NCIF was created when Bank of America (then NationsBank) entered into a fund advisory relationship with ShoreBank Corporation and invested $15 million for NCIF to invest in community development banking institutions throughout the country. Bank of America continues to be the largest investor in NCIF. Over the years, additional banks and funders have supported the NCIF mission. A full list of investors and funders is given below

NCIF's investors include:

• Bank of America
• MBNA America Bank (now Bank of America)
• Washington Mutual Bank (now JPMorgan Chase)
• The John D. and Catherine T. MacArthur Foundation
• The Ford Foundation
• Fannie Mae
• The F. B. Heron Foundation
• Jewish FundS for Justice
• National Credit Union Foundation

NCIF has received a total of $128 million in New Markets Tax Credit allocations from the CDFI Fund.