CAPITOLA, Calif.–Bay Federal Credit Union has received $3.7 million from Treasury’s Community Development Financial Institutions Fund (CDFI Fund) through its Equitable Recovery Program (ERP).
The credit union said the funds are a “testament” to its work in supporting their members and their community through challenging and trying times and for its efforts to make homeownership possible for members in low to moderate income neighborhoods.
Bay Federal said it is financing manufactured homes in a variety of approved parks throughout the Central Coast.
An ‘Honor’
“It’s an honor to receive this grant funding,” said President and CEO Carrie Birkhofer. “We’re witnessing the long-lasting impacts of the pandemic, the continued rising costs of rent, and overall economic hardships that have disproportionately affected many individuals in our community. With the help of this funding, we’ll be able to continue creating financial opportunities for those who need it most.”
The $1.6-billion Bay Federal was one of 203 credit unions that received funding from the CDFI Fund.
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