CDFI News

 

 

CDFI Fund Releases Updated Certified CDFI Resultshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=154CDFI Fund Releases Updated Certified CDFI Results<p class="body"> Today the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the current list of certified Community Development Financial Institutions (CDFIs). The CDFI Fund had undertaken an effort to re-certify the majority of CDFIs in early 2013. Organizations were required to apply for re-certification if their original or most recent certification had passed its initial three-year term. </p><p class="body"> As of December 15, 2013, there are 808 certified CDFIs, including 434 CDFIs that were recertified in 2013. The list includes 492 loan funds, 177 credit unions, 76 bank or thrifts, 50 depository institution holding companies, and 13 venture capital funds. </p><p class="body"> To qualify as a CDFI, an organization must be a legal entity at the time of certification application; have a primary mission of promoting community development; be a financing entity; primarily serve one or more target markets; provide development services in conjunction with its financing activities; maintain accountability to its defined target market; and be a non-government entity and not be under control of any government entity (Tribal governments excluded). </p><p class="body"> The <a href="/Documents/CDFI%20List%20-%2012-15-13%20v6.xls" target="_blank">full list of organizations</a> recognized as certified CDFIs as of December 15, 2013 can be found on the CDFI Fund’s website at <a href="/programs-training/certification/cdfi/Pages/default.aspx">www.cdfifund.gov/cdficert</a>. To learn more about CDFI Certification, view the CDFI Fund's <a href="/Documents/CDFI_Certification.pdf" target="_blank">fact sheet</a>. </p>2013-12-19T05:00:00ZUpdates154
CDFI Fund Announces $17 Million for Lending and Investments in Low-Income and Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=93CDFI Fund Announces $17 Million for Lending and Investments in Low-Income and Distressed Communities <p> <strong>Washington, DC</strong>– Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced awards totaling approximately $17 million to 85 FDIC-insured depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year (FY) 2013 round of the Bank Enterprise Award Program (BEA Program). The activities that qualify these institutions for BEA Program awards occur in census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average. </p><p> Collectively, during the one-year assessment period, these 85 depository institutions increased their loans and investments in distressed communities by $417.3 million; increased their loans, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by $48.4 million; increased their equity and equity-like loans and grants to CDFIs by $6.1 million; and increased the provision of financial services in distressed communities by $10.3 million. </p><p> “The fiscal year 2013 BEA Program awards will allow these depository institutions to expand financial support for CDFIs and low-income communities to encourage community and economic development across the country,” said CDFI Fund Director Donna J. Gambrell. “As past awardees have demonstrated, these organizations will invest their awards back into distressed communities, supporting small businesses, affordable housing, and essential financial services.” </p><p> BEA Program awardees are required to invest their awards in eligible activities in distressed communities. Most recently, the FY 2011 awardees reported back to the CDFI Fund that, collectively, 38.5 percent of their award dollars were invested in affordable housing projects; 26 percent were invested in small business loans; and 24 percent of the FY 2011 awards were invested in commercial real estate projects—with the remainder of that year’s awards being used for CDFI grants and loans and financial and community services. The $17 million awarded under the FY 2013 round of the BEA Program today will also be invested back into distressed communities and CDFIs. </p><p> The FY 2013 BEA Program awardees were selected after a comprehensive review of 98 applications received by the CDFI Fund from depository institutions across the nation that requested more than $91 million in funding under the FY 2013 round. The number of applicants in the FY 2013 BEA Program round represents an increase of 38 percent over the prior year, and is the largest number of BEA Program applicants since FY 2002. </p><p> <strong>About the BEA Program</strong> </p><p> The Bank Enterprise Award Program (BEA Program) rewards FDIC-insured depository institutions for making investments in the most distressed communities in the country. In order to receive an award, depository institutions must successfully demonstrate an increase in investment in Community Development Financial Institutions (CDFIs), or in their own