Based in California and expanding into Nevada, Clearinghouse CDFI finances affordable housing, nonprofit organizations, and community redevelopment projects. Clearinghouse CDFI received the Award for its expansion into Nevada, a state that faces severe credit constraints and suffers from one of the highest unemployment rates, and single-family foreclosure rates in the U.S. Clearinghouse plans through expanding into Nevada to create approximately 100 jobs per year, produce 700 affordable housing units and serve 40,000 low-income individuals in Nevada over a three-year period
Today, Nevada’s unemployment rate is 12.3%, the highest in the country. For the past five years it has had the highest national single-family foreclosure rates. And, as a result of bank closures and credit constricting, financing options are scarce. After conducting community meetings and talking with Nevadan businesses, non-profits, and government leaders, Clearinghouse realized it could play a unique role in bolstering the lending capacities of regional lenders and helping to reduce unemployment throughout the state. In 2012, the California-headquartered CDFI opened an office in Las Vegas to fill severe lending gaps in the area.
From the time it incorporated in 1996 in Orange County, Clearinghouse’s priority has been addressing unmet credit needs. It supports projects—schools to community centers, small businesses to affordable housing—with the greatest potential for community impact. Says Doug, “We’ve always looked at how a project will benefit its community and whether other resources are available. If other lenders can make the loan, we simply stay away.”
Having already established a presence in the Silver State, Clearinghouse plans to increase lending in Nevada by leveraging its NEXT Award to raise new capital. The award will also support operating expenses, project pipeline development, and training and capacity building for state-based non-profits. Over the next three years, it expects to create and/or retain 100 jobs, develop 700 affordable housing units, and serve 40,000 low-income individuals in distressed areas, bringing new opportunities—and hope—to an area needing both.