BACKGROUND.  Arizona MultiBank Community Development Corporation, an Arizona 501(c)(4) nonprofit corporation, is an initiative of the Arizona Bankers Association.  Established to operate an investment pool that is funded on a long-term basis by Arizona lenders, MultiBank is certified by the U.S. Department of the Treasury as a Community Development Financial Institution ("CDFI") and Community Development Entity ("CDE").

PURPOSE.  MultiBank provides financial assistance and technical support in areas of low income and affordable housing, small business, and economic development in the State of Arizona, including within the external boundaries of Indian Reservations located partially or fully within the external boundaries of Arizona.

PRODUCTS.  Part lender and part intermediary, MultiBank provides direct financing in the form of debt, debt with equity features and credit enhancements to facilitate conventional financing and to leverage other private and public funds.

CAPITALIZATION.  MultiBank has issued over $10 million in capital debt securities, making its initial capitalization one of the largest in the nation for a nonprofit community development corporation of its kind.  The following institutions provided the funding:

BOARD.  MultiBank's Board of Directors and its committees are vital to its success and continued responsiveness to financing needs in the community.  There are 12 Directors: 5 representatives from banks, 1 Arizona Bankers Association representative and 6 community representatives.

ACTIVITY.  Since December 1992, MultiBank has responded to the financing needs with 417 loans totaling $45.7 million.  Loans range from $500 to $1,000,000 to community development projects with total project investments of $185 million.

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