WASHINGTON (8/29/08)--Donna Gambrell, director of the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund, announced Thursday more than $54 million in awards for 89 organizations serving economically distressed communities across the nation. The awards are being made through the fiscal year 2008 round of the CDFI Program. The award recipient organizations are headquartered in 38 states and the District of Columbia. In her announcement Gambrell said, "By embracing new traditions of sustainability and economic diversification, CDFIs are helping to map the future of rural revitalization and growth." Among the awardees were eight credit unions who received a total of $4.2 million in assistance. In total, 26 credit unions applied for a total of $23.4 million under the CDFI program. The CDFI Program consists of two types of monetary awards: Financial Assistance and Technical Assistance. The program is funded through an annual appropriation from the United States Congress. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. Since inception, the CDFI Fund has awarded over $625 million through the CDFI Program. For more information and to read names of all recipients, use the resource link below.