Raza Development Fund Inc

Quick Stats

• Annual Giving: $1.2 million in grants (fiscal year 2024)
• Grant Range: $10,000 - $500,000
• Total Assets: $363 million (2024)
• Geographic Focus: National (38 states)
• Primary Activity: CDFI lending (over $1.6 billion deployed since inception)

Contact Details

Website: www.rdf.fund

Phone: 602-417-1400

Email: info@rdf.fund

Address: 410 E. Southern Ave, Phoenix, AZ 85040

Overview

Raza Development Fund (RDF) was founded in June 1999 as a Community Development Financial Institution (CDFI) licensed by the U.S. Department of the Treasury. As the largest Latino-serving CDFI in the United States, RDF is ranked among the top 5% of all CDFIs nationwide on annual production and capitalisation. With $625 million in assets under management and over $1.6 billion invested since inception, RDF's mission is to unlock lasting prosperity in communities across America by providing financing solutions that increase opportunities for Latino and low-income communities.

While RDF is primarily known as a lender providing charter school facilities financing, affordable housing loans, and small business capital, the organisation also operates a modest grant programme. In 2024, RDF awarded $1.2 million in grants across 14 organisations. RDF's strategic approach focuses on closing wealth and opportunity gaps through accessible financial solutions in education, healthcare, affordable housing, climate resilience, homeownership, and entrepreneurship.

Funding Priorities

Grant Programmes

RDF's grant-making is not its primary activity but supports organisations aligned with its CDFI mission. Recent grant awards have ranged from $10,000 to $500,000.

Note: RDF primarily operates as a lender, not a grant-maker. Most funding seekers will be directed to their loan products rather than grants.

Priority Areas

Based on recent grant recipients and organisational mission:

• Education: Charter schools and educational organisations serving Latino communities
• Community Development: Organisations providing services to Latino and low-income families
• Affordable Housing: Housing developers and community development corporations
• Healthcare: Health centres advancing health outcomes in Latino communities
• Small Business Support: Entrepreneurship and economic development programmes

What They Don't Fund

RDF's grant programme focuses exclusively on organisations serving Latino and under-resourced communities in the areas noted above. Organisations outside these focus areas are unlikely to receive grant funding.

Governance and Leadership

Annie Donovan, President and Chief Executive Officer - Annie Donovan joined RDF as President and CEO in August 2022, bringing decades of leadership experience in community development, finance, and impact investing. Prior to RDF, she served as Chief Operating Officer of the Local Initiatives Support Corporation (LISC), one of the country's largest community development organisations, and as Director of the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).

On RDF's approach to partnership, a client CEO noted: "RDF doesn't respond with a no. They respond with 'Let's see how we can make it happen.'"

Board of Directors:

• Daniel Ortega, Jr., Board Chairman - Attorney and owner of the Ortega Law Firm
• J. Reymundo Ocañas, Governing Board Vice Chair
• Kenneth I. Trujillo, Board Secretary
• Annie Donovan
• Janet Murguía, Evergreen Board Member
• Aaron Dominguez, Ph.D.
• Luis Granados
• Maria S. Salinas - President & CEO of the Los Angeles Area Chamber of Commerce
• Matt Reilein
• Maurice A. Jones

Application Process & Timeline

How to Apply

Important: RDF does not have a public grant application process. The organisation's primary function is as a CDFI lender, and grants appear to be made on a discretionary basis, often in conjunction with lending relationships or through specific funded initiatives.

Organisations seeking funding from RDF should:

1. For Lending: Contact RDF at info@rdf.fund or 602-417-1400 to discuss loan products (charter school facilities financing, affordable housing loans, small business capital, etc.)

Loan Application Process:

• Rolling basis, apply anytime
• Loan sizes: $500,000 - $10 million
• Cost share (equity) required: 5-10%
• Collateral typically required (real estate)
• Standard CDFI due diligence process

Getting on Their Radar

RDF grants appear to be made strategically in connection with:

• Funded Initiatives: RDF receives grants from major funders (Wells Fargo Foundation, Gates Foundation, etc.) and may make subgrants as part of these programmes. The J. Tommy Espinoza Fellowship (2023) and entrepreneur loan programmes are examples of funded initiatives.

