On November 9, 2009, U.S. Department of the Treasury’s Assistant Secretary Herb Allison and U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund Director Donna J. Gambrell met with NCCLF President Mary A. Rogier and three other CDFI leaders.

NCCLF coordinated a luncheon and tour to underscore the effective use of funds from the U.S. Recovery Act in revitalizing low income communities. NCCLF highlighted both our lending and consulting work with the Mission Economic Development Agency (MEDA), and the construction of Plaza Adelante in San Francisco’s Mission District.

Luis Granados, Executive Director of MEDA, presented an overview of his agency, and staff and volunteers described their program successes in the communities they serve. Both Assistant Secretary Allison and Director Gambrell toured the new construction site of Plaza Adelante, a multi-service community center providing a range of services to low-income families in the Mission District. These services include job training, asset development, child care, and legal services. NCCLF, in conjunction with Catholic Healthcare West, provided a $2.8 million loan to MEDA to support the construction of Plaza Adelante. MEDA also received financing through the CDFI Fund’s New Markets Tax Credit Program.

“This is an outstanding example of how Recovery Act awards made by the CDFI Fund are promoting investment in entrepreneurs and small businesses and bringing about fresh economic opportunities to Americans most in need,” said Director Gambrell. “It also embodies the values of possibility, work ethic, and hope that are at the center of the Obama Administration’s economic recovery initiatives. I commend the Opportunity Fund, and the other San Francisco based CDFIs – the Northern California Community Loan Fund and the Low Income Investment Fund – for swiftly utilizing their Recovery Act awards to increase financing activities for small business, nonprofits, and community centers throughout the Bay Area.”

For more information about NCCLF’s work with MEDA and Plaza Adelante, please go here.