CDFI Equitable Recovery Program | Community Development Financial Institutions Fund

NEWS

Update April 10, 2023: U.S. Treasury Awards more than $1.73 Billion in Response to Economic Impacts Caused by COVID-19 Pandemic

Washington, DC – Today, Vice President Kamala Harris and Deputy Secretary of the Treasury Wally Adeyemo announced that the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has awarded over $1.73 billion in grants to 604 Community Development Financial Institutions (CDFIs) across the country through the CDFI Equitable Recovery Program (CDFI ERP). These funds will strengthen the ability of CDFIs to help low- and moderate-income communities recover from the COVID-19 pandemic and invest in long-term prosperity.

BACKGROUND

The Consolidated Appropriations Act, 2021 (Act; Section 523 of Division N; Pub. L. 116-260) provided $1.75 billion to the Community Development Financial Institutions Fund (CDFI Fund) to award Community Development Financial Institutions (CDFIs) grants to respond to the economic impacts of the COVID-19 pandemic. Awards provided to CDFIs are to expand lending, grant making, and investment activity in low- or moderate-income communities and to borrowers, including minorities, that have significant unmet capital or financial service needs and were disproportionately impacted by the COVID-19 pandemic and to enable CDFIs to build organizational capacity and acquire technology, staff and other tools necessary to accomplish the activities under a CDFI ERP Award. The CDFI Fund will be awarding these funds through its newly established CDFI Equitable Recovery Program (CDFI ERP).

ELIGIBILITY

Organizations that have been Certified by the CDFI Fund as CDFIs as of the date of the Notice of Funds Availability (NOFA) publication in the Federal Register, have a track record of serving CDFI ERP Eligible Geographies and meet certain financial management criteria are eligible to apply to the CDFI ERP. Applicants for the CDFI ERP must be in compliance with all outstanding CDFI awards, allocations, or bond guarantee requirements, as well as meet benchmarks for programmatic/financial safety and soundness.

PROGRAM OVERVIEW

CDFI ERP is designed to: 1) provide funding to CDFIs to expand lending, grant making and investment activities in low- or moderate-income communities and to borrowers that have significant unmet capital and financial services needs and have experienced disproportionate economic impacts from the COVID-19 pandemic, and 2) enable CDFIs to build organizational capacity and acquire technology, staff, and other tools necessary to accomplish the activities under a CDFI ERP Award.

INFORMATION FOR FY 2022 AWARD RECIPIENTS

GETTING ACQUAINTED WITH YOUR FY2022 CDFI ERP ASSISTANCE AGREEMENT WEBINARS

The CDFI Fund will conduct four webinars to present the FY2022 CDFI Equitable Recovery Program Assistance Agreement. All webinars will contain the same information. While different dates are suggested for different organization types, CDFI ERP Recipients can attend any of the webinars if they have a conflict with the date for their organization type. The detailed webinar schedule and access information can be found below. Recipients must attend one of the webinars prior signing their organization's Assistance Agreement.

Webinar Topic	Date and Time	Conference	Access Link
Non-Regulated CDFIs: Getting Acquainted with Your FY2022 CDFI ERP Assistance Agreement	August 17, 2023 3:00 - 4:00 PM ET	Completed	Access Webinar Recording
Credit Union CDFIs: Getting Acquainted with Your FY2022 CDFI ERP Assistance Agreement	August 18, 2023 1:00 - 2:00 PM ET	Completed	Access Webinar Recording
Bank and Bank Holding Company CDFIs: Getting Acquainted with Your FY2022 CDFI ERP Assistance Agreement	August 21, 2023 1:00 - 2:00 PM ET	Completed	Access Webinar Recording
Cooperativa CDFIs: Getting Acquainted with Your FY2022 CDFI ERP Assistance Agreement	August 22, 2023 10:30 - 11:30 AM ET	Completed	Access Webinar Recording

FY 2022 APPLICATION PROCESS

The Notice of Funds Availability (NOFA), instructions, and supplemental materials for the FY 2022 round of the CDFI Equitable Recovery Program are below. These materials are intended to help you understand how to apply for a CDFI Equitable Recovery Program award.

For those preparing to apply for the ERP, the CDFI Fund provided a pre-application webinar on May 16, 2022. The webinar recording and presentation are available below.

Questions

If you have a question about the application process, you can contact the CDFI Fund’s Help Desk by submitting a Service Request through your AMIS account; by e-mail to erp@cdfi.treas.gov or by phone to (202) 653-0421 (please note this is not a toll free number).

FY 2022 APPLICATION TIMELINE

Date	Description
June 23, 2022	FY 2022 Round Opening
August 18, 2022	Deadline to enter EIN and UEI numbers in AMIS
August 18, 2022	Deadline for Submitting SF-424 through Grants.gov
September 20, 2022	Last Day the CDFI Fund Will Answer Questions About the Application
September 20, 2022	Last day to contact CDFI Fund with questions about Compliance or CDFI Certification
September 22, 2022	Deadline to Receive AMIS Support from the IT Help Desk
September 22, 2022	Deadline for Submitting CDFI Equitable Recovery Program Application through AMIS
Winter 2023	FY 2022 ERP Awards Announced

FY 2022 APPLICATION WEBINARS

The CDFI Fund will conduct three webinars to present the CDFI Equitable Recovery Program Application. View the recordings of the webinars below. Advance registration is not required to participate in the webinars. Access the webinars by clicking the below links 5 minutes before the webinars begin.

Viewing these webinars requires the use of WebEx. To download the WebEx Event Manager, see the instructions on the Verizon's WebEx Downloads page.

Webinar Topic	Date and Time	Conference	Access Link
CDFI Equitable Recovery Program Application Webinar	June 29, 2022 1:00 PM - 2:30 PM ET	Completed	Access Webinar Recording View Presentation
CDFI Equitable Recovery Program Application Webinar	July 7, 2022 3:00 PM - 4:30 PM ET	Completed	Access Webinar Recording View Presentation
CDFI Equitable Recovery Program Supplemental FAQs Webinar	August 25, 2022 1:00 PM - 2:30 PM ET	Completed	Access Webinar Recording