lending, investing, or service-related activities in census tracts where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is 1.5 times above the national average. The BEA Program awards also help depository institutions offset some of their risk and meet capital ratio requirements. Depository institutions that receive a BEA Program award are required to invest their awards in eligible activities in distressed communities. Since its inception in 1994, the BEA Program has awarded grants totaling over $393 million. </p><p> For more information about the BEA Program, please view the <a href="http://cdfifund.gov/docs/factsheets/CDFI_BEA.pdf" target="_blank">Fact Sheet</a> or visit the CDFI Fund’s website at <a href="http://cdfifund.gov/bea"><span class="ms-rteBackColor-4">www.cdfifund.gov/bea</span></a><span class="ms-rteBackColor-4">. </span></p><p> <strong>About the CDFI Fund</strong> </p><p> The Community Development Financial Institutions Fund (CDFI Fund) was created to promote economic and community development by empowering America’s underserved and distressed communities. As part of the U.S. Department of the Treasury, the CDFI Fund fosters the creation and increases the capacity of community-based financial intuitions through investments and assistance. Since its creation in 1994, the CDFI Fund has awarded more than $1.8 billion to Community Development Financial Institutions (CDFIs) around the country. By increasing funding to CDFIs that specialize in providing affordable credit, the CDFI Fund helps build businesses, create jobs, and revitalize neighborhoods. </p><p> For more information about the CDFI Fund, please view the <a href="http://cdfifund.gov/docs/factsheets/CDFI_Brochure.pdf" target="_blank">Fact Sheet</a> or visit the CDFI Fund’s website at <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p><p> <strong>2013 BEA Program Award Resources</strong> </p><p> <strong>More Information</strong><br> Award Book: <a href="/Documents/BEA_CDFI_111413_NEW.pdf" target="_blank">View the complete 2013 BEA Program Award Book</a><br> Award List: <a href="/Documents/CDFI_List%20of%20Award%20Recipients.pdf" target="_blank">Alphabetical by Organization</a><br> Award List: <a href="/Documents/2013%20BEA%20List%20Alpha%20by%20State%20111413.pdf" target="_blank">Alphabetical by State</a><br> Award Highlights: <a href="/Documents/CDFI_Highlights%20of%20Award%20Round_2013.pdf" target="_blank">Learn key facts and statistics about the full group of awardees</a><br> <span class="ms-rteBackColor-4">Searchable Award Database: </span><a href="/Lists/CDFI%20News/NewForm.aspx?Source=http%3A%2F%2Ftrpdgensdvp03%2Etreasury%2Elocal%2FLists%2FCDFI%2520News%2FAllItems%2Easpx%3FFilterField1%3DCreated%26FilterValue1%3D2015%252F05%252F28%26FilterOp1%3DGeq&RootFolder="><span class="ms-rteBackColor-4">View the profiles of individual awardees</span></a><br> </p><p> For more information on the CDFI Fund and its programs, please visit <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p>2013-11-15T05:00:00Z93
CDFI Fund Launches Second Capacity Building Initiative Series for Native CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=141CDFI Fund Launches Second Capacity Building Initiative Series for Native CDFIs<p class="body"> Building upon the success of its first Capacity Building Initiative series for Native Community Development Financial Institutions (Native CDFIs), the Community Development Financial Institutions Fund (CDFI Fund) today launched The Leadership Journey II: Continuing Native CDFI Growth and Excellence. The training series is open to a new cohort of Native CDFIs to participate in a comprehensive program of targeted training and technical assistance. The series is provided by NeighborWorks® America with specialized input from the Seven Sisters Community Development Group. </p><p class="body"> “The additional resources provided through The Leadership Journey series will provide even more Native CDFIs with the specialized assistance needed to strengthen their organizations and serve their communities,” said CDFI Fund Director Donna J. Gambrell. “Participants in the first training series discovered new ways of looking at their institutions and how they can position themselves for growth. I am pleased that we are able to expand this valuable opportunity for Native CDFIs.” </p><p class="body"> The CDFI Fund has a long history of supporting economic development efforts in Native American, Alaska Native, and Native Hawaiian communities (Native Communities). The Leadership Journey II builds upon these efforts by creating a tailored, intensive program that allows Native CDFIs and their leadership to focus on capacity building in the context of the distinct challenges and opportunities present in Native Communities. </p><p class="body"> Certified Native CDFIs will be invited to apply to participate with a unique cohort of 15 organizations that will collaborate