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Statement from Director Gambrell on Treasury Announcement Related to the Capital Purchase Program for CDFI Bankshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=156Statement from Director Gambrell on Treasury Announcement Related to the Capital Purchase Program for CDFI Banks<p class="body"> <strong>Washington, DC</strong> - Community Development Financial Institutions (CDFI) Fund Director Donna Gambrell issued the following statement on the U.S. Treasury Department’s issuance today of the Capital Purchase Program Term Sheet.</p><p class="body">"In this economic crisis, it is important that we not forget that Americans living in distressed and underserved communities need our continued efforts to offer them financial services now more than ever,” said Director Gambrell. “Treasury’s announcement today will provide CDFI banks, and Minority Depository Institutions that are certified as CDFIs, with critically needed capital to continue their responsible lending activity to low-income and minority populations. I am happy that we were able to closely work within Treasury to address this important segment of the financial services industry."</p><p class="body">Banks that are certified as CDFIs and that utilize the Capital Purchase Program (CPP) have committed to using CPP funds as lending capital for borrowers financing projects and activities such as small businesses, developing and operating community facilities such as day care centers, or constructing and financing housing in our nation’s low-income communities.</p><p class="body">With the contraction in the credit markets, CDFI banks will be sought after more than ever by low-income individuals and businesses as a source of capital to finance investments in low-income communities. The announcement today by the Treasury Department will support their capacity to carry out this important responsibility.</p> <p class="body">Links related to today’s Treasury Department Announcement:</p><ul><li> <a href="http://www.treas.gov/press/releases/hp1207.htm" target="_blank">Description of Capital Purchase Program</a></li><li> <a href="http://www.treas.gov/press/releases/reports/term%20sheet%20%20private%20c%20corporations.pdf" target="_blank">Term Sheet - Privately Held Institutions</a></li><li> <a href="http://www.treas.gov/press/releases/reports/faq%20111708%20%20private.pdf" target="_blank">FAQ - Privately Held Institutions</a> (addresses issues related to CDFI Banks)</li></ul>2008-11-17T05:00:00ZPress Releases156
Treasury Awards $3.5 Billion to Encourage Private Sector Investments in Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=28Treasury Awards $3.5 Billion to Encourage Private Sector Investments in Distressed Communities <p> <strong>Washington, DC</strong> - U.S. Treasury Deputy Secretary Robert M. Kimmitt and Treasury’s Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell announced in Washington, DC, that 70 organizations were selected to receive $3.5 billion in tax credits for use in low-income communities. Treasury awarded the credits under the 2008 round of the New Markets Tax Credit (NMTC) Program. The NMTC Program attracts private-sector capital investment into the nation’s urban and rural low-income areas to help stimulate economic growth and create jobs.</p><ul><li> <a target="_blank" href="/Documents/2008%20NMTC%20Awards%20Press%20Release.pdf">2008 NMTC Program Announcement Press Release</a></li><li> <a target="_blank" href="/Documents/2008OverviewofAllocations.pdf">2008 NMTC Overview of Allocations</a></li><li> <a target="_blank" href="/Documents/2008NMTCListofAllocations.pdf">2008 NMTC List of Allocations</a></li><li> <a target="_blank" href="/Documents/2008NMTCStatesServed.pdf">2008 NMTC States Served</a></li><li> <a target="_blank" href="/Documents/2008NMTCProfilesofAllocatees.pdf">2008 NMTC Profiles of Allocatees</a></li><li> <a target="_blank" href="/Documents/2008CompleteAwardBook(All%20Documents).pdf">2008 NMTC Award Book, Includes All Materials</a></li></ul>2008-10-20T04:00:00ZPress Releases28
CDFI Fund Director Donna Gambrell Selected to Serve in Treasury’s Office of Financial Stabilityhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=27CDFI Fund Director Donna Gambrell Selected to Serve in Treasury’s Office of Financial Stability<p>​<strong>Washington, DC </strong>- On Monday, U.S. Treasury Department Interim Assistant Secretary for Financial Stability Neel Kashkari announced that CDFI Fund Director Donna Gambrell has been selected to serve as interim Chief of Homeownership Preservation. Interim Assistant Secretary Kashkari was appointed by Treasury Secretary Paulson earlier this month to implement the Emergency Economic Stabilization Act of 2008 and to oversee the new Office of Financial Stability.</p><p>Director Gambrell will retain her role and responsibilities as the CDFI Fund Director while she serves this important interim role for the Treasury Department’s Office of Financial Stability over the next several months.