CDFI Fund announces nearly $34.5 million to credit unions serving low-income communities
NEW YORK, NY (September 20, 2018) — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced grants and loans to 302 organizations totaling $202.2 million today. Forty-eight credit unions were given CDFI awards this year for a total of $34.5 million. Among these are four cooperativas de ahorro y credito in Puerto Rico, for the fist time in the Fund’s history. The Federation congratulates all 2018 CDFI credit union awardees of Technical Assistance (TA), Financial Assistance (FA) and Healthy Food Financing Initiative Financial Assistance Awards (HFFI-FA)!
The National Federation of Community Development Credit Unions (Federation) advocates on behalf of low-income consumers to gain greater access to safe and responsible credit union products and services. As the leading CDFI advocate promoting financial inclusion, the Federation works to increase CDFI Fund investments in the growth and expansion of credit unions in some of this country’s lowest income communities.
2018 CDFI Awards to Credit Unions
|
Credit Union |
City |
State |
TA |
FA |
DF- FA |
HFFI |
| 1 |
Advia CU |
Parchment |
MI |
|
$ 500,000 |
|
|
| 2 |
Appalachian Community FCU |
Gray |
TN |
|
$ 1,125,000 |
|
|
| 3 |
Brooklyn Cooperative FCU |
Brooklyn |
NY |
|
$ 1,250,000 |
|
|
| 4 |
Buckeye State CU |
Akron |
OH |
|
$ 875,000 |
|
|
| 5 |
Commodore Perry FCU |
Oak Harbor |
OH |
|
$ 875,000 |
|
|
| 6 |
Cooperativa de Ahorro y Credito Aibonitena |
Aibonito |
PR |
$ 125,000 |
|
|
|
| 7 |
Cooperativa de Ahorro y Credito de Jayuya Incorporada |
Jayuya |
PR |
$ 108,179 |
|
|
|
| 8 |
Cooperativa de Ahorro y Credito Jesus Obrero |
Caguas |
PR |
$ 124,000 |
|
|
|
| 9 |
Cooperativa de Ahorro y Credito Saulo D. Rodriguez |
Gurabo |
PR |
$ 125,000 |
|
|
|
| 10 |
Cutting Edge FCU |
Milwaukie |
OR |
|
$ 600,000 |
|
|
| 11 |
Day Air CU |
Kettering |
OH |
|
$ 700,000 |
|
|
| 12 |
DC CU |
Washington |
DC |
|
$ 700,000 |
|
|
| 13 |
Engage FCU (formerly RRME) |
Natchitoches |
LA |
|
$ 650,000 |
|
|
| 14 |
First Central CU |
Waco |
TX |
$ 115,915 |
|
|
|
| 15 |
First Financial CU |
Albuquerque |
NM |
|
$ 750,000 |
|
|
| 16 |
Fort Financial CU |
Fort Wayne |
IN |
|
$ 600,000 |
|
|
| 17 |
Frankenmuth CU |
Frankenmuth |
MI |
|
$ 875,000 |
|
|
| 18 |
Freedom First FCU |
Roanoke |
VA |
|
$ 950,000 |
|
|
| 19 |
Freedom Northwest CU |
Kamiah |
ID |
|
$ 700,000 |
|
|
| 20 |
GECU |
El Paso |
TX |
|
$ 500,000 |
|
|
| 21 |
Genesee Co-Op FCU |
Rochester |
NY |
|
$ 600,000 |
|
|
| 22 |
Greater Kinston CU |
Kinston |
NC |
|
$ 500,000 |
|
|
| 23 |
Hope CU |
Jackson |
MI |
|
$ 950,000 |
|
$ 1,000,000 |
| 24 |
HopeSouth FCU |
Abbeville |
SC |
|
$ 500,000 |
|
|
| 25 |
Houston Metropolitan FCU |
Houston |
TX |
|
$ 875,000 |
|
|
| 26 |
Innovations FCU |
Panama City |
FL |
|
$ 500,000 |
|
|
| 27 |
JetStream FCU |
Miami Lakes |
FL |
|
$ 1,250,000 |
|
|
| 28 |
Lake Trust CU |
Brighton |
MI |
|
$ 975,000 |
