Treasury Awards $90 Million in Recovery Act Funding for Community Development News/DispForm.aspx?ID=39Treasury Awards $90 Million in Recovery Act Funding for Community Development<p><em>​At Event in the Bronx, Secretary Geithner Announces Awards for Community Development Financial Institutions</em></p><p><strong>Bronx, NY</strong> - As part of the Obama Administration's continued investment in economic development in communities around the country through the Recovery Act, Treasury Secretary Tim Geithner today announced $90 million in financial assistance awards for 59 Community Development Financial Institutions (CDFIs) in 26 states and Puerto Rico dedicated to helping communities hard hit by the economic crisis. These awards will support new economic recovery projects in some of our nation's most vulnerable communities at a time when they are facing many financial challenges.</p><p>"The Recovery Act is playing a critical role in restoring economic growth and strengthening our nation's financial stability by developing and investing in local communities," said Secretary Geithner. "The Recovery Act awards announced today build on the Administration's efforts to get lenders lending again – these awards will help generate capital for small businesses, mortgage loans for homebuyers, and funding for affordable housing projects and other facilities in communities across the country."</p><p>Secretary Geithner's announcement was made today at The Point, an organization previously funded by the Nonprofit Finance Fund, a New York based CDFI and Recovery Act awardee that is receiving a $1.9 million award today. The Point is dedicated to youth development, the cultural and economic revitalization of the South Bronx, and to providing support to local entrepreneurs by helping them create new businesses and explore economic opportunities. Of the 56 awards announced today, 10 recipients are located in New York.</p><p>Said CDFI Fund Director Donna Gambrell: "We are here today to not only announce the national Recovery Act awards under the CDFI Program, but to also highlight how these resources can help to transform distressed communities. The Point is a remarkable example of an organization supported by CDFI investments that is successfully bringing about the economic revitalization needed in communities around the country."</p><p> As part of the Administration's continued effort to invest directly in communities, the Treasury Department has also recently announced:</p><ul><li>More than $700 million in direct funding for affordable housing projects in dozens of states;</li><li>$1.5 billion in New Markets Tax Credits to encourage private sector investments in hundreds of communities around the country;</li><li>$13.8 billion in Build America Bonds issued to municipalities and states;</li><li>$25 billion in direct allocations of Recovery Zone Bonds to allow cities and counties to jumpstart development projects.</li></ul><p>The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. For a complete list of award recipients and profiles, visit</p><p>2009 CDFI Program Recovery Act Awards</p><ul><li>2009 CDFI Program Award List</li><li>2009 CDFI Program Highlights</li><li>2009 CDFI Program Awardee Profiles</li><li>2009 CDFI Program Award Booklet<br></li></ul>2009-06-29T04:00:00ZPress Releases39
Director Gambrell Tours Community Development Progress in New Orleans News/DispForm.aspx?ID=38Director Gambrell Tours Community Development Progress in New Orleans<p>​<em>Meets with local CDFIs, CDEs, small businesses, non-profits, entrepreneurs, and affordable housing developers supporting the recovery efforts.</em></p><p>Washington, DC - The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell traveled to New Orleans, Louisiana this week on a two-day trip to highlight how the CDFI Program and New Markets Tax Credit (NMTC) Program have provided needed resources to support the revitalization and rebuilding efforts following Hurricane Katrina.</p><p><br>"The city of New Orleans and the resilient people committed to its full recovery have a very special place in my heart," said Director Gambrell. "I am very proud to see the CDFI Fund's programs producing tangible results in the most distressed communities of New Orleans, and more importantly, clearly helping to improve the lives of the local residents."</p><p><br>On Tuesday, Director Gambrell visited Enterprise Corporation of the Delta/Hope Community Credit Union (ECD/HOPE). ECD/HOPE is managing the Housing Resource Center Network, which is dedicated to providing Orleans Parish residents funding, training opportunities, and needed technical assistance resources to support homeowners getting back in their homes. Director Gambrell also visited a local entrepreneur whose dream of owning a pharmacy was made possible through a loan provided by ECD/HOPE. She then toured the Global Green Homeownership and Community Development Initiative in the lower Ninth Ward where ECD/HOPE is enabling new "green" housing construction with NMTC funds.</p><p>In the afternoon, Director Gambrell toured new branch expansions of ASI Federal Credit Union, which will enable ASI to provide a greater number of New Orleans residents with needed financial services and financial products. A final tour on Tuesday included Liberty Bank's new $20 million Gentilly Homeowners Initiative, which will provide financing to potential homeowners for the rehabilitation and/or purchase of homes in the Gentilly community of New Orleans.</p><p>On Wednesday, Director Gambrell toured St. Michael's Special School, which is designed to help students with major learning challenges achieve success in a regular class setting. This is accomplished through special programs and services focused on academics, speech and language therapy, counseling and guidance, computer skills, physical education, vocational training, music, job training, and intramural sports. The revitalization and new expansion of St. Michael's Special School, which is now serving approximately 200 students, was mode possible by Whitney National Bank's NMTC investment of nearly $3 million.</p><p>In the afternoon, Director Gambrell visited multiple NMTC projects funded by National New Markets Fund LLC. The first included a NMTC investment of $6 million in Second Line Stages - a 90,000 square foot state-of-the-art "green" production film studio in New Orleans' Lower Garden District. Second Line Stages was recently honored as the Best Tax Credit Financed Project in the Nation by the Council of Development Finance Agencies. Director Gambrell also visited Ochsner Baptist Medical Center, where a NMTC investment of $3.75 million allowed for over a million square feet of medical space and a 100-bed hospital to be revitalized.</p><br>»  Click here to view photos from these site visits<br><br>2009-06-04T04:00:00ZPress Releases38

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