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

Capitola, CA – November 27, 2023 – 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.  

About Bay Federal Credit Union
Bay Federal Credit Union is a full-service, not-for-profit financial institution that serves over 86,000 members and 2,400 local businesses throughout Santa Cruz, San Benito, and Monterey counties. With more than $1.6 billion in assets, Bay Federal is the largest member-owned financial institution in the region. The organization has been proudly serving its members and the community since 1957. Bay Federal is a certified Community Development Financial Institution, with a primary mission of promoting community development alongside their financial activities. Bay Federal has an award-winning employee volunteer program in which employees have given their own money and volunteer for numerous local schools, nonprofit organizations, and community events each year.

Contact: Amy Ivey, SVP, Chief Marketing Officer
Bay Federal Credit Union
831.477.8409
aivey@bayfed.com