ARLINGTON, Va. - The National Credit Union Foundation's mostrecent round of grant making has focused on both credit union andnon-credit union efforts that are designed to both strengthencredit union programs and help credit unions leverage more moneyfrom other funders. The Community Investment Fund is the NCUF'sprimary funding mechanism for local, state, and national creditunion development activities and has disbursed $3.4 million ingrants to both individual credit unions and to state foundationsand leagues since 1999. The Foundation also announced the first ofits grants under the Callahan Fund. The donor-directed CallahanFund, a tribute to modern-day credit union pioneer, Ed Callahan, isoverseen by an advisory board comprised of grant committee membersand Ed Callahan himself. Callahan grants support NCUF grant makingin the areas of cooperative development and financial literacy.Together, the general CIF and the Callahan Fund distributed justover $1.5 million to different credit unions, credit union efforts,and non-credit union efforts that work with credit unions. "We'revery pleased to be able to fund these worthwhile projects," saidBruce Wheeler, the Foundation's Director of Grants andCommunications. "We just wish we could have funded all of theproposals we received. Requests are outpacing our ability to fundprojects. This just underscores the need to be ever-diligent inincreasing support of the CIF." The Foundation is growing closer toits goal of raising $400 million for the CIF by the end of thisyear and $1 billion by the end of 2004, Wheeler said. As ofSeptember 30, 2003, investments in the fund reached $308 million.The Foundation awarded $30,000 to the The New York City FinancialNetwork Action Consortium. The Consortium is made up of threecommunity development credit unions in New York City - the $4.4million Homesteaders FCU, the $12 million Lower East Side People'sFCU and the $8 million Union Settlement FCU - which pooled theirresources to be able to better draw funding for their efforts towork with lower income New Yorkers. The Foundation funding willhelp the consortium mount an effort to build participation in theFederal Government's Earned Income Tax Credit's program and thegrant is expected to draw additional funding of over $60,000. TheCampus CU Council, which is a credit union effort among campuscredit unions, received $15,000 for a study of credit union accesson the campuses of historically black colleges and universities.The Foundation said it expects the grant to draw additional fundingof $30,000. The Foundation granted CUNA $15,000 to develop onlinetraining materials in English and Spanish to help parents trainPre-K children about money, a move which is expected to attract$2,000. The newest credit union effort the Foundation funded is theCommunity Of Hope, a brand new credit union based in Jameson, NewYork, that received $2,500 in the hope of drawing more. "Thiscredit union opened its doors in August of this year with thesupport of four local churches. They believe the local foundationcommunity will provide support and are looking for support from theCU community first," the Foundation said. Callahan Fund awardeesincluded the Tampa Affordable Mortgage Lending Project. The projectis a joint effort between the multi-billion GTE FCU and SuncoastSchools FCU. The grant will help the Project to expandhomeownership opportunities to first-time homebuyers in theMetropolitan Tampa area. GTE and Suncoast Schools will pledge adollar for dollar match for funds awarded through the grantproposal. The program model will serve as a financial intermediaryfor community development projects in underserved areas; projectswill include affordable mortgage lending, homeownership counseling,small business loans and construction financing for communitydevelopment entities. Partners include City of Tampa, NeighborhoodLending Partners, Tampa Housing Authority, Community DevelopmentCorporations and Fannie Mae, the Foundation said. One noncreditunion awardee from the Callahan Fund was Northwest New Mexico CDC,a community development corporation based in Gallup, New Mexico.The CDC received $150,000 to implement statewide IndividualDevelopment Accounts programs in New Mexico. "This is one of ourmost interesting grants this cycle," said Wheeler. The organizationalready has the money for the IDAs but lacks the institutions tooffer them," he explained. They are partnering with the New MexicoLeague to bring IDAs to credit unions. The grant, specifically,would support the CDC's role in serving as case manager for theparticipating credit unions. By the end of the grant, the CDC hopesto see 23 credit unions fully participating in the IDA program andthe effort has already gathered almost a million dollars insupport. The Callahan Fund also granted $90,000 to the Montana CUsfor Community Development. The MCUCD is a coalition of Montanacredit unions and community development organizations that tries tohelp people living in rural Montana.