Geddes Federal Savings & Loan Invests $1 Million in Home HeadQuarters' Fund
While this may look like an album cover (for our young readers, an album is a round disc that people used to buy to play music on a specific player), it is not. It's actually Geddes Federal Savings and Loan Association President and CEO Brian DuMond handing Home HeadQuarters CEO Kerry Quaglia the second installment of their inaugural investment in HHQ's Enterprise Fund.
The fund, created by Home HeadQuarters to address health and safety issues in affordable housing like lead exposure, energy improvements and accessibility, provides Geddes Federal with an investment credit under the federal Community Reinvestment Act. Home HeadQuarters’ Enterprise Fund is considered an "EQ2" Investment, or equity-like investment, as the nonprofit is a designated Community Development Financial Institution (CDFI). Home HeadQuarters will retain Geddes Federal’s investment for 10 years and pay a quarterly dividend to the local financial institution.
We thank Geddes Federal for being such a great community partner and helping to make a real impact in our ability to deliver quality, affordable housing for CNY families.
Also pictured from left: Chris Lauricella, Assistant Vice President, Geddes Federal Savings & Loan Association; Tricia Bauer, Chief Financial Officer, Home HeadQuarters; Laurie O’Hara, Vice President, Geddes Federal Savings & Loan Association.