CUs Get $3.9M In FA Grants

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Credit unions were significant winners of the Treasury Department's Community Development Financial Institutions (CDFI) Fund's FY 2005 Financial Assistance (FA) Grants.

A total of $32,847,674 in grants was given out in the FA Component, and $3,959,120 of that amount was awarded to six credit unions. All the winning CUs are members of the National Federation of Community Development Credit Unions (the Federation). Credit union grants totaled 12.05% of all FA Awards this round.

The federation also received a grant of $475,000 to support its new CDCU Mortgage Center. Winning CDCUs were: Brooklyn (formerly Bushwick) Cooperative FCU, Brooklyn, NY ($253,440); Mendo Lake CU, Ukiah, Calif. ($1,398,750); O.U.R. FCU, Eugene, Ore. ($276,500); Self-Help CU, Durham, N.C. ($1,398,750); Syracuse Cooperative FCU, Syracuse, NY ($481,680); and Thurston Union of Low-Income People (TULIP) Cooperative CU, Olympia, Wash. ($150,000). Enterprise Corp. of the Delta, an affiliate of the Jackson, Miss., Hope Community CU, also received $1,398,750 in Financial Assistance this round.

Despite a nearly $14-million decline in available FA this year, the CDFI Fund was successful in allocating nearly $600,000 more in FA to credit unions.

For information on the program, www.treasury.gov or www.cdcu.coop.

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