WASHINGTON – The Treasury Dept. is expected to announce today the final list of community development financial institutions (CDFIs), including credit unions, that have been chosen to participate in its Community Development Capital Initiative (CDCI), which is making millions of dollars in low-interest, long-term equity-like loans to CDCUs.
According to the National Federation of Community Development CUs, as of Sept. 24, 24 CDCUs had closed on their CDCI investments, and as many as 20 more are expected to close today. The Federation said it expects Treasury to make the final results available today.
“CDCI secondary capital is making it possible for our community development credit union to grow. Without this investment, Genesee Co-op FCU was trying to shed deposits, making it more difficult to lend since our (loan-to-share ratio) was already at 80%,” noted Melissa Marquez, CEO, Genesee Co-op FCU in Rochester, N.Y., whose CU received some $300,000 from Treasury.
