This blog post was originally posted on Treasury's Notes Blog.
This week, the Community Development Advisory Board (Advisory Board) convened a public meeting at Treasury. Secretary Jacob J. Lew delivered opening remarks and swore in two new members. The Advisory Board provides advice to the Director of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) on the policies and activities of the CDFI Fund. CDFI Fund Director Annie Donovan presided over Wednesday’s program, which included discussions on current programs, the direction of the CDFI Fund, and presentations by professors Michael Swack and Gregory Fairchild on their recently published research on the CDFI Program.
Secretary Lew swears in new Advisory Board members Calvin L. Holmes, President of the Chicago Community Loan Fund, and Brian E. Argrett, President and CEO of City First Bank of DC.
At the meeting Director Donovan announced that the CDFI Fund has issued a Request for Proposals for a CDFI Fund Innovation Challenge. The goal of the Innovation Challenge is to finance the development of a method, model, tool, or product that Community Development Financial Institutions (CDFIs) can use to build capacity to expand CDFI investments in underserved target markets, especially those that are in rural areas. The Innovation Challenge Request for Proposals is available at www.fedbizopps.gov.
The CDFI Fund was created to promote economic development and revitalization in America’s underserved and distressed low-income communities. Through its programs and resources, the CDFI Fund'supports real estate developments, businesses, healthcare facilities, workforce training centers, and jobs in urban and rural areas across the county. For more information on the impact of the CDFI Fund’s programs, please visit www.cdfifund.gov.
You may view Wednesday's meeting here.
Dan Cruz is a Media Specialist and Spokesperson for Domestic Finance at the U.S. Treasury Department.