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Federal Home Loan Bank (FHLB)

CIDC established a statewide pool in New Jersey of 86 members of the Federal Home Loan Bank Board who were willing to extend both construction and permanent loans to projects that qualified under the Community Investment Program or the Community Development Fund. This allowed CIDC to originate and arrange commitments for qualifying projects at low interest rates. This exceptional program facilitates the revitalization of downtown areas, job creation through financing of manufacturing plants and development of affordable housing.

CIDC has originated more than $30 million CIP loans for economic development in New York, New Jersey, Pennsylvania and California.

Federal Housing Administration (FHA)

CIDC, in a joint venture with the City of Reading and Pennsylvania philanthropist Albert Boscov (of Boscov’s Department Stores) spearheaded an innovative effort to improve housing stock in Reading and promote affordable homeownership opportunities through “Asset Control Area Housing Rehabilitation.” The project received a “Best Practices 2000” award from the U. S. Department of Housing and Urban Development’s Pennsylvania State Office.


CIDC has worked extensively with the FHA “Gifted Down Payment” Program to provide down payment assistance to individuals and families who have the means to afford their monthly mortgage payment, but cannot accumulate the down payment and closing costs required to purchase the house.


CIDC also has used the FHA 203K program for housing rehabilitation and the FHA 221-D-2 and D-4 programs for multifamily and assisted living facilities in projects across the continental United States.

Small Business Administration (SBA)

CIDC has frequently employed the SBA 7A and 504 loan programs to the benefit of its public clients. In tandem with the Northeast Economic Development Co. of PA-CDC, it is currently spearheading an initiative to bring the benefits of 504 loan financing to companies in seven counties of eastern Pennsylvania. In addition, the corporation is working closely with the City of Middletown Industrial Development Agency to maximize the use of the SBA 504 loan program to bring economic development to Orange County, New York.

Highlights of the 504 Program:

  • Preservation of working capital.

  • Fully amortized loan, no balloon payments.

  • Between 90% and 100% financing.

  • Attractive fixed interest rates.

  • Extended repayment terms.

  • Lower risk for bank.

Family Business Loan Program

CIDC designed the prototype of the Family Business Loan Program, which has successfully been implemented in Orange County and several client communities.

In Orange County, New York, Provident Bank, an FHLB member bank, agreed to sponsor the program and provide below-market rate commercial loans at fixed rates for terms up to 20 years. The Cities of Newburgh and Middletown committed funds debt reserve.

The $51 million initiative is designed to assist family-owned and small businesses in Newburgh, Middletown and Port Jervis. This public/private partnership is stimulating economic development in the target cities, creating jobs as local businesses receive the funds to expand and new businesses are attracted into the area.


The Family Business Loan Program has been duplicated by CIDC in Pennsylvania and California.

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