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5/13/2020 Treasury Awards $90 Million in Recovery Act Funding for Community Development U.S. DEPARTMENT OF THE TREASURY Press Center Treasury Awards $90 Million in Recovery Act Funding for Community Development 6/29/2009 To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®. TG-187 At Event in the Bronx, Secretary Geithner Announces Awards for Community Development Financial Institutions To read biographical sketches of CDFI borrower and end beneficiary attending today's event, please visit link . BRONX, NY – As part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act, Treasury Secretary Tim Geithner today announced $90 million in financial assistance awards for 59 Community Development Financial Institutions (CDFIs) in 26 states and Puerto Rico dedicated to helping communities hard hit by the economic crisis. These awards will support new economic recovery projects in some of our nation's most vulnerable communities at a time when they are facing many financial challenges. "The Recovery Act is playing a critical role in restoring economic growth and strengthening our nation's financial stability by developing and investing in local communities," said Secretary Geithner. "The Recovery Act awards announced today build on the Administration's efforts to get lenders lending again – these awards 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." Secretary Geithner's announcement was made today at The Point, an organization previously funded by the Nonprofit Finance Fund, a New York based CDFI and Recovery Act awardee that is receiving a $1.9 million award today. The Point is dedicated to youth development, the cultural and economic revitalization of the South Bronx, and to providing support to local entrepreneurs by helping them create new businesses and explore economic opportunities. Of the 56 awards announced today, 10 recipients are located in New York. Said CDFI Fund Director Donna Gambrell: "We are here today to not only announce the national Recovery Act awards under the CDFI Program, but to also highlight how these resources can help to transform distressed communities. The Point is a remarkable example of an organization supported by CDFI investments that is successfully bringing about the economic revitalization needed in communities around the country." As part of the Administration's continued effort to invest directly in communities, the Treasury Department has also recently announced: More than $700 million in direct funding for affordable housing projects in dozens of states; $1.5 billion in New Markets Tax Credits to encourage private sector investments in hundreds of communities around the country; $13.8 billion in Build America Bonds issued to municipalities and states; $25 billion in direct allocations of Recovery Zone Bonds to allow cities and counties to jumpstart development projects. The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. For a complete list of award recipients and profiles, visit http://www.cdfifund.gov/. CDFI Program - Recovery Act Awards Awardee Name https://www.treasury.gov/press-center/press-releases/Pages/tg187.aspx Location Award Amount 1/5 5/13/2020 Treasury Awards $90 Million in Recovery Act Funding for Community Development Fresno Community Development Financial Institution Fresno, CA Northern California Community Loan Fund San Francisco, CA $2,000,000 Low Income Investment Fund San Francisco, CA $2,000,000 Opportunity Fund San Jose, CA $2,000,000 Santa Cruz Community Credit Union Santa Cruz, CA $2,000,000 Rural Community Assistance Corporation West Sacramento, CA $2,000,000 Mendo Lake Credit Union Ukiah, CA Atlanta Micro Fund Atlanta, GA $250,000 Southwest Georgia United Empowerment Zone, Inc. Vienna, GA $600,000 National Community Investment Fund Chicago, IL $2,000,000 Federation of Appalachian Housing Enterprises, Inc. Berea, KY $2,000,000 Mountain Association for Community Economic Development, Inc. Berea, KY $2,000,000 ASI Federal Credit Union Harahan, LA $2,000,000 Liberty Financial Services New Orleans, LA $2,000,000 The Housing Partnership Network, Inc. Boston, MA $2,000,000 Cape and Islands Community Development, Inc. Centreville, MA $600,000 Western Massachusetts Enterprise Fund, Inc. Holyoke, MA $600,000 Springfield Neighborhood Housing Services, Inc. Springfield, MA $600,000 Coastal Enterprises, Inc. Wiscasset, ME $2,000,000 Communicating Arts Credit Union Detroit, MI $2,000,000 Midwest Minnesota Community Development Corporation Detroit Lakes, MN $2,000,000 Northland Foundation Duluth, MN $2,000,000 African Development Center Minneapolis, MN $600,000 Montana Homeownership Network Great Falls , MT $600,000 https://www.treasury.gov/press-center/press-releases/Pages/tg187.aspx $600,000 $2,000,000 2/5 5/13/2020 Treasury Awards $90 Million in Recovery Act Funding for Community Development Montana Community Development Corporation Missoula, MT $2,000,000 First Legacy Community Credit Union Charlotte, NC $2,000,000 Latino Community Credit Union Durham, NC $2,000,000 Eastern Dakota Housing Alliance, Inc. Fargo, ND $600,000 Midwest Housing Development Fund, Inc. Omaha, NE $600,000 New