1. Community Reinvestment Fund, USA

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

3. What is CRF?  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

4. CRF’s Mission 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. 4

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

6. Track Record  $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% INVESTORS INCLUDE: 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. 6

7. 7 Location of Lending Partners

8. 8 Location of Borrowers

9. 9 Sustained Investment Yields High Impact Lake Street Corridor, Minneapolis

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

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

12. Community Development Finance Milestones Reached by CRF $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. 12

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

14. Rated Tranches from “AAA” to “BB”

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

16. Challenges 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

17. Our Vision 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

18. Capital for Communities – Opportunities for People 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

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