PRESQUE ISLE — Officials with Aroostook County Action Program, Inc. (ACAP) have announced that the agency has received certification as a “Community Development Entity” or CDE. A CDE is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans, investments or financial counseling in “Low-Income Communities.” ACAP is celebrating 40 years of serving the residents of Aroostook County in 2012. The certification makes ACAP one of only nine CDEs in Maine and the only one north of Bangor.
In order to become certified, ACAP had to successfully complete an extensive application process with the Community Development Financial Institutions (CDFI) Fund in Washington, D.C. The application had to demonstrate that at least 60 percent of ACAP’s activities were targeted towards low-income persons. In addition, as a CDE, ACAP must be able to demonstrate that it is accountable to the residents of a low-income community. This can be accomplished by having at least 20 percent of its governing board or advisory board representative of low-income communities within its service area.
This was a good fit for ACAP because as a Community Action Program, one-third of ACAP’s 21-member Board of Directors must, by definition, represent its low-income clients. Aroostook Policy Advisory Council (APAC), an ACAP advisory board, is comprised of low-income individuals or representatives of low-income communities and provides input and recommendations to ACAP’s Board of Directors. There are currently 18 members on this advisory council.
Through monetary awards and the allocation of tax credits, the CDFI Fund helps promote access to capital and local economic growth in urban and rural low-income communities across the nation. Through its various programs, the CDFI Fund enables locally-based organizations like ACAP to further goals such as: economic development (job creation, business development and commercial real estate development); affordable housing (housing development and home ownership); and community development financial services (provision of basic banking services to underserved communities and financial literacy training). ACAP currently offers workshops to potential home buyers and also has plans to offer financial counseling classes to interested community members.
Aroostook County Action Program, Inc. provides services and resources that help individuals and families achieve greater economic independence. As a leader, or in partnership with others, ACAP provides guidance to the community in responding to emerging human needs. These services are provided in the areas of: Health, Child and Family, Energy and Housing, Employment and Training, and Community Service. For more information on this certification or on any of ACAP’s programs and services, visit ACAP’s website at www.acap-me.org, or call 764-3721.