WASHINGTON The Treasury Department announced this afternoon it has awarded 30 low-income credit unions more than $24 million in grants among a total of $172 million awarded under this year’s round of the Community Development Financial Institutions program.
Among this year’s recipients are:
Self-Help CU. The Durham, N.C.-based credit union will use its $1.35 million grant to support its “Healthy Foods System Lending Initiative,” which provides loans for its efforts to improve the healthy and quality of life in low-wealth communities, with a focus on North Carolina. Its California affiliate, Self-Help FCU, will use its $3 million award from the CDFI’s Healthy Foods Initiative as capital reserves to leverage its deposits and increase lending in two low-income counties in its Oakland-area market.
ASI FCU. Headquartered in New Orleans, ASI FSU said its $1.35 million grant will focus on boosting loan loss reserves and lending capital.
Electro Savings CU. The St. Louis credit union will use its $1.35 million grant to start a “Buy Here Pay Here Alternative” payday loan program.
Santa Cruz Community CU. The California credit union will use its $847,000 grant to provide affordable housing and low-cost loan assistance to low-income members and Latinos in the region.
New York University FCU. Officials at this credit union plan to use its $720,000 grants to fund loan-loss reserves.
Among the other recipients are: Latino Community CU ($1.35 million); 1st Bergen FCU ($300,000); Alliance CU ($875,000); Cascade Forest Products CU ($86,500); Choices FCU ($200,000); East River Development Alliance FCU ($100,000); Express CU ($100,000); First Light FCU ($1.35 million); GECU ($1.35 million); GTE FCU ($1.35 million); Gulf Coast Community FCU ($1 million) and Hope FCU ($1.35 million).
“The fiscal year 2013 round of the CDFI Program provides more awards than any other round in the CDFI Fund’s history,” said CDFI Fund Director Donna Gambrell. “By expanding the reach and impact of this program to more organizations, the CDFI Fund is supporting more economic development efforts than ever before to bring new life to struggling communities.”
The awards went to 191 community development organizations. Credit unions, however, have always played a major role in the program they helped found, receiving more than $250 million in assistance since the 1994 inception of the CDFI program.
