Finance
In New York, the 'Community Development Financial Institution' (CDFI) program provides:
AAbove-market-rate financing for luxury development
BBelow-market financing, technical assistance, and other financial services to underserved communities and low-income borrowers, including mortgage lending✓ Correct
CCommercial bank charters to credit unions
DFederally guaranteed mortgages for rural areas
Explanation
CDFIs are specialized financial institutions certified by the U.S. Treasury that provide financial services to underserved communities. In New York, CDFIs provide below-market-rate mortgages, small business loans, and community development financing to low- and moderate-income borrowers and communities that lack access to traditional financial services. They play an important role in affordable housing financing.
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