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Community Development Financial Institutions Fund
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CDFI Bond Guarantee Program
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The CDFI Bond Guarantee Program was enacted through the Small Business Jobs Act of 2010 (Public Law 111-240) on September 27, 2010. The legislation directs the Treasury Department to guarantee the full amount of notes or bonds issued to support Community Development Financial Institutions (CDFIs) that make investments for eligible community or economic development purposes. The bonds or notes will support CDFI lending and investment by providing a source of long-term, patient capital to CDFIs. Treasury may guarantee up to 10 bonds per year, each at a minimum of $100 million. Per Statute, the total of all bonds cannot exceed $1 billion per year. Treasury received authority to guarantee up to $500 million in bonds in fiscal year (FY) 2013. The CDFI Bond Guarantee Program is authorized through FY 2014.

Authorized uses of the loans financed may include a variety of financial activities, such as supporting commercial facilities that promote revitalization, community stability, and job creation/retention; community facilities; the provision of basic financial services; housing that is principally affordable to low-income people; businesses that provide jobs for low-income people or are owned by low-income people; and community or economic development in low-income or underserved rural areas.

On an annual basis, 90 percent or more of the principal amount of guaranteed bonds must be used to make loans for eligible community or economic development purposes. The unpaid principal balances of the bonds must be held in (i) community or economic development loans; (ii) a relending account; or (iii) a risk-share pool. Bonds will be subject to annual compliance tests. Bond issuers pay an annual fee of 10 basis points of the bond’s unpaid principal to offset administrative costs of the program. The bonds cannot exceed 30 years, are taxable, and do not qualify for Community Reinvestment Act (CRA) credit.

In accordance with Federal credit policy, the Federal Financing Bank (FFB), a U.S. Government corporation under the general supervision and direction of the Treasury Department, finances obligations that are 100 percent guaranteed by the United States, such as the bonds or notes issued by CDFIs under the CDFI Bond Guarantee Program. Because the FFB’s cost of funds is equivalent to the current Treasury rates for comparable maturities, the FFB can provide CDFIs with the least expensive funds to generate loans, and represents the most efficient way for CDFIs to finance the bonds or notes. For more information on the FFB, click here.


There are separate eligibility criteria for an applicant to be deemed either a Qualified Issuer or an Eligible CDFI for the purposes of the CDFI Bond Guarantee Program. For detailed information, please refer to the Notice of Guarantee Authority found in the Application Materials section below.


  •   FY 2015 NOGA Published:
  • April 10, 2015
  •   FY 2015 CDFI Certification Application Deadline:
  • May 22, 2015
  •   FY 2015 Qualified Issuer Application Deadline:
  • June 5, 2015
  •   FY 2015 Guarantee Application Deadline:
  • June 12, 2015

    Questions regarding the CDFI Bond Guarantee Program may be directed to the CDFI Fund by e-mail to cdfihelp@cdfi.treas.gov; or by phone to (202) 653-0421. Please note this is not a toll free number.

     Application Materials    
     Program Statute, Regulations and Legal Documents    
     Documents Under Public Comment    
     Supplemental Resources    
     Past Awards    
     Program Materials Archive
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