VCCDC Receives $557,000 Grant Award from CDFI Fund

VCCDC is pleased to announce it has been awarded $557,000 in grant funding from the U.S. Department of the Treasury Community Development Institutions Fund (CDFI Fund). VCCDC was one of 397 CDFIs awarded through the fiscal year 2020 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), designed to enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation. This was the largest number of awards ever in the history of the CDFI Program and NACA Program.

"These organizations are providing vital economic development and financial services to neighborhoods, businesses, and families. I am especially proud that we have 91 new organizations receiving awards this year, expanding the opportunity of this program to even more communities across the country," said CDFI Fund Director Jodie Harris.

VCCDC received its CDFI designation in 2004 when it became part of the nationwide network of mission-driven institutions that serve and empower economically distressed communities. It is currently one of three CDFIs in Ventura County. The $557,000 grant award, the largest received by VCCDC from the CDFI Fund to date, will support the organization’s efforts to address and improve the levels of economic distress in the communities and populations served by VCCDC through its education, financial coaching and mortgage lending services - which includes down payment assistance. In addition, this support will allow VCCDC to bolster its expansion into Kern County.

“The award from the CDFI Fund will allow us to expand our efforts of creating wealth through homeownership for our underserved communities. The COVID-19 has had a disproportionate impact on low-income families and communities of color, making the accessibility to services and strategies that reduce poverty and improve the ability to secure mortgage financing more urgent than ever. We are thankful for the opportunities we will be able to provide through the support from the CDFI Fund.”

To learn more about the CDFI Fund visit https://www.cdfifund.gov.