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News Now

Washington
CDFI announces funding for Native American program
WASHINGTON (8/18/09)--The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund will make $12 million in Native American CDFI Assistance (NACA) Program awards available during the 2010 fiscal year. In comments accompanying a Monday release, CDFI Fund Director Donna Gambrell expressed her satisfaction with the record $12 million in NACA funding, adding that she has “seen firsthand” the accomplishments made by Native financial institutions that receive these funds. The CDFI awards financial assistance awards and technical assistance grants to Native American, Alaska Native, and Native Hawaiian communities through the NACA program, which was instituted in 2004. The CDFI Fund early last month awarded $8 million in financial aid and $3.6 million in technical assistance funds to Native CDFIs. A total of 33 credit unions applied for CDFI Funds during a supplemental application round held in late July, and the CDFI in September will award $52 million in annual appropriations to the highest rated applicants. A Senate bill that would set out $244 million for grants and assistance via the CDFI Fund is still awaiting action, and could be voted on when Congress returns in early September.


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