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TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
33 CUs among CDFI Fund second-round applicants
WASHINGTON (7/17/09)--Thirty-three credit unions are among the 194 community development financial institutions (CDFI) that have applied for the U.S. Department of Treasury's CDFI Fund's fiscal year (FY) 2009 supplemental round. The applicants--from 44 states, the District of Columbia and Puerto Rico--have requested an aggregate of more than $270 million in financial assistance, said the Treasury. That, coupled with the initial FY 2009 applications, brings the total for the year to 419 applicants seeking $507 million in assistance through the program. Sixty-one or 32% of the institutions applied under Category I--SECA--for more than $33.2 million in financial assistance. Of those, 21 or 34% were credit unions, while 39 (64%) were loan funds, and one (2%) was a venture capital fund. Category II--Core funds attracted 131 or 68% of applicants seeking $237.5 million in assistance. They include 12 credit unions, which make up 9% of these applicants. Also applying were 99 loan funds (76%); 14 banks, thrifts or holding companies (11%); and six venture capital funds (5%). The CDFI Fund said that it announced all $90 million of Recovery Act funding earlier this month to accommodate the additional solicitation of applications and expedite the award dollars to low-income communities. It will make a second announcement in September, when it will award about $52 million of annual appropriations to the most highly rated applicants in a combined pool that includes those who applied in response to the amended Notice of Funds Availability (NOFA) and those who applied under the original FY 2009 NOFA but did not receive an award in the first funding announcement. About 260 applicants requested more than $237 million in the first FY 2009 application round.
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