Center for Community Self-Help
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| Company type | CDFI |
|---|---|
| Founded | 1980 |
| Headquarters | Durham, North Carolina |
Key people | Martin Eakes (CEO) |
| Products | Financial services Microfinance |
Number of employees | 650+ |
| Website | self-help.org |
Self-Help is a national community development financial institution headquartered in Durham, North Carolina. Between the years of 1980-2017, Self-Help reportedly provided over $7 billion in financing to 146,000 families, individuals and businesses. The organization seeks to support economic development and community stability by offering financial services and loans to individuals, small businesses, and nonprofits. Its activities also include real estate development and the promotion of fair financial practices nationwide. It also aims to develop real estate and promote fair financial practices across the nation. Through its credit union network, Self-Help serves 150,000 members in North Carolina, California, Illinois, South Carolina, Virginia, Wisconsin and Florida.[1]
History
[edit]In 1985, Self-Help began making home loans to North Carolina families unable to secure conventional mortgages. Looking to expand its community development impact, Self-Help worked with Fannie Mae to create more home-buying opportunities for underserved borrowers in the late 1980s. Later, Self-Help partnered with Fannie Mae and the Ford Foundation in 1998 to create the Community Advantage Program which provides credit enhancement to conventional lenders. The Community Advantage Program reportedly awarded over $2 billion in affordable home mortgage loans to minority and low-wealth homebuyers nationwide over a five-year period.[2] After analyzing the data from this program, Self-Help determined that low-income borrowers are good credit risks when they are offered responsible loans at fair rates.[3]
In the late 1990s, homeowners began coming to Self-Help Credit Union seeking help to avoid foreclosure after unscrupulous subprime lenders had siphoned off their home equity. In response to predatory loans, Self-Help worked with a state coalition in 1999 to help pass the North Carolina Predatory Lending Law, the first such law in the country.[4] In 2002, Self-Help established the Center for Responsible Lending (CRL)[5] to build on initial successes and expand our focus nationally, and to tackle practices such as payday lending in addition to mortgage lending. Since 2002, CRL has worked with community advocates, policymakers and industry groups to fight against outrageous lending abuses that strip billions of dollars from American families.[6]
Expansion
[edit]In recent years, Self-Help's credit union network has expanded.[7]
Awards
[edit]Over the years Self-Help has received numerous awards for its work from organizations such as Preservation North Carolina,[8] the North Carolina Department of Commerce, and the Triangle Commercial Real Estate Women.[9]
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.[10]
In 2009, Self-Help received the Dora Maxwell Social Responsibility Award, which recognizes credit unions for their community service efforts.[11] That same year, AARP honored Martin Eakes, co-founder and CEO of Self-Help, with an Inspire Award for his contributions to social improvement. Other recipients included Glenn Close, Quincy Jones, and Alma Powell.[12]
In 2011, the Ford Foundation named Eakes one of twelve Social Change Visionaries in celebration of its 75th anniversary. Each honoree received a $100,000 award. The foundation described Eakes as a national leader in combating predatory financial practices affecting low-income communities.[13]
Controversies
[edit]In 2024, Self-Help Ventures Fund, an affiliate of Self-Help Credit Union, was named one of three primary partners in the Climate United Fund, which received a $6.97 billion grant from the U.S. Environmental Protection Agency under the National Clean Investment Fund program. The award faced criticism from EPA Administrator Lee Zeldin, who described the selection process as rushed and lacking transparency. Following the grant, a Freedom of Information Act request was filed concerning communications between the CDFI Fund and Self-Help affiliates, after it was revealed that a senior CDFI Fund official had previously worked for Self-Help Ventures Fund. Republican lawmakers also raised concerns about potential ethical conflicts and favoritism in the grant’s administration.[14]
Notes
[edit]- ^ "2017 Annual Report".
- ^ Fast Company. "Social Capitalists: Center for Community Self-Help", December 19, 2007. Retrieved July 15, 2009.
- ^ "The Continuing Importance of Homeownership: Evidence from the Community Advantage Program" (PDF). UNC Center for Community Capital. Summer–Fall 2014. Retrieved November 9, 2015.
- ^ "North Carolina Coalition for Responsible Lending". Center for Responsible Lending. Retrieved November 9, 2015.[permanent dead link]
- ^ "Center for Responsible Lending". www.responsiblelending.org. Retrieved 2015-11-09.
- ^ "About CRL". Center for Responsible Lending. Retrieved November 9, 2015.
- ^ "Our Story | NC Credit Union History | Self-Help Credit Union". www.self-help.org. Retrieved 2015-11-09.
- ^ Preservation North Carolina "2007 Honor Award Winners Archived 2011-07-16 at the Wayback Machine". October 2007. Retrieved July 15, 2009.
- ^ "Self-Help receives award for Innovative Financing". Retrieved on July 15, 2009
- ^ Crutchfield, Leslie. Forces for Good: The Six Practices of High-Impact Nonprofits . San Francisco: Jossey-Boss, 2007.
- ^ North Carolina Credit Union League. "Self-Help Credit Union Wins Dora Maxwell Award". 2009-6-15. Retrieved on July 15, 2009.
- ^ AARP. "Inspire Award 2009 Honorees". February 2009. Retrieved on July 15, 2009
- ^ "[node:Title]".
- ^ "'Tossing gold bars off the Titanic': Durham credit union founder part of group spotlighted by EPA head over $7 billion climate change 'scheme'". Durham Reporter. 2025-02-17. Retrieved 2025-07-09.