100 Percent of Program Funds Deployed in Record Time
Washington, DC - U.S. Department of the Treasury's Community Development Financial Institutions (CDFI Fund) announced today that in record time, and exactly two months after awards were announced for community development grants through the American Recovery and Reinvestment Act (Recovery Act), it completely disbursed all $98 million to 59 Community Development Financial Institutions (CDFIs) and 10 Native CDFIs. These Recovery Act awards were made through the CDFI Program and Native American CDFI Assistance (NACA) Program, and will support new lending that will assist in the economic recovery of some of our nation's most vulnerable communities at a time when they are facing many financial challenges. These funds 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.
"Moving quickly to support communities made particularly vulnerable by the economic downturn has been the top priority for the CDFI Fund," said Director Donna J. Gambrell. "This is a significant accomplishment for the CDFI Fund that was achieved by utilizing new internal business practices that enabled the disbursement of the Recovery Act resources faster than ever before. These financial assistance awards are critical to getting these community-based lenders the capital they need to provide distressed communities they serve with the resources to stimulate local economic recovery."
Treasury Secretary Tim Geithner and Director Donna Gambrell announced the financial assistance awards to 59 Community Development Financial Institutions (CDFIs) on June 29th, 2009, and the financial assistance awards to 10 Native CDFIs were announced on July 1st, 2009. In order to expedite the flow of Recovery Act resources, for the first time the legal agreements between the CDFI Fund and the award recipients were ready the same day as the announcement, which served to greatly accelerate the delivery of funds. Today, 100 percent of the $98 million in awards to CDFIs through the Recovery Act have been disbursed.
The awards are a part of the Obama Administration's efforts to invest directly in communities and support community institutions across the country that address a wide variety of economic development issues. These investments are generating capital for first-time homebuyer loans, providing investments in small businesses and microenterprises, and supporting the development of affordable housing and community facilities across the country. Additionally, many of the CDFIs that have received support are engaged in innovative lending to support foreclosure prevention efforts, encouraging entrepreneurs to launch small businesses, expanding bilingual credit unions, and offering alternatives to payday and predatory lenders.
For a complete list of award recipients and profiles, visit www.cdfifund.gov.
CDFI PROGRAM - RECOVERY ACT AWARDS
| Awardee Name | Location | Award Amount |
|---|---|---|
| African Development Center | Minneapolis, MN | $600,000 |
| Albina Community Bancorp | Portland, OR | $2,000,000 |
| Alternatives Federal Credit Union | Ithaca, NY | $2,000,000 |
| ASI Federal Credit Union | Harahan, LA | $2,000,000 |
| Atlanta Micro Fund | Atlanta, GA | $250,000 |
| BOC Capital Corp. | Brooklyn, NY | $600,000 |
| Bridgeway Capital, Inc. | Pittsburgh, PA | $2,000,000 |
| Brooklyn Cooperative Federal Credit Union | Brooklyn, NY | $1,150,000 |
| CAMBA Economic Development Corporation | Brooklyn, NY | $600,000 |
| Cape and Islands Community Development, Inc. | Centreville, MA | $600,000 |
| Ceiba Housing and Economic Development Corporation | Ceiba, PR | $600,000 |
| Citizen Potawatomi Community Development Corporation | Shawnee, OK | $2,000,000 |
| Coastal Enterprises,Inc. | Wiscasset, ME | $2,000,000 |
| Communicating Arts Credit Union | Detroit, MI | $2,000,000 |
