Center for Community Self-Help
Encyclopedia
The Center for Community Self-Help (Self-Help) is a community development lender and real estate developer. It was founded in Durham
, North Carolina
in 1980. Self-Help is one of the largest community development financial institution
s in the United States, and a leader in profitably lending to underserved borrowers and communities.
Self Help's mission is to create and protect ownership and economic opportunity for minority, women-headed, rural and low-wealth families through home and small business lending. To date over $5.5 billion has been disbursed to these target groups. Self-Help operates from regional offices in Asheville, Charlotte
, Durham
, Fayetteville
, Greensboro, Greenville
, Wilmington
and Wilson
, as well as in Washington, D.C.
and Bonnie Wright founded Self-Help in 1980 to provide management assistance to worker-cooperative businesses in low-income communities. In 1984, Self-Help established its financing affiliates - Self-Help Credit Union and Self-Help Ventures Fund - to help disadvantaged individuals build wealth through home and small business ownership. Looking to expand its community development impact, Self-Help joined with Fannie Mae in the late 1980s to create a secondary market
program for underserved borrowers. After initial success with secondary market
lending, Self-Help partnered with Fannie Mae and the Ford Foundation
in 1998 to create its Community Advantage Program, which provides credit enhancement to conventional lenders, enabling them to make flexible home loans to low-wealth families. The Community Advantage Program made over $2 billion in affordable home mortgage loans to minority and low-wealth homebuyers nationwide over a five year period. Self-Help tracked the data from this program, which showed that low-income borrowers are good credit risks when they are offered responsible loans at fair rates.
In 2007, Self-Help was named one of the twelve high-impact nonprofits in the book Forces For Good along with other organizations such as America's Second Harvest
, Habitat for Humanity, The Heritage Foundation
, and Teach for America
.
In June 2009, Self-Help won the Dora Maxwell Social Responsibility Award, which "recognizes and promotes credit unions’ social responsibility efforts within the communities they serve."
In 2009, AARP
awarded Self-Help founder and CEO Martin Eakes an Inspire Award, which "pays tribute to ten extraordinary people age 50 and over who have made the world a better place through their innovative thinking, passion, and perseverance." Other 2009 winners included Glenn Close
, Quincy Jones
, and Alma Powell
.
Durham
Durham is a city in north east England. It is within the County Durham local government district, and is the county town of the larger ceremonial county...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
in 1980. Self-Help is one of the largest community development financial institution
Community development financial institution
Community development financial institutions are financial institutions which provide credit and financial services to underserved markets and populations, primarily in the USA but also in the UK...
s in the United States, and a leader in profitably lending to underserved borrowers and communities.
Self Help's mission is to create and protect ownership and economic opportunity for minority, women-headed, rural and low-wealth families through home and small business lending. To date over $5.5 billion has been disbursed to these target groups. Self-Help operates from regional offices in Asheville, Charlotte
CHARLOTTE
- CHARLOTTE :CHARLOTTE is an American blues-based hard rock band that formed in Los Angeles, California in 1986. Currently, they are signed to indie label, Eonian Records, under which they released their debut cd, Medusa Groove, in 2010. Notable Charlotte songs include 'Siren', 'Little Devils',...
, Durham
Durham
Durham is a city in north east England. It is within the County Durham local government district, and is the county town of the larger ceremonial county...
, Fayetteville
Fayetteville, North Carolina
Fayetteville is a city located in Cumberland County, North Carolina, United States. It is the county seat of Cumberland County, and is best known as the home of Fort Bragg, a U.S. Army post located northwest of the city....
, Greensboro, Greenville
Greenville, North Carolina
Greenville is the county seat of Pitt County and principal city of the Greenville, North Carolina metropolitan area. Greenville is the health, entertainment, and educational hub of North Carolina's Tidewater and Coastal Plain and in 2008 was listed as the Tenth Largest City in North Carolina...
, Wilmington
Wilmington, North Carolina
Wilmington is a port city in and is the county seat of New Hanover County, North Carolina, United States. The population is 106,476 according to the 2010 Census, making it the eighth most populous city in the state of North Carolina...
and Wilson
Wilson, North Carolina
Wilson is a city and the county seat of Wilson County in the Coastal Plain region of the U.S. state of North Carolina. The 18th largest city in the state, Wilson had a population of 49,167 according to the 2010 census.- Geography :...
