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MEMBER PROFILE
Josh and Kriss Eckenrode

Recently, my wife Kriss and I decided that it was time to purchase our first home. We started working with our realtor to find the right house, but were not sure how to handle the financing. She suggested that we talk to the mortgage team at Alternatives. I am so glad that she did since the rates were competitive, and the service was second to none. We worked very closely with Carol Chernikoff throughout the process; she was able to guide us in a way that was very personal and comforting. Buying a house, especially the first house, is a rather overwhelming proposition, but everyone was so kind and helpful that the process felt very smooth. We were also pleased to find out that Alternatives does not sell their mortgages, and that our money would stay in the local economy. As someone who grew up in Ithaca, this was very important to me. Kriss and I were so impressed with the service at Alternatives, that we also refinanced our car, opened a credit card, and moved all of our accounts to the credit union. The personal, local service we receive continues to delight us every time we interact with a member of the Alternatives team. We have never seen so many smiling faces in a financial institution!

Alternatives Federal Credit Union Awarded $2 Million | Alternatives Partners with Johnson School at Cornell | Following Certain Strategies in Uncertain Times | July 2007: Alternatives Announces New CEO | Bill Myers Wins Corrine Galvin Human Rights Award | Phishing Scams | Senator Clinton | Press Releases | NewsShorts and Alternative Currents | Annual Report | About Credit Unions | Community Development

June 30, 2009

FOR IMMEDIATE RELEASE

  

            

CONTACT: 

Deirdre Silverman, Director of Community Programs

607-273-3416, dsilverman@alternatives.org

 

Alternatives Federal Credit Union Awarded $2 Million by Community Development Financial Institutions Fund

 

Bronx, NY and Ithaca, NY – Timothy Geithner, Secretary of the Treasury Department, announced on June 29th in the Bronx, NY, that the Department’s Community Development Financial Institutions (CDFI) Fund awarded a total of $90 million to 59 community-based organizations across the country.  This “Recovery Act” funding provides critically needed financial products and services to economically disadvantaged people.  

 

Alternatives Federal Credit Union in Ithaca, New York was awarded $2 million.  The award will support the expansion of Alternatives’ current educational programs.  It will also allow for additional debit consolidation and mortgage refinancing to community residents who have loans at significantly higher interest rates, and may have difficulty obtaining credit elsewhere.

 

Alternatives CEO Tristram Coffin said, “We appreciate the support shown for CDFIs by our President, Treasury and Congress.  In contrast to the billions given to help failing institutions last year, Alternatives is receiving this award because of our success in helping the community during difficult times.  By further expanding access to banking services, education and capital, we can extend our local recovery to those who are most vulnerable economically.”

 

Earlier this month, at the Global Financial Literacy Summit, Washington, D.C., Federal Reserve Chairman Ben Bernanke delivered a speech called "Community Development Financial Institutions: Challenges and Opportunities." Bernanke noted: "The current crisis points to the importance of a strong network of healthy community-based organizations and lenders. As many communities struggle with rising unemployment, high rates of foreclosures, and vacant homes and stores, these organizations lead efforts to stabilize their neighborhoods. Rather than pulling back, CDFIs are introducing new products and programs to help communities respond to the crisis."

 

On the local level, Congressman Maurice Hinchey’s vote for the stimulus package was instrumental in enabling CDFIs to receive funding this year.

 

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