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Demand for CDFI Program Remains Strong as CDFIs Continue Critical Economic Recovery Work in Nation’s Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=118Demand for CDFI Program Remains Strong as CDFIs Continue Critical Economic Recovery Work in Nation’s Low-Income Communities<p><i>Over $465 Million in Funding Requested Through Fiscal Year 2011 Round</i></p><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 393 applications for the fiscal year (FY) 2011 CDFI Program funding round. This total includes 273 applications for Financial Assistance and 120 for Technical Assistance. These applicants requested a total of almost $465.9 million, with Financial Assistance applicants requesting $454.5 million and Technical Assistance applicants, requesting about $11.4 million. </p><p class="body"> "CDFIs across the nation continue their critical work on the front-lines of bringing economic recovery to all communities. The resources being requested this round demonstrates the strength and resilience of the CDFI industry,” said CDFI Fund Director Donna J. Gambrell. "Though the economy is showing clear signs of recovery, recovery is occurring much slower in our nation’s low-income communities. The CDFI Fund is poised to ensure its resources are awarded and disbursed to the CDFIs serving these communities as expeditiously as possible.” </p><p class="body"> The 393 applications received come from every state in the nation, with the exception of Tennessee, plus the District of Columbia and Puerto Rico. The deadline for applications was November 19, 2010 and awards will be announced during the summer of 2011. </p><p class="body"> Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in our nation’s most distressed low-income rural and urban communities. Please see the following table for further information of the applicant pool. </p><p align="center"><strong>FY 2011 CDFI Program Applicant Pool</strong></p><p align="center"><strong><u>Financial Assistance Applications</u></strong></p><table width="100%" border="1"><tbody><tr><td width="50%"><p class="body"><strong>Application Type</strong></p></td><td width="15%"><p class="body">Number</p></td><td width="60%"><p class="body">Amount</p></td><td width="25%"><p class="body">Percentage</p></td></tr><tr><td><p class="body">CORE</p></td><td><p class="body">195</p></td><td><p class="body">$ 403,295,039</p></td><td><p class="body">71</p></td></tr><tr><td><p class="body">SECA</p></td><td><p class="body">78</p></td><td><p class="body">$ 51,165,115</p></td><td><p class="body">29</p></td></tr><tr><td><p class="body">Total</p></td><td><p class="body">273</p></td><td><p class="body">$ 454,460,154</p></td><td><p class="body">100</p></td></tr></tbody></table> <br> <table width="100%" border="1"><tbody><tr><td width="50%"><p class="body"><strong>Institution Type</strong></p></td><td width="15%"><p class="body">Number</p></td><td width="60%"><p class="body">Amount</p></td><td width="25%"><p class="body">Percentage</p></td></tr><tr><td><p class="body">Loan Funds</p></td><td><p class="body">211</p></td><td><p class="body">$ 353,398,790</p></td><td><p class="body">77</p></td></tr><tr><td><p class="body">Credit Unions</p></td><td><p class="body">35</p></td><td><p class="body">$ 54,346,364</p></td><td><p class="body">13</p></td></tr><tr><td><p class="body">Banks, thrifts, holding companies</p></td><td><p class="body">19</p></td><td><p class="body">$ 33,695,000</p></td><td><p class="body">7</p></td></tr><tr><td><p class="body">Venture Capital Funds</p></td><td><p class="body">8</p></td><td><p class="body">$ 13,020,000</p></td><td><p class="body">3</p></td></tr><tr><td><p class="body">Total</p></td><td><p class="body">273</p></td><td><p class="body">$ 454,460,154</p></td><td><p class="body">100</p></td></tr></tbody></table> <br> <table width="100%" border="1"><tbody><tr><td width="50%"><p class="body"><strong>Primary Geographic<br>Market Served</strong></p></td><td width="15%"><p class="body">Number</p></td><td width="60%"><p class="body">Amount</p></td><td width="25%"><p class="body">Percentage</p></td></tr><tr><td><p class="body">Major Urban</p></td><td><p class="body">136</p></td><td><p class="body">$ 228,363,204</p></td><td><p class="body">50</p></td></tr><tr><td><p class="body">Rural</p></td><td><p class="body">62</p></td><td><p class="body">$ 116,243,247</p></td><td><p class="body">23</p></td></tr><tr><td><p