The U.S. Department of the Treasury on Tuesday awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions, including seven CDFIs in Iowa that collectively received $9,917,445. The awards, announced by Vice President Kamala Harris at the White House with Treasury Secretary Janet Yellen, are being made through Treasury’s CDFI Rapid Response Program with the goal of providing additional capital for the organizations to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities. “In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up,” Yellen said in a press statement. “We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment, meaning that today’s announcement might lead to an additional $10 billion in investment.” CDFIs are specialized organizations certified by the Treasury Department that provide financial services in low-income communities and to people who lack access to financing. Four Iowa credit unions — Ascentra, Community 1st, Dupaco Community and Veridian — each received $1,826,265; Iowa Community Capital in Boone received $1,134,000; Neighborhood Finance Corp. in Des Moines got $1,278,385; and Habitat for Humanity of Iowa received $200,000.