Meet Frank Altman | Social Entrepreneur and Founder

We had the good fortune of connecting with Frank Altman and we’ve shared our conversation below.

Hi Frank, Let’s talk about principles and values – what matters to you most?
I am from Minnesota and have spent winters in Miami Beach since 2007. I was brought up with midwestern ethics including service, community and concern for others. When I was 15 years old, my father had a massive stroke and became disabled, our church and our neighbors came to the rescue and made sure we didn’t lose our house. My mother came to rely on me for support. She told me we didn’t have much money, and that I would have to do well in school and get a scholarship if I wanted to attend college.

I threw myself into my studies and extracurricular activities in high school, including helping to organize the first International Walk for Development in 1970. This experience kindled a lifelong interest in community development and volunteerism.

Fortunately, I was admitted to Brown University on a scholarship, and will always be grateful to have had a transformative education that became the bedrock of my ensuing career.

Alright, so let’s move onto what keeps you busy professionally?
I have always pursued a career in public service. I began my career working for the State of Minnesota at the Housing Finance Agency, where I learned finance, including the issuance of mortgage revenue bonds. One of my proudest accomplishments there was working on accessibility programs including service on the team that created Minnesota’s first accessibility building code. Today, when I walk on Miami Beach and see the blue mats that allow people in wheelchairs access to this world-class beach, I know that I was an early advocate for inclusion for everyone. Later I became a policy advisor to Governor Rudy Perpich, and I had the opportunity to serve as Assistant Commissioner for Financial Management. at the Department of Energy and Economic Development. While there I began to innovate the idea of creating a secondary market for community development loans.

This eventually led me to leave state government and cofound Community Reinvestment Fund, now a national community development financial institution that has helped thousands of underinvested people and low-income communities get access to capital to fund nearly $4 billion in loans for small businesses, affordable housing and other community facilities in all 50 states.

The process of starting this enterprise was extremely challenging, but once we proved to the world that we could successfully purchase loans from community loan funds and securitize them, we were able to tap philanthropic grants and market-rate investments from some of the largest banks and foundations in the country. Looking back, I would advise any changemaker to persevere in the face of daunting challenges. Stay committed and focused, and success will follow.

Let’s say your best friend was visiting the area and you wanted to show them the best time ever. Where would you take them? Give us a little itinerary – say it was a week long trip, where would you eat, drink, visit, hang out, etc.
Given the work that Community Reinvestment Fund has done in funding small businesses, I would start by exploring family-owned restaurants throughout South Florida. This region has hundreds of ethnic restaurants in thriving neighborhoods that are not on most tourist itineraries. Family-owned restaurants are some of the most difficult businesses for banks to finance, but our experience in financing many minority- and women-owned businesses, is that they have been highly successful.

I would take my friend to Opa Locka in North Miami to learn about the great work that Ten North Group (a nonprofit formerly known as Opa Locka Community Development Corporation) has done to transform Opa Locka through investments in local businesses, artists and creators who are bringing cultural vitality to this community,

Of course, we would go to Little Havana. I would make sure that we paid a visit to the Bay of Pigs Memorial and learn about the history of Cuban migration to the region. We would meet my friends and colleagues who are on the vanguard of efforts to preserve affordable housing in the face of ever-rising rents.

And,,, we would hang out on the beach!

Shoutout is all about shouting out others who you feel deserve additional recognition and exposure. Who would you like to shoutout?
I dedicate this shoutout to my late wife, Leslie, my daughters and sons-in-law, Joel and Miriam Altman-Reyes, Lauren Altman and Erdem Tezeren, and my life partner, Oliver Phan, Without their support and love, I would not have been able to start and sustain a social venture over these last 35 years.

Website:  frankaltman.com

Instagram: https://www.instagram.com/frankaltmanwrites

Linkedin: https://www.linkedin.com/in/frankaltman

Youtube: youtube.com/@frankaltmanwrites

Image Credits
1V7A3981 Photo credit: Flaminia Fanale, Showroom Seven 09_Frank Altman (64 of 96) Photo credit: Alyssa, Showroom Seven Frank Altman (3 of 96) Photo credit: Alyssa Lester, Showroom Seven Frank Altman (10 of 96) Photo credit: Alyssa Lester, Showroom Seven Frank Altman Book Talk Video 00_04_11_21.still002.3 Photo credit: Jordan Goff R6015104 Photo credit: Jordan Goff R6015120 Photo credit: Jordan Goff R6015135 Photo credit: Jordan Goff