December 4, 2016
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TREASURY AWARDS $90 MILLION IN RECOVERY ACT FUNDING FOR COMMUNITY DEVELOPMENT

 
 
U.S. Treasury Department 
 
Office of Public Affairs

 


At Event in the Bronx, Secretary Geithner Announces 
Awards for Community Development Financial Institutions

BRONX, NY – As part of the Obama Administration’s continued investment in economic development in communities around the country through the Recovery Act, Treasury Secretary Tim Geithner today announced $90 million in financial assistance awards for 59 Community Development Financial Institutions (CDFIs) in 26 states and Puerto Rico dedicated to helping communities hard hit by the economic crisis. These awards will support new economic recovery projects in some of our nation’s most vulnerable communities at a time when they are facing many financial challenges.  

“The Recovery Act is playing a critical role in restoring economic growth and strengthening our nation’s financial stability by developing and investing in local communities,” said Secretary Geithner.  “The Recovery Act awards announced today build on the Administration’s efforts to get lenders lending again – these awards will help generate capital for small businesses, mortgage loans for homebuyers, and funding for affordable housing projects and other facilities in communities across the country.”

Secretary Geithner’s announcement was made today at The Point, an organization previously funded by the Nonprofit Finance Fund, a New York based CDFI and Recovery Act awardee that is receiving a $1.9 million award today.  The Point is dedicated to youth development, the cultural and economic revitalization of the South Bronx, and to providing support to local entrepreneurs by helping them create new businesses and explore economic opportunities.  Of the 56 awards announced today, 10 recipients are located in New York.

Said CDFI Fund Director Donna Gambrell: “We are here today to not only announce the national Recovery Act awards under the CDFI Program, but to also highlight how these resources can help to transform distressed communities.  The Point is a remarkable example of an organization supported by CDFI investments that is successfully bringing about the economic revitalization needed in communities around the country.”

As part of the Administration’s continued effort to invest directly in communities, the Treasury Department has also recently announced:

  • More than $700 million in direct funding for affordable housing projects in dozens of states;
  • $1.5 billion in New Markets Tax Credits to encourage private sector investments in hundreds of communities around the country;
  • $13.8 billion in Build America Bonds issued to municipalities and states;
  • $25 billion in direct allocations of Recovery Zone Bonds to allow cities and counties to jumpstart development projects.

The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities.  The CDFI Fund receives applications on an annual basis and awards funds through a competitive process.  For a complete list of award recipients and profiles, visit http://www.cdfifund.gov/.

 

CDFI Program - Recovery Act Awards

 

Awardee Name

Location

Award Amount

Fresno Community Development Financial Institution

Fresno, CA

$600,000

Northern California Community Loan Fund

San Francisco, CA

$2,000,000

Low Income Investment Fund

San Francisco, CA

$2,000,000

Opportunity Fund

San Jose, CA

$2,000,000

Santa Cruz Community Credit Union

Santa Cruz, CA

$2,000,000

Rural Community Assistance Corporation

West Sacramento, CA

$2,000,000

Mendo Lake Credit Union

Ukiah, CA

$2,000,000

Atlanta Micro Fund

Atlanta, GA

$250,000

Southwest Georgia United Empowerment Zone, Inc.

Vienna, GA

$600,000

National Community Investment Fund

Chicago, IL

$2,000,000

Federation of Appalachian Housing Enterprises, Inc.

Berea, KY

$2,000,000

Mountain Association for Community Economic Development, Inc.

Berea, KY

$2,000,000

ASI Federal Credit Union

Harahan, LA

$2,000,000

Liberty Financial Services

New Orleans, LA

$2,000,000

The Housing Partnership Network, Inc.

Boston, MA

$2,000,000

Cape and Islands Community Development, Inc.

Centreville, MA

$600,000

Western Massachusetts Enterprise Fund, Inc.

Holyoke, MA

$600,000

Springfield Neighborhood Housing Services, Inc.

Springfield, MA

$600,000

Coastal Enterprises, Inc.

Wiscasset, ME

$2,000,000

Communicating Arts Credit Union

Detroit, MI

$2,000,000

Midwest Minnesota Community Development Corporation

Detroit Lakes, MN

$2,000,000

Northland Foundation

Duluth, MN

$2,000,000

African Development Center

Minneapolis, MN

$600,000

Montana Homeownership Network

Great Falls , MT

$600,000

Montana Community Development Corporation

Missoula, MT



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