarded to help operations and lending capacity. He noted federal uncertainty over future CDFI Fund appropriations and explained that certification as a U.S. Treasury‑recognized CDFI (completed this year) improves access to federal lending programs if they are funded.
Why it matters: the RDC previously provided loan capital and grants to CDFI Friendly Bloomington for small multifamily and business lending within the city; Zote said that capital is being used in the Bloomington pipeline and could be paired with RDC or Urban Enterprise Association funds to improve project feasibility.
Next steps: CDFI Friendly will continue to pursue childcare financing, small‑business lending and housing projects; staff and commissioners discussed ways the RDC’s existing program dollars might continue to be used as catalytic capital for smaller housing and business projects in the city.