class="body">Minor Urban</p></td><td><p class="body">75</p></td><td><p class="body">$ 109,853,703</p></td><td><p class="body">27</p></td></tr><tr><td><p class="body">Total</p></td><td><p class="body">273</p></td><td><p class="body">$ 454,460,154</p></td><td><p class="body">100</p></td></tr></tbody></table> <br> <p align="center"><strong><u>Technical Assistance Applications</u></strong></p><table width="100%" border="1"><tbody><tr><td width="50%"><p class="body"><strong>Application Type</strong></p></td><td width="15%"><p class="body">Number</p></td><td width="60%"><p class="body">Amount</p></td><td width="25%"><p class="body">Percentage</p></td></tr><tr><td><p class="body">TA-Only</p></td><td><p class="body">120</p></td><td><p class="body">$ 11,413,955</p></td><td><p class="body">100</p></td></tr></tbody></table> <br> <table width="100%" border="1"><tbody><tr><td width="50%"><p class="body"><strong>Institution Type</strong></p></td><td width="15%"><p class="body">Number</p></td><td width="60%"><p class="body">Amount</p></td><td width="25%"><p class="body">Percentage</p></td></tr><tr><td><p class="body">Loan Funds</p></td><td><p class="body">94</p></td><td><p class="body">$ 8,878,970</p></td><td><p class="body">78</p></td></tr><tr><td><p class="body">Credit Unions</p></td><td><p class="body">15</p></td><td><p class="body">$ 1,447,370</p></td><td><p class="body">13</p></td></tr><tr><td><p class="body">Banks, thrifts, holding companies</p></td><td><p class="body">5</p></td><td><p class="body">$ 492,625</p></td><td><p class="body">4</p></td></tr><tr><td><p class="body">Venture Capital Funds</p></td><td><p class="body">6</p></td><td><p class="body">$ 594,990</p></td><td><p class="body">5</p></td></tr><tr><td><p class="body">Total</p></td><td><p class="body">120</p></td><td><p class="body">$ 11,413,955</p></td><td><p class="body">100</p></td></tr></tbody></table> <br><p class="body">For more information on the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a>.</p> 2011-01-27T05:00:00ZUpdates118
CDFI Fund Releases FY 2010 Performance and Accountability Reporthttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=157CDFI Fund Releases FY 2010 Performance and Accountability Report<p><i>Publication Details Exceptional Performance and Results in 2010</i></p><p class="body"><strong>Washington, DC</strong> - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today announced the release of its fiscal year (FY) 2010 Performance and Accountability Report. An important annual publication that comprehensively assesses the operations of the CDFI Fund, this year’s PAR documents the many successful achievements the CDFI Fund realized in its 15th anniversary year.</p><p class="body">"The FY 2010 Performance and Accountability Report attests to the CDFI Fund’s strong achievements in a year of unprecedented challenges for the economically distressed communities we serve,” said CDFI Fund Director Donna J. Gambrell. “The CDFI Fund has not only been at the forefront of spurring economic recovery in our nation’s hardest hit communities with significantly expanded responsibilities, but has also achieved critical improvements in its performance, as the unqualified opinion from our FY 2010 audit report demonstrates."</p><p class="body">A year of sustained growth and heightened visibility, FY 2010 saw the CDFI Fund announce more awards than any other year in its history, while also meeting extraordinary certification and compliance goals. In FY 2010, the CDFI Fund announced new funding under the Community Development Capital Initiative and the Capital Magnet Fund, launched the new Capacity Building Initiative and certified or re-certified approximately 200 entities as CDFIs, increasing the total number of certified CDFIs by over fifteen percent.</p><p class="body">The CDFI Fund is strongly committed to building upon the accomplishments highlighted in the FY 2010 Performance and Accountability Report and to executing its core mission of serving economically distressed communities with excellence.</p><ul><li><a href="/Documents/Performance-and-Accountabilty-Report-FY-2010.pdf" target="_blank">Performance and Accountability Report for FY 2010</a></li></ul><p class="body">For more information on the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">http://www.cdfifund.gov</a>.</p> 2011-01-08T05:00:00ZUpdates157

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