CDFI Fund Announces Awards to CUs Serving LMI Communities


CDFI Fund Announces Over $28 Million to Credit Unions Serving Low-Income Communities

(August 27, 2014 – New York, NY) The US Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded Financial and Technical Assistance awards to 152 organizations totaling over $160 million. Twenty-one credit unions were among the CDFIs receiving awards with a share of over $28 million. Sixty-three percent of  the total Financial and Technical Assistance grant dollars awarded to credit unions went to members of the National Federation of Community Development Credit Unions (Federation).

The Federation was instrumental in establishing the CDFI Fund, is a CDFI intermediary and is a permanent member of the national CDFI coalition.  The Federation is pleased that the funding to credit unions increased from the $25 million awarded last year. Pablo DeFilippi, Federation VP of Member Services says, “The Federation advocates with the CDFI Fund on behalf of all credit unions. Credit unions are efficient and effective in their leveraging of CDFI capital. We look forward to continuing to work with the CDFI Fund on connecting unbanked and underbanked Americans to the safe and affordable financial services offered by credit unions.”

2014 CDFI Fund Technical and Financial Assistance Awards to Credit Unions

Alternatives Federal Credit Union, Ithaca, NY $944,000
Assemblies of God Credit Union, Springfield, MO $1,927,900
Chino Federal Credit Union, Silver City, NM $124,786
CoVantage Credit Union, Antigo, WI $2,000,000
East End Food Coop Federal Credit Union, Pittsburgh, PA $122,000
Guadalupe Credit Union, Sante Fe, NM $1,000,000
Hawaii Federal Credit Union, Honolulu, HI $2,000,000
Hope Federal Credit Union, Jackson, MS* $2,000,000
Industrial Credit Union of Whatcom County, Bellingham, WA $1,996,000
JetStream Federal Credit Union, Miami Lakes, FL $1,209,000
Latino Community Credit Union, Durham, NC $1,750,000
Lower Valley Credit Union, Sunnyside, WA $1,650,000
MariSol Federal Credit Union, Phoenix, AZ $750,000
Members “First” Credit Union, Quincy, IL $669,900
North Side Community Federal Credit Union, Chicago, IL $123,529
Northeast Regional Credit Union, Hannibal, MO $122,300
Opportunities Credit Union, Winooski, VT $2,000,000
Pacoima Development Federal Credit Union, Pacoima, CA $124,922
River Region Credit Union, Jefferson City, MO $1,763,700
Self-Help Federal Credit Union, Durham, NC $2,000,000
Shreveport Federal Credit Union, Shreveport, LA $750,000

Learn more about the performance of CDFI credit unions. Click here for the Federation’s white paper: CDFI Certification: A Building Block for Credit Union Growth.

* Hope Federal Credit Union also received a Healthy Food Financing Initiative Award

About the Federation

The National Federation of Community Development Credit Unions is a certified CDFI Intermediary representing community development credit unions that provide credit, savings, transaction services and financial education to more than 2.5 million residents of low-income urban, rural and reservation-based communities across the United States, and hold over $20 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, please visit: www.cdcu.coop.

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Media Contact:

Clarissa Ritter, Director of Marketing and Communications

critter@cdcu.coop

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