Published October 1, 2011 | October 2011 issue
The U.S. Department of the Treasury has awarded a total of $142.3 million to 155 community development financial institutions (CDFIs) headquartered in 40 states and the District of Columbia.
CDFIs are specialized entities that provide loans, investments, training, or other services in underserved or economically distressed areas. The Treasury's CDFI Fund, which certifies and provides support for CDFIs, allocated the awards through its fiscal year 2011 round of funding. The CDFI Fund conducted a competitive review to select the 155 recipients from a pool of 393 applicants.
Eighteen awards totaling more than $17 million went to organizations headquartered in the Ninth Federal Reserve District. Eight of these awards were in the amount of $1.5 million, which was the maximum award in the 2011 funding round. Ninth District recipients, grouped by state, are listed below.
Michigan: Northern Economic Initiatives Corporation. Minnesota: Build Wealth, MN, Inc.; Greater Minnesota Housing Fund; Latino Economic Development Center; Metropolitan Consortium of Community Developers; Metropolitan Economic Development Association; Midwest Minnesota Community Development Corporation; Nonprofits Assistance Fund; Northeast Entrepreneur Fund, Inc.; Twin Cities Community Land Bank LLC. Montana: Jobs Now, Inc.; Montana Community Development Corporation; Montana HomeOwnership Network. North Dakota: CommunityWorks North Dakota. South Dakota: First Nations Oweesta Corporation; Grow South Dakota; Rural Electric Economic Development, Inc.; South Dakota Rural Enterprise, Inc.