Washington, D.C. – August 9, 2012 – (RealEstateRama) — Today, Congressman Silvestre Reyes (D-TX) announced that the U.S. Department of the Treasury will award the El Paso Credit Union Affordable Housing LLC (El Paso CU) a $98,400 federal grant to assist in the city’s affordable housing markets. El Paso will receive the award under the fiscal year 2012 funding round of the Community Development Financial Institutions (CDFI) Program.
“I am pleased to announce the 2012 awards for the CDFI Program, which will increase the capacity of CDFIs serving low-income communities across the country,” said the Director of CDFI, Donna J. Gambrell. “This year’s awardees will continue to provide vital financial services in low-income areas that are typically overlooked by traditional lenders, bettering the lives of Americans nationwide.”
The technical assistance funding program will facilitate new capacity-building activities, consulting services, technology purchases, operating expenses, and staff and board training. In addition, funds are to pay for: affordable housing, commercial, consumer finance, microenterprise, small business, and retail programs in low income communities.
El Paso CU is a certified CDFI established in 2001 that serves low-income residents of El Paso County, and is operated by local credit unions who organize their resources together in an effort to provide important community programs to enhance the services of credit unions. The credit union provides first mortgage loans and development services to its underserved community and will use its FY 2012 Technical Assistance award to increase its capacity to serve its target market.
“This grant comes at a crucial time for El Paso, and will help improve the lives of many, especially our underserved communities coping with the slow economic recovery,” said Congressman Reyes. “There is certainly more that needs to be done in terms of affordable housing issues, but this is undoubtedly a step in the right direction.”
Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations. The organizations serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process. For more information about the CDFI Fund, click here.
Contact:
Jose Borjon (202) 225-4831
jose.borjon (at) mail.house (dot) gov Micardis
