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Demand Increases 30 Percent for FY 2010 Native American CDFI Assistance Program https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=115Demand Increases 30 Percent for FY 2010 Native American CDFI Assistance Program <p class="body"><i>CDFI Fund Receives 61 Funding Applications Requesting $23.7 Million </i></p> <p class="body"> <b>Washington, DC </b>- The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it received 61 applications for the fiscal year (FY) 2010 funding round of the Native American CDFI Assistance (NACA) Program. Representing a 27 percent increase over the 48 applications the CDFI Fund received in the original, pre-Recovery Act application solicitation of the FY 2009 round, applicants requested more than $23.7 million in financial and technical assistance for FY 2010 round, up 30 percent over the $18.3 million requested last year.</p><p class="body">“The NACA Program is vital for reaching and helping our nation’s most distressed Native communities, helping them start to move toward economic recovery and economic self-sufficiency,” said CDFI Fund Director Donna Gambrell. “The $23.7 million is the most funding ever requested in the history of the program and clearly demonstrates the critical need for these resources.” </p><p class="body">The CDFI Fund published a Notice of Funds Availability in the Federal Register on August 20, 2009 announcing that it was making approximately $12 million available through the FY 2010 funding round, pending Congressional appropriations. The deadline for applications was October 7, 2009, and awards will be announced in the spring of 2010. </p><p class="body">Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in Native American communities. The characteristics of the applicant pool include: </p><p class="body"> <u>Geographic Distribution</u></p><ul><li>Applications were received from 19 states</li></ul><p class="body"> <u>Institution Type</u></p><ul><li>Loan funds - 31 applicants (51 percent)</li><li>Credit Unions - 1 applicant (2 percent)</li><li>Banks, thrifts or holding companies - 3 applicants (3 percent)</li><li>Sponsoring entities - 26 applicants (44 percent)</li></ul><p class="body">For more information on the CDFI Fund and its programs, please visit<a href="http://www.cdfifund.gov/"> www.cdfifund.gov</a></p>2009-12-09T05:00:00ZUpdates115
Demand Up 97 Percent in FY 2010 Round of CDFI Program CDFI Fund Receives 408 Applications Requesting More Than $467 Millionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=114Demand Up 97 Percent in FY 2010 Round of CDFI Program CDFI Fund Receives 408 Applications Requesting More Than $467 Million<p class="body"><strong>Washington, DC</strong> - The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 408 applications for the fiscal year (FY) 2010 round of the CDFI Program, representing a significant increase in demand. Applicants requested more than $467.4 million in assistance, a 97 percent increase from the $237.7 million requested through the original, pre-Recovery Act application solicitation of the FY 2009 round.</p><p class="body">"CDFIs are continuing to deal with the harsh realities of the financial crisis on a day to day basis. The extraordinary demand we’ve seen in the latest application round of the CDFI Program shows the great need in distressed communities for capital to provide affordable financial products and services,” said CDFI Fund Director Donna Gambrell. "Today’s economy is creating a need for CDFIs to expand their impact as low-income people and communities across the nation continue to bear a disproportionate burden and rely on CDFIs to provide critically needed support.”</p><p class="body">The CDFI Fund received 322 applications requesting almost $459 million under the Financial Assistance component and 86 applications requesting over $8.4 million under the Technical Assistance component of the CDFI Program.</p><p class="body">The CDFI Fund published a Notice of Funds Availability in the Federal Register on September 23, 2009 announcing that it was making approximately $113 million available for the FY 2010 round, pending Congressional appropriation. Approximately $20 million of these funds are being targeted to CDFIs that applied under Category I of the application, which is known as Small and Emerging CDFI Assistance – or SECA Applicants. Approximately $90 million are targeted to CDFIs that applied under Category II of the application, known as Core Applicants. The remaining $3 million in funds will be awarded to CDFIs that applied for Technical Assistance only. The deadline for applications was November 18, 2009 and awards will be announced in the summer of 2010.</p><p class="body">Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in our nation’s most distressed low-income rural and urban communities. The characteristics of the applicant pool include:</p><p class="body"><b><u>Financial Assistance Component</u></b></p><p class="body"><b><i>Overview</i></b></p><p class="body">322 applicants applied under the Financial Assistance Component – requesting an aggregate total of $458,995,504 with: </p><ul><li>$435,726,392 in Financial Assistance</li><li>$23,269,112 in Technical Assistance</li></ul><p class="body"><b><i>Institution Type</i></b></p><ul><li>245 (76.1 percent) are loan funds</li><li>45 (14.0 percent) are credit unions</li><li>23 (7.1 percent) are banks, thrifts or holding companies</li><li>9 (2.8 percent) are venture capital funds</li></ul><p class="body"><b><i>Primary Geographic Market Served</i></b></p><ul><li>Major Urban: 170 (52.8 percent)</li><li>Rural: 87 (27.0 percent)</li><li>Minor Urban: 65 (20.2 percent)</li></ul><p class="body"><b><i>Geographic Distribution</i></b></p><p class="body">Applications were received from 49 states, the District of Columbia and Puerto Rico.</p> <p class="body"><b><u>Technical Assistance Component</u></b></p><p class="body"><b><i>Overview</i></b></p><p class="body">86 applicants applied for only Technical Assistance requesting an aggregate total of $8,466,949.</p><p class="body"><b><i>Institution Type</i></b></p><ul><li>76 (88.4 percent) are loan funds </li><li>6 (7.0 percent) are credit unions</li><li>2 (2.3 percent) are banks, thrifts or holding companies</li><li>2 (2.3 percent) are venture capital funds</li></ul><p class="body">For more information on the CDFI Fund and its programs, please visit:<a href="http://www.cdfifund.gov/"> www.cdfifund.gov</a></p> 2009-12-03T05:00:00ZUpdates114

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