CDFI Connect Community Discussions

Subscribe to CDFI Connect Community Discussions feed CDFI Connect Community Discussions
View RSS Feed from Opportunity Finance Network
Updated: 55 min 34 sec ago

RE: Payroll Vendors

Tue, 2020-08-18 13:07
From : Communities>>Open Forum
We use Gusto and happy with what they have. We also heard good things about justworks.com Yuliya Tarasava | Co-Founder & COO e: yuliya@mycnote.com p: 203.583.5154 Invest in people, not products. Learn More

Deferment Policy?

Tue, 2020-08-18 12:53
From : Communities>>Open Forum
Good Morning all: I was curious as to whether or not organization had a deferment policy in place in writing prior to the pandemic? We had a brief two sentence, very vague section in our loan policy and I am looking to find some resources or an outline of some sort to expand on the lack of policy for deferment we have now at our organization. Any resources or direction would be appreciated!! ------------------------------ Robert Gernert Lending Relation Manager Economic Development and Financing [More]

RE: Payroll Vendors

Tue, 2020-08-18 09:24
From : Communities>>Open Forum
Hi Julie, We switched from a small local vendor to Paychex four years ago, and the experience has been a little hit and miss. Here are my notes: Online module is user friendly for you as the administrator and for employees to log in and view their paystubs, tax docs, etc. Part of what sold me on Paychex is the integration--Paychex Retirement Services does our 401(k) and we get our workers comp and disability insurance through a Paychex broker.  The shortcoming is that even though they are 'integrated' [More]

RE: Member Monday

Mon, 2020-08-17 15:58
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of Community Capital New York . Community Capital New York serves eight counties in the Hudson Valley and Fairfield County, CT. Loans provide quality jobs, revitalized Main Streets, affordable homes and tax revenues to foster opportunity, change lives and create impact. Over 30 years, CCNY has invested $42 million in affordable housing, 3,400+ homes built, 300+ small businesses provided with loans and over 5,7000 jobs created. [More]

Payroll Vendors

Mon, 2020-08-17 07:49
From : Communities>>Open Forum
We have used Paycor to process payroll for the past couple of years, but are thinking of switching services.  Has anyone had any experience with ADP or Paychex?  Both seem reputable.  Any Gusto users?  They seem easy to use, but reviews indicate their customer service is not so stellar.  I'm cautious with payroll vendors as missed filings cause so many problems.  We want an all inclusive service that can handle as much HR paperwork as possible.  Any feedback is appreciated! ------------------------------ [More]

Confidentiality

Sat, 2020-08-15 15:32
From : Communities>>Open Forum
We want to make sure we're following best practices around keeping borrower information private and we're curious if other CDFIs have specific agreements or commitments Board Members and outside Loan Committee members agree to regarding information they obtain about 3rd parties due to their role with our CDFI and how they are allowed to use it/share it? If you do and can share we'd be grateful. Thanks so much! Josh ------------------------------ Josh Earn Director of Lending National Housing Trust [More]

RE: Indirect Cost Rate

Fri, 2020-08-14 09:36
From : Communities>>Open Forum
I would contact someone from OMB and see if you can get something in writing from them on the direction to take. ------------------------------ Betty Kerr Grants Manager/Collections Officer Wisconsin Native Loan Fund, Inc. Lac du Flambeau WI 7152091868 ------------------------------

Indirect Cost Rate

Thu, 2020-08-13 08:47
From : Communities>>Open Forum
Hello Community, We are having an issue this year having our indirect cost rate approved. Historically we received our indirect cost rate from the Department of Interior, however when we sent our proposal this year they said CDFI funds are relieved from 2 CFR 200 negotiation requirements and therefore we now need to receive our indirect cost rate from the Department of Education since they are our next largest funder. I connected with the Department of Education and they are saying they cannot [More]

talk to Shelterforce about your COVID experience?

Wed, 2020-08-12 17:45
From : Communities>>Open Forum
Hi folks. I'm looking for a sampling of CDFIs who'd be willing to talk to Shelterforce about their experiences over the past several months-how have you been helping borrowers (both small business and nonprofit, including housing groups facing rent shortfalls) while also maintaining your organization's soundness. Have you had to ask for concessions, modifications, etc from your own investors and lenders, or do you expect to? How helpful have they been (that part can be anonymous if you wish)? How [More]

RE: Blending Funds

Wed, 2020-08-12 12:39
From : Communities>>Open Forum
Hi Noah, Regarding your post, The Mortgage Office can handle this type of loan.  Many people would call this a participation loan, and it's the heart of our system.  There's no limit to the number of participants, and each one can have their own separate interest rate.  It also can do your CDFi reporting through the AMIS system as well. Out of curiosity, what do you currently use now to service your loans - Excel/QB, or something else?  ------------------------------ A.J. Poulin Applied Business [More]

