PRICE ANNOUNCES ECONOMIC DEVELOPMENT FUNDING FOR NORTH CAROLINA
Washington, D.C. – Representative David Price (NC-04) announced today that four organizations in North Carolina will receive a combined $4.875 million from the Department of Treasury's Community Development Financial Institutions (CDFI) program to serve low-income and economically distressed communities.
“This funding is critically important to families, communities, and small businesses across North Carolina,” Rep. Price said. “The CDFI program revitalizes communities by assisting families in buying their first homes, supporting entrepreneurs opening small businesses, and enabling existing small businesses to expand.”
The organizations receiving funding are:
- Latino Community Credit Union (Durham) - $1,750,000
- Rural Economic Development Center, Inc. (Raleigh) - $125,000
- Self-Help Federal Credit Union (Durham) - $2,000,000
- The Support Center (Raleigh) - $1,000,000
The federal CDFI program invests in and builds the capacity of community-based CDFIs, empowering them to grow and contribute to the revitalization of communities by providing financial and technical assistance awards. The CDFI program creates opportunity in underserved communities by providing access to financial products and services. As a senior member of the House Appropriations Committee, Representative Price has consistently pressed for CDFI funding. More than $1.4 billion has been provided for CDFI since its inception, including $195.4 million in Fiscal Year 2014.