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U.S. Department of the Treasury Designee
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U.S. Department of Commerce Designee
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U.S. Department of Housing and Urban Development
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U.S. Department of Agriculture Designee
Get Ready! The FY 2025 CDFI Program and NACA Program Application is Opening Soon!
Interested in applying to the upcoming fiscal year (FY) 2025 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program)? The Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to open the FY 2025 CDFI Program and NACA Program Application round this winter. Now is a great time for organizations to begin preparing to apply for a CDFI Program or NACA Program award.
We are interested in applying for CDFI Certification. Is there a list that provides all the requirements for obtaining a CDFI Certification?
For a brief outline of the CDFI Certification requirements, please see the "Overview of CDFI Certification, ACR and TLR" slide deck.
Does an organization need to sign the CDFI Certification Agreement to be a Certified CDFI?
Yes. Organizations must sign the CDFI Certification Agreement to be Certified as CDFIs, and are subject to the terms and conditions in the Agreement to maintain their Certified status. The CDFI Certification Agreement template can be viewed on the CDFI Fund’s website.
If an organization was notified that its CDFI Certification Application is declined, will the CDFI Fund offer an explanation why?
If an organization’s CDFI Certification Application is declined, the CDFI Fund will provide a detailed debriefing document within 30 days of notifying the organization of the declined Application. The debriefing document will specify the CDFI Certification criteria that were not met by the Applicant as well as the reason why the Applicant did not meet the criteria.
Are deferred loans with the payment due on sale considered eligible Financial Products?
Yes, a deferred loan with the payment due on sale, even if no other prior payment is made, is an eligible Financial Product and should be included in the activity presented in connection with the Financing Entity and Target Market requirements for CDFI Certification. To be considered an eligible Financial Product, a loan (including a deferred loan) must include an expectation of repayment, regardless of the timing of that repayment.
Are forgivable loans considered eligible Financial Products?
Yes. There are two instances where forgivable loans can be considered as eligible Financial Products and can be counted for Target Market activity.
The first instance is a forgivable loan with at least one payment within twelve (12) months of the loan closing date.
The second instance is a forgivable loan that meets each of the following seven (7) conditions: