Federal grant to benefit low-income families
Free Press staff report | 4/13/2023, 6 p.m.
A trio of Richmond-based financial operations have been collectively awarded $10.5 million from the U.S. Treasury to advance their service to low- and moderate-income communities.
Among the recipients is RVA Financial Federal Credit Union, whose membership includes City Hall and Richmond Public Schools employees. RVA Financial was awarded $4.96 million, according to the Treasury Department’s announcement on Monday.
Separately, the Virginia Community Development Fund, which supports creation of and manages affordable housing communities, received $4.71 million, while Virginia Community Capital, a real estate, small business and community lender, received $895,000, the Treasury Department stated.
The awards are part of a historic $1.73 billion that the Treasury stated it would distribute to 603 community development financial institutions (CDFIs) across the country to enable them to increase resources flowing into primarily minority communities to aid pandemic recovery.
“These grants will enable hundreds of community lenders to invest in small businesses and entrepreneurs and also provide home loans for families, financial services for nonprofits and capital for community organizations,” Vice President Kamala Harris stated in announcing the awards with Treasury Secretary Janet Yellen.
