[NFEC Update] CDFI Fund News: CDFI Fund Completes Disbursement of Recovery Act Grants in Record Time

[Info]

Native grantees included. please forward.

 
<http://www.cdfifund.gov/news_events/CDFI-2009-44-Fund-Announces-Disbursemen
t-of-Recovery-Act-Grants.asp> CDFI Fund Completes Disbursement of Recovery
Act Grants in Record Time 
September 1, 2009 
CDFI-2009-44 

CDFI Fund Announces Complete Disbursement of Recovery Act Grants for
Community Development 
100 Percent of Program Funds Deployed in Record Time  

WASHINGTON - U.S. Department of the Treasury's Community Development
Financial Institutions (CDFI Fund) announced today that in record time, and
exactly two months after awards were announced for community development
grants through the American Recovery and Reinvestment Act (Recovery Act), it
completely disbursed all $98 million to 59 Community Development Financial
Institutions (CDFIs) and 10 Native CDFIs.  These Recovery Act awards were
made through the CDFI Program and Native American CDFI Assistance (NACA)
Program, and will support new lending that will assist in the economic
recovery of some of our nation's most vulnerable communities at a time when
they are facing many financial challenges.  These funds will help generate
capital for small businesses, mortgage loans for homebuyers, and funding for
affordable housing projects and other facilities in communities across the
country. 

"Moving quickly to support communities made particularly vulnerable by the
economic downturn has been the top priority for the CDFI Fund," said
Director Donna J. Gambrell. "This is a significant accomplishment for the
CDFI Fund that was achieved by utilizing new internal business practices
that enabled the disbursement of the Recovery Act resources faster than ever
before.  These financial assistance awards are critical to getting these
community-based lenders the capital they need to provide distressed
communities they serve with the resources to stimulate local economic
recovery." 

Treasury Secretary Tim Geithner and Director Donna Gambrell announced the
financial assistance awards to 59 Community Development Financial
Institutions (CDFIs) on June 29th, 2009, and the financial assistance awards
to 10 Native CDFIs were announced on July 1st, 2009.  In order to expedite
the flow of Recovery Act resources, for the first time the legal agreements
between the CDFI Fund and the award recipients were ready the same day as
the announcement, which served to greatly accelerate the delivery of funds.
Today, 100 percent of the $98 million in awards to CDFIs through the
Recovery Act have been disbursed.   

The awards are a part of the Obama Administration's efforts to invest
directly in communities and support community institutions across the
country that address a wide variety of economic development issues.  These
investments are generating capital for first-time homebuyer loans, providing
investments in small businesses and microenterprises, and supporting the
development of affordable housing and community facilities across the
country.  Additionally, many of the CDFIs that have received support are
engaged in innovative lending to support foreclosure prevention efforts,
encouraging entrepreneurs to launch small businesses, expanding bilingual
credit unions, and offering alternatives to payday and predatory lenders.  

 
<http://www.cdfifund.gov/news_events/CDFI-2009-44-Fund-Announces-Disbursemen
t-of-Recovery-Act-Grants.asp> Click here to view list of organizations that
received awards. 

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