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August 14, 2012

A Record Amount of Dollars Awarded by CDFI Fund in 2012
    by Robert Kropp

Almost $187 million is awarded to 210 community development financial institutions that provide financial services to distressed communities that are often overlooked by mainstream financial institutions.

SocialFunds.com -- In the largest such award in its history, the US Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) announced that it has awarded almost $187 million to 210 organizations serving low-income communities.

The 2012 awards are provided through the CDFI Fund's Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). The focus of the NACA Program is supporting CDFIs that serve Native American, Alaska Native, and Native Hawaiian communities.

The 210 awardees, 177 in the CDFI Program and 33 in the NACA Program, are headquartered in 41 states. A total of $175 million was awarded to organizations in the CDFI Program, and nearly $11.5 million to NACA Program organizations.

Additionally, for the past two years the CDFI Fund has provided financing to organizations through the Healthy Food Financing Initiative (HFFI), which supports projects that increase access to healthy, affordable food in communities that currently lack these options.

Announcing the awards in Milwaukee, CDFI Fund Director Donna Gambrell said, "This year's awardees will continue to provide vital financial services in low-income areas that are typically overlooked by traditional lenders, bettering the lives of Americans nationwide."

Nationally, more than 1,000 CDFIs serve economically distressed communities by providing credit, capital, and financial services that are often unavailable from mainstream financial institutions. As of the end of January, 972 CDFIs had been certified by the CDFI Fund. Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations, and financial institutions.

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