Today, Congressman Jim Himes (CT-04) announced that Housing Development Fund and Members Credit Union will receive $2,326,265 in grant funding from the U.S. Department of the Treasury, Community Development Financial Institutions Rapid Response Program (CDFI RRP). The grant ensures CDFIs have the necessary capital to provide immediate assistance to low-income communities facing economic challenges caused by COVID-19.
“CDFIs play a crucial role in reaching under-served populations, increasing financial literacy, banking the unbanked, and providing affordable loans and access to credit,” said Himes. “As working-class families recover from COVID-19, this grant will assist the hardest-hit communities and boost our local economy with much-needed capital.”
“The Housing Development Fund is immensely grateful to have received a $1.8 million grant through the CDFI Fund’s Rapid Response Program,” Joan Carty, President and CEO, Housing Development Fund. “The RRP provided an infusion of capital totaling over $1.25 Billion to 863 CDFIs across the Country. These CDFIs serve financially vulnerable communities that have been devastated by the COVID-19 pandemic. HDF is grateful for the support of the CDFI Fund and looks forward to utilizing this capital to help hardworking families secure safe, quality, and affordable housing.”
“Members Credit Union is grateful to receive a $500,000 RRP grant from the US Treasury,” said Kathy Chartier, President of the Members Credit Union. “It will allow us to expand our lending to the Hispanic and low-income residents of Fairfield County, affording them financial counseling and lower rates than they can receive elsewhere; improving their financial well-being and quality of life.”
According to the Housing Development Fund (HDF), their organization’s mission is to facilitate the development of affordable rental and homeownership opportunities. HDF assists households in becoming and remaining owners of affordable homes and finances affordable rental opportunities for low and moderate-income households. Click here to learn more about the Housing Development Fund.
According to Members Credit Union, the organization was started in Greenwich in 1935 and became a community credit union in 2002. The organization offers nearly all of the services offered at other financial institutions at an affordable price. They bring services to low-income and immigrant communities and to partner with organizations that serve them. Click here to learn more about Members Credit Union.