CDFI Fund Opens FY 2010 Funding Round for CDFI Program

Marking its 15th Anniversary by making $113 million available

September 23, 2009

Washington, DC - Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released its fiscal year (FY) 2010 Notice of Funding Availability (NOFA) for its CDFI Program. The official opening of the CDFI Program’s 15th funding round coincides with the exact day 15 years ago that the Riegle Community Development and Regulatory Improvement Act of 1994 was signed into law, creating the CDFI Fund. The FY 2010 NOFA makes available $113 million, subject to final appropriations.

“I am delighted to celebrate the CDFI Fund’s 15th Anniversary by announcing what will be the largest-ever annually appropriated funding round of our cornerstone CDFI Program, said CDFI Fund Director Donna J. Gambrell. “We have had 15 successful years of promoting economic development in underserved communities by working together to build a nationwide network of CDFIs. With the Obama Administration’s strong commitment to community development I am honored to be at the CDFI Fund’s helm during this historic moment, and as Director I seek to position the CDFI Fund for 15 more years of great success.”

CDFI Program Overview

To meet its mission, the CDFI Fund provides monetary awards to CDFIs through its CDFI Program, which invests in and builds the capacity of these financial institutions, helping them serve low-income people and communities lacking access to credit, capital, financial products and services.

Applicants can apply for financial assistance, technical assistance, or a combination of both through this single application. Through financial assistance awards, the CDFI Fund invests in certified CDFIs that demonstrate they have the financial and managerial capacity to: 1) provide affordable and appropriate financial products and services that positively impact the low-income communities they serve; 2) be viable financial institutions; and 3) use and leverage CDFI Fund award dollars effectively. Through technical assistance grants, the CDFI Fund enables certified CDFIs and established entities seeking to become certified CDFIs within three years to build their organizational capacity by acquiring prescribed types of products or services. Please refer to the NOFA for more detailed information regarding these categories.

Since its creation in 1994, the CDFI Fund has awarded over $1.1 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $16 billion in tax credit authority to community development entities (CDEs) through the NMTC Program.

Deadlines

• The FY 2010 CDFI Program application deadline is 5:00 p.m. Eastern Time on November 18, 2009.
• An Applicant seeking financial assistance that is not currently certified as a CDFI must first submit a CDFI certification application no later than October 14, 2009.

Application Materials

• Click Here for FY 2010 CDFI Program Application Materials

Learn About Applying to the CDFI Program

Those interested in learning more about the FY 2010 funding round of the CDFI Program can do so in the following ways:

• Webinar Application Workshop: On Monday, September 28, 2009 at 2:00 p.m. Eastern Time, the CDFI Fund will conduct a live webinar covering the same exact material that will be presented in the below In-Person Application Workshops.
  
  Registration required: Anyone wishing to access the webinar must register through the following link: https://cc.readytalk.com/r/22613bzt82y1
  
  The CDFI Fund will post an archived version of this webinar on its website on September 29, 2009 so that interested parties may learn how to apply to the FY 2010 CDFI Program at their convenience over the internet by visiting: www.cdfifund.gov/how_to_apply/
  
  
• In-person application workshop: The CDFI Fund is sponsoring five in-person Application Workshops. CDFI Fund staff will conduct these workshops in-person and be available to answer questions.
  
  

  Registration required: Anyone wishing to attend one of the in-person application workshops must register through the CDFI Fund’s on-line registration system. The registration period is currently open. To register, please visit: www.cdfifund.gov/news_events/workshopregistration.asp.

  October 13, 2009	Minneapolis, MN 1:00 – 4:30 p.m. CT Federal Reserve Bank of Minneapolis 90 Hennepin Avenue Minneapolis, MN 55401
  October 15, 2009	Los Angeles, CA 1:00 p.m. – 4:30 p.m. PT Federal Reserve Bank of San Francisco 950 So. Grand Ave. (at Olympic Blvd.) Los Angeles, CA 90015
  October 19, 2009	Washington, DC 1:00 p.m. – 4:30 p.m. ET Bureau of Engraving and Printing Center for Excellence 14th and C Streets, SW Washington, DC 20228
  October 21, 2009	Atlanta, GA 1:00 p.m. – 4:30 p.m. CT Sam Nunn Atlanta Federal Center Tower Building, Second Floor 61 Forsyth Street, SW Atlanta, GA 30303
  October 23, 2009	New Orleans, LA 1:00 p.m. – 4:30 p.m. ET Lavin-Bernick Center, Tulane University Building Number 29 6823 St. Charles Avenue New Orleans, LA 70118

Questions

For more information on the CDFI Program or the Application Webcast and Workshops, please contact the CDFI Fund’s Office of Policy and Programs by e-mailing cdfihelp@cdfi.treas.gov or by calling (202) 622-6355.

-30-

[CDFI-2009-49]