The California Community Foundation makes targeted PRIs to Community Development Financial Institutions (CDFIs) and intermediary lenders that are serving development finance needs related to the foundation's programmatic priorities. The foundation's PRI will help these lenders to build new sources of capital and expand these community financing markets.

Eligibility Criteria

To be eligible for PRI funding, proposed CDFI activities must:

• Be focused in Los Angeles County.
• Link to CCF's program areas and/or other foundation initiatives.
• Have a strong lending track record and financial performance over time.
• Have documentation of market need to be served, and ability of proposed lending activity to provide prudent basis for repayment and preservation of PRI capital.
• Prove that a PRI will leverage other funding sources from other investors.

Supported Activities

• Real estate loans (including predevelopment, acquisition, construction, rehabilitation and/or permanent financing) for affordable housing or community facilities (e.g., early childhood education centers and community health clinics).
• Non-real estate loans to established, financially strong nonprofit organizations that fall within the foundation's program areas, to help them expand scope of services and/or to become more sustainable.

Application Process

1. Assess Potential Fit with CCF's PRI Program
   First assess the fit of your potential community financing opportunity with the eligibility criteria.  A meeting with foundation staff and PRI consultant(s) may be requested to discuss a potential PRI proposal. 
2. Letter of Intent
   Submit a Letter of Intent that includes:
   • Background on your track record.
   • Summary of the proposed activity to be supported through a foundation PRI.
   • Proposed use of proceeds, both in terms of structure (e.g., re-lending, credit enhancement or other) and types of end borrowers and loans to be supported.
   • Documentation that your proposal will fulfill the eligibility criteria.
   • Relevant background materials as attachments.
3. Select CDFIs Invited to Submit Full Proposal
   At the discretion of CCF staff and PRI consultant(s), applicants may be invited to submit a full proposal.  Additional supporting documentation may be requested.
4. PRI Approval and Closing
   Foundation staff and consultant(s) underwrite all PRI proposals, typically engaging in interactive meetings and discussions with your staff to determine the proposed specifics of the PRI, to best serve the needs of the foundation, your organization and ultimate beneficiaries. PRIs that are recommended for funding by PRI staff and consultant(s) are subject to approval by the foundation’s board of directors and its relevant committees, which meet quarterly.

For more information, contact Vice President of Programs Alvertha Penny at (213) 413-4130.

back to the top