The Center for Impact Finance has launched a groundbreaking CDFI research consortium to convene CDFI practitioners, intermediaries, policy groups, funders, government entities, and academic institutions to define and drive an industry-wide community finance research agenda.
The Consortium defines key research questions; promotes rigorous, credible, and relevant research; increases knowledge in the field; and provides funders, practitioners, and policymakers the information they need to support access to affordable, responsible financial products and services for low-income, low-wealth, and other disadvantaged people and communities.
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Funding for the Consortium and research awards comes from Citi Foundation's Community Finance Innovation Fund, which selected 12 organizations to collectively receive $50 million to advance the field of community finance and create a positive impact on low-income communities and communities of color. Learn more about the Finance Innovation Fund.
Questions? Contact Val Benson
Addressing Immigrant Financial Trauma and Empowerment Through CDFIs
Jessica Santon, Leah Zallman Center for Immigrant Health Research, Institute for Community Health
This project examines how financial trauma and empowerment affect immigrants' relationships with financial institutions, focusing on CDFIs. Through interviews with participants in Boston's Immigrant Economic Recovery Initiative and CDFI leaders, it explores the connection between financial trauma and trust, as well as strategies for promoting immigrant inclusion. Findings provide insights into how CDFIs can redesign their products, strengthen relationships, and define success in terms of wealth-building and inclusion.
Analysis of CDFI Lending in the Single-Family Mortgage Market
Kara Ward, Falcon Capital Advisors
This study examines CDFI lending in the single-family, owner-occupied mortgage market to identify CDFIs' contributions to target markets, potential cross-subsidization strategies, and barriers to participation in mainstream mortgage markets. Using national datasets and interviews, the research assesses who CDFIs are lending to, what products they offer, and how those loans are funded, with the aim of supporting broader efforts to address systemic disparities in homeownership and promote financial inclusion through mission-driven mortgage lending.
Assessing CDFIs' Investor Contribution Using Evidence-Backed Narratives
Mike McCreless, Impact Frontiers; Peter Bent, Impact Frontiers
This project customizes an impact framework to evaluate CDFI investor contributions—defined as changes in stakeholder outcomes that would not have occurred without CDFI capital. Impact Frontiers developed templates based on the framework and tested them with CDFIs of various sizes to assess usability, relevance, and clarity. Findings were used to refine templates and develop additional resources that enhance impact communication and inform decision-making.
A Study to Examine Michigan's CDFI Landscape
Daniel J. Quinn, Public Policy Associates
This project evaluates the capacity, challenges, and opportunities within Michigan's CDFI ecosystem, particularly among loan funds, to identify actionable policy recommendations and strategies for expanding capital access and community investment. Using a mixed-methods design, the study aims to strengthen statewide collaboration through the Michigan CDFI Coalition, enhance understanding of return on investment, and guide future growth. Findings will inform the Coalition's strategy and support replication efforts in other states.
Beyond Loan Performance: Understanding Wealth-Building Goals of Entrepreneurs of Color and Enhancing CDFI Impact
Casey Bell, Pacific Community Ventures; Destiny McLennan, Pacific Community Ventures; Ken Kitahata, Pacific Community Ventures
This study examines how entrepreneurs of color define and pursue wealth-building, and evaluates how CDFI interventions, particularly capital access and advising, contribute to achieving these goals. Using mixed methods, the study integrates financial performance data with qualitative interviews to identify drivers and barriers to wealth accumulation among small business owners. Findings provide insights into expanding impact frameworks beyond narrow loan performance metrics toward equity-centered measures that reflect entrepreneurs' self-defined visions of financial success.
Bridging the Lending Gap: Collaborations Between Local Government and CDFIs
Jamie Morgan, Brandeis University; Sonja Karnovsky, Fund Consulting
This project explores an emerging model led by the intermediary CDFI Friendly, which helps CDFIs enter markets they may not normally consider. The research includes a national survey of local policy trends and a case study of the CDFI Friendly America model to evaluate factors that support or hinder CDFI engagement. Findings provide insights into how cities, especially smaller or under-resourced communities, can create environments that attract mission-driven capital.
Breaking Barriers: Strategies of Community Development Financial Institutions in Reducing Social Inequities in Marginalized Communities
Stephanie R. Yates, University of Alabama at Birmingham; Jeffery T. Walker, University of Alabama at Birmingham
This project examines how CDFIs in Alabama work to reduce social inequities in marginalized communities, particularly those shaped by historic redlining and economic exclusion. Using quantitative, geospatial, and qualitative data, the study analyzes CDFI strategies, services, and community relationships to understand how they foster trust and inclusion. Findings offer insights for developing effective approaches to advance racial and economic equity in underserved communities.
