NEW YORK -
Formerly known as the Capitalization Program, the Community Development Investments Program celebrated its 25th anniversary in 2007 with a rebranding and the launch of an ambitious capital campaign aimed at raising $25 million over three years, to bring total assets under management to just over $50 million.
Highlights for 2007 include the following all-time records for the program:
* Investments and commitments raised in a one-year period: $10.5 million
* New investments in member CDCUs in a single year: $8.8 million
* Total assets under management: $38.4 million
* CDCUs participating in program: 121
* Number of investors: 32
The Community Development Investments Program provides CDCUs not only with deposits, but also loans in the form of secondary capital (highly subordinated debt). In addition, the program has managed several special grant programs in the past few years, including:
Community Development Relief and Rebuilding Fund, which raised nearly $1 million to assist low-income credit unions rebuild and reestablish operations following the devastation of hurricanes Katrina and Rita in 2005;
Alternative Products to Payday Lending (APPLe) Grants, which encouraged CDCUs to expand or develop responsible loan products to combat predatory lenders; and
Bridge Grant Project, which made grants to “mainstream” credit unions, in partnership with CDCUs whenever possible, to reach out to low-income populations within their fields of membership.
Over the past 25 years, many foundations, banks, religious organizations, and other institutions have invested in CDCUs through the program.
For info: www.cdcu.coop.
