Treasury program awards $17.M to CDCUs

WASHINGTON (6/30/09)--Treasury Secretary Tim Geithner on Monday joined Rep. Jose Serrano (D-N.Y.) and Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell to announce the disbursement of $90 million in CDFI program recovery act awards to 59 CDFIs that work in underserved communities.

Over $17 million of the $90 million in award money was granted to nine credit unions.

They are:

  • Alternatives FCU, Ithaca, N.Y.;
  • ASI FCU, Harahan, La.;
  • Brooklyn Cooperative FCU, Brooklyn, N.Y.;
  • Communicating Arts CU, Detroit, Mich.;
  • First Legacy Community CU, Charlotte, N.C.;
  • Latino Community CU, Durham, N.C.;
  • Mendo Lake CU, Ukiah, Calif.
  • Opportunities CU, Burlington, Vt.; and
  • Santa Cruz Community CU, Santa Cruz, Calif.

In comments accompanying the press release, Geithner said the $90 million in funding provided by the recovery act awards "will help generate capital for small businesses, mortgage loans for homebuyers, and funding for affordable housing projects and other facilities in communities across the country."

The CDFI Fund awards were announced at New York-based Point Community Development Corp., an organization that works to promote the arts and local business in portions of the South Bronx area of New York City. Point Community currently receives financial support from a local CDFI, according to the Treasury release.

Washington State's Express CU, Seattle, and The Union CU, Spokane, as well as Waipahu, Hawaii-based Kunia FCU each received around $100,000 in funds when the CDFI Fund awarded technical assistance grants in April of this year.

The CDFI Fund is expected to announce a further $50 million in 2009 annual appropriations by the end of September.

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