over a two-year period to access training, technical assistance, and executive coaching opportunities. New components to The Leadership Journey II include a formal peer mentoring program and the future development of a virtual resource bank for the CDFI Fund’s <a href="/what_we_do/The_Leadership_Journey_II.asp?programID=13"> website</a>. </p><p class="body"> <b>Application</b> </p><p class="body"> The application to participate in <i>The Leadership Journey II</i> cohort is now <a href="/Lists/CDFI%20News" target="_blank">available online</a>. Complete applications must be submitted by 11:59 p.m. ET on November 20, 2013. The first week-long training session will be held in March 2014. Registration costs for the trainings and technical assistance as well as travel and hotel accommodations will be covered by the CDFI Fund. </p><p class="body"> <b>About the CDFI Fund</b><br> The Community Development Financial Institutions Fund (CDFI Fund) was created to promote economic and community development by empowering America’s underserved and distressed communities. As part of the U.S. Department of the Treasury, the CDFI Fund fosters the creation and increases the capacity of community-based financial intuitions through investments and assistance. Since its creation in 1994, the CDFI Fund has awarded more than $1.8 billion to Community Development Financial Institutions (CDFIs) around the country. By increasing funding to CDFIs that specialize in providing affordable credit, the CDFI Fund helps build businesses, create jobs, and revitalize neighborhoods. </p><p class="body"> For more information about the CDFI Fund, please view the <a href="/Documents/CDFI_Brochure.pdf"> Fact Sheet</a> or visit the CDFI Fund’s website at <a href="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About the Capacity Building Initiative</b><br> The Capacity Building Initiative was created to help CDFIs improve their ability to deliver financial products and services to economically distressed communities and achieve long-term sustainability. Through training workshops, webinars, market research, customized technical assistance, and informational resources, the Capacity Building Initiative helps CDFIs develop, diversity, and grow. The specialized trainings target important issues that affect CDFIs and the communities they serve. </p><p class="body"> For more information about the Capacity Building Initiative, please view the <a href="/Documents/CDFI_CBI.pdf"> Fact Sheet</a> or visit the CDFI Fund’s website at <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>. </p><p class="body"> <b>About NeighborWorks® America</b><br> NeighborWorks® America (NeighborWorks®) is a national nonprofit organization chartered by Congress in 1978. Its mission is to create opportunities for Americans to live in affordable homes, improve their lives, and strengthen their communities. NeighborWorks® has over 22 years of experience providing training and is recognized as the premier provider of training in the affordable housing and community development industry. </p><p class="body"> <b>About Seven Sisters Community Development Group</b><br> Seven Sisters Community Development Group, LLC is a woman- and majority Native American-owned national consulting firm, which offers culturally relevant and innovative strategies, services, and products that create systemic change. Its team of community development experts works with low-wealth and diverse communities across the country, with a particular focus on Native Communities. The team brings a broad range of experience with tribal governments and communities as well as national and local nonprofits, foundations, corporate organizations, and governmental entities. </p>2013-10-30T04:00:00ZUpdates141
CDFI Fund Releases Application Demand for 2013/2014 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=136CDFI Fund Releases Application Demand for 2013/2014 Round of NMTC Program<p class="body"> <b>Washington, DC</b> - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 310 applications under the 2013/2014 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program encourages economic development in low-income and distressed communities by making tax credits available to Community Development Entities (CDEs) for targeted investments in eligible areas. </p><p class="body"> The CDEs that applied under the 2013/2014 round are headquartered in 43 states, the District of Columbia, and Puerto Rico. The applicants requested an aggregate total of $25.8 billion in NMTC allocation authority. </p><p class="body"> The NMTC Program was established by Congress in December of 2000 and permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in CDEs. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund. </p><p class="body"> Through the first ten rounds of the NMTC Program, the CDFI Fund has made 749 awards totaling $36.5 billion in tax credit allocation authority. This $36.5 billion includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. </p><p class="body"> For more information about the NMTC Program, visit the CDFI Fund’s web site at <a href="/Programs/new-markets-tax-credit/Pages/default.aspx">www.cdfifund.gov/nmtc</a>. </p> 2013-10-23T04:00:00ZUpdates136
