A government corporation owned by the United States Department of the Treasury, it was established through the Riegle Community Development and Regulatory Improvement Act of 1994.
Within the field, only a handful of CDFIs have achieved an investment grade rating from Standard & Poor - including Local Initiative Support Corp, Reinvestment Fund, Capital Impact Partners.
Since then, and as of December 31, 2015, City First has channeled over $1 billion of capital into low and moderate income communities.
$422 in New Markets Tax Credits have helped to build institutions such as THEARC in deep southeast, DC where over 80% of the students qualify for free or reduced lunch; and the Atlas Performing Arts Center, making arts accessible to all on the now burgeoning H Street, northeast DC.
Loans towards small businesses, affordable housing, educational facilities, the arts, and health centers have totaled $591, fueling DC's renewed economy and culture.