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Woodforest National Bank - The Woodlands, TX
Woodforest National Bank (WNB) is working with Community Development Financial Institutions (CDFIs) to transform communities across its 17-state footprint while reducing barriers Black, Indigenous, and People of Color (BIPOC) real estate developers face — one block at time.
In Chicago, WNB invested in the C3 Impact Fund (C3) to meet its goal of building capacity of Naturally Occurring Affordable Housing (NOAH) and supporting workforce development with $8 million in flexible capital. C3 is a women- and minority-led CDFI, financing properties in low- and moderate-income (LMI) neighborhoods. WNB is well-aligned with C3's mission to catalyze development of LMI communities, create local jobs, and close the racial and gender wealth gap. Getting access to capital remains a top challenge for small, BIPOC developers, but working collaboratively, WNB and C3 were able to get much-needed funds to local developers to make their dreams of revitalizing their underserved community a reality.
With the capital investment in the fund, C3 and WNB invested in local BIPOC developers in Chicago's West Woodlawn neighborhood which has been disinvested for decades. To combat the need for quality workforce housing, local BIPOC developers joined forces to form West Woodland Point, LLC. Each developer bought lots on three city blocks from Cook County Land Bank Authority (CCLBA). CCLBA reduces and returns vacant land and abandoned buildings into reliable and sustainable community assets. The six developments are 3-story, 3-unit buildings with 18 rental units. The West Woodlawn neighborhood has a high poverty and crime rate, buildings are blighted, and this West Woodlawn project is attracting new businesses and providing jobs for local residents.