The Community Development Investment Program provides capital resources to member CDCUs. With more than $55 million in assets under management, the Federation has invested more than $90 million in CDCUs since inception, increasing their capacity to support underserved communities!
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Since 1982, our "Capitalization Program for CDCUs" has helped credit unions strengthen their finances and expand their impact on low-income communities. CDCUs - like all credit unions - raise deposits which they relend to their members. But in low-income communities, raising deposits from people with little disposable income is a major challenge.
Congress recognized this in 1970, when it gave low-income credit unions the exclusive right to raise deposits from "non-members" -- organizations and individuals outside the primary field-of-membership of these credit unions. To help CDCUs gather these funds, the Federation launched the Capitalization Program.
In 2007, the Capitalization Program celebrated its 25th anniversary. Marking this important milestone, the Federation launched a capital campaign to raise an additional $25 million to invest in CDCUs across the country. As part of this campaign, the program focus was been redirected to bring maximum impact to our members and rebranded itself as the Community Development Investment Program. Learn more about our 25th Anniversary Capital Campaign by clicking here.
Over the past 25 years, many foundations, banks, religious organizations, and other institutions have invested in local CDCUs through this program. The Ford Foundation, John D. and Catherine T. MacArthur Foundation, Mennonite Mutual Aid, Bank One, JPMorgan Chase, Bank of America, and the federal CDFI Fund are just a few of our investors.
Today, the Federation has more than $60 million in assets under management, with 80% deployment of our investments in more than 120 different CDCUs. We have become a virtual "one-stop-shop" for credit unions seeking funds to expand their activities: we provide not only deposits, but loans (secondary capital) and grants.
An investment in the Federation is a social investment in grassroots, cooperatively-owned and locally-controlled nonprofit financial institutions, focused on serving low- and moderate-income communities across nation.
For investors looking for targetted impact, there is no better way to reach the world of CDCUs than through the Community Development Investment Program.
Inside Community Development Investments
Community Development Investment Program announcements, deadlines & information for credit unions - click here.
Print/Download a Community Development Investment Application - click here.
Investors and funders wishing to learn more - click here.
To learn more about the CDCUs benefitting from your investments, click here.
The Federation is certified as a 501(c)(3), non-profit. Download our Letter of Determination - click here.