As I reflect on 2023, one word resonates powerfully: Juntos.

The Spanish word for “together” was the guiding force behind our actions last year, shaping how we identified investment opportunities, cultivated clients, forged partnerships and, fostered a vibrant, supportive community of organizations working on the front lines of Latino advancement across America.

Our commitment to working juntos was particularly evident in our deepened collaboration with the affiliates of our founding organization, UnidosUS. We focused intensely on providing these vital entities with responsible and attainable financing tailored to their unique needs. I’m proud to report that in 2023 a significant 50% of the $150 million we directly invested into communities went to UnidosUS affiliates. In the world of high-growth finance, that represents a 2x increase from our historical average, meaning we effectively doubled down on affiliate lending. Furthermore, we amplified our impact by leveraging an additional $440 million through other investments.

But this report isn’t just about numbers – it’s about the transformative power of collaboration. It’s about taking the journey with our partners. While I’m incredibly proud of the deals we financed, what inspires me is the impact they have.

Take our partnership with Mexican American Unity Council, the renowned organization dedicated to promoting economic, social, and educational opportunities for Latinos in San Antonio, TX. Owners of two affordable housing communities, MAUC was on the brink of losing 248 apartments to the speculative market. Our loan — which no other financial institution was willing to offer — helped them secure these homes for generations to come. (Read more about them on page 8).

Across the country in, San Rafael, CA, Canal Alliance, a longstanding social services organization faced a different challenge. For years, they had rented their headquarter office space. We provided them with affordable capital and helped them buy their own building. Not only does this save them money that can be redeployed to cover other essential needs, but it also lets Canal Alliance build long-term financial stability so they can continue to serve the community with even greater impact. (Read more about them on page 10).

The RFD approach extends far beyond financial transactions. We listen and learn, stay and support, and we grow alongside our clients and partners — juntos.

Nowhere is that truer than in our new Comunidad Sana Initiative, designed to support community health centers serving Latinos across the country. The initiative includes the creation of a $100 million investment fund, for which we are actively fundraising. It also includes the establishment of a learning cohort through which we work alongside health center leaders to develop products and solutions that make sense for them and, more important, foster a spirit of collaboration and unity. I am especially excited that UnidosUS affiliates are already participating and receiving support to innovate and grow.

While achieving impact is our primary focus, maintaining financial stability is equally important. I am pleased to say that in 2023, S&P reaffirmed our strong AA- credit rating. Additionally, our assets under management grew by nearly 18% to $584 million in 2023.

We also spent time in 2023 defining our path forward. This strategy formation process was, inherently, a collective effort — juntos in every sense. We engaged with a wide array of stakeholders — existing clients and former ones, UnidosUS affiliates and non-affiliates, philanthropic partners and financial institutions, board members, staff, and beyond. We asked questions, probed ideas, leaned in, and listened intently.

The insights we gathered reside at the heart of the strategic framework we’ve developed, which is being rolled out in 2024.

As we look to the future, you can trust that the spirit of juntos will continue to be at the core of everything we do. We’re excited about what lies ahead and grateful for the continued support you have offered us. Thank you for being a part of our journey.

Annie Donovan, President & CEO

Empowering Local Heroes, Strengthening Our Future

Community-based organizations are the backbone of vibrant communities. They bridge critical gaps in essential services, fostering economic activity and creating jobs, especially in underserved areas. From healthcare and education to affordable housing and social services, nonprofits play an irreplaceable role in building trust and empowering low-income families to achieve economic mobility. However, these vital organizations often face significant challenges, particularly securing the financial resources and staffing needed to meet growing demand. A 2019 National Council of Nonprofits report found that over half of nonprofits struggled to keep pace due to these limitations.

Raza Development Fund: Investing in Change

As a leading Community Development Financial Institution (CDFI), Raza Development Fund (RDF) is dedicated to fueling the growth of community heroes. We provide critical financial resources and capacity-building support, enabling them to expand their reach, provide innovative services, and deliver a lasting impact.

Expanding Our Impact: Putting Affiliates First

This year, we’ve doubled down on our commitment to UnidosUS affiliates. With an “affiliate-first” approach, we’ve expanded our offerings of targeted support in financial management, loan readiness, real estate development, and achieving financial sustainability. This ensures that our affiliates are equipped to deliver the best possible services to their communities.

