Federation grants $100,000 to ASI FCU, affiliate
NEW YORK (7/25/06)--The National Federation of Community Development Credit Unions launched a challenge grant of $100,000 to help rebuild the Upper Ninth Ward of New Orleans.
ASI FCU, Harahan, and its affiliate, A Shared Initiative, will receive the funds from the federation's Community Development Relief and Rebuilding Fund.
The grant will go towards the purchase and rehabilitation of a building that will serve as a community center for the residents of the St. Claude community in New Orleans' Upper Ninth Ward.
The amount of $50,000 will be available immediately, and the remaining $50,000 will be distributed as the final part of the $250,000 goal.
Major contributors are the National Credit Union Foundation, the John D. and Catherine T. MacArthur Foundation, the Jewish Funds for Justice and individual community development credit union.
In 2005 the $300 million asset credit union began A Shared Initiative Inc., which was designed to expand the credit union's anti-poverty programs, including redevelopment and affordable homeownership.
ASI FCU was preparing to build a branch in the Ninth Ward when Hurricane Katrina hit the Gulf Coast last year.
"Had our branch opened it would have been the only financial institution located in the entire Ninth Ward," said CEO Audrey Cerise. After the hurricane, A Shared Initiative purchased homes that could be rehabilitated and sold to low-income homebuyers at deep discounts.
Now, it is raising funds to purchase property to build a community center.
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