CDFI Fund Update: “Strengthening Small and Emerging CDFIs” Capacity Building Initiative Resource Bank Now Availablehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=152CDFI Fund Update: “Strengthening Small and Emerging CDFIs” Capacity Building Initiative Resource Bank Now Available<p class="body"> Today, the Community Development Financial Institutions Fund (CDFI Fund) added new reference materials to its Capacity Building Initiative website in support of the “Strengthening Small and Emerging CDFIs” training series. The new Resource Bank supplements the series, which provides comprehensive capacity building services and resources for small and emerging CDFIs and is tailored for the diverse spectrum of CDFI participants and the communities they serve. </p><p class="body"> Topics covered in the “Strengthening Small and Emerging CDFIs Resource Bank” include the series’ training curriculum, such as examples of organization growth, business models, and organizational change; and additional resources and tools for emerging CDFIs looking to increase their community development impact. In the coming months, the Resource Bank will be expanded to include the series’ technical assistance webinars. </p><p class="body"> To view the Resource Bank, and to learn more about the “Strengthening Small and Emerging CDFIs” training series, as well as the other series available under the Capacity Building Initiative, please visit <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>. </p>2013-10-08T04:00:00ZUpdates152
Treasury Announces $325 Million in Community Development Bonds for Financing in Low-Income Areas Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=92Treasury Announces $325 Million in Community Development Bonds for Financing in Low-Income Areas Nationwide<p> <em>Inaugural Round of CDFI Bond Guarantee Program Opens Doors to Long-Term Capital for Community Development Investments at No Cost to Taxpayers </em> </p><p> <strong>Washington, DC</strong>– The U.S. Department of the Treasury announced today that it has approved term sheets for $325 million in bonds with maturities up to 29.5 years that, when issued, will be guaranteed by Treasury for community and economic development financing through the fiscal year (FY) 2013 round of the CDFI Bond Guarantee Program. As the administrator of the CDFI Bond Guarantee Program, the Community Development Financial Institutions Fund (CDFI Fund) will commence final bond closings and issuance of guarantees during the next FY quarter. The CDFI Fund selected three Qualified Issuers to issue the bonds and, upon the final closing of the guarantees, to make bond loans to Eligible Community Development Financial Institutions (Eligible CDFIs) for investments in low-income and distressed communities across the country. The FY 2013 round is the inaugural round of the CDFI Bond Guarantee Program. </p><p> “The CDFI Bond Guarantee Program is now set to supply a significant new source of capital for small businesses, housing, charter schools, health centers and other economic development activities in some of the most distressed parts of America,” said Don Graves, Treasury’s Deputy Assistant Secretary for Small Business, Community Development and Housing Policy. “These bonds will allow CDFIs to scale their positive impact and bring opportunity to more communities.” </p><p> The four Eligible CDFIs that will receive financing through the inaugural round of the CDFI Bond Guarantee Program are Clearinghouse CDFI, Enterprise Community Loan Fund, Inc., The Community Development Trust, LP and Local Initiatives Support Corporation. Each of the four Eligible CDFIs has a proven track record and a national footprint in community development financing. Collectively, these organizations have a solid history of delivering innovative financial products that stimulate job growth among low-income people and are effective at catalyzing new capital to increase the accessibility of small business loans, quality affordable housing, and community facilities. </p><p> The three organizations chosen to issue the bonds as the Qualified Issuers are The Community Reinvestment Fund, Opportunity Finance Network, and TriSail Funding Corporation. </p><p> Unlike other CDFI Fund programs, the CDFI Bond Guarantee Program does not offer monetary awards or tax credit allocations; instead, it is a federal credit program, and bond proceeds are debt instruments that must be repaid. The program was designed to function at no cost to taxpayers. Authorized uses of the bond loans include a variety of Eligible Purposes, such as supporting