Assessing the Impact of Superstorm Sandy on CDFIs, CDEs, and the Communities They Serve

To Our Subscribers:

Earlier today, CDFI Fund Director Donna J. Gambrell sent the following message to CDFIs headquartered in the areas affected by Superstorm Sandy. The CDFI Fund would like to invite all CDFIs and CDEs that have affected communities in their service areas to send us your thoughts as well. Your time and assistance is appreciated.

Dear Friends,

First and foremost, our hearts go out to those affected by the destruction of Superstorm Sandy. As we all know, CDFIs, day in and day out, are on the front lines providing vital financing and services to underserved communities across our country. CDFIs have and will play an extremely important role in supporting the recovery in those communities on the East Coast that are in dire need at this time.

I realize that you have probably not yet absorbed the impact on your organization and the customers you serve, but I ask that you take a few moments to help us understand what you are facing now and going forward. Please send your response no later than November 30th to PublicAffairsOffice@cdfi.treas.gov.

Your CDFI

• Was your CDFI impacted by Superstorm Sandy? If so, how?
• Did you sustain damage (i.e., electricity out; water damage, etc.)?
• Have you reopened for business, and if so when?
• What are your needs moving forward?
• Are you currently involved in or providing any direct recovery assistance services?

Your Clients/Customers

• Have any of your clients/customers been impacted? If so, could you provide an example or two of these projects/investments (small businesses, housing, etc.) and provide a short narrative as to what happened, what was your investment and what are the needs moving forward?

The Future

• What new relief efforts or programs is your CDFI contemplating, if any, to help in the aftermath of Superstorm Sandy?

Please Spread The Word

Survivors of this storm can take the first steps toward recovery right now by registering for assistance with FEMA. Impacted residents and business owners in New Jersey, New York, Connecticut and West Virginia can apply for federal assistance by phone 1-800-621-FEMA (3362), via mobile devices at m.fema.gov or online at www.DisasterAssistance.gov.

Please know that you are in our thoughts at this time of great need.

Sincerely,

Donna J. Gambrell