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U.S. Treasury awards more than $188 million to support CDFI investment in low-income and distressed communities

by CDFI Funds & CU Times | Nov 21, 2019

Four Cornerstone credit unions receive awards.

The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 284 Community Development Financial Institutions (CDFIs) $188.7 million in Financial Assistance (FA) on Tuesday.

The awards, through the fiscal year 2019 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.

“I am proud to announce the FY 2019 CDFI Program and NACA Program awards,” said CDFI Fund Director Jodie Harris. “I am especially pleased that almost half of the awarded organizations have chosen to provide services in areas of persistent poverty, which will lead to significant impact for residents in some of the most distressed communities nationwide.”

Credit unions in the Cornerstone region receiving awards, and their amounts, are:

  • Border Federal Credit Union, Del Rio, Texas, $714,000
  • First Central Credit Union, Waco, Texas, $714,000
  • Firstlight Federal Credit Union, El Paso, Texas, $799,000
  • Light Commerce Credit Union, Houston, $125,000

 

Sources: CDFI Fund and CU Times