commercial facilities that promote revitalization and community stability; community facilities; the provision of basic financial services; senior living and healthcare facilities for uninsured or underinsured people; businesses that provide jobs for low-income people or are owned by low-income people; and other community or economic development activity in low-income or underserved urban and rural areas. </p><p> “I am immensely proud to be able to announce these initial results of the first round of the CDFI Bond Guarantee Program, a program that will for the first time provide significant access to long-term financing to CDFIs,” said CDFI Fund Director Donna J. Gambrell. “Through its many programs, the CDFI Fund provides support to CDFIs at all stages of their growth and development and, by bringing this exciting new program to the industry, we are able to dramatically increase the scale of vital investments in low-income and distressed communities across the nation.” </p><p> <strong>2013 CDFI Bond Guarantee Program Qualified Issuers</strong> </p><p> The Community Reinvestment Fund, Inc. (CRF) is a certified CDFI based in Minneapolis, Minnesota. Founded in 1988, CRF has been responsible for issuing over 50 structured financial instruments and delivering $1.5 billion in loans nationwide. CRF will serve as the Qualified Issuer for The Community Development Trust, LP, the Eligible CDFI. The Community Development Trust, LP is a certified CDFI that provides financing for the preservation of multi-family affordable housing properties throughout the country. </p><p> TriSail Funding Corporation is a wholly owned subsidiary of Bank of America, N.A., which is based in Charlotte, North Carolina. Bank of America has served as a strong partner with the community development industry, providing capital to various types of CDFIs, community development venture capital funds, CDFI banks, CDFI credit unions, and CDFI intermediaries. TriSail Funding Corporation will serve as the Qualified Issuer for two Eligible CDFIs: Enterprise Community Loan Fund, Inc. and Local Initiatives Support Corporation. Enterprise Community Loan Fund is a certified CDFI established in 1983 that provides affordable housing, small business, and gap financing to low-income communities. Local Initiatives Support Corporation is a certified CDFI established in 1979 that promotes comprehensive and sustainable revitalization of economically distressed communities across the country. </p><p> Opportunity Finance Network, a certified CDFI based in Philadelphia, PA, is a 27-year old membership organization that supports the growth of the CDFI industry. Through 2011, its membership network of CDFIs had originated more than $30 billion in financing to urban, rural, and Native communities. OFN will serve as the Qualified Issuer for Clearinghouse CDFI, as Eligible CDFI. Clearinghouse CDFI is a certified CDFI established in 1996 that offers loan products to non-profits, small businesses, and community service organizations for low-income individuals and communities throughout California and Nevada. </p><p> <strong>About the CDFI Fund</strong> </p><p class="body"> Since its creation in 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p><p> <strong>About the CDFI Bond Guarantee Program</strong> </p><p> The CDFI Bond Guarantee Program was enacted through the Small Business Jobs Act of 2010. The program provides Eligible CDFIs with access to long-term capital by providing guarantees of bonds. With long-term credit at below-market interest rates, the CDFI Bond Guarantee Program is a groundbreaking effort to accelerate community economic growth and development. Bonds will be 100 percent guaranteed by the U.S. Treasury, including principal, interest, and call premiums. The Federal Financing Bank will be the sole purchaser of bonds issued under the CDFI Bond Guarantee Program. For more information please visit <a href="http://cdfifund.gov/bond"><span class="ms-rteBackColor-4">www.cdfifund.gov/bond</span></a><span class="ms-rteBackColor-4">. </span></p>2013-09-30T04:00:00ZPress Releases92
Treasury Awards Over $172 Million To Organizations Serving Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=91Treasury Awards Over $172 Million To Organizations Serving Low-Income Communities<p> <em> 2013 CDFI Program Awards Will Support Community Development Financial Institutions Nationwide </em> </p> <p> <strong>Washington, DC</strong> – The U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 191 organizations Financial Assistance and Technical Assistance awards totaling over $172 million today. This amount also includes 10 awards totaling more than $22 million through the Healthy Food Financing Initiative. </p><p> The awards, part of the fiscal year (FY) 2013 Community Development Financial Institutions Program (CDFI Program) round, will enable Community Development Financial Institutions (CDFIs) across