NCRC Documents Trillions of CRA Dollars in Communities since 1977
INFORMATION
NCRC Documents Trillions of CRA Dollars in Communities since 1977
Washington, DC - In the newest report on Community Reinvestment Act (CRA) agreements, the National Community Reinvestment Coalition (NCRC) finds that $4.2 trillion dollars have been infused into minority and lower income neighborhoods since CRA passed in 1977. Banks have committed to 430 CRA agreements, instituting multi-year programs covering loans, investments and banking services to communities in need.
John Taylor, President and CEO of NCRC, states, “We applaud the commitment of banks who have negotiated serious and substantial CRA agreements with NCRC member organizations over the years. CRA is about safe and sound lending bringing capitalism and increasing wealth-building opportunities to minority and working class communities. The success of CRA commitments and increased lending and investing in traditionally under served communities illustrates that expanding CRA to independent mortgage companies, credit unions, and other financial companies will further benefit communities and the financial industry.â€
As impressive as the progress is, it is not uniform or consistent. As banks merge and become national level lenders, they are increasingly making unilateral pledges in the tens or hundreds of billion of dollars. In contrast, banks and community groups often negotiated and signed agreements during the mid- to late 1990’s. The newer unilateral pledges make it difficult for community groups and the general public to monitor and verify CRA agreements. Large agreements often do not have the detailed reporting that make it possible for community groups to assess if lenders are meeting targeted goals, especially to minorities and lower income consumers. The unilateral pledges also account for a fluctuation in the dollar amounts promised annually as many of these pledges occur during years of mega-merger activity such as 1998 and 2004.
Overall, CRA agreements continue to reinforce the effectiveness of the Community Reinvestment Act, often paving the way to profitable, safe and sound lending to traditionally under served communities. NCRC member organizations will continue to seek partnerships with lenders in order to develop rigorous CRA agreements, and bolster the effectiveness and accountability of CRA agreements.
ACTION
In 2005, Cincinnati Change assembled a team to meet its organizational objectives through creation of a mutual fund to fund its mission to Change Cincinnati NOW. On June 19th 2005 Cincinnati Change received its charter from the State of Ohio and stands ready to change Cincinnati NOW.
Founded June 19th 2000, incorporated June 19th 2005
Chairman of the Board
Frederick Hargrove Sr. PE., M. B. A.
1st Vice Chairman
Minister Wanda Lloyd Daniels(IBEW)
2nd Vice Chairman and Commanding General
Brig. Gen Dillard (MD)
Treasurer
Irvin Henderson, President, Henderson & Assoc.
Secretary
Robert Arany, President, MAM
Managing Director of Education
Dr. Janet Perry
Cincinnati Change is creating a limited liability company called Queen City Development Group. This company, Queen City Development Group, will implement the Cincinnati Change vision as the lead developer in the service of developing a global security services infrastructure headquartered in Cincinnati and operating out of Cleveland.
Mission: CINCINNATI CHANGE encourages increased economic stability in Hamilton County along with the development of an thrid frontier creative class information highway infrastructure, which will provide jobs through the acquisition, and development of businesses, intellectual property and real estate properties through service to a market of 100,000 Americans over the next two years through CRA investments in 20 American states through Queen City Development Group.
Purpose: CINCINNATI CHANGE will implement a licensed business process from Lloyd Daniels Development Group Inc.and a patent license from MDDG LLC that will create citizens who are educated, employed and empowered by developing the following objectives with CRA Investment Partners:
Schools - To create a school infrastructure for the 20,000 disenfranchised school students with a focus on youth in Hamilton County needing this service by 2014 through a alliance with already established schools in greater Cincinnati Cleveland and over 200 American cities.
Businesses - To create a community business development program with the SBA, private sector, non-profit organizations, and government agencies to support over 1,000 small and medium businesses that will employ students who go to and or graduate from our schools that will grow into a network of over 20,000 business from all over the USA by 2007.
Homes - To create 20,000 homes in Greater Cincinnati with a focus on developing 12,000 homes for low and moderate-income households whose children will attend our schools along with homes for those who work, build and or teach in them. This would serve as the model for 100,000 kids and their families as we remove, rebuild and redevelop communities devastated by natural disasters.
Jobs - To create over 9,000 jobs in education, health care, technology, hospitality, entertainment, real estate development and construction through partnerships with businesses and non-profit organizations as part of our focus on workforce development in the African American community that is based on creating an education and Creative Class Third Frontier infrastructure
It will serve as primary job generator in the rebuilding on over 10 square miles of space in the urban south while developing construction work throughout the Midwest and beyond by an American workforce of over 5,000 professionals and tradespeople.
