CDFI Bond Guarantee Program

CDFI Bond Guarantee Program Benefits

Through the CDFI Bond Guarantee Program, the Secretary of the Treasury makes debt available to CDFIs from the Federal Financing Bank. The loans provide long-term capital not previously available to CDFIs, and inject new and substantial investment into our nation's most distressed communities. The CDFI Bond Guarantee Program has guaranteed $852 million in bonds to date. 

Download CDFI Bond Guarantee Program Fact Sheet (English) ›
Download CDFI Bond Guarantee Program Fact Sheet (Español) ›

Opening Date
January 5, 2016


Announcement Date
September 28, 2016


Enacted through the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need—long-term, low-cost capital that can be used to spur economic growth and jump start community revitalization. Through the CDFI Bond Guarantee Program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue bonds worth a minimum of $100 million in total. The bonds provide CDFIs with access to substantial capital that is then used to reignite the economies of some of our nation's most distressed communities.

Unlike other CDFI Fund programs, the CDFI Bond Guarantee Program does not offer grants, but is instead a federal credit subsidy program, designed to function at no cost to taxpayers. The bond proceeds are debt instruments that must be repaid.

The Secretary of the Treasury provides a 100 percent guarantee on these loans, with a maximum maturity of 30 years. The Qualified Issuer sells the government-backed bonds to the Federal Financing Bank (FFB)—a government corporation that ensures the efficient use of federal financing—and bond proceeds are used to extend credit to CDFIs for community development purposes. The Qualified Issuer thus acts as a "go between" financier to the broader CDFI community.

CDFIs benefit from the potential scale of the CDFI Bond Guarantee Program, which offers long-term credit at below-market interest rates. This unique program incentivizes and empowers CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, daycare or healthcare centers, and municipal infrastructure. In addition to these projects, eligible CDFIs may use the capital to extend credit to other community development borrowers—or Secondary Borrowers—or refinance existing loans at low interest rates, freeing up capital for additional investments. By promoting large-scale, long-term investment, the CDFI Bond Guarantee program helps breathe new life into economically underserved areas.

For more information, please see our 2015 CDFI Bond Guarantee Fact Sheet (English / Español).

Reference Documents


There are separate eligibility criteria for an applicant to be deemed either a Qualified Issuer or an Eligible CDFI for the purposes of the CDFI Bond Guarantee Program.

For detailed information, please refer to the Notice of Guarantee Availability.

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Certification Bond Steps/DispForm.aspx?ID=5Certification Step 11CDFI Certification/programs-training/Programs/cdfi-bond/Pages/cdfi-certification-step.aspx#step1
Apply Bond Steps/DispForm.aspx?ID=1ApplyStep 22Timeline| Application Materials| /programs-training/Programs/cdfi-bond/Pages/apply-step.aspx#step2
Award Announcement Bond Steps/DispForm.aspx?ID=2Award AnnouncementStep 33Award Announcement/programs-training/Programs/cdfi-bond/Pages/award-announcement-step.aspx#step3
Closing and Disbursement Bond Steps/DispForm.aspx?ID=3Closing and DisbursementStep 44Closing and Disbursement/programs-training/Programs/cdfi-bond/Pages/closing-disbursement-step.aspx#step4
Compliance and Reporting Bond Steps/DispForm.aspx?ID=4Compliance and ReportingStep 55Compliance and Reporting/programs-training/Programs/cdfi-bond/Pages/compliance-step.aspx#step5



Certification Bond Steps/DispForm.aspx?ID=6Certification Step 11CDFI Certification/programs-training/Programs/cdfi-bond/Pages/cdfi-issuer-certification-step.aspx#step1
Apply Bond Steps/DispForm.aspx?ID=7ApplyStep 22Timeline| Application Materials| ​​Application and Underwriting/programs-training/Programs/cdfi-bond/Pages/apply-issuer-step.aspx#step2
Award Announcement Bond Steps/DispForm.aspx?ID=8Award AnnouncementStep 33Award Announcement/programs-training/Programs/cdfi-bond/Pages/award-announcement-issuer-step.aspx#step3
Bond Closing Bond Steps/DispForm.aspx?ID=9Bond ClosingStep 44Bond Closing ​/programs-training/Programs/cdfi-bond/Pages/closing-disbursement-issuer-step.aspx#step4
Compliance and Reporting Bond Steps/DispForm.aspx?ID=10Compliance and ReportingStep 55Compliance and Reporting/programs-training/Programs/cdfi-bond/Pages/compliance-issuer-step.aspx#step5



Awards Tools Resources/DispForm.aspx?ID=6AwardsLooking for more about Awards for this program? Find it on our Awards page<img alt="" src="/Style%20Library/cdfi/pic-highlight1.jpg" style="BORDER:0px solid;" />/awards/state-awards/Pages/default.aspx



Our Impact Tools Resources/DispForm.aspx?ID=7Our ImpactLearn more about the impact of the CDFI Fund on our Impact Blog<img alt="" src="/Style%20Library/cdfi/pic-highlight1.jpg" style="BORDER:0px solid;" />/impact/Pages/default.aspx

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