Congressman Serrano Announces Nearly $1 Million in Federal Funds For Bronx Community Development Institution
The Bronx – Congressman José E. Serrano, Ranking Member of the House Appropriations Commerce, Justice, and Commerce Subcommittee, today announced that the Treasury Department Community Development Financial Institutions Fund (CDFI Fund) has awarded Spring Community Organization, a Bronx community development institution, a total of $930,405 in federal funds as part of its fiscal year (FY) 2017 round of grants.
“I am proud to announce that Spring Community Organization in the Bronx has been awarded nearly $1 million in additional funding in FY 2017, part of which they are receiving once again in recognition of their fine work. These resources will allow them to continue serving and expand their financing activities for individuals, small businesses, and other organizations in the Bronx," said Congressman Serrano. "Investing in our entrepreneurs and other local organizations allows them to prosper and to spur local economic growth. This is why the CDFI Fund is crucial for places like the Bronx.”
The CDFI Program invests in credit unions, banks, loan funds, and other financial institutions operating in underserved communities that do not have access to affordable financial products and services. It is a vital resource that draws in additional private money and investment to underserved communities. Statistics show that for every dollar of federal funding through the CDFI program, awardees can leverage $13 in private investment.
CDFIs help bridge the financial services gap in underserved communities like the Bronx, helping ensure that local businesses and non-profits have the ability to expand and that individuals have access to mainstream financial services. This financial support has helped create and expand some of the community's most important priorities- including affordable housing, health care services, and small businesses.
Congressman José E. Serrano has represented The Bronx in Congress since 1990. He is a Senior member of the House Appropriations Committee.