Bay Federal Credit Union Receives $3.7 Million in Grant Funding to Support Low to Moderate Income Community Members

The Community Development Financial Institutions Fund Equitable Recovery Program awarded the Credit Union in Response to COVID-19 Pandemic

Bay Federal Credit Union has announced that they received $3.7 million from the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund) through their Equitable Recovery Program (ERP). A testament to the Credit Union’s work in supporting their members and their community through challenging and trying times.

As a result of the COVID-19 pandemic, the CDFI Fund awarded over $1.73 billion to 604 Community Development Financial Institutions across the country to aid in economic growth and opportunity in underserved communities. Eligibility for funding requires organizations to be certified Community Development Financial Institutions and maintain a history of serving these communities.

Committed to investing back into their community, Bay Federal strives to make homeownership possible for everyone. This grant funding will enable the Credit Union to offer their first-time homebuyer program and loans on manufactured homes specifically to members in low to moderate income neighborhoods. Bay Federal offers financing on manufactured homes in a variety of approved parks throughout the Central Coast.

“It’s an honor to receive this grant funding,” said Carrie Birkhofer, President and CEO of Bay Federal Credit Union. “We’re witnessing the long-lasting impacts of the pandemic, the continued rising costs of rent, and overall economic hardships that have disproportionately affected many individuals in our community. With the help of this funding, we’ll be able to continue creating financial opportunities for those who need it most.”

The announcement made earlier this year by Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo listed Bay Federal as one of 203 credit unions who would receive this funding.