, as well as in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
History
Martin EakesMartin Daniel Eakes
Martin Daniel Eakes is an American economic development strategist, and credit union CEO.Eakes grew up in Greensboro, North Carolina and graduated from Davidson College, where he majored in physics and philosophy, and holds a J.D. from Yale Law School and an M.P.P...
and Bonnie Wright founded Self-Help in 1980 to provide management assistance to worker-cooperative businesses in low-income communities. In 1984, Self-Help established its financing affiliates - Self-Help Credit Union and Self-Help Ventures Fund - to help disadvantaged individuals build wealth through home and small business ownership. Looking to expand its community development impact, Self-Help joined with Fannie Mae in the late 1980s to create a secondary market
Secondary market
The page applies to the finanical term; For the merchandising concept, see Aftermarket .The secondary market, also called aftermarket, is the financial market where previously issued securities and financial instruments such as stock, bonds, options, and futures are bought and sold....
program for underserved borrowers. After initial success with secondary market
Secondary market
The page applies to the finanical term; For the merchandising concept, see Aftermarket .The secondary market, also called aftermarket, is the financial market where previously issued securities and financial instruments such as stock, bonds, options, and futures are bought and sold....
lending, Self-Help partnered with Fannie Mae and the Ford Foundation
Ford Foundation
The Ford Foundation is a private foundation incorporated in Michigan and based in New York City created to fund programs that were chartered in 1936 by Edsel Ford and Henry Ford....
in 1998 to create its Community Advantage Program, which provides credit enhancement to conventional lenders, enabling them to make flexible home loans to low-wealth families. The Community Advantage Program made over $2 billion in affordable home mortgage loans to minority and low-wealth homebuyers nationwide over a five year period. Self-Help tracked the data from this program, which showed that low-income borrowers are good credit risks when they are offered responsible loans at fair rates.
Awards
Over the years Self-Help has received numerous awards for its work, from organizations such as Preservation North Carolina, the North Carolina Department of Commerce, and the Triangle Commercial Real Estate Women.In 2007, Self-Help was named one of the twelve high-impact nonprofits in the book Forces For Good along with other organizations such as America's Second Harvest
America's Second Harvest
Feeding America is a United States-based non-profit organization. It consists of a nationwide network of more than 200 food banks and food rescue organizations that serve virtually every county in the United States as well as Puerto Rico. It is the nation's leading hunger-relief charity,...
, Habitat for Humanity, The Heritage Foundation
The Heritage Foundation
The Heritage Foundation is a conservative American think tank based in Washington, D.C. Heritage's stated mission is to "formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong...
, and Teach for America
Teach For America
Teach For America is an American non-profit organization that aims to eliminate educational inequity by enlisting the nation's most promising future leaders to teach for two or more years in low-income communities throughout the United States...
.
In June 2009, Self-Help won the Dora Maxwell Social Responsibility Award, which "recognizes and promotes credit unions’ social responsibility efforts within the communities they serve."
In 2009, AARP
AARP
AARP, formerly the American Association of Retired Persons, is the United States-based non-governmental organization and interest group, founded in 1958 by Ethel Percy Andrus, PhD, a retired educator from California, and based in Washington, D.C. According to its mission statement, it is "a...
awarded Self-Help founder and CEO Martin Eakes an Inspire Award, which "pays tribute to ten extraordinary people age 50 and over who have made the world a better place through their innovative thinking, passion, and perseverance." Other 2009 winners included Glenn Close
Glenn Close
Glenn Close is an American actress and singer of theatre and film, known for her roles as a femme fatale Glenn Close (born March 19, 1947) is an American actress and singer of theatre and film, known for her roles as a femme fatale Glenn Close (born March 19, 1947) is an American actress and...
, Quincy Jones
Quincy Jones
Quincy Delightt Jones, Jr. is an American record producer and musician. A conductor, musical arranger, film composer, television producer, and trumpeter. His career spans five decades in the entertainment industry and a record 79 Grammy Award nominations, 27 Grammys, including a Grammy Legend...
, and Alma Powell
Alma Powell
Alma Vivian Powell is an African American audiologist and the wife of military and political figure Colin Powell, whom she married on August 25, 1962. She is a graduate of Fisk University....
.