The 41-year-old agency formerly known as the East Baton Rouge Mortgage Finance Authority officially launches a rebranding of itself today with a new name—the Capital Area Finance Authority—as well as a new logo and a vastly expanded mission that will enable it to finance a variety of large-scale public projects in the nine-parish region.
The agency is holding a rebranding ceremony to announce the change at 4 p.m. at its offices at 601 St. Ferdinand St.
“Our new brand name and mark accurately represent who we are as an organization,” says Cheri Ausberry, who chairs the CAFA board of directors. “More importantly, they reflect the expansion of our service offerings and capabilities as we continue to serve as a nationally recognized finance authority.”
Created in 1974, the original mission of the finance authority was to help mostly low- and moderate-income homebuyers in East Baton Rouge Parish by issuing bonds and using the proceeds to provide low-income mortgages as well as assistance with down payments or closing costs. Over the years, the agency has provided more than $1 billion in below-conventional-market-rate funds to more than 16,000 households.
But as it became easier for qualified buyers to secure financing from conventional lenders, the agency needed to find a new revenue stream. Last fall, the agency went to the Louisiana Bond Commission and received approval to expand both its geographic boundaries and its product offerings.
Now, instead of functioning strictly as a conduit for below market rate housing loans, it will operate as a general finance authority for the nine-parish region, much as the Louisiana Public Facilities Authority or the Louisiana Community Development Authority do for the entire state.
“We’re excited that the Capital Area Finance Authority has broadened its reach and mission, and have been pleased to help them over the last year to get to today’s announcement,” says Baton Rouge Area Chamber President and CEO Adam Knapp. “Project financing solutions are critical for many aspects of economic and community development. CAFA gives BRAC and our regional economic allies in the nine parishes a new partner to advance our economic growth and quality of life.”
Read more about the agency’s rebranding efforts in the current issue of Business Report.
—Stephanie Riegel
