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News Now

Washington
Grant requests for Native American program jump
WASHINGTON (12/11/09)—One credit union was among the 61 lenders applying to the U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund applications for the fiscal year (FY) 2010 funding round of the Native American CDFI Assistance (NACA) Program. The applications represent a 27% increase over the 48 the fund received in the original application solicitation of the FY 2009 round. Applicants requested more than $23.7 million in financial and technical assistance for FY 2010, and that is up 30% over the $18.3 million requested last year. The application process began in August and the deadline was Oct. 7. The CDFI Fund intends to award $12 million this round. A House-Senate conference panel earlier this week voted to adopt a higher CDFI funding level than proposed by the House, as well a more money for the National Credit Union Administration’s Community Development Revolving Loan Fund. The appropriations were ratified yesterday by a House vote and the Senate is expected to take up the legislation soon. (See related story: CDFI, CLF, CDRLF funding moves forward). The increase would provide the $12 million in 2010 NACA funds, up from $10 million last year. “The NACA Program is vital for reaching and helping our nation’s most distressed Native communities, helping them start to move toward economic recovery and economic self-sufficiency,” said CDFI Fund Director Donna Gambrell in a release. “The $23.7 million is the most funding ever requested in the history of the program and clearly demonstrates the critical need for these resources.” Applications were received from 19 states and in addition to the credit union, 31 applicants were loan funds, three were a bank, thrift or holding company, and 26 were sponsoring entities.
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