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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.