Rep. Cleaver Announces $8.7 Million for Multiple Community Development Financial Institutions in Kansas City

April 12, 2023
Press Release

(Kansas City, MO) – Today, U.S. Representative Emanuel Cleaver, II (D-MO) announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded more than $8.7 million in grants to Community Development Financial Institutions (CDFI) in Kansas City, including AltCap, the Central Bank of Kansas City, and Holy Rosary Credit Union. The $8.7 million investment will help strengthen the ability of CDFIs in Kansas City to serve low- and moderate-income communities that are still recovering from the COVID-19 pandemic and catalyze a more prosperous future moving forward. The federal funding was authorized by the Consolidated Appropriations Act of 2021—a bill that Rep. Cleaver was proud to support.

“As a former Mayor and current Ranking Member of the Subcommittee on Housing and Insurance, I understand the importance and impact of CDFIs in Kansas City and throughout the United States very well,” said Congressman Cleaver. “CDFIs are instrumental in providing the financing and support necessary to revitalize underserved communities and are more essential than ever in the aftermath of the COVID-19 pandemic. I’m thrilled to announce that the Biden Administration has awarded AltCap, the Central Bank of Kansas City, and the Holy Rosary Credit Union with nearly $9 million to help build back stronger than ever before—and I look forward to working with them every step of the way.”

Through the CDFI Equitable Recovery Program (CDFI ERP), the Biden Administration is awarding over $1.73 billion in grants to 603 CDFIs across the country. The CDFI ERP is designed to:

  • Provide funding to certified CDFIs to expand lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.
  • Catalyze growth in the financial and organizational capacity of CDFIs for the purpose of carrying out equitable recovery activities.

The CDFI ERP grant funds may be used to support lending related to small businesses and microenterprises, community facilities, affordable housing, commercial real estate, and intermediary lending to non-profits and CDFIs. The funds can also be used for financial services, development services to support borrowers and operational support for the CDFI grant recipient.

“Far too often, when an economic crisis occurs, underserved communities that are most in need of assistance are left behind and forgotten,” said Congressman Cleaver. “By providing this desperately needed grant funding to CDFIs across the country, the Biden administration is making clear their commitment to a strong, equitable recovery for communities in every corner of the country. I’m proud to have played a role in making this funding possible, and I will continue to be a strong advocate for CDFIs for as long as I’m in Washington.”

 

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance.