OSWEGO, NY – Oswego County Federal Credit Union has been certified as a Community Development Financial Institution by the U.S Department of the Treasury.
Bill Carhart, CEO, said, “As a CDFI, we’ll work in our county to specialize in helping our neighbors who are under-served by traditional financial institutions.”
The target market area for OCFCU as a CDFI is the low-income population in Oswego County through the federal Community Development Financial Institutions Fund.
According to its website (mycdfi.cdfifund.gov): “The CDFIF fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to community development and financial institutions… for underserved populations and in distressed communities in the United States.”
Since its creation, the CDFI Fund has awarded more than $2 billion to community development organizations and financial institutions, said its website.
It has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $40 billion, including $3 billion in Recovery Act Awards and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.
“OCFCU will now act as a conduit for those funds to make life better for the communities we serve,” Carhart said.
According to a letter from the CDFIF: “ It is with great pleasure that we welcome you to a community that now consists of over 1,000 total certified CDFIs nationwide. As a certified CDFI, you have entered a select group of financial institutions that distinguish themselves by continuously working to transform the lives of America’s most underserved populations.
“You should take pride in your continued efforts and commitment to delivering financial solution in these economically underserved areas. Your institution’s dedicated mission to providing opportunity in the face of ongoing obstacles to economic development in distressed communities is critically important, and every day communities across the country benefit from the products and services provided by CDFIs like you.”
OCFCU was chartered in 1975 and serves residents and business owners of Oswego County.
According to its charter, anyone who lives, works, worships or attends school in Oswego County is eligible to join.
OCFCU serves more than 12,000 members throughout the county.
For further information, visit www.oswegofcu.org.
Offices are located at 90 E. Bridge St., Oswego; 300 W. First St., Oswego; 707 S. Fourth St., Fulton; and 5828 Scenic Ave. (Route 3), Mexico.
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