SYRACUSE, N.Y. – Syracuse Cooperative FCU was one of four community development financial institutions last week named a winner of a Wachovia NEXT Award for Opportunity Finance.
The 26-year-old community development credit union, which has created important programs for low-income home ownership, asset building and payday lending, was awarded $25,000 under the two-year-old program. In the past two years, the $14 million CDCU has made almost 100 payday-alternative loans, lent more than $2 million in predatory-alternative mortgages and provided housing and credit counseling to 300 low-income individuals.
The other $25,000 awardees are: Coastal Enterprises of Wiscasset, Me.; Federation of Appalachian Housing Enterprises in Berea, Ky. and San Francisco-based Low Income Investment Fund for ADVOCACY.
Under the main portion of this year’s awards, Chicago-based IFF and Santa Fe-based Homewise received grants ad low-rate loans totaling $8.5 million. Last year, in the first year of the awards, Latino Community CU was awarded a $500,000 grant and $5 million loan.
