|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |
|                                      | Ownership Percentage |   State of  Incorporation | Description |
|                                      |   |   |   |
| Carver Bancorp, Inc.                      |   | Delaware | Holding Company |
|                                      |   |   |   |
| Carver Federal Savings Bank               | 100 | % | USA | Federal Savings Bank |
| CSFB Credit Corp.                         | 100 | % | New York | Inactive |
| CSFB Realty Corp.                         | 100 | % | New York | Real Estate Holding Company |
| Carver Asset Corp.                        | 100 | % | Delaware | Real Estate Investment Trust |
|                                      |   |   |   |
| Carver Community Development  Corporation | 100 | % | Delaware | Community Development |
| Sub CDE 1, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 2, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 3, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 4, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 5, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 6, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 7, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 8, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 9, LLC                            | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 10, LLC                           | 00.00% 1, 2 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 11, LLC                           | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 12, LLC                           | 99.99% 1 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 13, LLC                           | 00.00% 1, 2 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 14, LLC                           | 99.00% 3 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 15, LLC                           | 00.00% 1, 2 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 16, LLC                           | 00.00% 1, 2 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 17, LLC                           | 00.00% 1, 2 |  | Delaware | Lending Vehicle for NMTC |
| Sub CDE 18, LLC                           | 99.00% 3 |  | Delaware | Inactive |
| Sub CDE 19, LLC                           | 99.00% 3 |  | Delaware | Inactive |
| Sub CDE 21, LLC                           | 99.00% 3 |  | Delaware | Inactive |
| Alhambra Holdings Corp.                   | 100 | % | Delaware | Inactive |
|                                      |   |   |   |

|          |                                                                                      |
|----------|--------------------------------------------------------------------------------------|
| 1.  | Also owned 0.01% by Carver Community Development Corporation     |

|          |                                                                                                                                                     |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.  | 99.99% owned by an investment vehicle controlled by an investor unaffiliated with Carver. Carver may   provide services for the investment vehicle. |

|          |                                                                                      |
|----------|--------------------------------------------------------------------------------------|
| 3.  | Also owned 1.00% by Carver Community Development Corporation     |