Casual Impacts of CDFIs: Evidence from Diverse Locations, Products, and Institutions
Valentina Hartarska, Auburn University; Jitka Hilliard, Auburn University; Yeosong Yoon, University of Tampa
This study evaluates the causal impact of CDFIs on economic and social outcomes in the communities they serve. Using quasi-experimental methods, it assesses how CDFI activity influences employment, small business growth, real estate values, and financial inclusion. The research accounts for market conditions, institutional variation, and alternative financial services to generate rigorous, policy-relevant insights.
CDFIs For and By Latinos: A Scan of Coverage, Services, and Avenues for Scaling Impact
Eugenia Vivanco, Raza Development Fund; Brett Theodos, Urban Institute; Jorge González-Hermoso, Urban Institute; Storm Taliaferrow, National Association for Latino Community Asset Builders
This project examines the size, performance, and service coverage of Latino-led and Latino-serving CDFIs across the United States. Through a mixed-methods approach, it explores their market presence, contributions to financial inclusion, and opportunities for growth. Findings provide insights on how funders, policymakers, and the CDFI field can better support equity and capital access for Latino communities.
Impact of Leveraging State-Issue Tax Incentives to Attract Private Capital
Paul Hoffmann, Pathway Lending; Murat Arik, Middle Tennessee State University
This project evaluates the economic and fiscal impact of the Tennessee Small Business Jobs Opportunity Fund (SBJOF), a public-private revolving loan fund managed by Pathway Lending. The study quantifies the fund's effects on job creation, tax revenue, and small business growth, and examines which tax incentive features most effectively encouraged bank participation. Findings provide insights into how targeted incentives can unlock private capital to promote equitable economic development.
Lending, Credit Enhancements, and Strategies to Close the Racial Wealth and Resource Gap
David Greenberg, LISC; Seva Rodnyansky, Occidental College
This research examines the effects of CDFI lending—particularly with credit enhancements—on the wealth and asset growth of BIPOC-led nonprofits and small businesses. Combining quantitative borrower financial data with surveys and interviews, the study explores how lending structures and supports contribute to long-term wealth-building. Findings offer guidance for structuring credit enhancements and complementary services to help reduce the racial wealth gap.
Meeting Women Small Business Clients’ Technical Assistance Needs: A Gender-Based Analysis of Small Business Technical Assistance and CDFIs’ Responses
Emily Sipfle, Fund Community Institute
This project examines how CDFIs tailor technical assistance (TA) to meet small business clients’ needs, including whether and how programs intentionally target women entrepreneurs. The project includes a landscape analysis to identify common TA practices and innovative approaches. It also examines how CDFIs design, deliver, and track TA services, and what lessons can be learned from successful programs.
Resident-Owned Manufactured Housing Cooperatives in New Hampshire: An Analysis of Economic, Social, and Performance Variables
Doug Warrender, New Hampshire Community Loan Fund; Kelly Giraud, University of New Hampshire
This study explores the economic and social benefits of resident-owned manufactured housing cooperatives (ROCs), where residents collectively purchase and manage the land beneath their homes. Drawing on nearly 20 years of survey and transaction-level data, the research compares ROCs with investor-owned communities to assess trends in affordability, home sales, and social cohesion.
Reversing Weak-Market Decline: A Collaborative CDFI Neighborhood Revitalization Initiative in Philadelphia
Sean Zielenbach, SZ Consulting LLC
This study evaluates the Kensington Lending Partnership (KLP), a collaborative investment strategy led by four CDFIs in a historically disinvested Philadelphia neighborhood. The evaluation includes a process analysis of CDFI coordination and an outcome assessment examining housing quality, business activity, public safety, and health. Findings offer lessons for scaling similar CDFI-led revitalization efforts.
Strengthening Pathways for Community Investing: A Landscape Assessment and Analysis of CDFI Investment Note Offerings
Pam Porter, Stepping Stone Partners; Liz Rogers, Tern Strategies; Derek Peebles, American Sustainable Business Network
This research examines the landscape of CDFI investment note offerings, a mechanism that enables individuals and institutions to invest directly in communities. Combining literature review, interviews, and a survey, the project catalogs the range and characteristics of offerings and explores both issuers’ and investors’ motivations and barriers. Findings provide insights on scaling notes offerings, strengthening CDFI capitalization strategies, and supporting equitable community investment.