the country to increase their lending and investments in low-income and economically distressed communities. </p><p> “By providing affordable credit and capital, CDFIs play a unique role in creating jobs, generating economic growth and revitalizing neighborhoods in America’s low-income and economically-distressed communities,” said Treasury Deputy Assistant Secretary Don Graves. “Building on nearly two decades of Treasury support for CDFIs, the awards announced today will allow these financial institutions to better meet the investment and lending needs of the communities they serve.” </p><p> The FY 2013 CDFI Program awardees represent a diverse group of credit unions, depository institutions, loan funds, and venture capital funds that collectively received $150,289,499 in Financial Assistance and Technical Assistance awards. The 148 Financial Assistance awardees will increase lending and diversify their product offerings in their target markets, and the 43 Technical Assistance awardees will increase their internal capacity to become a CDFI and better serve their communities. </p><p> “The fiscal year 2013 round of the CDFI Program provides more awards than any other round in the CDFI Fund’s history,” said CDFI Fund Director Donna J. Gambrell. “By expanding the reach and impact of this program to more organizations, the CDFI Fund is supporting more economic development efforts than ever before to bring new life to struggling communities.” </p><p> In addition to the Financial Assistance and Technical Assistance awards, for the past several years the CDFI Program has administered the Healthy Food Financing Initiative. The awardees under this initiative will expand their lending to healthy food investments to combat food deserts. Eligible uses cover a range of interventions such as grocery stores, mobile food retailers, farmers markets, cooperatives, corner stores, and bodegas. Ten CDFIs received $22.3 million in funding under the initiative in FY 2013. </p><p> Additional information about the FY 2013 round of the CDFI Program, including the full award list and key highlights, can be found below and on the CDFI Fund’s website at <a href="http://cdfifund.gov/cdfi">www.cdfifund.gov/cdfi</a>. </p><p> <strong>2013 CDFI Program Award Resources</strong><br> Award Book: <a href="/Documents/CDFIAWARDS_book_92313.pdf" target="_blank">Learn key facts and statistics about the full group of awardees</a><br> Award List: <a href="/Documents/CDFIAWARDS_LIST_2013.pdf" target="_blank">Alphabetical by Organization</a> <br> Award List: <a href="/Documents/2013%20CDFI%20HFFI%20List%20Alph%20by%20State%20and%20City.pdf" target="_blank">Alphabetical by State</a> <br> Searchable Award Database:<a href="http://cdfifund.gov/awards"> View the profiles of individual awardees </a> </p><p> <strong>About the CDFI Fund</strong><br> Since its creation in 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p><p> <strong>About the CDFI Program</strong><br> Through the CDFI Program’s Financial Assistance and Technical Assistance awards, the CDFI Fund invests in and builds the capacity of for-profit and non-profit community based lending organizations known as Community Development Financial Institutions, or CDFIs. These organizations, certified as CDFIs by the U.S. Treasury Department, serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process. Learn more about the CDFI Program at <a href="/programs-training/certification/cdfi">www.cdfifund.gov/cdfi</a>. </p>2013-09-24T04:00:00ZPress Releases91
Treasury Announces $12.4 Million in Assistance to Native Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=90Treasury Announces $12.4 Million in Assistance to Native Communities<p> <strong>Washington, DC</strong> – Native American, Alaska Native, and Native Hawaiian communities (Native Communities) throughout the United States will receive much-needed economic and community development assistance as a result of the $12.4 million in Native American CDFI Assistance Program (NACA Program) awards announced today. </p><p> Thirty-five organizations serving Native Communities received awards from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) under the fiscal year (FY) 2013 round of the NACA Program. The awardees all aim to increase lending and financial services in Native Communities, stimulating economic development in some of the most distressed and low-income parts of the country. </p><p> “The Native American CDFI Assistance Program is providing critically needed funds for distressed Native and tribal areas, many of which lack traditional banking services,” said Don Graves, Treasury Deputy Assistant Secretary for Small Business, Community Development and Housing Policy. “This latest round of awards will expand the capacity of native financial institutions to develop innovative economic development solutions for the businesses and individuals in their communities.” </p><p> The