NCUA Extends Application Deadline
for Disaster Relief Grants
March 30, 2006, Alexandria, VA - National Credit Union Administration (NCUA) Chairman JoAnn Johnson announced the extension of the application deadline for the Community Development Revolving Loan Fund’s (CDRLF) disaster relief grants from March 31, 2006 to September 30, 2006. Qualifying credit unions in areas affected by the Gulf Coast hurricanes may apply for up to $2,500 for assistance in resuming operations.
The NCUA’s Community Development Revolving Loan Fund (CDRLF) was established by Congress to support credit unions that serve low-income communities by providing loans and technical assistance grants (TAGs) to qualifying institutions. The programs are designed to further the safety and soundness of low income credit unions while stimulating economic growth. Qualifying credit unions may also apply for CDRLF loans of up to $300,000. Loans have a maturity of 5 years and an interest rate of 1 percent.
“Many credit unions are continuing to recover from the devastating effects of last year’s hurricanes. Extending the application deadline by six months will ensure that qualifying credit unions have an opportunity to apply for these funds, which are vital for helping to resume to normal operations,” said Chairman Johnson. “I am confident that the CDRLF disaster relief funds will not only help expedite recovery and rebuilding of affected credit unions, but will also ensure safety and soundness, so their members will receive the reliable service they expect from their credit union.”
Applications may be obtained on the NCUA website at www.ncua.gov or by contacting NCUA’s Office of Small Credit Union Initiatives at (703) 518-6610.
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 85 million account holders in all federal credit unions and the majority of state-chartered credit unions. |
