HomeMy WebLinkAboutM-89-0937625 N.E. 15th Street Miami, Florida 33132 (305) 373 -0881
May 8th, 1989
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Mr. Cesar Odio
City Manager
City :Hall,. City of Miami
35004Pan American Drive
Miami, FL 33133
Dear Cesar,•
The :'Episcopal Diocese of Southeast Florida is about to launch The
Episcopal Community Development Loan Fund Corporation to serve
•'Overtown,:Liberty City and other inner city areas.
The•Diocese' shares with other institutions a deep concern over the
growing polarization of the society and the plight of the
As the organizers of this fund, we realize that poverty, despite
- popular misconceptions, results not so much from a lack of resources or
capabilities as from patterns of ownership and control - of land and
housing, of businesses and financial institutions - that drain
resources out of lower- income communities. The result of these
patterns of ownership is an inequitable distribution of capital by
which some have been unjustly deprived and others benefited. This
inequality places a social mortgage on accumulations of capital - a
claim for their reallocation and reinvestment.
'Poverty. =:,is-:`perpetuated by the credit barriers and social divisions
which deny lower - income communities access to the capital required to
initiate community development, and by their consequent inability to
retain and reinvest the fruits of their labors and build equity for
theirs futures. Too often conventional financial institutions fail to
respond to the needs and initiatives of lower- income communities. They
are inhibited by class and cultural barriers, high cost of operation,
and their commitment to profit maximization.
page 1 of 2 '
DONAU) F: BENJAMIN, A t C P
Q -. Aad/tant tR the Bishop
I t::,i I o ,1 3: 53
36 ,4
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page 2 - Letter to Cesar Odio - May 8, 1989
Through responsible lending programs we hope to clearly demonstrate
that this project is practicable, and that it offers investment
opportunities that are both socially and financially responsible. We
believe that all investment decisions should be made with consideration
and concern for their social consequences - and that this community
investment is the most effective investment for those whose objective
is a democratic economy and a just society.
This fund intends to borrow capital and relend it on affordable terms
to benefit communities and individuals denied sufficient access to
traditional capital markets.
The fund hopes to receive investment loans from a variety of sources,
including individuals, other religious organizations, charitable
foundations, government sources, and corporations. We will lend to
community organizations that develop housing, employment opportunities,
and other resources and services for low- income, unemployed and other
economically - disenfranchised people. We will be chartered as a not -
for- profit corporation. We are committed to responsible stewardship of
investment resources and .sound business management, sustaining an
excellent record of performance.
We would like to appear before the City Commission in June 1989 to make
a presentation regarding this program and to enlist the support of the
City of Miami in its implementation.
Faith lly,
Donald F. Benjamin,
Assistant to the • op for
Social.Conce s
DFB /nvc '
cc: The Hon. Xavier Suarez
The Hon. Victor de Yurre
The Hon. Miller Dawkins
The Hon. J.L. Plummer
The Hon. Rosario Kennedy