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Washington, D.C. - U.S. Rep. Maurice Hinchey (D-NY) today announced that Alternatives Federal Credit Union (AFCU) has been awarded $1,418,290 by the federal Community Development Financial Institutions (CDFI) program to expand its services to surrounding counties.
“For 25 years, Alternatives Federal Credit Union has provided financial services and new economic opportunities to its customers in Ithaca and Tompkins County. More importantly, Alternatives has made an outstanding commitment to this community, particularly in providing services to its neediest residents,” said Hinchey. “With this award, Alternatives will be able to expand its programs and service areas to the surrounding counties.”
Founded in 1979, Alternatives Federal Credit Union (AFCU) will use its grant to expand its affordable housing loan activities, many of which benefit low-income families, AFCU will also expand its consumer loan volume, financial services, and business loan activities, which include a micro-enterprise program. It plans to increase its deposit base by 3.5 percent each year, and double its lending activity in its low-income targeted populations over the next three years.
"Alternatives is pleased to be a long term partner with the CDFI Fund," said CEO Bill Myers. "Over six years and three funding rounds, they have supported our expansion and innovation in serving the underserved. Alternatives has leveraged that support with member deposits to achieve substantial impact "
The CDFI program was created in 1994 to expand the availability of credit, investment capital and financial services in under-served communities. Through capital support, CDFI invests in and builds the capacity of private, community-based financial institutions.
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