The California Organized Investment Network CDFI Tax Credit Program (COIN), which generates economic opportunity in California’s low-income rural and urban communities, could end if it is not included in the 2017-18 state budget.
The program is a public-private partnership that provides tax credits to insurance companies that invest in Community Development Financial Institutions (CDFIs). Between 1997 and 2016 COIN generated more than $335 million to support small businesses, jobs, healthcare access, affordable housing and green projects in low-income rural communities.
Assemblymember Anna Caballero introduced AB778 to extend the program until January 2022, the program must be included in 2017-18 state budget if it is to survive.
“At a time when federal financing programs for CDFIs are in the Trump Administration’s crosshairs, the COIN Program is more important than ever,” said Ellis Carr, president and CEO of Capital Impact Partners and Scott Sporte, Capital Impact Partners’ chief lending officer in a Capital Weekly Op-ed.
Capital Impact Partners is leading a statewide effort to extend the COIN Program. Nearly 40 CDFIs, including Rural Community Assistance Corporation, have signed onto a letter supporting the program’s inclusion in the 2017-18 budget.
For more information, go here: http://capitolweekly.net/building-economic-clout-neighborhood-poverty/