The $17.15 million awarded to nine credit unions is only the first part of this year's total awards from the U.S. Treasury Department's Community Development Financial Institutions Fund.
The awards announced June 29 represented CDFI funding from the economic stimulus package Congress passed earlier this year. Another round of grants, drawing from the CDFI Fund's regular appropriation this year, will be announced in the fall worth roughly $50 million.
Even though the National Federation of Community Development Credit Unions was not among the award recipients in the most recent round, CEO Cliff Rosenthal expressed overall satisfaction with them.
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