</p><p>"I am honored to be chosen as part of the interim team at Treasury to quickly and methodically implement the Troubled Asset Relief Program and I look forward to offering leadership on the topic of homeownership preservation," said Gambrell. "As Director of the CDFI Fund, I have seen how community development financial institutions have a track record of successfully serving the most distressed communities across our nation, and as interim Chief of Homeownership Preservation I will examine every opportunity to help as many homeowners as possible."</p><p></p><p>In November 2007, Secretary Henry Paulson appointed Director Gambrell to serve a three-year term at the CDFI Fund. Prior to joining the CDFI Fund, Director Gambrell served as Deputy Director, Consumer Protection and Community Affairs in the Division of Supervision and Consumer Protection of the Federal Deposit Insurance Corporation (FDIC). She began her career with the FDIC in April 1991 as a Community Affairs Officer for the New York Region. In 2006, Gambrell worked on the Gulf Coast rebuilding efforts in Louisiana and Mississippi where she spearheaded partnerships among financial institutions and government agencies to promote economic development in areas devastated by Hurricanes Katrina and Rita. Before joining the FDIC, Ms. Gambrell worked at the Resolution Trust Corporation (1989-1991), the Federal Savings and Loan Insurance Corporation (1987-1989), and the U.S. General Accounting Office (1979-1987).</p><p></p><p><span style="background-color:#ffff00;">Full Biography of Director Donna Gambrell</span></p>2008-10-15T04:00:00ZPress Releases27
U.S. Treasury Awards $20.1 Million in Awards to Banks for Work in Economically Distressed Communities Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=26U.S. Treasury Awards $20.1 Million in Awards to Banks for Work in Economically Distressed Communities Nationwide<ul><li> <a href="/Documents/2008%20BEA%20Program%20Overview.pdf" target="_blank">2008 BEA Overview of Awardees</a></li><li> <a href="/Documents/2008%20BEA%20Program%20Award%20List.pdf" target="_blank">2008 BEA List of Awardees</a></li><li> <a href="/Documents/2008%20BEA%20Program%20Award%20Profiles.pdf" target="_blank">2008 BEA Profiles of Awardees</a></li><li> <a href="/Documents/2008%20BEA%20Program%20Booklet.pdf" target="_blank">2008 BEA Award Booklet</a></li></ul><p> <strong>Chicago, IL</strong> - Director Donna J. Gambrell, of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, visited Chicago, Illinois today to announce awards totaling $20.1 million for 52 depository institutions serving economically distressed communities across the nation. The awards are being made through the fiscal year 2008 round of the Bank Enterprise Award (BEA) Program.</p><p>"The BEA Program recognizes the key role played by depository institutions in community development lending and investing," said CDFI Fund Director Gambrell. "Today we recognize 52 banks from across the nation that have increased their community development activities in distressed communities."</p><p>Treasury held the national award announcement at the Federal Reserve Bank of Chicago as the site for the national award announcement to not only highlight the eleven Chicago-based awardees, but to focus on the fact that nine of the eleven are minority depository institutions actively working in some of Chicago’s most economically distressed communities.</p><p>The awardees were selected after a competitive review of 60 applications received by the CDFI Fund from institutions across the nation that requested more than $49 million in funding under the fiscal year 2008 round of the BEA Program.</p> <br> <strong>About the BEA Program</strong><br> <p>The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase either their level of support to certified community development financial institutions (CDFIs); increase their provision of loans, investments and financial services in distressed communities, such as opening new savings accounts, providing mortgages or investing in local small businesses; or both. CDFIs are specialized community-based financial institutions that are able to respond to gaps that exist in their local markets.</p><p>Through the BEA Program, the CDFI Fund recognizes the key role played by mainstream depository institutions -- banks and thrifts -- in promoting community revitalization through the provision of essential financial services, credit, and investment capital. The BEA Program complements the community development activities of banks and thrifts by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the CDFI Fund's dollars and puts more capital to work in distressed communities throughout the nation.</p><p> For more information on the BEA Program, visit the <a href="/programs-training/Programs/bank_enterprise_award">BEA Program webpage</a>.</p>2008-09-15T04:00:00ZPress Releases26
