September 29, 2020

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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