On Tuesday, June 15th, Vice President Kamala Harris, Treasury Secretary Janet Yellen, U.S. Senator Mark Warner, and U.S. Representative Maxine Waters announced $1.25 billion in funding for Community Development Financial Institutions to respond to the economic challenges created and exacerbated by the COVID-19 pandemic. The CDFI Rapid Response Program (CDFI RRP) supports activities such as financial products, financial services, development services, and enables CDFIs to build capital reserves and loan-loss reserves. The awards will be rapidly dispersed to address the ongoing economic impacts of COVID-19.
Community Vision is honored and grateful to have been selected for a CDFI RRP award by the U.S. Department of the Treasury. We received the maximum award amount of $1.82 million, which will be used as lending capital for historically disinvested communities in Northern and Central California.
“The COVID-19 pandemic has brought into our national conversation the deep inequities that are rooted in racist systems and structures. This grant award supports our ongoing work to create a more democratic and reparative economy,” said Catherine Howard, President of Community Vision. “We will leverage this funding to continue cultivating community-owned assets and community power.”
A total of $1.25 billion in COVID-19 relief funds was awarded to 863 CDFIs across the country. To read more about the CDFI Rapid Response Program, please visit the CDFI Fund’s announcement.