Clean Safe Water for Communities - High Impact Investing

Wed, 2020-08-12 09:38
From : Communities>>Open Forum
"Investing in Clean Safe Water for Communities" is the main theme of the August issue of the GreenMoney Journal. Articles include: • "Investors Use Climate Playbook to Scale Action on Water" by Kirsten James of Ceres; • "The Rise of Water Investing" by Justin Winter of Impax Asset Mgmt.; • "The Future of Water" by Mary Beth Postman of Waterkeeper Alliance; • "Water and Pandemics" by Alina Donets, Allianz Global Investors. Also find some interesting articles from MSCI, Parnassus and Domini. All on [More]

Files Attached Document
Clean Safe Water for Communities - High Impact Investing

RE: Blending Funds

Wed, 2020-08-12 09:27
From : Communities>>Open Forum
Hi Noah: Check out our Participation Module to our Cloud Based system at  http://downhomesolutions.com/downhome-loan-manager/add-modules/#participation-module Sounds like it is just what you are looking for. Warm regards, Brad McBride DownHome Solutions ------------------------------ Brad McBride Director Higher Logics Community Contacts (CDFI CONNECT - DO NOT DELETE) Seattle WA 206.634.0884 ------------------------------

Blending Funds

Tue, 2020-08-11 15:19
From : Communities>>Open Forum
Hey folks,  I am wondering what type of servicing software that you use and if it has the capacity to blend funds into one loan.  For example, on a $15,000 home rehab loan at 3% we would be looking to put in $5,000 of money that we have to pay back at 2%, $5,000 at 1% and $5,000 that has no interest.  Or how do you navigate accounting regs to accomplish this?  Thanks! ------------------------------ Noah Hobbs Lending Director One Roof Housing Duluth,\ MN 218.249.0364 ---------------------------- [More]

RE: Tip Tuesday

Tue, 2020-08-11 11:57
From : Communities>>Open Forum
In this week's Tip Tuesday , we would like to extent the opportunity to be featured in our weekly Member Monday segment. If you are an OFN member/ally, please reach out to especht@ofn.org for more information on how to be featured! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

RE: NMTC QALICB requirement

Tue, 2020-08-11 10:54
From : Communities>>Open Forum
Hi Teri, Thanks for the reply. I have from others that from a tax perspective it had to be 5%.  They didn't specify it had to be cash but they did say 5%.  I will have to follow up with tax counsel.  Thank you. ------------------------------ Christopher Kanstrup Consultant Individual Los Angeles CA 9176830647 ------------------------------

RE: NMTC QALICB requirement

Mon, 2020-08-10 13:03
From : Communities>>Open Forum
Based on requirements from 45 d the answer would be no -  there are not IRS requirements within the structure.  However most deals rely, at least in part on a percentage of owner skin in the game as a requirement to close ------------------------------ Terri Preston Principal Baker Tilly Virchow Krause Madison WI 608 240-2546 ------------------------------

RE: NMTC QALICB requirement

Mon, 2020-08-10 11:43
From : Communities>>Open Forum
Sorry Sent from my iPhone > On Aug 10, 2020, at 11:38 AM, David Scheck wrote: > > Hi. From past experience I have always erred on the side of ‘why take unnecessary risk with the IRS?’ That said, efforts were made to ensure that legal counsel that was writing an opinion understood that equity need not be cash. > > Sent from my iPhone

RE: Member Monday

Mon, 2020-08-10 11:08
From : Communities>>Open Forum
In this week's Member Monday , we would like to highlight the work of LHOME. As of September 2019, LHOME has made over 55 loans totaling $549,508 to small business owners and homeowners in Louisville, KY. LHOME is committed to providing accessible, affordable loan products and financial coaching services to it's clients, most of whom are African American and African Refugees. 90% of their funds have been deployed to low-moderate income communities. Thank you to LHOME for their continued work [More]

NMTC QALICB requirement

Sun, 2020-08-09 15:45
From : Communities>>Open Forum
Hi All, Looking for a an answer on a NMTC requirement.  Can someone tell me if there is a minimum equity requirement by the QALICB into their project?  There may be a preferred from a lending perspective but does a project have to be made up of a certain equity percentage put in by the owner from a NMTC or IRS perspective?  E.g. does a project have to have say 20% equity contributed by other sources/owner with the remaining coming sources coming from NMTC and additional leverage?  Any help would [More]

Pages