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Alternatives Federal Credit Union
125 North Fulton StreetIthaca NY, 14850-3301
CDFI Awards for Alternatives Federal Credit Union
FA (2009) - $2,000,000
Alternatives Federal Credit Union is a Community Development Credit Union and a certified CDFI. Established in 1997, serves seven counties in central New York state, including the city of Ithaca. It provides a combination of financial services and products. Among the services it provides are free tax preparation, homebuyer counseling, and microenterprise development training. Alternatives will use its CDFI Program award to expand beyond its single branch location and to support higher-risk lending.
FA (2004) - $1,418,290
Federal Credit Union (AFCU) will use its award to expand its affordable housing loan activities, many of which benefit low-income families or Hot Zones. Additionally, AFCU will use its funding to expand its consumer loan volume, financial services, and business loan activities, which include a micro-enterprise program. It plans to increase its deposit base by 3.5% year over year, and double its lending activity in its low-income targeted populations and Hot Zones over the next three years.
CORE (1999) - $2,000,000
The CDFI Fund"s $1,700,000 award ($850,000 capital grant and $850,000 secondary capital investment) will be used to support the continued growth of Alternative"s programs and services and to expand to surrounding counties.
CORE (1997) - $807,000
A $57,000 technical assistance grant will be used to update software, provide computer capabilities and train staff.
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