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Yes. All CDFI Certification Applications and Target Market Modification Applications submitted through AMIS prior to the start of the blackout period on October 1, 2022 will be accepted and reviewed by the CDFI Fund.
The CDFI Fund is the process of evaluating all CDFI Certification Applications and Target Market Modification Applications that were submitted prior to October 1, 2022. The CDFI Fund anticipates completing these evaluations by May 31, 2023. On a case-by-case basis, there may be delays in delivering a determination to some organizations. Organizations should submit an AMIS Service Request for any questions related to the evaluation of a pending Application.
Due to the large number of CDFI Certification Applications and Target Market Modification Applications that have already been submitted and are pending review, coupled with the volume of these Applications that we expect to receive prior to the start of the blackout period on October 1, 2022, the CDFI Fund is unable to provide a specific deadline by when the CDFI Fund will complete evaluations for pending and incoming Applications.
Information on submitting a CDFI Certification Application can be found on the CDFI Fund website at www.cdfifund.gov/cdficert under How to Apply Step 1: Apply.
The pause does not affect the submission of reports required by the Office of Compliance Monitoring and Evaluation. Organizations must remain in compliance with all outstanding CDFI Fund awards (including CDFI/NACA Program Financial Assistance and Technical Assistance, Bank Enterprise Award Program, Small Dollar Loan Program, Capital Magnet Fund, and Rapid Response Program awards), New Markets Tax Credit Allocations, or CDFI Bond Guarantee Program reporting requirements.
The CDFI Fund is aware that some organizations are required to submit CDFI Certification Applications as part of their Performance Goal and Measures per the terms of their Assistance Agreements and may be affected by this pause. The CDFI Fund will amend Assistance Agreements to allow time for such organizations to be able to either: submit under the new CDFI Certification policies; or hold them harmless for not being able to meet the new CDFI Certification policies.
The CDFI Fund is aware that some organizations are required to submit Target Market Modification requests as part of their Performance Goal and Measures per the terms of their Assistance Agreements and may be affected by this pause. The CDFI Fund will either amend Assistance Agreements to allow time for such organizations to be able to submit a Target Market Modification request under the new CDFI Certification policies; or hold them harmless for not being able to meet the new CDFI Certification policies.
The CDFI Fund’s Office of Certification Policy and Evaluation will still continue to accept and review applications for CDE certification and CDE Service Area Amendments throughout the blackout period.
Yes. CDFIs are still required to submit an ACR in accordance with their existing ACR reporting schedule as listed in AMIS.
If you are a CDFI that is currently in a cure period related to a 2021 or 2022 ACR Report Year submission, you are still obligated to adhere to the specific deadlines and deliverables associated with that cure requirement. Failure to do so can result in a loss of Certification during this blackout period.