Community Reinvestment Fund, USA (CRF), a nonprofit organization that connects community development lenders with the capital resources of Wall Street, recently announced Piper Jaffray awarded the organization a $300,000 grant. Piper Jaffray will provide this grant in two installments of $150,000 over two years.
CRF will use this funding to foster community revitalization in underserved geographic areas nationwide. The grant will allow CRF to attract at least $15 million in additional capital in the form of program related investments (PRIs) and equity equivalent investments, two forms of below-market interest rate loans that are used by CRF to drive more capital into underserved communities.
"CRF is a fit with our funding guidelines, which focus on reinvesting in the economic development of underserved communities," said Frank Fairman, head of Public Finance Services for Piper Jaffray. "The organization’s national reach ensures dollars can truly benefit local communities, and we know from past history CRF grant funds will be used to generate the greatest social impact possible with replicable success throughout the country."
"Our long-term partnership with Piper Jaffray has helped bring greater sophistication to our processes for delivering Wall Street capital to underserved areas nationwide," said Frank Altman, president and chief executive officer for CRF. "We are pleased Piper Jaffray has demonstrated its continued confidence in our work by providing us with
this generous grant."