June 29, 2009 – Today, Nebraska’s Senator Ben Nelson welcomed an announcement by the U.S. Department of the Treasury that Nebraska will receive $600,000 as part of a program that serves low-income people and communities lacking adequate access to affordable financial products and services. The money was made available as part of the stimulus bill.
“These funds will be used to help low-income communities get much needed loans and other financial services in today’s tough economic climate,” said Senator Nelson. “This grant will help low-income residents to get access to financial services that might otherwise have been out of their reach.”
The $600,000 grant will be provided to Midwest Housing Development Fund, Inc of Omaha. Midwest HDF provides affordable housing development loan products and services in Iowa, Nebraska, Kansas, and Oklahoma. The organization will use the FY 2009 Financial Assistance award as affordable housing lending capital with an emphasis on rural Kansas.
According to the Treasury Department, the funds are part of the Treasury’s Community Development Financial Institutions (CDFI) Program administered by the department’s CDFI Fund. These awards were made possible through the American Recovery and Reinvestment Act of 2009 (Stimulus Bill) which authorized $90 million in additional funding. In addition to the Nebraska investment, the CDFI Fund has selected 59 CDFIs in 26 states and Puerto Rico through a competitive application process, to receive these Recovery Act awards.
The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural, and Native communities. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process.
Senator Nelson played a key role in the passage of the $787 billion stimulus bill. He worked with a bipartisan group of nearly 20 Senators to better focus The American Recovery and Reinvestment Act on tax cuts for the middle class and job creation for millions of Americans. Senator Nelson led the group through the initial bill line by line, dollar by dollar, to reduce spending and cut out $108 billion of inefficient or less-stimulative spending. The bipartisan group helped the improved bill win congressional approval. President Obama signed it into law February 17, 2009. Senator Nelson is posting information about the release of stimulus finds on his website as it becomes available. Visit http://bennelson.senate.gov/feature_4.cfm for more information.
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