WASHINGTON -- Executives with the U.S. Treasury's CDFI Fund announced today that credit unions that are certified community development financial institutions will not need to show matching funds in order to qualify for grants from the CDFI fund, at least through 2010.
Prior, the CDFI Fund has required all registered CDFI's to show they have resources from other sources to match the funds they are seeking from the Fund. This has effectively acted as constraint on Fund participation and has become significantly more difficult as other sources of funding have dried up.
The Fund staff told CDFI Executives attending the CDFI Coalition's 2009 CDFI Institute that as far as the funds in the pipeline for this year and the funds appropriated as part of the economic stimulus package. The Fund was appropriated $100 million as part of the package.
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