“Historic” $142 Mil To Help “Economically Distressed Communities”
JULY 21, 2011
In the midst of an epic budget deficit crisis the Obama Administration has proudly declared that it’s “making history” for doling out a record $142.3 million for a single program that helps “economically distressed communities across the United States.”The announcement could not have come at a worse time, as recession-plagued Americans helplessly watch the politicians they elected to represent them sink the country financially with staggering federal deficits and a monstrous $14.3 trillion debt. In the middle of the fiscal disaster, the president continues to redistribute wealth by throwing record amounts of taxpayer dollars at causes that help poor, underserved communities.This week, for instance, the White House boasted that it issued the single largest round of awards to yet another government welfare program that helps “economically distressed communities across the United States.” Known as Community Development Financial Institutions (CDFI), the Treasury Department program “serves rural and urban low-income communities” that can’t access “affordable financial products and services.”Since its creation in 1994, CDFI has doled out more than $1 billion to assure that “all people have access to affordable credit, capital and financial services” by focusing on “underserved populations and communities.” The idea, according to the Treasury, is to promote economic revitalization and community development through investment and assistance. When communities have access to (government) capital, local economies grow, the CDFI asserts.Announced this week in Chicago, the “historic” $142.3 million allocation will be split among 155 “specialized community-based financial institutions” that will “spur local economic growth” and, as a result, “touch both rural and urban communities.” The money will provide much-needed capital to help financial institutions offer products that would otherwise be out of reach for low-income Americans, according to Obama’s deputy Treasury Secretary, Neal Wolin.A complete list of the “specialized community-based financial institutions” that will share the historic allocation is available from the CDFI, but here are a few examples; the Durham North Carolina-based Minority Support Center and Latino Community Credit Union will each get $1.5 million, the Latino Economic Development Center in Minneapolis will get $100,000 and the National Council on Agricultural Life and Labor Research Fund in Dover Delaware will receive $1.5 million.
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