Ohio Governor Ted Strickland signed legislation that will cap interest rates on payday loans to 28 percent, compared with current rates that approach 400 percent. MacArthur grantee the Center for Responsible Lending provided technical assistance, research, and strategy guidance to the nonprofit Ohio Coalition for Responsible Lending, which led the three-year campaign for the law. The Center for Responsible Lending is associated with the Center for Self-Help, a long-time borrower from MacArthur's Program-Related Investments.
In addition to its grantmaking, the Foundation makes program-related investments (PRIs), which are low-cost loans and equity investments provided at below-market rates to support charitable activity. PRIs extend the reach of traditional philanthropy by helping recipients attract additional capital from public and private financing sources.
Since 1986 the Foundation has awarded more than $200 million in PRIs to more than 100 nonprofit and for-profit organizations in the U.S. and abroad. Currently, most of the Foundation's PRIS are used for two purposes within the Program on Human and Community Development.
To support specialized intermediaries known as Community Development Financial Institutions (CDFIs). These organizations provide financial services and products to people and communities that are underserved, economically disadvantaged, or distressed. Across the United States there are more than 700 CDFIs that collectively provided, in 2004 alone, more than $4 billion in loans, investments, and financial services.
To support Window of Opportunity, a $150 million grant and PRI initiative designed to help preserve affordable rental housing across the country.
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