WASHINGTON–Seventy-three credit unions are among the 252 community development financial institutions (CDFIS) that have been awarded $194.1 million in Financial Assistance (FA) awards.
The awards, through the fiscal year (FY) 2022 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to substantively expand lending and investment activity in disadvantaged and distressed neighborhoods and communities, according to Treasury.
In addition to the 73 CUs, the FY 2022 CDFI Program and NACA Program Financial Assistance Award Recipients include 137 loan funds and 40 depository institutions and holding companies, and two venture capital funds. Award recipients also included 23 CDFIs that are also Minority Depository Institutions, as designated by the Federal Deposit Insurance Corporation and NCUA, Treasury said.
Tacoma, Wash.-based CU Strategic Planning reported that the grant applications it facilitated for its clients make up 56% of all this year's Financial Assistance awards granted to credit unions, totaling $26.97 million. In terms of dollars won, CU Strategic Planning clients won two-thirds of all funding awarded to credit unions outside of Puerto Rico and 17 clients won the highest base award amount of $640,000 given to credit unions this year, the company said.
Additional Details
According to Treasury, collectively, FA awards encompass Base Financial Assistance (Base-FA) and the following awards that are provided as a supplement to a Base-FA award:
- Healthy Food Financing Initiative-Financial Assistance (HFFI-FA)
- Persistent Poverty Counties-Financial Assistance (PPC-FA)
- Disability Funds-Financial Assistance (DF-FA).
CDFI Program Financial Assistance Awards
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. For the FY 2022 CDFI Program round, the CDFI Fund awarded $127.1 million in Base-FA awards to 233 organizations in 41 states, the District of Columbia, and Puerto Rico, Treasury said.
The CDFI Fund also awarded $17.6 million in PPC-FA awards to 137 CDFIs specifically to serve Persistent Poverty Counties nationwide.
In addition, the CDFI Fund awarded $23 million in HFFI-FA awards to eight CDFIs. The Healthy Food Financing Initiative is a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. The CDFI Fund also awarded $6.5 million in DF-FA awards to 13 CDFIs; DF-FA is a supplemental program designed to help CDFIs finance projects and services to assist individuals with disabilities, Treasury said.
The Winners
The individual credit union winners can be found in the various resources below:
- FY 2022 CDFI Program Award Book
- FY 2022 NACA Program Award Book
- CDFI Program and NACA Program Financial Assistance Application Evaluation Process
- CDFI Program and NACA Program Technical Assistance Application Evaluation Process
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