Through monetary awards and the allocation of
tax credits, the CDFI Fund helps promote access to capital and local economic
growth in urban and rural low-income communities across the nation.
Through its various programs, the CDFI Fund enables locally based
organizations to further goals such as: economic development (job creation,
and commercial real estate development); affordable housing (housing development
and homeownership); and community development financial services (provision
of basic banking services to underserved communities and financial literacy
The CDFI Fund accomplishes this through the following programs:
Generally, an organization wishing to utilize the CDFI Fund's programs follows
these five steps:
Certification is a designation conferred by the CDFI Fund and is a requirement
for accessing funding and tax credits through the CDFI Program and the NMTC
Program respectively and for receiving financial assistance under the NACA
Program. Certification is not required of applicants to the BEA Program, but
is a requirement
certain program benefits.
What do CDFIs do? Listen to Director Gambrell talk about the work of CDFIs in this podcast with the Federal Reserve Bank of Atlanta. A transcript is also available.
Applications are accepted annually through each of the CDFI Fund's monetary
and tax credit programs. Certification applications (not connected to a funding
or tax credit application)
are accepted at scheduled intervals throughout the year.
After a competitive review process, the CDFI Fund will announce the applicants
that were selected to receive an award or allocation at a press event or by
issuing a press release. The selected applicants are notified directly
by the CDFI Fund through a Notice of Award or Allocation. The Fund makes this
information immediately available to the public through its website.
Successful applicants are then sent a draft Award Agreement (BEA), Assistance
Agreement (CDFI or NACA), or Allocation Agreement (NMTC) to be reviewed and
signed. Once the agreement is signed,
to disburse an award may begin (monetary programs).
The Award Agreement, Assistance Agreement or Allocation Agreement contains
information on the annual reporting requirements for the organization receiving