NCRC Documents Trillions of CRA Dollars in Communities since 1977
Washington, DC - In the newest report on Community Reinvestment Act (CRA) agreements, the National Community Reinvestment Coalition (NCRC) finds that $4.2 trillion dollars have been infused into minority and lower income neighborhoods since CRA passed in 1977. Banks have committed to 430 CRA agreements, instituting multi-year programs covering loans, investments and banking services to communities in need.
John Taylor, President and CEO of NCRC, states, “We applaud the commitment of banks who have negotiated serious and substantial CRA agreements with NCRC member organizations over the years. CRA is about safe and sound lending bringing capitalism and increasing wealth-building opportunities to minority and working class communities. The success of CRA commitments and increased lending and investing in traditionally under served communities illustrates that expanding CRA to independent mortgage companies, credit unions, and other financial companies will further benefit communities and the financial industry.â€
As impressive as the progress is, it is not uniform or consistent. As banks merge and become national level lenders, they are increasingly making unilateral pledges in the tens or hundreds of billion of dollars. In contrast, banks and community groups often negotiated and signed agreements during the mid- to late 1990’s. The newer unilateral pledges make it difficult for community groups and the general public to monitor and verify CRA agreements. Large agreements often do not have the detailed reporting that make it possible for community groups to assess if lenders are meeting targeted goals, especially to minorities and lower income consumers. The unilateral pledges also account for a fluctuation in the dollar amounts promised annually as many of these pledges occur during years of mega-merger activity such as 1998 and 2004.
Overall, CRA agreements continue to reinforce the effectiveness of the Community Reinvestment Act, often paving the way to profitable, safe and sound lending to traditionally under served communities. NCRC member organizations will continue to seek partnerships with lenders in order to develop rigorous CRA agreements, and bolster the effectiveness and accountability of CRA agreements.
ACTION
In 2005, Cincinnati Change assembled a team to meet its organizational objectives through creation of a mutual fund to fund its mission to Change Cincinnati NOW. On June 19th 2005 Cincinnati Change received its charter from the State of Ohio and stands ready to change Cincinnati NOW.
Founded June 19th 2000, incorporated June 19th 2005
Chairman of the Board
Frederick Hargrove Sr. PE., M. B. A.
1st Vice Chairman
Minister Wanda Lloyd Daniels(IBEW)
2nd Vice Chairman and Commanding General
Brig. Gen Dillard (MD)
Treasurer
Irvin Henderson, President, Henderson & Assoc.
Secretary
Robert Arany, President, MAM
Managing Director of Education
Dr. Janet Perry
Cincinnati Change is creating a limited liability company called Queen City Development Group. This company, Queen City Development Group, will implement the Cincinnati Change vision as the lead developer in the service of developing a global security services infrastructure headquartered in Cincinnati and operating out of Cleveland.
Mission: CINCINNATI CHANGE encourages increased economic stability in Hamilton County along with the development of an thrid frontier creative class information highway infrastructure, which will provide jobs through the acquisition, and development of businesses, intellectual property and real estate properties through service to a market of 100,000 Americans over the next two years through CRA investments in 20 American states through Queen City Development Group.
Purpose: CINCINNATI CHANGE will implement a licensed business process from Lloyd Daniels Development Group Inc.and a patent license from MDDG LLC that will create citizens who are educated, employed and empowered by developing the following objectives with CRA Investment Partners:
Schools - To create a school infrastructure for the 20,000 disenfranchised school students with a focus on youth in Hamilton County needing this service by 2014 through a alliance with already established schools in greater Cincinnati Cleveland and over 200 American cities.
Businesses - To create a community business development program with the SBA, private sector, non-profit organizations, and government agencies to support over 1,000 small and medium businesses that will employ students who go to and or graduate from our schools that will grow into a network of over 20,000 business from all over the USA by 2007.
Homes - To create 20,000 homes in Greater Cincinnati with a focus on developing 12,000 homes for low and moderate-income households whose children will attend our schools along with homes for those who work, build and or teach in them. This would serve as the model for 100,000 kids and their families as we remove, rebuild and redevelop communities devastated by natural disasters.
Jobs - To create over 9,000 jobs in education, health care, technology, hospitality, entertainment, real estate development and construction through partnerships with businesses and non-profit organizations as part of our focus on workforce development in the African American community that is based on creating an education and Creative Class Third Frontier infrastructure
It will serve as primary job generator in the rebuilding on over 10 square miles of space in the urban south while developing construction work throughout the Midwest and beyond by an American workforce of over 5,000 professionals and tradespeople.
