Hope Community CU gets $100,000 for community work
FORT LAUDERDALE, Fla. (11/23/05)--Hope Community CU in Jackson, Miss., is the recipient of a $100,000 investment from the CRA Qualified Investment Fund as a part of the mutual fund's $100 million Gulf Coast redevelopment initiative.
The mutual fund invests in fixed-income securities used in cities and communities to finance projects such as economic development, affordable housing and small business loans.
A short time after Hurricanes Rita and Katrina struck the Gulf Coast, the fund took the initiative by purchasing a $100,000 certificate of deposit, said Reed Branson, director of development and investor relations for the $38 million asset credit union.
"Hope will use the proceeds to provide business recovery loans, nonprofit recovery loans, and consumer recovery products and services in designated assistance areas," Branson continued.
CRA Qualified Investment Fund's focus is to get capital for infrastructure, housing, financial services, housing and schools in disaster-stricken areas, said portfolio manager Barbara VanScoy (PR Newswire Nov. 21).
CRA Qualified Investment Fund also is investing $100,000 each in Liberty Bank and Trust Co., New Orleans, and Southern Development Bankcorporation, Arkadelphia, Ark.
"These are the kind of organizations our shareholders are telling us they want to support," said VanScoy.
Hope Community CU also received a $50,000 grant from the Shefa Fund/Jewish Funds for Justice to help reopen its branch in New Orleans (News Now Nov. 9).
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