National Alliance of Community Economic Development Associations                         January 20, 2022

Federal News

Treasury Deploys $8.7B to Increase Capital in Underserved Communities

The Department of Treasury will deploy more than $8.7 billion in investments through the Emergency Capital Investment Program (ECIP) to increase lending to small and minority-owned businesses and low- and moderate-income consumers in underserved communities, including rural areas. ECIP will inject the capital into 186 Community Development Financial Institutions and Minority Depository Institutions to provide loans, grants, and forbearance options to customers. View Treasury’s press release and a list of financial institutions that received awards.

Fed’s Community Investment Explorer Tool Got an Update
Find out where capital is going, how equitably is it being distributed, and for what purpose is it serving. Developed by the Federal Reserve Bank of St. Louis, the enhanced Community Investment Explorer 2.0 includes over 73 million transactions totaling over $3.2 trillion in community and economic development capital from 2012 to 2020. Data are available from 10 community and economic development programs, including the Community Development Financial Institutions Fund program, the Community Development Block Grant program, the New Markets Tax Credit program, and others. A deeper look at capital flows by community is available for Memphis, St. Louis, Little Rock, and Louisville. 

Member News 

MI Association Receives $1M to Expand Children’s Savings Account Access
CSA Impact

The Community Economic Development Association of Michigan (CEDAM) received a $1 million grant from Governor Whitmer and the Michigan Poverty Task Force to expand access to Children’s Savings Accounts (CSAs). CEDAM has coordinated the Michigan CSA Network since 2017. Unlike more traditional interventions that occur in high school, CSAs encourage local communities and families to invest in their children early and often. "CSA programs empower students and families, regardless of income, with the resources and tools needed to graduate from college or a skilled-trade program," said CEDAM Executive Director Luke Forrest. "We are thrilled to be awarded funding to further expand CSA programming in Michigan and develop statewide infrastructure that streamlines inefficiencies, while still centering community-driven ownership of this work."   

Funding & Job Opportunities

Featured Funding Opportunity
The National Association for Latino Community Asset Builders (NALCAB) will provide two cohorts of grants — $40,000 grants for the creation of equitable development action plans or $25,000 grants to support the implementation of an existing development action plan — with support from JPMorgan Chase. Apply for an Advancing Equitable Neighborhood Development Grant by February 14.
View the informational webinar recording.

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