CAPITOLA, Calif.— Bay Federal Credit Union has been awarded $1.8 million from the U.S. Treasury Department as part of the Community Development Financial Institution (CDFI) Rapid Response Program.
Bay FCU said it will use these funds and invest them in their local community through home loans, auto loans, and through programs that support members who may be financially struggling due to the pandemic. The credit union said has also recently lowered its home loan rates to do its part to make homeownership more accessible for both first-time homebuyers and refinance candidates.
“We are honored to receive this grant,” said Carrie Birkhofer, president and CEO. “The combination of the pandemic and rising costs in our community, including housing, have disproportionately impacted certain groups of people in our community. The grant funds will allow us to expand financial support to those in need.”