awardees, all certified Native Community Development Financial Institutions (Native CDFIs) or organizations looking to become or create Native CDFIs, will receive a collective total of $12,451,015 in Financial Assistance and Technical Assistance awards. Eighteen Native CDFIs will receive Financial Assistance awards, which are primarily used for financing capital. Seventeen organizations will receive Technical Assistance grants, which are usually used to acquire products or services, staff training, professional services, or other support. </p><p> “The FY 2013 NACA Program awards will lead to increased loans for small businesses, affordable housing, and community facilities in Native Communities, in addition to basic financial services that are essential to building household wealth and stability,” said CDFI Fund Director Donna J. Gambrell. “As the award-making arm of the CDFI Fund’s Native Initiatives, the NACA Program has consistently supported the unique organizations that are doing such vital work in these communities.” </p><p> The majority of the target markets served by the awardees are rural, although seven organizations primarily serve minor urban areas. The organizations are headquartered in fifteen different states across the country. Full information about the FY 2013 NACA Program awardees can be found in the CDFI Fund’s Searchable Award Database at <a href="http://cdfifund.gov/awards">www.cdfifund.go/awards</a>. </p><p> The FY 2013 NACA Program Awards announcement comes at a time when the CDFI Fund’s Native Initiatives is in the middle of studying the current availability of access to capital and credit in Native Communities. The “Access to Capital and Credit in Native Communities” study will draw on focus groups, tribal consultations, and independent research to establish the current reality of capital and credit availability in Native areas. The results of the study will be used to inform the CDFI Fund’s future approach to the training, technical assistance, and awards that it provides through the Native Initiatives. </p><p> Learn more about the “Access to Capital and Credit in Native Communities” study at <a href="http://cdfifund.gov/nativestudy"><span class="ms-rteBackColor-4">www.cdfifund.gov/nativestudy</span></a><span class="ms-rteBackColor-4">.</span> Additional information about the FY 2013 round of the NACA Program, including key highlights and the full award list, can be found below and a<span class="ms-rteBackColor-4">t </span><a href="http://cdfifund.gov/native"><span class="ms-rteBackColor-4">www.cdfifund.gov/native</span></a><span class="ms-rteBackColor-4">.</span> </p><p> <strong>2013 NACA Program Award Resources </strong> </p><p> Award Book: <a href="/Documents/2013%20NACA%20Award%20Book.pdf" target="_blank">Learn key facts and statistics about the full group of awardees</a><br> Award List: <a href="/Documents/2013%20NACA%20List%20Alpha%20by%20Org.pdf" target="_blank">Alphabetical by Organization</a> <br> Award List: <a href="/Documents/2013%20NACA%20List%20Alpha%20by%20State%20091713.pdf" target="_blank">Alphabetical by State</a> <br> Searchable Award Database:<a href="http://cdfifund.gov/awards"><span class="ms-rteBackColor-4"> View the profiles of individual awardees </span></a> </p><p> <strong>About the CDFI Fund</strong> </p><p> Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p><p> <strong>About the Native Initiatives</strong> </p> <p> The CDFI Fund's Native Initiatives work to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native Communities. This is achieved through two principle initiatives: 1) a funding program – the NACA Program – targeted to increasing the number and capacity of existing or new Native CDFIs, and 2) a complementary series of training programs that seek to foster the development of new Native CDFIs, strengthen the operational capacity of existing Native CDFIs, and guide Native CDFIs in the creation of important financial education and asset building programs for their communities. Learn more about the Native Initiatives at <a href="http://cdfifund.gov/native"><span class="ms-rteBackColor-4">www.cdfifund.gov/native</span></a><span class="ms-rteBackColor-4">. </span></p>2013-09-19T04:00:00ZPress Releases90
