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National Federation of Community Development Credit Unions

116 John Street
33rd Floor
New York, NY 10038

Contact: Ken Tiongson, Assistant Director, Community Development Investments
Phone: 212-809-1850
Fax: 212-809-3274
URL: www.cdcu.coop
Email: ktiongson@cdcu.coop
National Federation of Community Development Credit Unions

The National Federation of Community Development Credit Unions (The Federation) is a Community Development Financial Institution (CDFI) that specializes in providing capital and support services to community development credit unions (CDCUs) serving the nation's impoverished communities. The Federation currently works with 225 CDFIs nationwide. Since 1982, the Federation has channeled more than $30 million from national investors-foundations, banks and money market funds, religious organizations, nonprofit organizations, trusts, and individuals-into credit unions serving low-income communities.

Program

The Federation runs a number of programs including:
The Federation also offers special program support for microenterprise and small-business development.

Client Population

The Federation serves urban and rural communities in 42 states across the United States, as well as Washington D.C. and Puerto Rico. From the South Bronx to the Navajo Nation, the Federation's growing membership reflects the full diversity of the United States. Thirty-two percent of the people served by the Federation are African-American, 22% are Latino, 4% are Asian American, 2% are Native American, and 40% are Caucasian. Sixty percent of those served are women. Also, 38% reside in urban communities, 29% in semi-urban communities, and 33% in rural communities.

Impact

The Federation has $50 million under management including deposits, grants, equity-like loans, or secondary capital. In 2008, the Capitalization Program approved 144 investments totaling $13.2 million to credit unions. The CDCU Mortgage Center has purchased more than $6 million in mortgages from CDCUs, providing much need liquidity to CDCUs to continue to make affordable home loans. The Federation has reached more than 4000 credit union professionals and credit union members through homeownership counseling and financial literacy programs, VITA sites and the CDCU institute.

Story

National Federation of Community Development Credit Unions
By creating Community Development Relief and Rebuilding Fund, the Federation is directing money towards CDCUs in the areas hit by Hurricanes Katrina and Rita last year. ASI FCU is one credit union doing innovative things with their grant money. After launching A Shared Interest, Inc. (ASII), a nonprofit community development corporation, ASI FCU and ASII are working to expand their anti-poverty programs and shape redevelopment in New Orleans. They purchase and rehabilitate homes to sell to low-income homebuyers at deep discounts, and are working to build a community center to in order to reestablish the communities damaged by the hurricane. Full Story

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