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NR 2008-109
Contact: Dean DeBuck
(202) 874-5770

OCC Publishes Newsletter Highlighting Multibank Community Development Corporations

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released the Fall 2008 edition of Community Developments Investments focusing on Multibank Community Development Corporations (CDC).

"Multibank community development corporations are an excellent investment tool for community and mid-sized banks to share both risk and expertise while supporting affordable housing, small businesses, and local economic development," said Comptroller of the Currency John C. Dugan. "These investments, typically made under national banks’ public welfare investment authority, permit bank debt and equity investments in activities that primarily promote the public welfare in a safe and sound manner."

This issue of Community Developments Investments features guidance for establishing a multibank community development corporation, as well as profiles of successful multibank CDCs. The newsletter contains examples of how transactions financed by these corporations are structured, as well as how these investments can receive positive consideration under the Community Reinvestment Act.

Community Developments Investments can be accessed on the OCC’s Web site at: www.occ.gov/static/community-affairs/community-developments-investments/fall08/MultibankCDCs.pdf.

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