Investing in Real Lives, Real Results

In 2023 alone, RDF invested $150 million, with a remarkable 50% directed towards our affiliates. NMTC Affiliate Investment was $28 million. $628,000 was invested through consultants and third-party providers supporting Affiliates. We closed on 41 small business loans across 5 cities in partnership with Affiliates. Over the year our staff engaged with 84 affiliates providing technical assistance, training, peer to peer learning opportunities and partnerships across 24 states. This translates to tangible improvements in the lives of countless individuals. Juntos, we can build stronger, more resilient communities where everyone has the chance to thrive.

There are 62 million Latinos in the U.S playing a vital role in the nation’s economic, political and social spheres. As the fastest growing minority group, Latinos are expected reach a quarter of the population by 2050. The well being of 25% of our nation is a determining factor in its prosperity.

This is a critical moment to push further and do more to empower Latino communities.

At RDF, we are seizing the moment. In 2023, we embarked on a journey to shape our strategic framework for the future, beginning with introspection and deep listening. We engaged a wide array of stakeholders – existing and former clients, UnidosUS affiliates, other non-profits, philanthropic partners, investors, board members and staff – to examine our strengths and weaknesses. We asked questions, leaned in, and created a space to share ideas, thoughts, and dreams for the future. The output is a strategic framework to be rolled out in Fiscal Year 2024.

While we spent time crafting our future, we were still very much in the present, getting important deals across the finish line. In the following pages we share a few of the impactful stories of these investments.

For five decades, the Mexican American Unity Council (MAUC) has been a cornerstone of San Antonio’s Latino community. Established as one of the seven original UnidosUS affiliates and the first to serve the San Antonio area, MAUC has an inspired track record of delivering critical social services, from education and healthcare to affordable housing. But even the most established organizations face hurdles. In 2023, MAUC, which owns two affordable housing communities, confronted acritical situation. The tax credit period for its Stonehouse Apartments, a vital 248-unitproperty, was nearing an end. Without securing new financing, MAUC risked losing the property, potentially displacing hundreds of families.

President and CEO Fernando Godinez went into action searching for financial partners to help him secure patient, subordinate capital. What he found was that many traditional financial institutions were unwilling to extend such an investment.

Enter RDF, a partner who understood MAUC’s mission and believed in its impact. Together, we crafted an innovative investment solution.

Despite its picturesque setting near San Francisco Bay, San Rafael can be overwhelming for immigrants arriving to build a new life. Navigating unfamiliar systems and cultural barriers can feel like a maze.

For over 40 years, Canal Alliance, a UnidosUS affiliate, has been a guiding light for these individuals and families, helping them navigate the path towards stability and success through programs like job training, education, and healthcare access.

In an ironic twist, 2023 presented Canal Alliance itself with a significant hurdle. For years, the organization had been operating out of a rented building, an aging space with recurring flooding issues and limited capacity for its staff to serve the growing community. They urgently needed a permanent and functional headquarters.

It was a perfect opportunity for RDF to do what it does best.

RDF provided a critical $3.75 million source loan in addition to a previous $12 million New Markets Tax Credit allocation. This investment enabled Canal Alliance to acquire and renovate a permanent facility just blocks away from its existing location.

Owning a permanent headquarters is crucial for any non-profit’s strategic growth. In this case, it helps Canal Alliance retain the trust of the community they serve. With this new space, Canal Alliance can expand its 11 programs, offering even more opportunity for their majority Latino constituents to thrive. In addition, owning a new space helps Canal Alliance build its own long-term financial stability.

CEO Omar Carrera expressed his gratitude for the support. “Thanks in no small part to RDF’s ongoing partnership, Canal Alliance continues to succeed in supporting the Latino immigrant community here in Marin.”

“¡Sí Se Puede! ¡Y Podemos Más, Juntos! Yes, we can. And let’s do more, together!” – proclaimed Annie Donovan, RDF’s President & CEO, and Janet Murguía, UnidosUS President & CEO, on the big stage at the UnidosUS conference in Chicago in July 2023. Together, they officially launched the Comunidad Sana Fund, a $100 million initiative to advance health equity.

In collaboration with UnidosUS, we are investing in affiliate community health centers to catalyze growth as we aim to reduce health and economic disparities. These Federally Qualified Health Centers are on the frontlines providing culturally and linguistically appropriate services to under-represented communities. As medical homes, they are pioneers integrating social drivers of health into quality care while acting as hubs for resiliency.

Through the initiative we are facilitating a community health learning collaborative – an opportunity for the 24 UnidosUS affiliate community health centers to gather together and co-create innovative activities and solutions toward healthcare resiliency.

The impact of this fund is already evident in community stories like Esperanza Health Centers.

