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Harahan Financial Institution to receive more than $1 Million Award for Community Development

August 26, 2008

Metairie -- Congressman Steve Scalise today announced that the U.S. Department of Treasury, Community Development Financial Institutions (CDFI) Fund is awarding a total of $1,097,318 to a financial institution in Harahan.

ASI Federal Credit Union will receive a CDFI Financial Assistance award of $1 million for its refinance and rescue mortgage product to assist homeowners with predatory mortgages and close to foreclosure. Financial Assistance awards must be matched dollar for dollar by non-federal funds. ASI will also receive a Technical Assistance grant of $97,318 to hire additional staff and purchase new loan tracking and reporting software.

The CDFI fund invests in and builds the capacity of existing private, for-profit and nonprofit community –based lending organizations that serve low-income people and communities across the nation that lack adequate access to affordable financial products and services.

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Contact: Luke Bolar
202-226-4309