Community Development Financial Institutions Program
Program Funding
Annual program obligations reported to SAM.gov.
Funded Projects
Examples of what this program has supported.
Program Objective
To promote economic revitalization and community development through investment in and assistance to certified and emerging Community Development Financial Institutions (CDFIs).
Eligibility
Eligible Applicants
- For-Profit Organization
Only certified CDFIs are eligible to apply for Financial Assistance awards. Certified CDFIs and entities seeking to become certified CDFIs may apply for Technical Assistance awards. No awards may be issued to federal government agencies, departments or instrumentalities, state governments, local governments or any agency or instrumentality thereof.
How to Apply
Award Procedure
The CDFI Fund reviews applications and makes awards based on an established awards review process set forth in the Notice of Funds Availability (NOFA) and application materials.
Application deadlines are from 30 to 60 days subsequent to the NOFA publication date. Award approval or disapproval determinations are typically made within 270 days after the application deadline.
Program details & compliance
Description
The CDFI Program uses monetary awards and training opportunities to invest in and build the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and drive community revitalization.
Mission Categories
Primary: Economic Development
Use of Funds
Allowed Uses
FA awards enhance the Recipient's ability to provide financial products and services that promote economic revitalization and community development. CDFI Program FA awards must be expended for activities in the following five categories: (i) Financial Products; (ii) Financial Services; (iii) Loan Loss Reserves; (iv) Development Services; and (v) Capital Reserves. Note: Only Regulated Institutions may use an FA award for Financial Services and Capital Reserves. The form of the FA award is based on the form of matching funds that the applicant includes in the application, if applicable. If an applicant includes all or a portion of its matching funds in the form of a loan, all or a portion of the FA award will be in the form of a loan commensurate with the amount of the matching funds in the form of a loan, unless the matching funds requirement is waived by Congress.
TA awards build the Recipient's organizational capacity. CDFI Program TA awards must be expended for activities in the following seven categories: (i) Compensation – Personal Services; (ii) Compensation – fringe benefits; (iii) Professional Services Costs; (iv) Travel Costs; (v) Training and Education Costs; (vi) Equipment; and (vii) Supplies.
Required Documentation
An organization wishing to apply for a Financial Assistance (FA) award through the CDFI Program must be a certified CDFI as of the publication date of the Notice of Funds Availability (NOFA) in the Federal Register. Both certified CDFIs and Emerging CDFIs are eligible to apply for Technical Assistance (TA) awards. However, non-certified organizations must be able to become certified within three years after receiving a TA award.
Matching Requirements
Unless waived by Congress, CDFI Program applicants are required to match FA awards dollar-for-dollar with non-federal funds of the same type as the award itself.
The Indian Community Economic Enhancement Act of 2020 (Pub. L. 116– 261) permanently waived the Matching Funds requirement for Native American CDFIs, and as a result, Native American CDFI applicants are not required to provide Matching Funds.
Matching requirements are mandatory.
Reporting & Compliance
Applicable 2 CFR 200 Subparts
- Subpart B — General Provisions
- Subpart C — Pre-Federal Award Requirements
- Subpart D — Post-Federal Award Requirements
- Subpart E — Cost Principles
- Subpart F — Audit Requirements