CDFI Fund Announces Over $28 Million to Credit Unions Serving Low-Income Communities
(August 27, 2014 - New York, NY) The US Treasury's Community Development Financial Institutions Fund (CDFI Fund) has awarded Financial and Technical Assistance awards to 152 organizations totaling over $160 million. Twenty-one credit unions were among the CDFIs receiving awards with a share of over $28 million. Sixty-three percent of the total Financial and Technical Assistance grant dollars awarded to credit unions went to members of the National Federation of Community Development Credit Unions (Federation).
The Federation was instrumental in establishing the CDFI Fund, is a CDFI intermediary and is a permanent member of the national CDFI coalition. The Federation is pleased that the funding to credit unions increased from the $25 million awarded last year. Pablo DeFilippi, Federation VP of Member Services says, "The Federation advocates with the CDFI Fund on behalf of all credit unions. Credit unions are efficient and effective in their leveraging of CDFI capital. We look forward to continuing to work with the CDFI Fund on connecting unbanked and underbanked Americans to the safe and affordable financial services offered by credit unions."
2014 CDFI Fund Technical and Financial Assistance Awards to Credit Unions
| Alternatives Federal Credit Union, Ithaca, NY | $944,000 |
| Assemblies of God Credit Union, Springfield, MO | $1,927,900 |
| Chino Federal Credit Union, Silver City, NM | $124,786 |
| CoVantage Credit Union, Antigo, WI | $2,000,000 |
| East End Food Coop Federal Credit Union, Pittsburgh, PA | $122,000 |
| Guadalupe Credit Union, Sante Fe, NM | $1,000,000 |
| Hawaii Federal Credit Union, Honolulu, HI | $2,000,000 |
| Hope Federal Credit Union, Jackson, MS* | $2,000,000 |
| Industrial Credit Union of Whatcom County, Bellingham, WA | $1,996,000 |
| JetStream Federal Credit Union, Miami Lakes, FL | $1,209,000 |
| Latino Community Credit Union, Durham, NC | $1,750,000 |
| Lower Valley Credit Union, Sunnyside, WA | $1,650,000 |
| MariSol Federal Credit Union, Phoenix, AZ | $750,000 |
| Members "First" Credit Union, Quincy, IL | $669,900 |
| North Side Community Federal Credit Union, Chicago, IL | $123,529 |
| Northeast Regional Credit Union, Hannibal, MO | $122,300 |
| Opportunities Credit Union, Winooski, VT | $2,000,000 |
| Pacoima Development Federal Credit Union, Pacoima, CA | $124,922 |
| River Region Credit Union, Jefferson City, MO | $1,763,700 |
| Self-Help Federal Credit Union, Durham, NC | $2,000,000 |
| Shreveport Federal Credit Union, Shreveport, LA | $750,000 |
Learn more about the performance of CDFI credit unions. Click here for the Federation's white paper: CDFI Certification: A Building Block for Credit Union Growth.
* Hope Federal Credit Union also received a Healthy Food Financing Initiative Award
About the Federation
The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing community development credit unions that provide credit, savings, transaction services and financial education to more than 2.5 million residents of low-income urban, rural and reservation-based communities across the United States, and hold over $20 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit: www.inclusiv.org.
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Media Contact:
Clarissa Ritter, Director of Marketing and Communications