COIN: Building economic clout to fight neighborhood poverty
According to the U.S. Census Bureau’s report The Supplemental Poverty Measure: 2015, nearly eight million people in California were living in poverty in 2015. The report indicated that the state’s poverty rate was 20.6 percent—well above the national rate of 15.1 percent—and surpassed the rates of every other state in the nation.
Those numbers are deeply troubling. What is also troubling is the possibility that, despite the state’s persistent poverty, California may allow a proven resource for strengthening its underserved communities to die.
From 1997-2016, the COIN Program has generated more than $335 million in community development investments
The California Organized Investment Network CDFI Tax Credit Program (known as the COIN Program) was launched in 1996 as a public-private partnership involving the California Department of Insurance, the insurance industry, and Community Development Financial Institutions (CDFIs).