Community Reinvestment Fund, USA

1. Community Reinvestment Fund, USA

2. Bringing Scale and Sustainability to Community Development Finance Federal Reserve Bank of Boston November 4, 2005 Presented by: Frank AltmanPresident and CEO Access to Capital Provides Economic Opportunity

3. A national non-profit financial services organization based in Minneapolis, MN • Provides capital to communities by purchasing economic development and affordable housing loans from community development lenders • Helped establish New Markets Tax Credit as a member of the NMTC Coalition What is CRF?

4. To transform the community development finance system by accessing capital markets on behalf of local development lenders to enable them to increase their impact on the lives of people and communities. CRF’s Mission 4

5. “We talk to the Birkenstocks and to the Wing Tips.” We Work in Two Distinct Markets

6. INVESTORSINCLUDE: Prudential MetLife and MetLife Bank Northwestern Mutual Axa-Equitable Domini Social Investments Calvert Social Investment Fund CRA Fund Advisors General Board of Pensions and Health Benefits of the United Methodist Church F.B. Heron Foundation Mennonite Mutual Aid Society Insurance Co. U.S. Bank Wells Fargo Washington Mutual State Farm Bank Citibank MacArthur Foundation Fannie Mae Foundation …and many others. • $457 million provided to 114 lending partners in 25 states, District of Columbia. • More than 1,600 loans in 39 states. • 10,594 total jobs, created/retained, 2,164 of which were provided to minorities or women. • 8,733 total housing units. • Loss ratio is less than 0.5% • Delinquencies currently 0.39% Track Record 6

7. Location of Lending Partners 7

8. Location of Borrowers 8

9. Sustained Investment Yields High ImpactLake Street Corridor, Minneapolis 9

10. Securitization • New Markets Tax Credit Two Strategies for Raising Capital

11. 80% market-rate investments • 18% social-rateinvestments • 2% charitable contributions How CRF Leverages Funds

12. $130 million in Rated Debt Securities • Affordable Housing Debt Offering - $84 million total offering, S&P ‘AAA’ rating for $63.5 million. • CRF 17 – First rated economic development debt offering, $46.1 million total, ($26 million AAA, $7 million A, $6 million BB), 17% subordinated capital (versus 23% in CRF 16). New Markets Tax Credits • $412.5 million New Markets Tax Credit allocation for Business Loans in Low-Income Communities. Community Development Finance Milestones Reached by CRF 12

13. $46.1 million total security • $26.1 million in Class A Notes • Rated by Standard & Poor’s • Privately Placed Details on CRF USA’sRecent Rated Economic Development Security

14. Rated Tranches from “AAA” to “BB”

15. Purchases loans from Purchases loans from Local CDE Local CDE Makes loans to Makes loans to Qualified Business Qualified Business Qualified Business Qualified Business Community Reinvestment Fund National New Markets Tax Credit Fund Inc. Sponsor of Sub-allocates to and Controls Business Loan Conduit LLC Commercial Lending LLC Makes loans to Community Reinvestment FundBecomes More Complex

16. CRF’s ability to grow limited by capital constraint • Develop a larger market for the unrated, supporting class of Notes • Warehousing Capacity is limited but growing • Become more efficient • Never lose sight of the MISSION Challenges

17. A multi-billion dollar market financed by a mix of life insurance companies, banks, pension funds and mutual funds. • Increasing liquidity for investors • Volume sufficient to support trade in the public markets • Better lives for people and stronger communities throughout the nation Our Vision

18. If you would like more information, please contact us. • Frank Altman • Community Reinvestment Fund • 801 Nicollet Mall Suite 1700W • Minneapolis, MN 55402 • Frank@crfusa.com • 612-338-3050 phone • 612-338-3236 fax • Website: www.crfusa.com Capital for Communities – Opportunities for People

19. Capital for Communities Opportunities for People Community Reinvestment Fund, USA