NY CDFIs Receive $12.4 MM from CDFI Fund in Recent Awards

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Lower East Side FCU CEO,Linda Levy, accepting her CDCU's award from Congresswoman Nydia Velasquez (on left).

ALBANY, NY (08/24/2010)(readMedia)-- Low- and moderate-income communities in New York State and across the country, will soon receive a boost to their local economies thanks to awards made today to 180 community development financial institutions (CDFIs) by the U.S. Department of the Treasury's CDFI Fund, including 19 awards to CDFIs in New York State. The CDFI Fund's FY 2010 nationwide awards announcement was made at El Maguey y La Tuna, a restaurant in New York City's Lower East Side, which was financed by local CDFI, the Lower East Side People's Federal Credit Union, the largest community development credit union (CDCU) in New York City.

Awards totaling $104.9 million, were announced by United States Treasurer Rosie Rios,Congressman José Serrano, Congresswoman Nydia Velasquez and CDFI Fund Director Donna J. Gambrell. Of the 180 awards made to CDFIs nationwide, 19 Financial Assistance (FA) Awards and Technical Assistance (TA) Awards totaling more than $12.4 million went to CDFIs based in New York State.

New York awardees included loan funds that finance small businesses, supportive and affordable housing, health care facilities, and non-profit organizations, as well as CDCUs serving individuals and small businesses.

CDFI Fund Impact on Low-Income Communities

Linda Levy, CEO of the Lower East Side Peoples FCU, which received an award for $750,000, spoke about the impact that the CDFI Fund award will make to the credit union's members. "The most important thing about this grant is that it will enable us to make more funds available to businesses all over the five boroughs of New York," Levy said. "We have almost tripled our small business lending this year, and a good part of that is due to the fact that the banks have stopped lending. I think we all know this and we're all very sorry about this, and we have been trying very hard to step into the fray, but it's been hard because we don't have a lot of capital, so this is really going to help us help the community."

For BOC Capital Corp, based in Brooklyn, NY, the $100,000 Technical Assistance grant from the CDFI Fund will enable the loan fund to finance businesses which create and preserve jobs in NYC neighborhoods. "The CDFI Fund is making a real difference in New York City by supporting local organizations which finance viable businesses and entrepreneurs with the experience and capacity necessary to build sustainable businesses", according to Nancy Carin, CEO at BOC.

Federation President/CEO Cliff Rosenthal, who accepted the Federation's award for $750,000, offered praise for the CDFI Fund. "The CDFI Fund is an absolutely unique source of innovative funding. We are very grateful to this indispensable and irreplaceable federal agency."

Edwin Hong, Lesia Bate Mosss of Seedco Financial and Clifford Rosenthal of the Federation with CDFI Fund Director Donna Gambrell.

Financial Assistance Awards to NY CDFIs

ACCION USA, New York, NY

Alternatives FCU, Ithaca, NY

Bethex FCU, Bronx, NY

Community Capital Resources, Hawthorne, NY

Community Development Trust, New York, NY

Corporation for Supportive Housing, New York, NY

Genesee Co-op Federal Credit Union, Rochester, NY

Home Headquarters, Syracuse, NY

Ithaca Neighborhood Housing Services, Ithaca, NY

Local Initiatives Support Corp. New York, NY

Lower East Side Peoples FCU, New York, NY

National Federation of Community Development Credit Unions, New York, NY

Nonprofit Finance Fund, New York, NY

Primary Care Development Fund, New York, NY

Seedco Financial Services, New York, NY

Utica Neighborhood Housing Services, Utica, NY

Technical Assistance Grant Awards to NY CDFIs

BOC Capital Corp, Brooklyn, NY

Community Capital Resources, Hawthorne, NY

Genesee Co-Op FCU, Rochester, NY

Jewish Funds for Justice, New York, NY

La Fuerza Unida Community Development Corp, Glen Cove, NY

To see a list of all the CDFI Fund awardees nationwide, please click here.

More Information About the New York Coalition of CDFIs

For questions regarding the work of the New York Coalition of CDFIs, or if your organization would like to become involved in our efforts, please contact Melanie Stern, Coalition Coordinator, at mstern@cdcu.coop, or 212.809.1850 x211.