WASHINGTON — The National Credit Union Foundation has announcedthe first three of what will be 14 innovation grants for 2008. Thefoundation makes the grants each year in support of its realsolutions programs. Winning grant applications will fundinitiatives in financial education, transaction services, savings,credit or home ownership.

The first three grants included $10,278 to Montana Credit Unionsfor Community Development to help it build upon its volunteerincome tax assistance program; $16,250 to the Maryland and Districtof Columbia Credit Union Association to organize community outreachfinancial fairs to expand financial awareness in lower incomecommunities in Baltimore and Washington, D.C.; $20,000 to the UnionCredit Union in Spokane, Wash., to help fund an initiative to helpunion members develop new skills to face a shifting job market.

“More credit unions than ever are investing in the CommunityInvestment Fund,” points out NCUF Executive Director Steve Delfin.“Yet here's the paradox: even though CIF balances reached anall-time high, the fund has returned a much lower percentage ofgrant dollars in 2008. This is due to federal interest rate cutsfrom January through September. So especially during thesechallenging economic times, we thank all 650-plus CIF investors,the NCUF Board and Grants Committee for allowing us to maintain our$600,000 in Innovation Grant commitments and reward credit unionsserving low-wealth households.”