Raza Development Fund Names Annie Donovan as Its New President and CEO


Annie Donovan will become the new President and Chief Executive Officer of Raza Development Fund. RDF is the largest national Latino serving Community Development Financial Institution (CDFI) in the country and a support corporation to UnidosUS.

Chairman of the Board, Danny Ortega, Jr., said, “Ms. Donovan is exceptionally qualified to lead RDF to greater levels of prominence in the CDFI industry. RDF’s success in the sector was key to attracting an applicant with her remarkable credentials and leadership skills. We look forward to working with her to advance our mission.” And Janet added, “UnidosUS is very proud of what Tommy Espinoza and RDF have accomplished since we began our partnership more than 20 years ago. These are big shoes to fill but we are fortunate to have Annie Donovan, with her exceptional background, expertise, values, and commitment to underserved communities, ready to lead RDF at this time. UnidosUS is excited to partner with her as we work to expand RDF’s reach and impact in the Latino community.”

Donovan succeeds RDF’s iconic co-founder Tommy Espinoza, who, after 23 years of service to RDF, announced his departure from the organization in Fall 2021. Tommy stated, “Saint Mother Teresa, Saint Pope John Paul II, and a team of Servant Leaders are the core of RDF’s success; I leave RDF to follow my vocation serving poor families through community development. My prayers are with Annie for much success leading RDF.”

A search committee comprised of RDF board members led a national search in partnership with Diversified Search Group and Koya Leadership Partners, a Diversified Search Group division specializing in placing CEOs in mission-driven roles. Donovan joins RDF from Local Initiatives Support Corporation (LISC), where she serves as Executive Vice-President and Chief Operating Officer. She will take the helm at RDF on August 1.

Donovan brings a wealth of experience working in the CDFI sector including serving as the director of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund and her experience working in top executive positions at LISC and Capital Impact Partners. Donovan will parlay her expertise and experience to lead RDF’s talented team of servant leaders to even greater levels of strategic influence, impact, and innovation in fulfillment of RDF’s mission of investing and serving organizations that serve Latino and low-income communities across the country.

“It is my greatest honor to be entrusted with the legacy of Tommy Espinoza,” said Annie Donovan, incoming President and CEO, Raza Development Fund. “RDF is an organization unafraid to act first and foremost from its values. I’m excited to work with UnidosUS, its affiliates and so many other RDF partners and investors to expand access to capital and opportunity in service to the Latino community, and to the vision of a more prosperous and inclusive America.”

Raza Development Fund, Inc. (“RDF”) led by Tommy Espinoza was founded over 20 years ago as a Community Development Financial Institution (CDFI) and a support organization to UnidosUS. Today, RDF stands as the largest Latino national CDFI, with nearly half a billion dollars in assets under management and a Standard & Poor’s Investment-grade rating of AA(-), and is a well-regarded voice and source of capital for underserved communities across the country. Since its inception, RDF has provided organizations serving low-income families – with a particular focus on Latino families – in 38 states with technical assistance and financing in excess of $1 billion, which has leveraged over $5 billion in private and public capital for education, childcare, affordable housing, social service projects and most recently, small businesses.

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