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Community Development

Community development projects differ significantly from conventional market rate ventures due to reliance on government subsidies and generally below-market product pricing. The Wachovia Community Development Finance (CDF) group specializes in deploying capital that supports affordable housing, economic revitalization, and small business enterprises throughout the East Coast. Our customers are for profit and non-profit businesses, real estate developers and financial intermediaries.

This service is designed for:

• Community development corporations
• Governmental agencies active in affordable housing and community development
• Faith-based community development initiatives
• Community service providers targeting low-to-moderate income populations
• Community development financial institutions
• Small businesses located in enterprise zones or brownfields

Among the ventures financed:

• Working capital financing for community development corporations
• Warehouse financing for community development micro lenders
• Facility financing for charter schools
• Capital financing for daycare centers targeted to Welfare To Work and single parents

Products and solutions:

• Working capital lines of credit
• Outplacement of permanent debt
• Cash and investment management tools
• Asset securitization 
• Letters of credit for development and short-term bond enhancements
• Interest-rate risk management products

For more information on the non-traditional financing available in your area, contact the Community Development Finance Group.

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