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Treasury announces new 312 million round of CDCI funds
WASHINGTON (10/1/10)--The number of community development credit unions (CDCUs) receiving funds from the U.S. Treasury’s Community Development Capital Initiative (CDCI) rose to 48 on Thursday, as the Treasury revealed the latest round of CDCI Fund recipients. The 48 credit unions, which represent 21 U.S. states and Guam, have received nearly $70M in CDCI funds since the fund was created earlier this year. Up to $100 million in funds have been made available to credit unions, and 111 CDCUs applied for the funds. The CDCI makes secondary capital investments of up to 3.5% of assets in eligible low-income credit unions. A total of $312 million in funds were awarded to eligible financial institutions during this round of the CDCI. Overall, that program has invested $570 million in 84 Community Development Financial Institutions (CDFIs) in 26 states, the District of Columbia, and Guam. The Treasury defines CDFIs as “institutions that target at least 60% of their lending and other economic development activities in areas underserved by traditional financial institutions.” The Treasury’s CDCI investments are made at a dividend rate of 2%. That rate increases to 9% after eight years, the Treasury said. See related story "Capital funds a 'milestone' for CDCUs, says federation" with response from the National Federation of Community Development Credit Unions, in News Now's System section. For the Treasury release, use the resource link.
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