09.29.20

SCHUMER, GILLIBRAND ANNOUNCE OVER $20 MILLION IN FEDERAL FUNDING TO SUPPORT ECONOMIC GROWTH IN LOW-INCOME & DISTRESSED COMMUNITIES ACROSS NEW YORK

Federal Funding Enables Vital Economic Development And Financial Services To Low-Income Neighborhoods, Businesses And Families; 35 NY Organizations To Receive Federal Funding

Senators Say Awards Build Capacity of CDFIs, Helping Meet the Unique Needs Of Economically Underserved Communities

Schumer, Gillibrand: Investment Into Vulnerable Communities Is Critical To Recovery Of Entire NY Economy

U.S. Senator Charles E. Schumer and U.S. Senator Kirsten Gillibrand today announced $20,110,750 in federal funding for 35 Community Development Financial Institutions (CDFI) across New York. The funding was allocated by the Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). The senators said the funding will be used to invest in and building the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and support low-income and distressed communities by contributing to their revitalization.

“The CDFI Fund is a vital stream of investment that supports economic development and financial services to New York’s most vulnerable communities,” said Senator Schumer. “The more than $20 million in funding will help to uplift our most vulnerable neighborhoods, businesses, and families in the aftermath of the COVID-19 pandemic, and help the entire state economy recover. I will continue to fight to protect critical investments like these for our communities and make sure New York gets the federal investment it needs and deserves.”

“The economic crisis caused by this pandemic has devastated underserved communities, low-income neighborhoods, and small businesses that were already struggling to survive,” said Senator Gillibrand. “This CDFI funding is great news for New York State and will put over $20 million dollars back into the businesses and communities that need it most. I will keep fighting in the Senate for the resources needed to stimulate the economy and ensure New York’s communities are stronger than ever before.”

A breakdown of the funding appears below:

ACCION East, Inc. 

New York

$750,000

Alternatives Federal Credit Union 

Ithaca

$557,000

BOC Capital Corp.

Brooklyn

$707,000

Brooklyn Cooperative Federal Credit Union

Brooklyn

$500,000

CDCLI Funding Corporation

Centereach

$500,000

Center for Community Development for New Americans, Inc. 

New York

$794,500

Chautauqua Opportunities for Development, Inc. 

Dunkirk

$125,000

Community Capital New York, Inc

Elmsford

$650,000

Community Loan Fund of the Capital Region, Inc.

 Albany

$788,750

Concord Federal Credit Union 

Brooklyn

$125,000

Corporation for Supportive Housing

New York

$1,406,250

Empower FCU 

Syracuse

$557,000

Grameen America, Inc.

New York

$887,500

Grow America Fund

New York

$557,000

Heritage Financial Credit Union

Middletown

$557,000

Home Headquarters, Inc. 

Syracuse

$557,000

INHS CDFI, LLC

Ithaca

$125,000

Launch New York, Inc.

Buffalo

$375,000

Lower East Side Peoples Federal Credit Union

New York

$637,500

National Federation of Community Development Credit Unions

New York

$657,000

Neighborhood Trust Federal Credit Union

New York

$637,500

New Covenant Dominion Federal Credit Union

Bronx

$125,000

Nonprofit Finance Fund 

New York

$1,007,500

NYBDC Local Development Corporation 

Albany

$750,000

Primary Care Development Corporation

New York

$1,137,500

Quontic Bank Holdings Corp 

New York

$794,500

Southern Chautauqua Federal Credit Union

Lakewood 

$125,000

Sustainable Neighborhoods LLC

New York

$657,000

Syracuse Cooperative Federal Credit Union 

Syracuse 

$125,000

The Community Development Venture Capital Alliance 

New York 

$725,000

The Disability Fund, Inc.

Rockville Centre

$825,750

The Finest Federal Credit Union

New York

$737,500

The IRCs Center for Economic Opportunity, Inc. (CEO) 

New York

$400,000

Urban Upbound Federal Credit Union 

Long Island City

$125,000

Womens Venture Fund, Inc.

New York

$125,000

Total

$20,110,750

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