For more than two decades, Esperanza Health Centers, a Federally Qualified Health Center (FQHC) and long-time UnidosUS affiliate, has been a cornerstone of Chicago’s Southwest Side Latino community. Serving over 50,000 patients annually, Esperanza provides high-quality primary care and behavioral health services, regardless of immigration, insurance status, or ability to pay. They operate five medical facilities, including their recently opened state-of-the-art Brighton Park campus, which boasts three dozen exam rooms, a laboratory, and a pioneering geriatric health center— all designed to meet the evolving needs of the community.

Recognizing Esperanza’s vital role, RDF has for years been a dedicated partner in their growth journey. But it was in 2023 that this powerful partnership culminated with RDF’s largest investment to date: $22 million in New Markets Tax Credit financing, made possible through collaboration with CommonSpirit Health. The investment effectively doubled the size of the Brighton Park campus buildings, where Esperanza will now be able to serve more than 20,000 patients annually.

“RDF has been absolutely crucial to Esperanza’s development over the years. They are not just another bank or finance partner,” said Dan Fulwiler, Esperanza Health Center’s President and CEO. “They go the extra mile to make sure we can get good rates and construct a comprehensive program that’s really going to work for us.”

Opened in February 2024, the Brighton Park campus is unique in that it goes beyond healthcare. It offers a safe haven for the community, complete with a café, a plaza, and dedicated spaces for music, arts and crafts, and yoga. Additionally, the site features a residency program training doctors in culturally competent care for underserved communities and will host a program designed to help seniors age in place.

For Luis Gutierrez and his family, Esperanza has always been more than a clinic. It’s a health home, something that became especially evident during the pandemic. “They took the time to sit down with my family members, talk to them, answer all those questions, and make sure they had the best care possible,” Gutierrez recalls. “With Esperanza being in my community, it’s really made it feel that it’s not just my doctor, it’s actually my home.”

The Esperanza investment marked the launch of RDF’s Comunidad Sana Fund, which intends to direct $100 million in capital as well as other support resources to community health centers across the country.

Annie Donovan
Raza Development Fund
President & CEO

Joseph F. Reilly
Board Secretary
President & CEO, Community
Development Trust

Luis Granados
Chief Executive Officer
Mission Economic
Development Agency (MEDA)

Maria Salinas
President & CEO, Los Angeles
Area Chamber of Commerce
(Starting May 2023)

Daniel R. Ortega, Jr.
RDF Board Chair
Ortega Law Firm

Aaron Dominguez
Catholic University of

Janet Murguía
President & CEO

Kenneth I. Trujillo
Shareholder Chamberlain

Brenda Loya
RDF Board Vice Chair
Chief Operating Officer,
BlueHub Capital

Donna Gambrell
Chief Executive Officer
Appalachian Community

J. Reymundo Ocañas
EVP, Director of Community
Development Banking,
PNC Bank
(Starting May 2023)

Annie Donovan
President & CEO

Ruby Marinez
Chief of Staff

Adrian Ruiz
Chief Investment Officer

Scott Richter
Chief Credit Officer

Melissa McDonald
Chief Operating Officer

David Clower
EVP, Strategic

Monica Ballesteros
Deputy Chief
Communications Officer

Pedro Chaves
Deputy Chief
Credit Officer

Rodrigo Vela
Chief Financial Officer
(Until June 30, 2023)

Tony Lopez
Chief Financial Officer
(Starting July 1, 2023)

Juan Madrid
Deputy Chief Financial
Officer & Controller
(Starting July 1, 2023)

Funders and Investment Partners Ally Bank

  • Bank of America
  • Capital One
  • CDFI Fund
  • Charles Schwab
  • Charter Communications
  • Citi Foundation
  • Comerica
  • Common Spirit
  • Department of Education
  • Discover
  • Federal Financing Bank (CDFI Bond Guarantee Program)
  • Federal Home Loan Bank of San Francisco Gates Foundation
  • Google
  • JP Morgan Chase
  • Kellogg Foundation
  • Latino Community Foundation
  • Northern Trust
  • Opportunity Finance Network
  • PNC Bank
  • Starbucks Resilience Fund
  • State Farm Insurance Companies
  • U.S. Bank
  • Valley Metro
  • Vitalyst
  • Wells Fargo
  • Western Alliance Bank
  • Woodforest Bank

Bondholders- Minimum $200K AEIS Inc.

  • Brown Bros.
  • Davidson
  • Int. Broker
  • Prin Bank
  • US Bank NA
  • Apex Clear
  • Charles Schwab
  • Fifth NA
  • JPMorgan Chase Northern Trust Raymond James Vanguard
  • Bank of NY
  • Comerica
  • Hilltop Securities MSSB
  • Pershing
  • Wells Fargo



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