To promote economic revitalization and community development through investment in and assistance to community development financial institutions (CDFIS) and emerging CDFIS.

The Department of the Treasury Community Development Financial Institutions Fund awarded a $125,000 Project Grant to 705 Federal Credit Union under the Community Development Financial Institutions Program (CFDA 21.020). The grant will support the credit union in building its organizational capacity to serve eligible low-income communities and individuals who lack adequate access to affordable financial products and services through September 2023. Funding will be used for technical assistance activities including personal and professional services, travel, training, equipment and supplies. The intended outcomes are to strengthen 705 Federal Credit Union's ability to promote economic revitalization and community development in underserved markets across the United States as defined under the program. No subrecipient activities were indicated.

Activities

Technical assistance must be used for the following eligible activities subject to the applicable provisions of the uniform requirements: compensation ? Personal services, compensation ? Fringe benefits, professional service costs, travel costs, training and education costs, equipment, supplies, and incorporation costs (sponsoring entities only). End goal/expected outcomes: the goal of the technical assistance is to build certified and emerging cdfi?S organizational capacity to serve eligible markets and/or their target markets, in order to serve rural and urban low-income people, and communities across the nation that lack adequate access to affordable financial products and financial services.

Intended beneficiaries

Profit organization, private nonprofit institution/organization, other private institution/organization investment areas and targeted populations, as defined in 12 C.F.R. 1805.

Subrecipient activities

Only in the case where a cdfi depository institution holding company applicant intends to carry out the activities of an award through its subsidiary cdfi insured depository institution, as identified in its assistance agreement with the cdfi fund.