The Federal Reserve Bank of St. Louis has hired Faith Weekly as a community affairs specialist in the Louisville Branch. Weekly will assist in the Fed's efforts to provide banks with information on programs to meet community development needs and facilitate communication among local governments, community organizations, neighborhood groups and financial institutions.
Previously, Weekly was a CRA mortgage loan officer at Fifth Third Bank and managed its Community Resource Center, which promotes homeownership to low- and moderate-income residents. Weekly may be reached at (502) 568-9216.
Wilhelm & Conlin Public Strategies, Inc., a policy and business development firm, has announced the formation of the Southern Illinois Development Fund. The fund will be a $25 million for-profit, private equity fund that will invest in small business in southern Illinois (Springfield and south), eastern Missouri and western Kentucky. Investments will range from $250,000 to $2.5 million. The fund will be headquartered at Southern Illinois University (SIU)-Carbondale, and SIU will provide technical assistance. Currently, the fund has secured one investor for $5 million and has interest from additional investors. The fund's organizers expect most of their investments to be in information technology, manufacturing, distribution services and agriculture-related services. For more information, contact Thomas E. Parkinson, fund manager, Wilhlem & Conlon, at (847) 866-1840 or email@example.com.
The CDFI Fund certified the first CDFI in St. Louis, Great Rivers Community Capital (GRCC). The CDFI Fund's $660,000 award ($150,000 capital grant, $500,000 loan and $10,000 technical assistance grant) will help GRCC achieve its objective of making first and second home-repair loans. GRCC is a start-up for-profit housing loan fund created by the nonprofit Justine Petersen Housing and Reinvestment Corporation to provide financing for low- and moderate-income homebuyers living in St. Louis. For more information, call Rob Boyle at (314) 664-5051, ext. 104.
The Federal National Mortgage Association (Fannie Mae) will provide $6 billion to finance affordable multifamily housing for 77,000 families over five years. Fannie Mae opened a Kentucky Partnership Office in Lexington, Ky., to administer the HouseKentucky initiative. The program is part of Fannie Mae's commitment to invest $2 trillion to finance more than 18 million affordable units by the end of the decade.
The Memphis branch of the National Association for the Advancement of Colored People (NAACP) has been selected to participate in a five-year, $6 million initiative to help increase homeownership among traditionally underserved populations, as well as increase small business loans to businesses that serve urban communities. For more information about the NAACP and Bank of America Home Ownership and Small Business Alliance Initiative, call (877) 622-2798.
Keep up with what’s new and noteworthy at the St. Louis Fed. Sign up now to have this free monthly e-newsletter emailed to you.