U.S. Treasury Official and Congressman Phil English Participate in Workshop to Increase New Markets Tax Credit Investments in Northwestern PAhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=25U.S. Treasury Official and Congressman Phil English Participate in Workshop to Increase New Markets Tax Credit Investments in Northwestern PA<p>​<strong>Erie, PA</strong> - Today, the Director of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund Donna J. Gambrell was in Erie, Pennsylvania to participate with Congressman Phil English in a New Markets Tax Credit (NMTC) workshop. The workshop was held in the H.O. Hirt Auditorium at the Erie County Public Library.</p><p>"To see successful NMTC investments come to fruition requires strong collaboration, partnerships and leadership," said Director Gambrell. "I applaud Congressman English for his continued support of the NMTC Program and his efforts to bring NMTC investments to the rural communities here in Northwestern PA."</p><p>The workshop brought together federal, state, and local government officials, developers, lenders, investors, and representatives of Community Development Entities, to address the various issues needed to increase NMTC investments in Northwestern Pennsylvania.</p><p>"The new market tax credit has emerged as a powerful financing tool for economic development in communities fighting to attract and retain good paying jobs at a local level," said Congressman English, a senior member on the House Ways and Means Committee, which has jurisdiction over tax policy. "Continued use of this program will allow us to increase access to capital for communities, just like Erie, and bolster our region's economic growth and stimulate job creation."</p><p><strong>About the NMTC Program</strong></p><p>The NMTC Program, established by Congress in December of 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund.</p><p>Through the first five rounds of the NMTC Program, the CDFI Fund made 294 awards totaling $16 billion in tax credit allocation authority. The CDFI Fund anticipates awarding another $3.5 billion of allocation authority to CDEs in the fall of 2008. The NMTC Program is currently set to expire in 2008, but President Bush has asked Congress to extend the Program with a $3.5 billion authorization for 2009.</p><p><strong>About the CDFI Fund</strong></p><p>The CDFI Fund was created for the purpose of promoting economic and community development through investment in and assistance to community development financial institutions (CDFIs). The CDFI Fund’s role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program.</p><p>Since its creation in 1994, the CDFI Fund has awarded $864 million to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $16 billion in tax credit authority to community development entities (CDEs) through the NMTC Program.</p>2008-09-03T04:00:00ZPress Releases25
Departments of Treasury and Justice Address Economic Development in Indian Countryhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=24Departments of Treasury and Justice Address Economic Development in Indian Country<p>​<img src="/SiteCollectionImages/NewsImages/bandot.gif" alt="" style="margin:5px;width:255px;" /><br>CDFI Fund<br>Contact: Bill Luecht<br>(202) 622-8042<br><a href="http://www.cdfifund.gov/">WWW.CDFIFUND.GOV</a><br><br><img src="/SiteCollectionImages/NewsImages/bandoj.gif" alt="" style="margin:5px;" /><br>Office of Justice Programs<br>Contact: Sarah Matz<br>(202) 307-0703<br><a href="http://www.ojp.usdoj.gov/">WWW.OJP.USDOJ.GOV</a><br><br><strong>Washington, DC</strong> - The United States Departments of Treasury and Justice today announced a first-time partnership in strengthening and fostering economic development in Native American communities.</p><p>The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund is partnering with the U.S. Department of Justice’s Community Capacity Development Office (CCDO) to launch an Indian Economic Development Initiative. The Initiative will increase access to financing for existing businesses; create new businesses, increase housing opportunities; and strengthen legal infrastructure.</p><p>"This partnership is an excellent collaboration," said Donna Gambrell, the CDFI Fund’s Director. "It is through our training programs that the CDFI Fund can play a pivotal role in CCDO’s initiative in Native Communities. I’m very excited about this opportunity to leverage federal funds for such a worthwhile and crucial program. By combining our two initiatives, we have the potential to significantly change some of our nation’s most challenged communities."</p><p>The economic development projects will take place in the Leech Lake Band of Ojibwe Indian Community in Cass Lake, Minnesota, and Keweenaw Bay Indian Community of Baraga, Michigan. The sites will participate in community planning, commercial code development and business development. CCDO activities dovetail the CDFI Fund resources provided to Native organizations. CDFI technical assistance focuses on creating new Native CDFIs and strengthening the operational capacity of existing ones, including asset development activities for native individuals and families.</p><p>Both sites currently take part in CCDO’s Weed and Seed Program which aims to prevent, control, and reduce violent crime, drug abuse, and gang activity in high-crime communities across the United States. The Program uses a two-pronged approach – first, law enforcement agencies and prosecutors cooperate in ‘weeding out’ violent criminals and drug abusers; and second, public agencies and community-based private organizations collaborate to ‘seed’ much-needed human services, such as prevention, intervention, treatment, and neighborhood restoration programs.</p><p>"The Community Capacity Development Office is committed to fostering economic development as a means of improving the safety and health of tribal communities and all communities in which we work" said Director Dennis Greenhouse. "The ultimate outcomes of economic development in these native communities will be stronger tribal governments and more wealth in depressed communities."