WASHINGTON, D.C. – AmeriCorps and the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) have announced three Community Development Financial Institutions (CDFIs) were awarded more than $2.5 million through the inaugural round of the AmeriCorps CDFI Economic Mobility Corps (EMC) program.
“Providing far-reaching access to credit and capital in distressed communities requires the presence of a dedicated and committed team cadre with experience in delivering a range of financial education services,” said CDFI Fund Director Jodie Harris in a statement. "Today’s EMC awards assists in building a deep bench of talent to help CDFIs deliver critical financial products and services in areas that are underserved by traditional financial services providers.”
Joint Initiative
A joint initiative of the CDFI Fund and AmeriCorps, Treasury said the new national service program places full-time national service members in Certified CDFIs to support their work in distressed and underserved communities providing financial literacy, financial planning, budgeting, saving, and other financial counseling education.
In total, award recipients will receive approximately $1.27 million in grant funding each year for two years to support the placement of service members in CDFIs over a two-year period. For the two year period, total award funding equals more than $2.55 million to sustain the placement of 78 AmeriCorps members each year.
Of the 78 AmeriCorps members that will be placed in Certified CDFIs, 10 members (or 12.8% of all service members) will be located in Persistent Poverty Counties (PPCs).
As a result of their service, the AmeriCorps members supported by the awards are eligible for up to $989,000 in Segal AmeriCorps Education Awards to help offset college, trade or university expenses.
The Winners
According to Treasury, certified CDFIs receiving EMC awards and the number of service members supported annually by each organization’s award, include:
- LiftFund, Inc., San Antonio, Texas: $113,452/7 service members
- Local Initiatives Support Corporation, New York, N.Y.: $992,800/61 service members
- Neighborhood Housing Services of South Florida, Inc., Miami, Fla.: $171,956/10 service members