CRF Closes 1st-of-a-Kind S&P-Rated Offering

Published November 10, 2004, 3:00 p.m. EST

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Community Reinvestment Fund USA, a Minneapolis-based nonprofit organization, has announced the closing of the first note offering rated by Standard & Poor's Ratings Services to be backed by community development loans.CRF said the offering, the 17th in a series, is backed by $51.1 million of loans to small businesses in 19 states, including loans for small, affordable rental housing properties. Frank Altman, CRF's president and chief executive officer, said the offering "has enabled us to attract new investors that previously were unable or unwilling to invest in our prior, nonrated offerings." The rated notes were offered through Piper Jaffray & Co.

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