Funds to Support Community Development Investments in Distressed Rural, Urban, and Native Communities
Washington - The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $202.9 million in awards today. The awards, through the fiscal year (FY) 2018 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation. One-third of the awardees have committed to specifically serving Persistent Poverty Counties.
"The FY 2018 CDFI Program and NACA Program awardees will provide vital financial services and lending to low-income communities nationwide," said CDFI Fund Director Annie Donovan. "The awards will also benefit Native Communities, areas of persistent poverty, and individuals with disabilities."
For the FY 2018 CDFI Program round, the CDFI Fund awarded $165.7 million in Financial Assistance and Technical Assistance to 265 organizations in 44 states, the District of Columbia, and Puerto Rico. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. In addition, the CDFI Fund awarded $22 million to 14 CDFIs through the Healthy Food Financing Initiative Financial Assistance awards (HFFI-FA), a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. The CDFI Fund also awarded $5 million to 15 CDFIs through the Disability Funds Financial Assistance awards (DF-FA), a supplemental program designed to help CDFIs finance projects and services that will assist individuals with disabilities.
For the FY 2018 round, the CDFI Fund received applications from 432 organizations requesting $334.9 million through the CDFI Program Financial Assistance and Technical Assistance awards, $75.3 million through the Healthy Food Financing Initiative, $45.4 million to serve Persistent Poverty Counties, and $15.2 million in Disability Funds Financial Assistance.
The CDFI Fund also awarded $15.1 million in FY 2018 NACA Program Financial Assistance and Technical Assistance to 38 organizations in 16 states. The program facilitates the creation and advancement of Native CDFIs. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities, and reflect a diversity of institutions in various stages of development, including: organizations in the early planning stages of CDFI formation; tribal entities working to certify an existing lending program; and established Native CDFIs in need of further capacity building assistance. The CDFI Fund received 53 applications requesting $33.7 million for the FY 2018 round.
View more information about the FY 2018 CDFI Program and NACA Program awardees below.
2018 CDFI Program and NACA Program Award Resources
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund's website at www.cdfifund.gov.
- This release was updated on November 19, 2018 to correct the total number of awards. One additional CDFI Program Financial Assistance Award was included.
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