Opportunity Finance Network Launches National Policy Summit
Sold-out summit convenes bipartisan leaders to advance CDFI policy priorities
Opportunity Finance Network (OFN) has proudly initiated its inaugural National Policy Summit this week in a vibrant U.S. capital. The sold-out summit kicked off with visits to Congressional Hill, engaging policymakers and community leaders focused on advancing critical policies within the community development finance sector.
Harold Pettigrew, President and CEO of OFN, emphasized the strength that arises from their diverse network. He stated, "This summit reflects the urgency of advancing new policy solutions that strengthen public-private investment, create jobs, support small businesses, expand affordable housing, and ensure capital continues to reach communities across the country." This dedication highlights the importance of collaboration among leaders in the financing sector to address current issues comprehensively.
This summit represents a gathering of over 150 participants, including policymakers, practitioners from Community Development Financial Institutions (CDFIs), coalition leaders, partners, funders, and investors from various areas. The diverse representation from numerous state and regional CDFI coalitions illustrates the significant influence that community development financing has across the nation.
Dafina Williams, OFN's Chief Public Policy Officer, elaborated on the strategic initiatives that the summit will provide. "The future of CDFI policy is being defined right now, and OFN is committed to elevating the voice and engagement of CDFIs in new, strategic ways," she remarked. Participants will have the opportunity to gain essential federal insights, interact with key agency leaders, partake in advocacy training, and engage in vital discussions setting the CDFI policy agenda for the years ahead.
As part of the summit's agenda, OFN and its members are set to conduct congressional visits to engage lawmakers from both sides of the aisle. These strategic conversations will address critical policies aimed at fostering job creation, enhancing small business growth, promoting affordable housing development, and sustaining investment in U.S. communities.
Thursday's lineup promises a rich program of panels, discussions, and briefings aimed at reinforcing the voice of CDFIs while strengthening leadership within state coalitions. The focus remains on developing policy solutions that bolster public-private investments.
The previous year, OFN worked alongside various public and private sector partners to achieve significant policy milestones. They successfully secured $324 million in continuous funding for the CDFI Fund, along with $41 million for the SBA Microloan Technical Assistance program. Additionally, they accomplished the remarkable feat of assigning the highest proportion of New Markets Tax Credit allocations to CDFIs in over ten years, receiving clear bipartisan affirmations of support for CDFIs.
Despite these accomplishments, the landscape remains challenging, and the policies affecting CDFIs are continuously evolving. This underscores a crucial moment for the industry, as adjustments are necessary to ensure their effectiveness and longevity.
The inaugural National Policy Summit signifies OFN's steadfast commitment to policy leadership and cross-sector collaboration during this pivotal time. By bringing together leaders, OFN aims to advance practical, bipartisan solutions that enhance public-private investments and empower CDFIs to make a substantial impact nationwide.
About Opportunity Finance Network
Opportunity Finance Network (OFN) stands as the foremost network and intermediary concentrated on community development investment, overseeing over $1 billion in total assets. With a robust membership exceeding 490 community development financial institutions (CDFIs), OFN encompasses various entities including community development loan funds, credit unions, green banks, minority depository institutions, and venture capital funds.
Our mission is to ensure that communities traditionally overlooked by mainstream financial services have access to affordable and responsible financial products. With an unwavering focus on serving rural, urban, and Native communities across the nation, OFN acts as a trusted investment partner. For over 40 years, we have collaborated with diverse sectors, driving investments that facilitate change and enhance economic opportunities for everyone.
Frequently Asked Questions
What is the purpose of the OFN National Policy Summit?
The summit aims to engage bipartisan leaders in advancing CDFI policy priorities and strengthen community development finance.
Who are the attendees at the National Policy Summit?
Over 150 attendees participate, including policymakers, CDFI practitioners, coalition leaders, and key partners from various sectors.
What key discussions will take place at the summit?
Discussions will focus on policies supporting job creation, small business growth, affordable housing development, and sustained localization investments.
How does OFN contribute to community development?
OFN supports community development by providing financial products and services to underserved areas and catalyzing investment in these communities.
What were some accomplishments achieved by OFN in the past year?
OFN secured $324 million for the CDFI Fund and expanded the New Markets Tax Credit allocations to CDFIs, showcasing their advocacy success.
