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Capital One Community Renewal Fund, LLC
New Orleans LACDFI Awards for Capital One Community Renewal Fund, LLC
NMTC (2008) - $90,000,000
Capital One Community Renewal Fund, LLC (COCRF) will use its network of community contacts in its five-state service area to locate the businesses and real estate developments that promise to create the largest social and economic impacts for community residents. From among these projects, financing will be provided to those that otherwise cannot obtain the requisite funding from conventional capital sources. COCRF’s financing packages will target a broad cross-section of project types, including community facilities, office, retail, and mixed-use commercial projects. In all cases, COCRF will offer a subordinated debt structure with over 400 basis points of total interest rate savings per annum or senior debt with interest rates that are no less than 50% below market.
NMTC (2007) - $60,000,000
Capital One Community Renewal Fund, LLC (COCRF) received an allocation of NMTCs for use in the recovery and redevelopment of the Hurricane Katrina Gulf Opportunity Zone. COCRF will provide working capital to businesses and will fund developers/operators of real estate projects, including office, retail, and mixed use commercial projects as well as community facilities. COCRF intends to offer loan products at a rate of 250 to 400 basis points below the market rate, to reduce or waive commitment fees, and to offer loans with extended amortization periods of up to 40 years with periods of interest only payments.
NMTC (2006) - $100,000,000
Hibernia Community Renewal Fund (HCRF) received an allocation of NMTCs for use in the recovery and redevelopment of the Hurricane Katrina Gulf Opportunity (GO) Zone. HCRF’s NMTC funding will be used to assist the state’s businesses in revitalizing low-income communities with investments in both new development and rehabilitation in order to encourage job creation and job stabilization. NMTC funding will allow HCRF to increase the volume of the Bank’s lending activities to Louisiana’s low-income communities, and target the more devastated areas affected by Hurricane Katrina with more flexible products, including interest rates 300 to 400 basis points below market.
Other Community Development Financial Institutions in Louisiana
ASI Federal Credit Union
Harahan
Capital One Community Renewal Fund, LLC
New Orleans
Dryades Savings Bank, FSB
New Orleans
Eagle Louisiana Federal Credit Union
Baton Rouge
Enhanced Delta Community Development, LLC
New Orleans
Liberty Bank and Trust Company
New Orleans
Liberty Financial Services
New Orleans
National Cities Fund, LLC
New Orleans
New Orleans Community Development Fund
New Orleans
NEWCORP Business Assistance Center
New Orleans
Red River Valley BIDCO, Inc.
Shreveport
Southern Mutual Financial Services, Inc.
New Iberia
Stonehenge Community Development, LLC
Baton Rouge
Whitney New Markets Fund, LLC
New Orleans
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