</p><p>The CDFI Fund’s Native Initiatives works to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native Communities. This is achieved by funding programs and providing a series of training programs to organizations working in Native areas. The CDFI Fund’s Native Initiatives also makes financial assistance awards to certified Native CDFIs and provides grants to Native organizations to help them build the capacity to become a certified Native CDFI. More information can be found at http://www.cdfifund.gov.</p><p>The Office of Justice Programs, headed by Acting Assistant Attorney General Jeffrey L. Sedgwick, provides federal leadership in developing the nation’s capacity to prevent and control crime, administer justice, and assist victims. OJP has five component bureaus: the Bureau of Justice Assistance; the Bureau of Justice Statistics; the National Institute of Justice; the Office of Juvenile Justice and Delinquency Prevention; and the Office for Victims of Crime. Additionally, OJP has two program offices: the Community Capacity Development Office, which incorporates the Weed and Seed strategy, and the Office of Sex Offender Sentencing, Monitoring, Apprehending, Registering, and Tracking (SMART). More information can be found at http://www.ojp.gov.</p>2008-09-02T04:00:00ZPress Releases24
Treasury Department Program Helps Credit Union Expansion to Serve Economically Distressed Communities Across the Mid Southhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=23Treasury Department Program Helps Credit Union Expansion to Serve Economically Distressed Communities Across the Mid South<p> <strong>​Memphis, TN </strong>- Today, the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund Director, Donna J. Gambrell, attended the opening celebration for Hope Community Credit Union's ("HOPE") first Tennessee-based branch in the Midtown neighborhood of Memphis. HOPE is a community development credit union and certified-CDFI sponsored by the Enterprise Corporation of the Delta (ECD). Shelby County Mayor, the Honorable A.C. Wharton, Jr., also participated in the celebration.<br><br>"By working with a range of partners, both public and private, ECD/HOPE has become one of the nation’s most effective community development financial institutions," said Director Gambrell. "They have successfully used a $15 million New Markets Tax Credit allocation and converted that into over $50 million in loans for economically distressed communities across the<br>Mid South."</p><p>To date, ECD/HOPE has received over $10 million in Financial Assistance awards under the CDFI Program and $30 million in New Market Tax Credit allocations from the CDFI Fund. Since 1994, ECD/HOPE has provided more than $1 billion in financing to entrepreneurs, homebuyers and community development projects, benefiting more than 40,000 individuals in the Delta, Hurricane Katrina-affected areas and other distressed communities across the Mid South.</p><p>With the opening of the Midtown branch, HOPE will make the full range of its affordable financial services more accessible to residents of the greater Memphis area and provide affordable alternatives to predatory and subprime lenders. HOPE is expanding its loan programs, and improving access to deposit and cash services such as savings accounts, IRAs and an ATM machine. HOPE’s products target low- and moderate-income people and are designed to foster economic stability and build assets. In addition to business and mortgage loans, HOPE offers several consumer services including checking & savings accounts, CDs, IRAs, internet banking, and ATM/debit cards.</p><p><strong>About the CDFI Fund</strong></p><p>The CDFI Fund was created for the purpose of promoting economic and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). The CDFI Fund's role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program.</p><p>Since its creation in 1994, the CDFI Fund has awarded $864 million to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $16 billion in tax credit authority to community development entities (CDEs) through the NMTC Program.</p>2008-08-01T04:00:00ZPress Releases23
U.S. Treasury Official Announces Over $8.2 Million to Benefit Economically Distressed Native American Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=22U.S. Treasury Official Announces Over $8.2 Million to Benefit Economically Distressed Native American Communities <p>​<strong>Scottsdale, AZ</strong> -- Today Director Donna J. Gambrell of the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced the twenty-nine organizations from across the nation that have been selected to receive over $8.2 million in awards under the 2008 round of the CDFI Fund’s Native American CDFI Assistance (NACA) Program</p><ul><li> <a href="/Documents/AwardList.pdf">List of Awards</a></li><li> <a href="/Documents/AwardHighlights.pdf">Award Highlights</a></li><li> <a href="/Documents/AwardProfilesbyState.pdf">Profiles of Awardees, Alphabetical by State</a></li><li> <a href="/Documents/AwardProfilesbyOrganization.pdf">Profiles Awardees, Alphabetical by Name</a></li><li> <a href="/Documents/CertifiedNativeCDFIs.pdf">List of Certified Native CDFIs</a></li></ul><p> For more information on the NACA Program, visit: Native American Initiatives Program</p>2008-07-16T04:00:00ZPress Releases22
