Lieberman, Blumenthal, Himes Announce Community Development Grants for Bridgeport and Stamford
(Washington, DC) – Senator Joseph Lieberman, Senator Richard Blumenthal, and Representative Jim Himes today applauded the Department of the Treasury’s awarding of two Community Development Financial Institutions Fund (CDFI) grants to organizations in Bridgeport and Stamford. The Community Capital Fund, Inc. in Bridgeport will receive a grant of $45,140, and the Housing Development Fund in Stamford will receive a grant of $49,736. The grants are awarded under the Technical Assistance program, where they will be used to build the organizations’ capacities to provide financial services and products to their surrounding communities, such as purchasing materials and paying for the salaries and benefits of personnel at the community institutions.
The CDFI fund was established through the Treasury Department to increase the capacity of financial institutions that serve rural and urban low-income individuals and communities, providing credit, capital, and financial services to stimulate economic development among underserved populations and communities.
“The Community Capital Fund and the Housing Development Fund play a vital role in their respective communities by providing businesses and residents with access to much needed capital,” Lieberman said. “The grants will help these organizations to continue to provide critical support to their communities as we work to overcome difficult economic times.”
Blumenthal said, “Organizations like the Housing Development Fund and the Community Capital Fund play an integral role in creating jobs, revitalizing our communities, and growing our economy. As people in Connecticut and across the country continue to struggle in these difficult economic times, we must continue to make prudent, grassroots investments to increase financial literacy among Connecticut residents, helping to boost job growth and business development. These grants are encouraging reminders of Connecticut’s economic potential, and will play a vital role in continuing to grow both Bridgeport and Stamford, two of Connecticut’s most important urban centers.”
“I’ve been proud to work with Bridgeport’s Housing Development Fund and Stamford’s Community Capital Fund to help my constituents finance business development and realize the dream of homeownership in a responsible, affordable way,” said Himes. “Creating jobs depends on thriving neighborhoods and businesses, and this funding will go a long way to helping more people have access to the information they need to make smart financial decisions about buying a home or investing in their business.”
CDFI promotes access to capital through monetary awards, tax credits, and educational programs in urban and low-income communities in the United States by enabling local organizations to carry out their goals. Their mission is to stimulate job creation and business development, improve access to affordable housing, and community development financial services.
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