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CDFI Program to award $183.5 million in 2018
Kirill Abbakumov   on Monday, February 12, 2018 at 12:00:00 am

On February 1, 2018, the Treasury Department’s Community Development Financial Institutions (CDFI) Fund published the Notice of Funds Availability (NOFA) inviting the applications for Fiscal Assistance (FA) awards of Technical Assistance (TA) grants under the CDFI program the fiscal year 2018 funding round, totalling approximately $183.5 million.

Through the CDFI Program, the CDFI Fund provides FA awards of up to $1 million to Certified CDFIs to build their capacity to lend to their target markets, and TA grants of up to $125,000 to build certified, certifiable, and emerging CDFIs’ organizational capacity to serve their target markets. The CDFI Fund expects to award approximately $183.5 million in FY 2018. Funds for the FY 2018 funding round are subject to change based on passage of a final FY 2018 budget. If Congress does not appropriate funds for the CDFI Program, there will not be an FY 2018 funding round.

The CDFI Fund was established by the Riegle Community Development Banking and Financial Institutions Act of 1994 to promote economic revitalization and community development through investment in and assistance to CDFIs. Since its creation, the CDFI Fund has awarded more than $2.5 billion to for-profit and non-profit community-based lending organizations known as CDFIs. These organizations serve rural and urban low-income people, and communities across the nation that lack adequate access to affordable financial products and services.

The FY 2018 funding round will begin in late September 2018. For more information about this NOFA, as well as application requirements, please see the Federal Register.