CDFI Fund Launches "Access to Capital and Credit in Native Communities" Study and Focus Group Registrationhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=140CDFI Fund Launches "Access to Capital and Credit in Native Communities" Study and Focus Group Registration<p class="body"> Demonstrating its continued commitment to serving the needs of Native American, Alaskan Native, and Native Hawaiian communities (Native Communities), the Community Development Financial Institutions Fund (CDFI Fund) is launching the “Access to Capital and Credit in Native Communities” study (the Study). Native Communities in the United States face unique economic challenges that affect the availability of capital and credit for individuals and businesses. The Study will identify these challenges, and is part of the long-term goal of the CDFI Fund’s Native Initiatives to overcome barriers to financial services in Native Communities. </p><p class="body"> "The original <a href="/what_we_do/nacd/lending_study.asp">2001 Native American Lending Study</a> laid the foundation for more than a decade of the CDFI Fund’s successful efforts to build and expand CDFIs serving Native Communities,” said CDFI Fund Director Donna J. Gambrell. “I am confident that this new Study will identify important economic issues within Native Communities that the CDFI Fund will use to focus future efforts and renew our commitment to serving Native Communities." </p><p class="body"> The CDFI Fund <a href="/news_events/CDFI-2012-46-CDFI_Fund_Seeks_Public_Comment_on_Native_Communities_Access_to_Capital_and_Credit_Report.asp"> solicited public comments late last year</a> from Tribal leaders and organizations that work with Native Communities on how the Study should be structured. These important comments were incorporated into the CDFI Fund’s approach to the Study, which will use a combination of independent research, Tribal consultations, and focus groups to determine the status of credit and capital access in Native Communities. </p><p class="body"> To lead components of the Study, the CDFI Fund has contracted GBS, Inc., a wholly-owned subsidiary of Sitnasuak Native Corporation, a SBA-certified Alaskan Native 8(a) business. GBS has extensive experience with issues that affect Native Communities. </p><p class="body"> <b>Tribal Consultations and Focus Groups</b> </p><p class="body"> The Tribal consultations and focus group sessions will focus on emerging trends, innovative concepts, or promising solutions that could significantly improve capital access and availability and the quality of credit in Native Communities. </p><p class="body"> The first focus group for the Study will be held following the Native American Finance Officers Association’s 2013 Fall Finance and Tribal Economies Conference in Seattle, Washington on September 11-12, 2013. Registration information for the focus group can be found on the CDFI Fund’s <a href="/programs-training/Programs/native-initiatives/Pages/default.aspx">website</a>. </p><p class="body"> As the details of additional Tribal consultations and focus groups are confirmed, the schedule and registration information will be added to the CDFI Fund’s website at <a href="/programs-training/Programs/native-initiatives/Pages/default.aspx">www.cdfifund.gov/nativestudy</a>. </p><p class="body"> For more information about the Native Initiatives, or the CDFI Fund’s other programs, please visit <a href="/">www.cdfifund.gov</a>. </p>2013-08-27T04:00:00ZUpdates140
Updated BEA Program Eligibility Criteria Based on 2006-2010 American Community Survey Census Datahttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=151Updated BEA Program Eligibility Criteria Based on 2006-2010 American Community Survey Census Data<p class="body"> On January 22, 2013, the Community Development Financial Institutions Fund (CDFI Fund) announced updates for the Bank Enterprise Award Program (BEA Program) eligibility criteria. The updated eligibility data released today for the BEA Program in tabular format is based on the U.S. Census Bureau’s 2006-2010 American Community Survey and 2010 Bureau of Labor Statistics’ Current Population Survey unemployment rates. </p><p class="body"> There will be a transition period to the updated eligibility data. For the fiscal year (FY) 2014 BEA Program funding round, applicants will have the choice to use either the legacy or updated eligibility data to determine if a transaction or activity occurred in a BEA Program “Qualified Distressed Community.” The CDFI Fund will make both data sets (legacy and updated) available on the CDFI Fund’s Community Investment Mapping System. Future applicants are advised that a full transition to the updated eligibility data will take place for the FY 2015 BEA Program funding round. Applicants applying in the FY 2015 BEA Program funding round will be required to use the updated eligibility data to determine if a transaction or activity occurred in a BEA Program “Qualified Distressed Community.” </p><p class="body"> The BEA Program eligibility update is a part of a larger effort being undertaken by the CDFI Fund to ensure that the data used to determine the eligibility for its programs most accurately reflects current economic conditions and realities. </p><ul><li><a href="/Documents/BEA%20ACS%20Transition%20FAQ%20-%20Final.pdf" target="_blank">BEA Program Eligibility Data Transition FAQ</a></li><li><a href="/Documents/BEA%20Eligibility%20072013.xls" target="_blank">BEA Program Updated Eligibility Data</a></li></ul> 2013-07-29T04:00:00Z151

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