In 2009, the San Francisco Redevelopment Agency (SFRA), along with the City of San Francisco created a legally separate entity called the San Francisco Community Investment Fund (SFCIF) to address the City's need for alternative investment options to support projects in economically challenged communities.
SFCIF was established as a certified Community Development Entity (CDE) under the Federal New Markets Tax Credit (NMTC) Program. As a CDE, SFCIF is able to use New Markets Tax Credits (NMTCs) to help fund projects with substantial community benefits in blighted communities.In early 2010, the fund was certified and was granted an initial NMTC allocation of $35 million. SFCIF provided loan funding for its first project, a new learning facility for the Bayview's College Track organization and program, in July of 2010. In October 2010, another piece of SFCIF's initial allocation was deployed on a project with the SF JAZZ organization. SFCIF was recently awarded it's second allowcation of $45 million in New Markets Tax Credits. It continues to seek projects with substantial and sustainable community impact.
WHO WE ARE
The San Francisco Community Investment Fund (SFCIF) is a not-for-profit financial institution that was established by the San Francisco Redevelopment Agency and the City of San Francisco. It uses New Markets Tax Credits (NMTCs) to help fund projects with substantial and sustainable community benefits in economically-challenged SF neighborhoods. A legally-separate entity from San Francisco government, SFCIF is a certified Community Development Entity (CDE) under the Federal Department of Treasury's New Markets Tax Credit (NMTC) Program.
WHAT WE DO
SFCIF acts as a bridge, connecting private investment dollars to high-impact projects that benefit low-income neighborhoods.
Every year, SFCIF applies for a NMTC allocation through the NMTC Program. Once an allocation has been granted, SFCIF sells its NMTCs to banks and other private investors. Then, SFCIF uses the money to help fund projects in distressed areas. SFCIF works closely with its project partners throughout the process, providing information, resources, guidance and general support to ensure all-around project success - financially, socially and economically.
Investors benefit from having a competitive rate of return and the ability to participate in socially responsible projects. The community benefits from the social and economic impacts of the projects. SFCIF benefits by being able to continue its service to the community through consistent NMTC allocations that result from the completion of successful projects. It is a constantly giving cycle in which everyone wins.