• Borrower Relationships: Organisations that have lending relationships with RDF or are seeking financing may be considered for technical assistance grants or capacity-building support.

• Strategic Partnerships: Organisations working in RDF's priority sectors (education, housing, healthcare, small business) serving Latino communities should focus on building relationships through RDF's lending and technical assistance programmes rather than seeking grants directly.

Application Success Factors

Since RDF does not have a public grant application process, organisations seeking funding should focus on:

Alignment with CDFI Mission: RDF's core mission is providing financing solutions to organisations serving Latino and low-income communities. Organisations that can demonstrate need for both capital (loans) and capacity building (grants/technical assistance) are most likely to benefit from RDF's full range of services.

Sector Focus: RDF has deep expertise in charter school facilities financing (over 42% of current portfolio), affordable housing, healthcare facilities, and small business development. Organisations in these sectors should emphasise their track record and growth potential.

Community Impact: RDF seeks partners that demonstrate measurable impact in Latino and under-resourced communities. Quantifiable outcomes related to job creation, energy efficiency, wealth generation, and health improvements are valued.

Financial Sustainability: As a CDFI, RDF looks for organisations with sound business models that can support loan repayment while maximising community benefit. Organisations should be prepared for standard CDFI due diligence.

Collaborative Approach: RDF's culture emphasises partnership and problem-solving. As one partner noted, "RDF doesn't respond with a no. They respond with 'Let's see how we can make it happen.'" Organisations should approach RDF with specific needs and openness to creative financing structures.

Key Takeaways for Grant Writers

• RDF is primarily a lender, not a grant-maker - Focus initial outreach on loan products and financing solutions rather than grants
• Grant opportunities are limited and strategic - Grants totalled only $1.2 million in fiscal year 2024 across 14 awards, compared to over $1.6 billion in lending since inception
• Latino community focus is essential - RDF is the largest Latino-serving CDFI in the U.S. and prioritises organisations serving Latino and low-income communities
• Sector expertise matters - RDF has deep experience in charter schools, affordable housing, healthcare facilities, and small business development
• Technical assistance is available - Beyond financing, RDF offers capacity building support in strategic planning, financial management, and operational strengthening
• Relationship-based approach - Building a lending relationship or connecting through funded initiatives may create pathways to grant support
• National reach - RDF has supported organisations in 38 states, so geographic location is not a barrier for strong mission-aligned organisations

References

• RDF Official Website: https://www.rdf.fund/ (accessed January 7, 2026)
• RDF Mission, Vision & Values: https://www.rdf.fund/about/mission (accessed January 7, 2026)
• RDF Board of Directors: https://www.rdf.fund/about/board (accessed January 7, 2026)
• ProPublica Nonprofit Explorer - Raza Development Fund Inc (EIN 52-1954196): https://projects.propublica.org/nonprofits/organizations/521954196 (accessed January 7, 2026)
• Instrumentl 990 Report: https://www.instrumentl.com/990-report/raza-development-fund-inc (accessed January 7, 2026)
• U.S. Department of Education RDF Narrative (2022): https://www.ed.gov/sites/ed/files/2022/09/Raza-Development-Fund-Narrative.pdf
• PR Newswire - Annie Donovan Named President and CEO (May 2022): https://www.prnewswire.com/news-releases/raza-development-fund-rdf-names-annie-donovan-as-its-new-president-and-ceo-301558386.html
• National Charter School Resource Center - RDF Profile: https://charterschoolcenter.ed.gov/lender/raza-development-fund-inc (accessed January 7, 2026)
• Housing Partnership Network - RDF Member Profile: https://www.housingpartnership.net/about/members/raza-development-fund-inc (accessed January 7, 2026)