UDA Success Stories
Community Resource Federal Credit Union opens a new branch in Rensselaer, New York
Community Resource Federal Credit Union opened a new branch in Rensselaer, New York. Funding for construction of the branch was made possible through the Federal Home Loan Bank of New York’s Urban Development Advance program via the “Job Creation” criteria. In January, a ribbon cutting ceremony was held to celebrate, and community members and leaders were in attendance. Previously, the credit union could only serve people in Albany County, and a new charter was recently approved, allowing it grow into Rensseleaer, Saratoga and Schenectady counties.
UDA funds support economic and community development projects located in local government entities with a population greater than 25,000 that benefit households with incomes at or below 100% of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. UDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the UDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.