HomeMy WebLinkAbout5B2 Budget Request (Enhancement Fund)
Redevelopment Commission Agenda Item
DATE: 07/23/2020
FROM: Brian Donghue
SUBJECT: CDFI Friendly – Enhancement Fund
Funding Source (circle one) River West; River East; South Side; Douglas Road; West Washington; RDC General
Purpose of Request:
Community Development Financing Institutions (CDFIs) are organizations that expand economic
opportunity in low-income communities by providing access to financial products and services
for local residents and businesses. CDFI Friendly South Bend acts as a liaison between CDFIs and
the local community. CDFI Friendly South Bend's purpose is to strengthen the community and
improve the economic conditions of its lower income residents by assisting CDFIs and other
organizations to provide low -cost, accessible, flexible, affordable financing for housing, job
development, charitable and educational services and other community projects.
CDFI Friendly South Bend (CFSB) and the Urban Enterprise Association (UEA) have signed an
agreement for the UEA to serve as a fiscal agent for CFSB un til December 31, 2021. This will
allow CDFI Friendly South Bend flexibility to pursue fundraising sources without waiting for
formal certification as a 501.c.3 nonprofit organization with the IRS.
Funding request is for $200k for the Capital Enhancement fund, core to the CDFI Friendly South
Bend business plan, and in alignment of the original appropriation by this board last fall. Business
plan is publicly available and will be provided to the board.
_________________________Pres/V-Pres
ATTEST: __________________Secretary
Date: ____________________
APPROVED Not Approved
SOUTH BEND REDEVELOPMENT COMMISSION
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INTERNAL USE ONLY: Project ID: PROJ ;
Total Amount – New Project Budget Appropriation $_______________;
Total Amount – Existing Project Budget Change (increase or decrease) $_______________;
Funding Limits: Engineering: $_____________________; Other Prof Serv Amt $_______________;
Acquisition of Land/Bldg (circle one) Amt: $___________; Street Const Amt $________________;
Building Imp Amt $_________; Sewers Amt $_________; Other (specify) Amt $ ________________
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