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Federation awarded 750000 CDFI Fund grant
MILWAUKEE (10/5/09)--The U.S. Treasury’s Community Development Financial Institutions (CDFI) Fund Friday announced awards totaling $52 million to 62 organizations that serve economically distressed communities nationwide, including the National Federation of Community Development Credit Unions and two credit unions. The federation received a $750,000 award from the program. Neighborhood Trust FCU received $350,000 and Union Settlement FCU received $500,000. Both credit unions are located in New York City. Financial assistance provided through the program helps CDFIs increase lending activities in underserved areas, according to CDFI Fund Director Donna J. Gambrell, who announced the awards in Milwaukee. It also helps organizations, including credit unions, to provide affordable financial products and services to low-income communities and populations. “As we celebrate this national award announcement, we are also celebrating the work of these community-based lenders that enables the dreams of entrepreneurs to become realities,” she said. The CDFI Program is funded through an annual appropriation from Congress. The fund receives applications annually and awards funds through a competitive process. The fund has awarded more than $821 million since its inception. The CDFI Fund received 452 applications from organizations nationwide, requesting more than $529 million in funding under the fiscal year 2009 round of the CDFI Program. The awards complete the 2009 funding round by awarding the remaining funds to the most highly rated applicants in a pool that included:
* Applicants that submitted applications responding to the Notice of Funds Availability (NOFA) published in the Federal Register April 28; and * Applicants that applied under the initial 2009 NOFA published Aug. 15, 2009, but did not receive a Recovery Act award in the first funding announcement.
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