CIFI will provide a variety of services, such as mortgage financing for low-income and first-time homebuyers, underwriting and risk capital for community facilities and commercial loans and other investments for small start-up or expanding businesses in low-income areas, according to a press release from Lt. Gov. Becky Skillman's office.
The institution was conceived by the Indiana Housing and Community Development Authority, according to Skillman's office. Its board members will include representatives from various financial institutions, community organizations and the state housing authority. Skillman will be its chair.
“Today marks another great achievement in bridging private and public partnerships for furthering economic development throughout Indiana”, Skillman said in a statement. “With a statewide reach, CIFI will be able to serve a variety of markets and support community solutions."
Fifth Third Bank awarded an initial $200,000 grant to CIFI, according to the press release, which will allow the institution to begin making loans
