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Treasury extends CDCI app deadline to April 30
ALEXANDRIA, Va. (3/30/10)--The U.S. Treasury on Monday extended the deadline for funding applications under its Community Development Capital Initiative (CDCI) until April 30. Eligibility for the CDCI program, which allows low-income credit unions (LICUs) that are certified as Community Development Financial Institutions (CDFIs) to obtain up to 3.5% of their assets as secondary capital, is determined by the National Credit Union Administration (NCUA) and the Treasury. According to an NCUA release, secondary capital plans are also required to take part in the CDCI program, and these plans must “meet the requirements per NCUA’s Rules and Regulations 701.34 (b)(1).” Secondary capital plans must be submitted by May 10. The National Federation of Community Development Credit Unions' recently opted to make $1 million in secondary capital available as matching funds for member community development credit unions (CDCUs) that might not be immediately eligible for CDCI investments in a bid to help more CDCUs qualify for CDCI funds.


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