ProInspire Spotlight: Keiva Dennis, National Housing Trust Community Development Fund
ProInspire Spotlight is our monthly feature profiling sector switchers and people using their business experience in the social sector. This month we spotlight Keiva Dennis at the National Housing Trust Community Development Fund. Keiva used her experience at Deutsche Bank and her MBA from Yale School of Management to move into community development finance, where she is managing a loan fund for affordable housing.
1. What do you currently do? What is community development finance?
I am currently the Director of the National Housing Trust Community Development Fund (NHTCDF) which is a certified Community Development Financial Institution (CDFI). NHTCDF provides prudent loans to developers preserving affordable housing. I source and underwrite new loans, maintain the current loan portfolio, raise additional capital as well as manage the operations of the Fund.
Community development finance involves providing affordable and appropriate financial services to people and communities who traditionally lack such services. This is done through CDFIs which generally come in the form of banks, credit unions, nondepository loan funds or venture funds. CDFIs offer financing for homeownership, rental housing, commercial real estate, health care, small businesses, microenterprises, charter schools, child care facilities and much more.
2. What did you do before coming here?
Prior to the National Housing Trust, I worked at Deutsche Bank for four years in Cash Management as a Product Manager. This gave me great exposure to managing a product or service and learning to be an expert for my product. I performed strategic analysis to implement new product features that would meet the needs of corporate and institutional clients.
After my Deutsche Bank experience, I went to business school at the Yale School of Management, where I concentrated in non-profit management.
3. What inspired you to work in the social sector?
I wanted to take my finance and strategy skills to be used in the social sector to ultimately benefit a different type of client, low and moderate income families. People’s lives are improved and communities are changed through community development financing.
4. How did you make the transition?
I made the transition to the social sector through graduate business school. Through the courses that I took and extra curricular activities I participate in, I was able to show my interest in community development during the interviewing process.
5. What is the most rewarding part of your work?
The most rewarding part of my work is when I can attend the grand opening for a project that I’ve provided funding for. I can hear the testimonials of residents – showing the impact that an improved building can have on their quality of life.
6. What is the most challenging part of your work?
The most challenging part of my work is managing many deliverables at any moment in time. Also, structuring complex loans can be challenging. I want to ensure that NHTCDF is sufficiently protected in making a loan and it becomes very hard when the borrower can’t provide these protections.
7. How has your business experience helped you?
My business experience has helped me to analyze the risk potential in making loans to various types of borrowers, from experienced developers to tenant associations that want to purchase their buildings. Strategic analysis was helpful in launching a new product and in acquiring another loan fund.
8. What do you believe are the most important qualities to work in the social sector?
Believing in the mission is crucial. This is what will keep you motivated to do the work that you’re doing. This will help you to persevere in the midst of a challenging market environment. Mission does not come at the expense of running a sustainable business. The social sector is a great way to marry mission and business skills for the betterment of our society.
9. Which books or websites do you recommend for people interested in community development finance?
I’d recommend the book, The Housing Policy Revolution: Networks and Neighborhoods by David Erickson. Also, websites I’d recommend include, http://www.knowledgeplex.org/, http://www.community-wealth.org/. I would also recommend joining the listserve, communitydevelopmentbanking.
10. What is your advice to business professionals who want to work in community development finance?
My advice to business professionals who want to work in community development finance is to network, network, network with those currently working in the industry. Spend some time to figure out what you’re passionate about.