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

The $125,000 Project Grant from the Department of the Treasury's Community Development Financial Institutions Fund will support technical assistance activities through June 2024. The grant was awarded to Cooperativa De Ahorro Y Credito De La Universidad De Puerto Rico (Universicoop) under the Community Development Financial Institutions Program.

Funds will be used to build the awardee's organizational capacity to serve eligible low-income communities and individuals in Puerto Rico that lack access to affordable financial products and services, through activities such as compensation for personal and professional services, travel, training, equipment and supplies. The goal is to promote economic revitalization and community development by strengthening this certified Community Development Financial Institution's ability to provide financial products and services to its target markets as defined in applicable regulations.

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.