Exhibit 21.1

CARVER BANCORP, INC.

Subsidiaries of Registrant

	Ownership Percentage		State of Incorporation	Description
Carver Bancorp, Inc.			Delaware	Holding Company
Carver Federal Savings Bank	100	%	New York	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	100	%	Delaware	Lending Vehicle for NMTC
Sub CDE 19, LLC	00.00% 1, 2		Delaware	Lending Vehicle for NMTC
Sub CDE 22, LLC	99.00% 3		Delaware	Inactive
Sub CDE 23, LLC	99.00% 3		Delaware	Inactive
Sub CDE 24, LLC	99.00% 3		Delaware	Inactive
Sub CDE 25, 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
In addition, Carver Bancorp, Inc. has created Carver Statutory Trust I to raise capital for its operations.