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Alternatives Federal Credit Union

Alternatives Federal Credit Union is a low-income credit union and Community Development Financial Institution that has provided five AFI grants since 2001. Alternatives offers IDA savers entry into a full service financial institution with a range of products designed to assist low-income members, including an IDA emergency loan fund, credit repair services and free checking accounts.

This grant emphasizes homeownership, postsecondary education, and small business expansion or startups with the goal of increasing financial security for low-income families.

Partners

Partners for this grant include the State of New York, and sites of the credit union which provide administration of the grant, financial education, training, and VITA services. Community Development organizations of Seneca County and United Way of Seneca; Seneca County Workforce Development & Youth Bureau; Seneca Community Action Agency; and Seneca Housing, Inc.; also Tompkins County Community Action and Ithaca Neighborhood Housing Services and Better Housing for Tompkins County.

Assets for Independence Grant History

Name	Amount	Start Date	End Date
90EI0766	$64,706	7/1/2012	6/30/2017
90EI0605	$58,824	9/1/2009	8/31/2014
90EI0485	$58,824	9/30/2007	9/29/2012
90EI0155	$58,824	9/30/2002	9/29/2008
90EI0121	$58,832	9/30/2001	9/29/2007

Project Title

Welfare to Work Individual Development Accounts Program

Highlights/Outcomes

106 IDAs have been opened.

170 participants have received financial education.

$210,660 saved by participants.

70 participants have purchased an asset.

Total AFI Funding

Total AFI Grant Funding: $300,010
Total Non-Federal Support: $300,010

Focus Population

This grant targets low income residents of Tompkins County (Ithaca) and six surrounding counties that include Tioga, Chemung, Schuyler, Seneca, Cayuga and Cortland located in south central New York.

Contact

Alternatives Federal Credit Union
125 North Fulton Street
Ithaca, NY 14850-
(607) 216-3445
www.alternatives.org