|
|
| 29 |
Light Commerce CU |
Houston |
TX |
$ 124,576 |
|
|
|
| 30 |
LES Peoples FCU |
New York |
NY |
|
$ 700,000 |
|
|
| 31 |
Lower Valley CU |
Sunnyside |
WA |
|
$ 600,000 |
|
|
| 32 |
MECU of Baltimore |
Baltimore |
MD |
|
$ 875,000 |
|
|
| 33 |
Members First CU |
Quincy |
IL |
|
$ 600,000 |
|
|
| 34 |
Mid Minnesota FCU |
Baxter |
MN |
|
$ 500,000 |
|
|
| 35 |
Montgomery County Employees FCU |
Germantown |
MD |
|
$ 600,000 |
|
|
| 36 |
NYU FCU |
New York |
NY |
|
$ 875,000 |
|
|
| 37 |
One Detroit CU |
Detroit |
MI |
|
$ 600,000 |
|
|
| 38 |
Orion FCU |
Memphis |
TN |
|
$ 1,125,000 |
|
|
| 39 |
Ouachita Valley FCU |
West Monroe |
LA |
|
$ 1,250,000 |
|
|
| 40 |
Our Mother of Mercy FCU |
Houston |
TX |
|
$ 400,000 |
|
|
| 41 |
Royal CU |
Eau Claire |
WI |
|
$ 600,000 |
|
|
| 42 |
Santa Cruz Community CU |
Santa Cruz |
CA |
|
$ 700,000 |
|
|
| 43 |
Southwest Louisiana CU |
Lake Charles |
LA |
|
$ 950,000 |
|
|
| 44 |
Suncoast CU |
Tampa |
FL |
|
$ 950,000 |
|
|
| 45 |
The Finest FCU |
New York |
NY |
|
$ 600,000 |
|
|
| 46 |
University of Louisiana FCU |
Lafayette |
LA |
|
$ 950,000 |
|
|
| 47 |
Vantage West CU |
Tucson |
AZ |
|
$ 950,000 |
|
|
| 48 |
Verdian CU |
Waterloo |
IA |
|
$ 950,000 |
$ 225,000 |
|
Click here to see the full list of 2018 CDFI Program Awardees.
Want to learn more? Get an insider’s look at all things CDFI at the Federation’s Annual Conference!
The Federation is your resource for all things CDFI! Our Annual Conference has several sessions devoted to keeping CDFIs up-to-date on what’s new for the CDFI community in 2018-2019, including:
- CDFI Fund News and Updates with Annie Donovan, CDFI Fund Director
- Breaking the Cycle of Disinvestment: New Market Tax Credits, with Bob Ibanez and Jeff Wells
- Measuring the Difference: Performance and Impact of CDFI and Community Development Credit Unions, with Mike Schenk, Deputy Chief Advocacy Officer and Chief Economist, CUNA
- CDFI Fund Programs and CDFI Credit Union Performance, with CDFI and NACA Program Manager, Amber Kuchar-Bell
- Also on our program, Ask the Chairman, a special session with Mark McWatters, NCUA Chairman
About The National Federation of Community Development Credit Unions
The National Federation of Community Development Credit Unions is a certified CDFI intermediary representing community development credit unions (CDCUs). The Federation's member CDCUs provide credit, savings, transaction services and financial education to more than 6 million residents of low- and moderate-income urban, rural and reservation-based communities across the US, and hold over $60 billion in community-controlled assets. Founded in 1974, the Federation is headquartered in Lower Manhattan with offices in Madison, WI. The Federation offers a wide range of advocacy, educational, training, investment, marketing, and outreach programs to support and assist CDCUs. For more information about the Federation and its programs, visit www.cdcu.coop.
