New York, NY, July 10, 2024 (GLOBE NEWSWIRE) -- Nonprofit Finance Fund (NFF) and Trinity Church have partnered to launch a pilot program serving faith organizations as they pursue community development projects. The Faith in Our Communities Fund will allow NFF to provide flexible pre-development loans, backed by Trinity’s credit guarantee, to faith organizations often unable to access mainstream sources of capital.
“Faith-based organizations hold deep connections and commitments in our neighborhoods, and understand local needs and opportunities,” said Aisha Benson, President and CEO of NFF. “We can supply the capital and technical expertise to support these organizations and bolster community ownership of assets.”
The Faith in Our Communities Fund is offered through NFF’s Building Equitable Assets for Communities and Nonprofits (BEACoN) initiative and Trinity’s Mission Real Estate Development initiative. As faith-based nonprofits across the country consider how to manage their real estate to pursue mission-aligned work, the Fund will provide financing for capital improvements that advance development planning, pre-development costs, and expert counsel.
“This program will provide more runway to religious organizations to plan strategically for the use of their property without succumbing to the pressure to make short-term decisions with long-term assets,” said the Rev James Clark III, Managing Director of Mission Real Estate Development at Trinity Church.
The concept of using credit-enhancement to unlock capital is not new. However, this method has seldom been used to support faith organizations. NFF and Trinity hope this pilot will attract additional partners interested in supporting faith-based community development and impact.
“We are meeting a gap in the market by providing anchor religious organizations with the capital they need to make innovative approaches to community development a reality,” said Clark of Trinity. “These leaders already have trust, relationships, and a mission focus that puts people first. They have proven to be excellent borrowers. We will offer access to financing that is often unavailable through mainstream banks.”
Faith organizations provide extensive benefits to communities beyond the members of their religious congregations. A recent study by The Bridgespan Group shows that faith organizations receive 40% of social safety-net spending. The Partnership for Sacred Places reaffirms this significant economic impact, finding that the average urban historic religious congregation generates $1.7 million in economic impact annually, by employing community members and hosting community outreach.
State and local governments from New York to California are updating zoning legislation to empower faith organizations to address issues like affordable housing through their real estate assets. In keeping with this legislative movement, NFF and Trinity are prepared to move capital quickly to support housing, health and wellness, education, economic vitality, workforce development, and other mission-aligned priorities identified by participating faith organizations.
NFF and Trinity previously partnered on a Fund to shore up New York City nonprofits during the COVID-19 pandemic; NFF also provides financial coaching to Trinity’s grantees.
Interested faith organizations can reach out to financing@nff.org.
About Nonprofit Finance Fund
Nonprofit Finance Fund®️ (NFF®️) is a nonprofit lender, consultant, and advocate. For more than 40 years, we’ve worked to strengthen nonprofit organizations and improve the way money flows to social good. We believe that alongside others we must build a more equitable and just social sector, and are committed to helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities’ aspirations. As a community development financial institution (CDFI) NFF manages a portfolio of over $375 million. Since 1980, we have provided over $1.2 billion in financing and access to additional capital in support of nearly $4 billion in projects for thousands of organizations nationwide. To learn more, visit https://nff.org.
About Trinity Church
Trinity Church is a vibrant and growing Episcopal parish of more than 1,600 members. Over the past 325 years, Trinity has been guided by its mission to share God’s love for all people. Trinity’s programs cultivate compassion, build community and offer shared encounters with the holy. To learn more about Trinity Church, visit www.trinitywallstreet.org.
