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CDFI funding announced Matz urges participation
WASHINGTON (9/28/09)--The U.S. Department of the Treasury this week announced that it will make a total of $113 million in funding available through its Community Development Financial Institutions Fund (CDFI Fund) during the upcoming year. The Treasury's CDFI Fund helps locally based financial institutions offer small business, consumer and home loans in communities and populations that lack access to affordable credit. The fiscal 2010 CDFI funding round is the 15th since the program’s inception, and was announced 15 years to the day that the CDFI Fund was created by the signing of H.R. 3474, the Riegle Community Development and Regulatory Improvement Act of 1994. In a statement accompanying the release, CDFI Fund Director Donna Gambrell said that she is “delighted to celebrate the CDFI Fund’s 15th Anniversary” by announcing the “largest-ever annually appropriated funding round” of the “cornerstone CDFI Program.” National Credit Union Administration (NCUA) Chairman Debbie Matz in a separate release encouraged credit unions to use the CDFI program as a means to “expand service to low-income consumers.” Consumers across the income spectrum benefit when credit union service is made more accessible, and CDFI has been a reliable partner for many credit unions in making this a reality,” Matz added. According to the NCUA, credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding that will help maintain their credit union’s presence in the community. To see the CDFI Fund release, use the resource link.
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