U.S. House Rep. David Price of North Carolina announced earlier this week that four community development organizations in his state will receive a combined $4.9 million from the Department of the Treasury.
The award comes from the Treasury Department’s Community Development Financial Institutions program.
The CDFI serves low-income and economically distressed communities.
In a statement from his office, Price said that “this funding is critically important to families, communities, and small businesses across North Carolina.
“The CDFI program revitalizes communities by assisting families in buying their first homes, supporting entrepreneurs opening small businesses, and enabling existing small businesses to expand.”
The Latino Community Credit Union of Durham will receive nearly $1.8 million as their chunk of the funding.
Self-Help Credit Union, also of Durham, will get $2 million.
Rural Economic Development Center of Raleigh will get $125,000.
And the Support Center of Raleigh is getting $1 million.
Price is a senior member of the House Appropriations Committee. The news release from his office made mention of Price’s “consistent” support for CDFI funding. The program was established in 1994.