ARLINGTON, Va.— The National Cooperative Bank is reporting it committed $475 million of its overall annual production to initiatives serving low-and moderate-income communities and new cooperative development during 2022.
The National Cooperative Bank, which said its mission is to support and be an advocate for America’s cooperatives and their members, especially in low-income communities, said the capital was provided through direct lending and investments.
The sectors in which it invested include:
- Housing. $175.7 million for affordable housing initiatives and low-and-moderate- income mortgage loans nationwide.
- Non-profit & Community Development. $43.4 million to finance commercial real estate in low-income areas and organizations focused on economic development.
- Credit Unions. $80.7 million to low-income or community development credit unions.
- Food. $8 million to expand access to healthy food in low-and moderate-income communities.
- Hardware. $8.2 million to support hardware retailers nationwide.
- Health Care. $53.9 million to support healthcare and aging services.
- Renewable Energy. $89.7 million to finance solar panel installation in low-and moderate-income communities.
- Small Business. $425,000 to support small businesses and farm loans.
In addition, NCB said it provided $12 million in facilitated transactions and $2.9 million to support entities serving low-income communities and co-op development.