U.S. Treasury Awards YNDC $124,429 CDFI Fund Technical Assistance Grant

Friday, August 29, 2014

On Tuesday, August 26, the Youngstown Neighborhood Development Corporation (YNDC) was awarded a $124,429 Technical Assistance Grant from the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund. The organization was one of only 22 organizations nationwide to receive the award.

The CDFI Fund makes awards of up to $125,000 under the Technical Assistance component to allow established entities seeking to become certified CDFIs with the U.S. Treasury to build their capacity to provide affordable financial products and services to low-income communities and families.

"YNDC is excited to be awarded a CDFI Technical Assistance grant from the US Treasury. The grant will build YNDC's capacity to be certified by the U.S. Treasury as a Community Development Financial Institution (CDFI) within two years. Once certified YNDC can further leverage public and private funds to provide critical financial products and services for housing, neighborhood revitalization, and small business development throughout the City of Youngstown,” said Ian Beniston, YNDC Executive Director.

Through the Community Development Financial Institutions Program (CDFI Program), the CDFI Fund invests in and builds the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of their communities. By providing financial and technical assistance awards, the CDFI Program helps CDFIs expand their services and build their technical capacity. Although investment decisions are made at the local level by CDFIs, the CDFI Program creates opportunity in America’s underserved communities by providing access to affordable financial products and services. Since the program was started in 1994, organizations have received more than $1.4 billion in assistance.  For more information about the CDFI Program, please visit the CDFI Fund’s website at www.cdfifund.gov/cdfi.