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Alternatives Federal Credit Union has received a $944,000 Award from the U.S. Treasury’s CDFI (Community Development Financial Institutions) Fund. One hundred fifty-two organizations received a total of $160 million nationally. Alternatives is one of only twenty-one community development credit unions receiving the award, and the only credit union recipient in New York State.

According to Alternatives CEO Tristram Coffin, “The selection process is very competitive. This award is based on our organizational performance and innovation in providing capital to low-income communities. We will use it in conjunction with other resources to support growth in our membership, provide more convenient access, and expand our Impact Community Development programs.”

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.

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