Katrina-Effected ASI FCU Certified For New Grants

Register now

ASI FCU, still digging out from Hurricane Katrina-related damages, was certified earlier this month by the Treasury Department's Community Development Financial Institutions program as eligible for the new round of CDFI grants and loans.

CDFI certification for the $208-million credit union, one of the biggest community development credit unions in the country, had lapsed.

Treasury officials said this year's funding will be targeted at the hundreds of credit unions and other CDFIs in the Gulf region that were battered by Hurricane Katrina, then Hurricane Rita.

Separately, the National Federation of CDCUs announced it had extended its secondary capital commitment to ASI FCU, which was expiring, for another seven years, and increased the amount from $250,000 to the Federation's maximum allowable $300,000.

"We're trying to make a statement of our belief and faith in the future of the institution," said Cliff Rosenthal, director of the Federation.

For reprint and licensing requests for this article, click here.