2013 CDFI Program Awards Will Support Community Development Financial Institutions Nationwide
Washington, DC 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.
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.
"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."
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.
"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."
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.
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 www.cdfifund.gov/cdfi.
2013 CDFI Program Award Resources
Award Book: Learn key facts and statistics about the full group of awardees
Award List: Alphabetical by Organization
Award List: Alphabetical by State
Searchable Award Database: View the profiles of individual awardees
About the CDFI Fund
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 www.cdfifund.gov.
About the CDFI Program
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 www.cdfifund.gov/cdfi.
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