Bay FCU announced it has received $3.7 million from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) through the Equitable Recovery Program (ERP), a testament to the credit union’s work in supporting their members and community through challenging and trying times.
As a result of the COVID-19 pandemic, the CDFI Fund awarded over $1.73 billion to 604 CDFIs across the country to aid in economic growth and opportunity in underserved communities. Eligibility for funding requires organizations to be CDFI-certified and maintain a history of serving these communities.
Committed to investing back into their community, Bay FCU strives to make homeownership possible for everyone. This grant funding will enable the credit union to offer their first-time homebuyer program and loans on manufactured homes specifically to members in low to moderate income neighborhoods. Bay FCU offers financing on manufactured homes in a variety of approved parks throughout the Central Coast.
“It’s an honor to receive this grant funding,” said Carrie Birkhofer, CEO of Bay FCU. “We’re witnessing the long-lasting impacts of the pandemic, the continued rising costs of rent, and overall economic hardships that have disproportionately affected many individuals in our community. With the help of this funding, we’ll be able to continue creating financial opportunities for those who need it most.”
The announcement made earlier this year by Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo listed Bay FCU as one of 203 credit unions that would receive this funding.