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Public Policy
ECD/HOPE's approach to policy focuses on influencing the allocation of public and private resources to improve the quality of life for low-income residents. Since its inception ECD/HOPE has established a successful track record of leveraging public and private resources and deploying capital to low-wealth families and communities. Examples include the following:
While certainly not exhaustive, the above listed examples represent ECD capacity to leverage dollars and effectively channel resources to address development needs in the Delta through lending and other opportunities. The examples also emphasize the important role that ECD plays as a regional development finance intermediary.
Learn more about TAB
Community Development
ECD/HOPE's approach to policy focuses on influencing the allocation of public and private resources to improve the quality of life for low-income residents. Since its inception ECD/HOPE has established a successful track record of leveraging public and private resources and deploying capital to low-wealth families and communities. Examples include the following:
HOME Funds
HOME Funds are federal community development block grant resources that states use for addressing housing needs. ECD partnered with the state of Mississippi to designate $2 million in HOME funds for supporting home ownership for low- and moderate-income families and individuals. Of the $2 million, $1 million was specifically designated for severely distressed counties. ECD uses the HOME funds in conjunction with its mortgage program to provide up front equity to the homebuyer. In many cases, the equity amounts to 20% of the Loan to value - thereby eliminating the monthly mortgage insurance payment. ECD is currently in negotiations with other states to replicate the strategy.Government Loan Guaranty Programs
ECD works with the U.S. Small Business Administration and the United States Department of Agriculture Community Facility loan guaranty programs. The programs enable ECD to leverage its capital and extend credit to start-ups and businesses that may lack strong collateral. Because guaranteed loans require lower loss reserves, ECD/HOPE's capital is freed up to make additional loans. Guaranteed loans also help mitigate risk and increase liquidity through their sale on the secondary market. Over 20% of the loans made to businesses that were new to the portfolio in 2004 received a guaranty through a federal agency, securing approximately $1.3 million.New Markets Tax Credit Program
In 2003, ECD received a $15 million New Market Tax Credit (NMTC) Allocation to attract private capital to distressed areas. Through spring of 2005, ECD had leveraged over $25 million with the NMTC. Most of the funds leveraged were private sector funds from banks and large corporations.While certainly not exhaustive, the above listed examples represent ECD capacity to leverage dollars and effectively channel resources to address development needs in the Delta through lending and other opportunities. The examples also emphasize the important role that ECD plays as a regional development finance intermediary.
Technical Assistance to Brownfields Communities (TAB)
Enterprise Corporation of the Delta (ECD) has been awarded a Technical Assistance to Brownfields Communities (TAB) grant through a national program funded by the U.S. Environmental Protection Agency (EPA). ECD will be providing assistance to EPA regions 4 and 6. These regions include Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Arkansas, Louisiana, New Mexico, Oklahoma, Texas, and Tennessee.Learn more about TAB
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