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From
Wikipedia, the free encyclopedia The Center for Community Self-Help
(Self-Help) is a community development lender and real estate developer. It
was founded in Durham, North Carolina in 1980. Self-Help is one of the
largest community development financial institutions in the United States,
and a leader in profitably lending to underserved borrowers and communities.
Self Help's mission is to create and protect ownership and economic
opportunity for minority, women-headed, rural and low-wealth families
through home and small business lending. To date over $5.5 billion has been
disbursed to these target groups.[1] Self-Help operates from regional
offices in Asheville, Charlotte, Durham, Fayetteville, Greensboro,
Greenville, Wilmington and Wilson, as well as in Washington, D.C.
Martin Eakes and Bonnie Wright founded Self-Help in 1980 to provide
management assistance to worker-cooperative businesses in low-income
communities. In 1984, Self-Help established its financing affiliates -
Self-Help Credit Union and Self-Help Ventures Fund - to help disadvantaged
individuals build wealth through home and small business ownership. Looking
to expand its community development impact, Self-Help joined with Fannie Mae
in the late 1980's to create a secondary market program for underserved
borrowers. After initial success with secondary market lending, Self-Help
partnered with Fannie Mae and the Ford Foundation in 1998 to create its
Community Advantage Program, which provides credit enhancement to
conventional lenders, enabling them to make flexible home loans to
low-wealth families. The Community Advantage Program made over $2 billion in
affordable home mortgage loans to minority and low-wealth homebuyers
nationwide over a five year period.[1] Self-Help tracked the data from this
program, which showed that low-income borrowers are good credit risks when
they are offered responsible loans at fair rates.[2]
Awards
Over the years Self-Help has received numerous awards for its work, from
organizations such as Preservation North Carolina[3], the North Carolina
Department of Commerce, and the Triangle Commercial Real Estate Women.[4]
In 2007, Self-Help was named one of the twelve high-impact nonprofits in the
book Forces For Good along with other organizations such as America's Second
Harvest, Habitat for Humanity, The Heritage Foundation, and Teach for
America.[5]
In June 2009, Self-Help won the Dora Maxwell Social Responsibility Award,
which "recognizes and promotes credit unions’ social responsibility efforts
within the communities they serve."[6]
In 2009, AARP awarded Self-Help founder and CEO Martin Eakes an Inspire
Award, which "pays tribute to ten extraordinary people age 50 and over who
have made the world a better place through their innovative thinking,
passion, and perseverance." Other 2009 winners included Glenn Close, Quincy
Jones, and Alma Powell.[7]
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