The U.S. Department of the Treasury has awarded more than $186 million to 210 organizations serving low-income communities as part of its Community Development Financial Institutions (CDFI) Fund's fiscal year 2012 allocations. This is the largest sum distributed in the CDFI Fund's history.
The allocation was divided between the CDFI Fund's Community Development Financial Institutions Program, which awarded more than $175 million, and the Native American CDFI Assistance Program, which awarded nearly $11.5 million. The funds are distributed across 41 states and will target low-income and distressed communities.
‘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,’ says Donna J. Gambrell, director of the CDFI Fund.