Treasury Official Celebrates Use of New Markets Tax Credits at Groundbreaking of Houston Stainless Steel Millhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=21Treasury Official Celebrates Use of New Markets Tax Credits at Groundbreaking of Houston Stainless Steel Mill<p>​<strong>Washington, DC</strong> -- The Director of the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund Donna J. Gambrell participated today in a groundbreaking ceremony in Houston, Texas. Lone Star New Markets, LP was awarded $25 million in allocation authority under the 2003 round of the New Markets Tax Credit Program and is using part of this allocation to secure a new Houston location for Energy Steel Products, a leading stainless steel mill support center.</p><p>"I am proud to see the New Markets Tax Credit Program being used to allow Energy Steel Products to retain its current employees and to hire additional new employees within this distressed community," said CDFI Fund Director Donna Gambrell.</p><p>In July 2007, Lone Star acquired Energy Steel Products, LLC that is a leading stainless steel mill support center and provides inventory management for steel service center customers. Today's groundbreaking ceremony celebrated the new North Houston location for Energy Steel Products. The relocation and new facility will provide a substantial opportunity for economic revitalization, business stimulation, and property growth.</p><p><strong>About the NMTC Program</strong></p><p>The NMTC Program, established by Congress in December of 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund.</p><p>Through the first five rounds of the NMTC Program, the CDFI Fund made 294 awards totaling $16 billion in tax credit allocation authority. The CDFI Fund anticipates awarding another $3.5 billion of allocation authority to CDEs in the fall of 2008. The NMTC Program is currently set to expire in 2008, but President Bush has asked Congress to extend the Program with a $3.5 billion authorization for 2009.</p><p><strong>About the CDFI Fund</strong></p><p>The CDFI Fund was created for the purpose of promoting economic and community development through investment in and assistance to community development financial institutions (CDFIs). The CDFI Fund’s role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program.</p> <p>Since its creation in 1994, the CDFI Fund has awarded $864 million to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $16 billion in tax credit authority to</p>2008-06-11T04:00:00ZPress Releases21
Treasury Official Participates in Mississippi Foreclosure Summithttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=20Treasury Official Participates in Mississippi Foreclosure Summit<p> <strong>Washington, DC -- </strong>The Director of the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund Donna J. Gambrell participated today in the Mississippi Foreclosure Summit hosted by Governor Haley Barbour. The summit, held in Jackson, Mississippi, featured speakers that discussed the state, regional and national issues related to foreclosures and foreclosure prevention.</p><p>"I applaud Governor Barbour for bringing us together today to better understand the problems facing Mississippi homeowners and to discuss ways to reach at-risk homeowners," said CDFI Fund Director Donna Gambrell. "To prevent foreclosures, both borrowers and lenders must work together to find solutions that will keep people in their homes. The Treasury Department's Hope Now initiative recently announced that the industry has helped an estimated 1.6 million borrowers avoid foreclosures."</p><p>A recent report from the Mississippi Economic Policy Center shows that Mississippi has the eighth highest foreclosure rate and the highest percentage of borrowers with past due home loan payments in the country. In 2006, 36.9 percent of all first mortgages originated for owner-occupied single-family homes in the state were subprime.</p><p>The Department of the Treasury and the Department of Housing and Urban Development, in partnership with Neighborworks America, helped form the Hope Now alliance in October 2007. Hope Now is an alliance between counselors, servicers, investors, and other mortgage market participants that are working to prevent foreclosures and to improve the functioning of the mortgage markets.</p><p>The HOPE Hotline (888-995-HOPE), which is available 24 hours a day 7 days a week, receives on average more than 4,000 calls a day. There is no cost to borrowers for using the HOPE Hotline.</p><p> <strong>About the CDFI Fund</strong></p><p>The CDFI Fund was created for the purpose of promoting economic and community development through investment in and assistance to community development financial institutions (CDFIs). The CDFI Fund’s role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program.</p> <p>Since its creation in 1994, the CDFI Fund has awarded $864 million to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $16 billion in tax credit authority to community development entities (CDEs) through the NMTC Program.</p>2008-06-10T04:00:00ZPress Releases20

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