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About

The Community Reinvestment Group mission is to support the development of affordable housing to ultimately improve our South Florida community. Since it was founded in 1995, the organization has provided more than $1 million in 0% interest rate loans to qualified Community Development Corporations and nonprofit groups.

In 1995, the Community Reinvestment Group was formed by a consortium of South Florida banks shortly after an amendment to the Community Reinvestment Act (CRA) that year. This federal legislation continues to encourage banks to help meet the credit needs of the communities in which they operate, particularly within low- and moderate-income neighborhoods.

The original group of South Florida banks, comprised of Chase Federal Bank, F.S.B., Chemical Bank Florida, Citizens Federal Bank, Consumers Savings Bank, Desjardins, F.S.B., Home Savings Bank, F.S.B., InterAmerican Bank, F.S.B., Oceanmark Bank, F.S.B, Republic Security Bank, F.S.B., and Turnberry Savings & Loan Association, came together as Community Reinvestment Group to pool resources to maximize their effectiveness in support of affordable housing while complying with the CRA. While many of the founding banks are no longer around and new players have been added, the intention behind CRG remains the same.

Specifically, the Community Reinvestment Group’s 0% interest rate loan program offers:

  • Up to $200,000 to be used for construction, acquisition, and/or rehabilitation of affordable housing.
  • 0% interest rate.
  • 1-2 points on loans.
  • Up to 95% financing.
  • Term-full payment at maturity.
  • Up to five draws on new construction.
  • Terms available for six months, renewable up to one year.
  • $500 Renewal Fee after expiration date.
  • Collateral requirements that are the property for which the funds are used.
  • The CRG reserves the right to request additional collateral/guarantee to mitigate any deficiencies observed during evaluation.
  • Loans over $200,000 will be evaluated on a case by case basis.

 

The Community Reinvestment Group have served the following organizations.

• Broward Housing Solutions®
• Delray Beach Community Development Corporation
• Haitian American Community Development Corporation
• Lake Worth Community Development Corporation
• RM Lee Community Development Center
• Tayan Alliances Inc.

The Community Reinvestment Group is proud to work with these exceptional organizations and to have taken the lead in bringing together top-tier banking institutions to address such an important community issue.