Massachusetts Orgs. Awarded Over $5 Million in Federal Grants Through Community Development Financial Institutions Fund
Awards Support Economic Development and Community Projects in Low-Income Areas Across the Commonwealth
Boston, MA - United States Senators Elizabeth Warren (D-MA) and Edward J. Markey (D-MA) along with Representatives Richard E. Neal (D-MA-01), Jim McGovern (D-MA-02), Stephen F. Lynch (D-MA-08) and Lori Trahan (D-MA-03), today applauded the announcement that 12 organizations in Massachusetts were awarded a total of $5,150,760 in federal grants through the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund).
The grants will assist CDFIs in providing financial services and support to underserved communities and neighborhoods in Boston, Amherst, Pittsfield, Lawrence, Lowell, Ware, and Fitchburg.
The CDFI grants were awarded to the following organizations in Massachusetts:
- BlueHub Loan Fund, Inc. (Boston): $799,000
- Housing Partnership Fund, Inc., (Boston) - $714,000
- Community Health Center Capital Fund, Inc. (Boston) - $650,000
- Cooperative Fund of New England (Amherst) - $565,000
- Greylock Federal Credit Union (Pittsfield) - $525,000
- Massachusetts Housing Investment Corporation (Boston) - $500,000
- Workers Credit Union (Fitchburg) - $500,000
- Lowell Community Loan Fund (Lawrence) - $275,000
- Children's Investment Fund, Inc. (Boston): $275,000
- Mills42 Federal Credit Union (Lowell) - $125,000-
- Dorchester Bay Neighborhood Loan Fund (Dorchester) - $123,000
- Quaboag Valley Business Assistance Corporation (Ware) - $99,760
"Community Development Financial Institutions Fund grants help support economic development in the neighborhoods that need it the most," said Senator Elizabeth Warren. "This new funding will allow our local businesses and other organizations continue their great work, and will serve as important investments in our communities."
"Community Development Financial Institutions Fund grants are a cornerstone of building financial security and spurring economic development in low-income and vulnerable communities," said Senator Ed Markey. "Massachusetts families, businesses, and neigborhoods will be the fortunate beneficiaries of this funding that improves lives and creates brighter futures. I congratulate these Massachusetts communities for securing these important grants."
"I had the great opportunity to visit the Greylock Federal Credit Union in Pittsfield recently with CDFI Fund Director Jodi Harris to see firsthand how they are using these funds," said Congressman Richard E. Neal. "As Greylock Federal Credit Union is the only CDFI certified institution in Berkshire County, these monies are imperative to their success. Assisting members from distressed or low-income communities to establish good credit and put aside money for lifetime savings while promoting financial literacy makes a world of difference."
"This is fantastic news for working families and small businesses throughout Massachusetts," said Congressman Jim McGovern. "By working to meet the unique needs of low-income and economically underserved communities, CDFI grants exemplify how the federal government can partner with local communities to help change lives for the better."
"I am extremely pleased to see Massachusetts receive this federal funding to help economically underserved communities," said Representative Lynch. "All of these grants provide specialized assistance that support community health centers and the public health and financial stability of hard working families. It is also important to invest in resources and services that help expand job opportunities and revitalize communities."
"CDFI funds represent an important investment in communities like Lowell, and are a great example of how the federal government can support the growth and development of our cities and towns across Massachusetts. I am pleased to see the Mills42 Federal Credit Union receiving this support so it can continue its service to our community," said Congresswoman Trahan.
CDFIs serve low-income families and underserved communities without adequate access to affordable products and services. The CDFI Program invests in CDFIs and their capacity to grow and develop communities in need. To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov. Additional information about the CDFI Program is available at www.cdfifund.gov/cdfi
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