| Community and Shelter Assistance Corporation | Newberg, OR | $2,000,000 |
| Community Loan Fund of New Jersey, Inc. | Trenton, NJ | $2,000,000 |
| Corporation for Supportive Housing | New York, NY | $2,000,000 |
| Eastern Dakota Housing Alliance, Inc. | Fargo, ND | $600,000 |
| Economic Opportunities Fund | Philadelphia, PA | $600,000 |
| Federation of Appalachian Housing Enterprises, Inc. | Berea, KY | $2,000,000 |
| First Legacy Community Credit Union | Charlotte, NC | $2,000,000 |
| Fresno Community Development Financial Institution | Fresno, CA | $600,000 |
| Home Headquarters, Inc. | Syracuse, NY | $2,000,000 |
| Latino Community Credit Union | Durham, NC | $2,000,000 |
| Leviticus 25:23 Alternative Fund, Inc. | Elmsford, NY | $2,000,000 |
| Liberty Financial Services | New Orleans, LA | $2,000,000 |
| Low Income Investment Fund | San Francisco, CA | $2,000,000 |
| Lowcountry Housing Trust | Charleston, SC | $600,000 |
| Mendo Lake Credit Union | Ukiah, CA | $2,000,000 |
| Midwest Housing Development Fund, Inc. | Omaha, NE | $600,000 |
| Midwest Minnesota Community Development Corporation | Detroit Lakes, MN | $2,000,000 |
| Montana Community Development Corporation | Missoula, MT | $2,000,000 |
| Montana Homeownership Network | Great Falls, MT | $600,000 |
| Mountain Association for Community Economic Development, Inc. | Berea, KY | $2,000,000 |
| National Community Investment Fund | Chicago, IL | $2,000,000 |
| Natural Capital Investment Fund, Inc. | Shepherdstown, WV | $600,000 |
| New Hampshire Community Loan Fund, Inc. | Concord, NH | $2,000,000 |
| New Mexico Community Capital | Bernalillo, NM | $600,000 |
| Nonprofit Finance Fund | New York, NY | $1,900,000 |
| Northern California Community Loan Fund | San Francisco, CA | $2,000,000 |
| Northland Foundation | Duluth, MN | $2,000,000 |
| Northside Community Development Fund | Pittsburgh, PA | $600,000 |
| Opportunities Credit Union | Burlington, VT | $2,000,000 |
| Opportunity Finance Network | Philadelphia, PA | $2,000,000 |
| Opportunity Fund | San Jose, CA | $2,000,000 |
| Primary Care Development Corporation | New York, NY | $2,000,000 |
| Progress Fund, The | Greensburg, PA | $2,000,000 |
| Reinvestment Fund, Inc.,The | Philadelphia, PA | $2,000,000 |
| Rural Community Assistance Corporation | West Sacramento, CA | $2,000,000 |
| Rutland West Neighborhood Housing Services, Inc. | West Rutland, VT | $2,000,000 |
| Santa Cruz Community Credit Union | Santa Cruz, CA | $2,000,000 |
| Seedco Financial Services | New York, NY | $2,000,000 |
| Southeast Community Capital Corporation | Nashville, TN | $2,000,000 |
| Southwest Georgia United Empowerment Zone, Inc. | Vienna, GA | $600,000 |
| Springfield Neighborhood Housing Services, Inc. | Springfield, MA | $600,000 |
| The Housing Partnership Network, Inc. | Boston, MA | $2,000,000 |
| Utah Microenterprise Loan Fund | Salt Lake City, UT | $500,000 |
| Vermont Community Loan Fund, Inc. | Montpelier, VT | $2,000,000 |
| Western Massachusetts Enterprise Fund, Inc. | Holyoke, MA | $600,000 |
NACA PROGRAM - RECOVERY ACT AWARDS
| Awardee Name | Location | Award Amount |
|---|---|---|
| Bank of Cherokee County, Inc. | Tahlequah, OK | $796,522 |
| First Nations Oweesta Corporation | Rapid City, SD | $873,600 |
| Four Directions Development Corporation | Orono, ME | $877,550 |
| Hopi Credit Association | Keams Canyon, AZ | $789,949 |
| Lakota Funds, The | Kyle, SD | $876,060 |
| Lummi Community Development Financial Institution | Bellingham, WA | $596,378 |
| Mazaska Owecaso Otipi Financial, Inc | Pine Ridge, SD | $870,153 |
| Salt River Financial Services Institution | Scottsdale, AZ | $869,786 |
| White Earth Investment Initiative | Ogema, MN | $590,000 |
| Wind River Development Fund | Fort Washakie, WY | $860,002 |
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