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NCUA announces CDRLF application period
ALEXANDRIA, Va. (1/228/08)--The National Credit Union Administration (NCUA) has announced it will accept applications for participation in the Community Development Revolving Loan Fund's (CDRLF’s) loan program beginning in September, subject to the availability of funds. The CDRLF provides assistance to credit unions with an official “low-income” designation to provide basic financial services to residents in their communities. The assistance is in the form of low-interest loans and is intended to stimulate income levels, home ownership, and employment. Applications can be submitted from Sept. 1 to Nov. 30, according to a Federal Register document submitted by the NCUA. The Fund's total appropriation is $13.4 million. As of Dec. 31, 2007, the Fund's loan portfolio totaled to $13.3, according to the document. Application procedures for the 2008 Fund Loan Program will be posted to the NCUA Web site. Or applications for participation may be obtained from and should be submitted to: NCUA, Office of Small Credit Union Initiatives, 1775 Duke Street, Alexandria, VA 22314-3428.
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