WASHINGTON – Fourteen credit unions and affiliated organizations were awarded more than $5.6 million in funding last week from the Treasury Department’s Community Development Financial Institutions program, up slightly from last year’s $5.3 million in awards.
The Treasury Department awarded a total of $54.2 million to 89 certified CDFIs this year, more than double the $27 million awarded last year, despite efforts by the Bush administration to cut the program.
Among the recipients are the National Federation of CDCUs, one of the founders of the 12-year-old federal grant program, which received a $1 million award to fund its 1st HELP secondary mortgag program. Under the program, the Federation will purchase mortgages originated by CDCUs and the Federation’s mainstream credit union partners.
ASI FCU, based in the New Orleans suburbs, received a $1.1 million grant it will use to refinance troubled mortgagees on the brink of foreclosure.
Latino Community CU, in Durham, N.C., received $1 to finance three new branches and four new loan products.
Wolf Point FCU, serving the Fort Peck Indian reservation in Wolf Point, Mont., will use a $593,000 award for expand lending capital and to build reserves.
Other winners of CDFI funding are: Choices FCU, St. Louis ($111,324); Fair Based FCU, Oceanside, calif. ($220,013); North Side Community FCU, Chicago ($230,642); South Side Community FCU, Chicago ($345,996); People’s Community Partnership FCU, Oakland, Calif. ($599,826); Eagle LA State CU, Baton Rouge, La. ($84,291); Episcopal Community FCU, Los Angeles ($39,024); Everyone’s FCU, Tucumcari, N.M. ($100,000); Syracuse Cooperative FCU, Syracuse, N.Y. ($100,000) and West Oahu Community FCU, Kapolei, Hi ($77,000).
Credit union have always been among the biggest recipients of CDFI funding, winning more than more than $50 million of grants since the 1996 inception of the program.
The CFDI program has made almost 1,500 awards for more than $625 million since its inception.