Hampshire Community Loan Fund, Inc. Concord, NH $2,000,000 Community Loan Fund of New Jersey, Inc. Trenton, NJ $2,000,000 New Mexico Community Capital Bernalillo, NM $600,000 BOC Capital Corp. Brooklyn, NY $600,000 Brooklyn Cooperative Federal Credit Union Brooklyn, NY $1,150,000 CAMBA Economic Development Corporation Brooklyn, NY $600,000 Leviticus 25:23 Alternative Fund, Inc. Elmsford, NY $2,000,000 Alternatives Federal Credit Union Ithaca, NY $2,000,000 Corporation for Supportive Housing New York, NY $2,000,000 Nonprofit Finance Fund New York, NY $1,900,000 Primary Care Development Corporation New York, NY $2,000,000 Seedco Financial Services New York, NY $2,000,000 Home Headquarters, Inc. Syracuse, NY $2,000,000 Citizen Potawatomi Community Development Corporation Shawnee, OK $2,000,000 Community and Shelter Assistance Corporation Newberg, OR $2,000,000 Albina Community Bancorp Portland, OR $2,000,000 Progress Fund, The Greensburg, PA $2,000,000 Reinvestment Fund, Inc., The Philadelphia, PA $2,000,000 Economic Opportunities Fund Philadelphia, PA $600,000 Opportunity Finance Network Philadelphia, PA $2,000,000 https://www.treasury.gov/press-center/press-releases/Pages/tg187.aspx 3/5 5/13/2020 Treasury Awards $90 Million in Recovery Act Funding for Community Development Northside Community Development Fund Pittsburgh, PA $600,000 Bridgeway Capital, Inc. Pittsburgh, PA $2,000,000 Ceiba Housing and Economic Development Corporation Ceiba, PR $600,000 Lowcountry Housing Trust Charleston, SC $600,000 Southeast Community Capital Corporation Nashville, TN Utah Microenterprise Loan Fund Salt Lake City, UT Opportunities Credit Union Burlington, VT $2,000,000 Vermont Community Loan Fund, Inc. Montpelier, VT $2,000,000 Rutland West Neighborhood Housing Services, Inc. West Rutland, VT $2,000,000 Natural Capital Investment Fund, Inc. Shepherdstown, WV $2,000,000 $500,000 $600,000 ### Biographical sketches of the CDFI borrower and program beneficiary attending today's event: Paloma Izquierdo-Hernandez Bronx, New York Paloma Izquierdo-Hernandez is the President and Chief Executive Officer of Urban Health Plan (UHP), a federally qualified health center located in the South Bronx. She began her tenure at UHP in 1976 as the organization's office manager and moved through the ranks to become first the administrator, then the executive director and in 1996 she became the President and CEO. Ms. Izquierdo Hernandez has grown UHP from a one-site facility to a network of three health centers; five school health programs; four sites at facilities for at-risk populations; and two administrative facilities that house multiple grant-funded programs. Ms. Izquierdo Hernandez was raised in the Bronx, NY. She holds a masters degree in speech pathology from Columbia University's Teachers College and a master of public health from Columbia University's Mailman School of Public Health. The expansion of UHP was made possible by financing from The Primary Care Development Corporation (PCDC), the only Community Development Financial Institution in New York State and the largest in the country specifically investing in primary care. In 2007, U.S. Treasury awarded PCDC $40 million in New Market Tax Credits – the largest community development investment made to date in primary care. Today, PCDC will receive a $2 million Recovery Act CDFI Award; they subsequently plan to generate $20 million in new loans that will allow community health centers to expand, providing services to almost 100,000 low-income residents. Wilfredo "Bio" Feliciano Bronx, New York Wilfredo Feliciano is a founding member of Top Artistic Artists Cru (TATS CRU), Inc., a Bronx-based graphic design company. Headquartered at The Point, TATS CRU is on the forefront of mural art. In the early 1990s, Wilfredo and two of his high school friends -- all talented mural artists -- were struggling to get their business off the ground. They were working out of an old Ford Bronco, had little equipment, and were relying on word of mouth to get new clients. But then they were approached by The Point who offered them a headquarters, gave them space to paint their murals and equipment to grow. TATS CRU has been hired to paint sets for Broadway plays, music videos and movies. Coca Cola, Pepsi, Kodak and McDonalds have sought them out for their unique graphic arts skills. Their revenue, at one point, reached $1 million a year. Over the years, The Point has received critical financing from the Nonprofit Finance Fund (NFF), the only national Community Development Financial Institution to service the nonprofit sector exclusively. Today, NFF will receive a $1.9 million Recovery Act CDFI https://www.treasury.gov/press-center/press-releases/Pages/tg187.aspx 4/5 5/13/2020 Treasury Awards $90 Million in Recovery Act Funding for Community Development Award, which they plan to use to generate up to $10 million in additional loans and help as many as 20 small and mid-sized nonprofits expand. LINKS Read biographical sketches of CDFI borrower and end beneficiary attending today’s event https://www.treasury.gov/press-center/press-releases/Pages/tg187.aspx 5/5
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