Second Annual CDFI Research Symposium
October 20, 2025
The second annual CDFI Research Symposium, co-hosted with Opportunity Finance Network in Washington, D.C., highlighted findings from the second round of Consortium-funded projects, including research on CDFI services, place-based impacts, and the influence of state and federal policymaking. The convening brought together researchers, practitioners, funders, and policy stakeholders for a day of panel discussions and a fireside chat session focused on leveraging and disseminating research in uncertain times. The event concluded with reflections on emerging themes and priorities for the year ahead.
RESEARCH WORKSHOP for CDFI CREDIT UNIONS: TRANSFORMING THE FIELD THROUGH RESEARCH AND COLLABORATION
April 28, 2025
Co-hosted with Inclusiv in Cleveland, this workshop brought together credit union leaders, researchers, and practitioners to discuss emerging trends, share findings, and develop a research agenda for mission-driven financial institutions. The session focused on building research-practice partnerships that respond effectively to rapidly changing political and economic landscapes. Participants engaged in discussions to identify shared research priorities, gaps in existing research, and opportunities for collaboration. The conversations informed a preliminary research agenda to guide the next phase of the Consortium’s work.
Inaugural CDFI Research Symposium
October 21, 2024
Co-hosted with Opportunity Finance Network in Los Angeles, the inaugural CDFI Research Symposium highlighted findings from the first round of Consortium-funded research on topics including the racial wealth gap, housing, and capitalization. The convening brought together researchers, practitioners, and funders for research presentations, a fireside chat on the role of research, and small-group discussions to identify future research needs and collaboration opportunities. The symposium set the foundation for future research symposia.
Lending, Credit Enhancements, and Strategies to Close the Racial Wealth and Resource Gap
Wednesday, October 29, 2025
This webinar featured LISC’s David Greenberg, VP of Community Research and Impact, and Chris Tan, Portfolio Analyst and Operations Officer, who presented findings from their Consortium-funded study on how CDFI lending influences the wealth and asset growth of BIPOC-led nonprofits and small businesses. The study combined borrower financial data with surveys and interviews to examine how lending structures and strategies supported wealth-building. The presenters also discussed how they worked with complex data sources to generate insights that can inform how CDFIs design credit enhancements and broader supports to help reduce wealth disparities.
External and Internal Pressures on CDFI Evaluation Practices: The Call is Coming from Inside the House?
Wednesday, October 8, 2025
This webinar featured Teshanee Williams, Assistant Professor at UNC Chapel Hill, Natalie Prochaska, Director of Business Intelligence at Nevada HAND, Jamie McCall, Research Manager at Deloitte LLP, and Tamra Thetford, VP of Impact Evaluation at CNote. The session explored the complex forces shaping how CDFIs approach evaluation and measurement. Panelists examined how industry expectations, funder requirements, and internal organizational cultures created tensions between mission-driven work and results-focused accountability. The discussion offered insight into why mission-driven organizations struggle to fully integrate evaluation practices and what this means for the future of community development finance.
Participatory Action Research: Principles and Practices
Tuesday, September 30, 2025
This webinar featured Dr. Jessica Santos, Director of the Leah Zallman Center for Immigrant Health Research, who introduced how Participatory Action Research can be applied in practice. The session described PAR as a research framework rooted in the belief that those most affected by an issue should help lead the process of studying it and that the research process itself can serve as a vehicle for change. Dr. Santos presented core principles and practices of PAR and outlined how researchers can incorporate this approach into their own work.
- Michael Swack – Director, Center for Impact Finance
- Hannah Vargason – Program and Operations Director, Center for Impact Finance
- Val Benson – Research Director, Center for IMpact Finance
Term: July 2023 - June 2026 (3 years)
- Marla bilonick – National Association for Latino Community Asset Builders (NALCAB)
- Michael Butchko – NeighborWorks america
- mark cassell – kent state university
- chrystel cornelius – oweesta
- amanda devaul-fetters – Connecting insights, llc
- Michael Eggleston – Federal Reserve Bank of St. Louis*
- David Greenberg – local initiatives support corporation (lisc)
- ryan gremillion – African American Alliance of cdfi ceos (the alliance)
- cathi kim – inclusiv
- claire kramer mills – federal reserve bank of new york
- shannon mckay – cdfi fund, u.s. department of treasury
- nadav orian peer – university of colorado
- david reese – college of coastal georgia*
- marc schneiberg – reed college*
- karen seabury – aeris
- adrienne smith – opportunity finance network (ofn)*
- brett theodos – urban institute
- eugenia vivanco – raza development fund*
- stephanie yates – university of alabama birmingham*
*Executive committee member
