CDF was created in 1988 by local bankers and development professionals, with support from LISC, as an independent, not-for-profit community development corporation in order to provide banks with a cost-effective, shared-risk method through which to invest in complex community development lending.

In 1999 CDF became a certified Community Development Financial Institution (CDFI) expanding beyond its traditional role as a conduit for local banks. In 2002 CDF became a Community Development Entity (CDE). CDF continues to successfully develop alternative sources of loan capital necessary to remain a viable entity to respond to our target customer and to revitalize communities.

In 2006 CDF formed the Uptown Cincinnati Development Fund, a separate for-profit subsidiary Community Development Entity which was the recipient of a $52 million New Market Tax Credit (NMTC) allocation. 

CDF has financed projects totaling over $120 million, resulting in the creation of over 2,800 units of housing.