Community Development Lending
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1 2010 National Interagency Community Reinvestment Conference Community Development Lending Post-Katrina and Rita Welcome to the Who DAT nation!
2 Mission & History - ASI Federal Credit Union Mission: To strengthen the financial health of underserved communities through financial services and education Vision: To eliminate poverty in communities we serve Located in Southeastern Louisiana, primarily the Greater New Orleans area Chartered in 1961 Single-bond credit union opened with ten shipyard workers at Avondale Shipyards Inc.
3 Mission & History - ASI Federal Credit Union ,000 members LID - Low Income Designation NCUA CDCU - Community Development Credit Union - NFCDCU ASII - A Shared Initiative, Inc. formed, Sister Affiliate to ASI FCU CDFI - Community Development Financial Institution
4 Hurricanes Katrina & Rita IMPACT Southeast Louisiana 200, homes lost many uninsured 207,000/592,000 jobs lost (some temporarily) 300,000 families initially displaced 350,000 cars destroyed (approximately half were uninsured) ASI FCU 238/250 Employees displaced 14/16 branches affected; 3 destroyed Assets grew overnight (FEMA & Insurance $) dropping capital to 4.76% PCA & Net Worth Restoration NCUA Net loss of 10,000 members
5 ASI Today 80,000+ members >60% low-income >50% minorities (African American, Latino) Serve 6 low-income communities 14 branches 200+ Employees 600+ Select Employee Groups $302,000, in Assets $170,000,000 in Loans Consumer, Mortgages, Commercial, Anti-Predatory Lending Products Started A Shared Initiative, Inc. 501(C)3 Non profit 2005 CDFI Since 2006 CDFI Awards 2007, 2008, 2009
6 3 Major Community Development Lending Needs Post Katrina & Rita Housing Assistance to Small Business Short-term Loans (Alternatives to Predatory Lending) For those facing job loss, temporary displacement, lack of insurance and/or insurance gaps
7 Community Development Lending Needs Housing Affordability Crisis 47% Fulltime workers in metro area earn < $35,000 household income Most employed by service industry Median annual earnings average $17,608 Financing Challenges 109,000 homeowners applied for funding for home repairs; many received no assistance Renters not eligible for road home funds Inadequate or no flood insurance Initial Supply Challenges Public housing & complexes home to 7,329 families pre-katrina 4,000+ families displaced Cost of housing (rentals and homes for sale) increased Ongoing Inflation Fair market rents have risen 46% since Katrina Average efficiency renting for $578/month pre-katrina now $954/month Rate of homelessness 4 times national average post-katrina
8 Community Development Lending Needs Business & Micro-Enterprise Small Businesses backbone of Gulf Region and economy Small Businesses in New Orleans the magnet attracting $100 million in revenue for city & state 90% of Louisiana businesses are small Nearly 7,900 businesses in Southeast Louisiana closed first 18 months post-katrina Half of small businesses had 75% less revenue than before
9 Community Development Lending Needs Spread of Predatory Lending Louisiana one of least regulated states Maximum allowable APR by law 650% Payday, Subprime and Adjustable Rate Loans spread in Gulf South Payday loan organizations avert maximum APR cap by operating out-of-state and lending via web
10 ASI - ASII Response Capital Restoration 9% by September new bilingual branches Latino and Vietnamese communities New ASI and ASII partnerships ASII Clifford N. Rosenthal Community Resource Center ASII Housing in Upper Ninth Ward Designed Lending Programs CDFI support Financial Education
11 ASI - ASII Response Housing Subprime Rescue and Refinance Program CDFI Grant Refinance adjustable rate mortgages to 6% - 30 years fixed Integrated foreclosure prevention counseling classes $1.4 million refinanced last 8 months Member story 24% APR/owned home pre-katrina
12 ASI - ASII Response Small Businesses Small Business Recovery Grant & Loan Program ASI an intermediary for Louisiana Economic Development / Louisiana Recovery Authority Deployed $20 million in grants and Loans APRs ranged from 0% in Round I to 4% in Round II Free technical assistance Loans unsecured Underwriting relaxed Low delinquencies and charge-offs Re-paid principle i affordably recycled to new small businesses
13 ASI - ASII Response Spread of Predatory Lending Since Katrina, booked $700, new loans Stretch Plan $300 - $500 Not credit based Freedom Loan Up to $3000 Pay off Predatory Lender Counseling required Asset Builder Up to $3000 Built-in savings component 5% APY on savings
14 ASI ASII Best Practices Member Trust Infrastructure People, Processes, Systems Partnerships / Collaborations CDFI Deutsche Bank NFCDCU Puentes / LatiNola NeighborWorks America LA Recovery Authority & LA NCUF Economic Development Department Solidago Foundation Louisiana Appleseed Jewish Funds for Justice Louisiana Credit Union League We Believe!
15 ASI Federal Credit Union Contact Information: Mignhon Tourné CEO
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