Exhibit 21.1

CARVER BANCORP, INC.
Subsidiaries of Registrant

	Ownership			State of
	Percentage			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	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 2, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 3, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 4, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 5, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 6, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 7, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 8, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 9, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 10, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 11, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 12, LLC		99.99	%*	Delaware	Lending Vehicle for NMTC
Sub CDE 13, LLC		99.99	%*	Delaware	Inactive
Alhambra Holdings Corp.		100	%	Delaware	Inactive

* Also owned 0.01% by Carver Community Development Corporation.

In addition, Carver Bancorp, Inc. has created Carver Statutory Trust I to raise capital for its operations.