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Springboard Cdfi

Springboard Cdfi

National City, CA 91950
Tax ID95-3685889

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About this organization

Revenue

$1,850,444

Expenses

$2,433,659

Website

springboard.org

Mission

Springboard CDFI is an Internal Revenue Service 501(c)(3) nonprofit California public benefit corporation and a designated U.S. Department of Treasury Community Development Financial Institution, incorporated on February 25,1982 which actively supports community development by providing homeownership opportunities through loans and real estate services with a focus on low-to-moderate income individuals and traditionally underserved communities.

About

THROUGH ITS COMBINED PRODUCTS AND SERVICES, SPRINGBOARD CDFI ASSISTED 3,400 CONSUMERS IN THE HOMEOWNERSHIP PROCESS IN 2019, DEPLOYING OVER $40M IN SPECIALTY MORTGAGE FINANCING.SPRINGBOARD CDFI IS A US TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDING DOWN-PAYMENT, FIRST MORTGAGE, AND CLOSING COST LOANS FOR THE PRIMARY BENEFIT OF LOW TO MODERATE INCOME (LMI) FIRST-TIME HOMEBUYERS IN COMMUNITIES GENERALLY UNDERSERVED BY TRADITIONAL LENDERS. SPRINGBOARD CDFI OFFERS A VARIETY OF LOAN PROGRAMS IN PARTNERSHIP WITH FINANCIAL INSTITUTIONS AND OTHER PARTNERS AND ALSO ORIGINATES OR SERVICES A VARIETY OF DOWN-PAYMENT AND SPECIAL PROGRAMS, EITHER FROM ITS OWN FUNDS, BROKERED THROUGH BANK LENDING PARTNERS, OR AS THE ADMINISTRATOR ON BEHALF OF GOVERNMENT OR NONPROFIT ENTITIES.THE LOAN ASSETS OF SPRINGBOARD CDFI WERE ORIGINATED UNDER THE FOLLOWING PROGRAMS:COST ASSISTANCE SUPPORT FOR HOMEBUYERS (CASH):THIS LOAN PROGRAM PROVIDES DOWN-PAYMENT AND CLOSING COST ASSISTANCE FOR QUALIFYING FIRST-TIME HOMEBUYERS WHO HAVE SOME LIQUID ASSETS, BUT STILL NEED ADDITIONAL FUNDS. SPRINGBOARD CDFI CHARGES A LOW FIXED INTEREST RATE UNDER THIS PROGRAM WHEREBY THESE LOANS ARE FULLY AMORTIZED WITH TEN-YEAR TERMS AND CAN BE DEFERRED FOR UP TO FIVE YEARS BASED UPON THE BORROWER'S ABILITY TO PAY.CALHOME:CALHOME LOAN FUNDS ALLOW FIRST-TIME HOMEBUYERS EARNING LESS THAN 80% OF AREA MEDIAN INCOME TO OBTAIN FULLY DEFERRED DOWN-PAYMENT LOANS AT 3% INTEREST. REPAYMENT OF THESE LOANS IS DEFERRED UNTIL THE SALE OR REFINANCING OF THE PROPERTY.

Interesting data from their 2020 990 filing

In the filing, the mission of the non-profit is noted as “Springboard cdfi is a 501(c)3 nonprofit corporation incorporated on february 25, 1982 with a mission to bridge the wealth gap in america by bringing scaled solutions and access to capital to underserved markets. having been in the business for over 30 years, springboard cdfi walks first-time homebuyers through the process, making sure they understand every step, and delivering loans at the best rates and terms available. springboard cdfi also operates as springboard home loans and leads the efforts of the springboard mortgage collaborative as the host community development financial institution ("cdfi") and provider of technology, access to capital markets, and fulfillment solutions.”.

When detailing its duties, they were outlined as: “Bridging the wealth gap in america by providing scaled solutions and access to capital; with a focus on first-time homebuyers, people of color, and rural communities.”.

  • The state in which the non-profit is legally registered to operate is CA, as per legal records.
  • The filing documents the non-profit's address in 2020 as 1450 IOWA AVENUE 205, RIVERSIDE, CA, 92507.
  • The non-profit's form for the year 2020 reports a total of 33 employees on their payroll.
  • Does not operate a hospital.
  • Does not operate a school.
  • Does not collect art.
  • Does not provide credit counseling.
  • Does not have foreign activities.
  • Is not a donor-advised fund.
  • Is not a private foundation.
  • Expenses are greater than $1,000,000.
  • Revenue is greater than $1,000,000.
  • Revenue less expenses is -$583,215.
  • The CEO remuneration plan within the organization is subject to review and approval by an independent source.
  • The organization has a written policy that describes how long it will retain documents.
  • The organization has 5 independent voting members.
  • The organization was formed in 1982.
  • The organization has a written policy that addresses conflicts of interest.
  • The organization is required to file Schedule J.
  • The organization is required to file Schedule O.
  • The organization pays $1,349,710 in salary, compensation, and benefits to its employees.
  • The organization pays $0 in fundraising expenses.
  • The organization provides Form 990 to its governing body.
  • The organization has minutes of its meetings.
  • The organization has a written whistleblower policy.
  • The organization's financial statements were reviewed by an accountant.

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