U.S. Treasury Awards More Than $188 Million to Support CDFI Investment in Low-Income and Distressed Communities
Washington – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 284 Community Development Financial Institutions (CDFIs) $188.7 million in Financial Assistance (FA) awards today. The awards, through the fiscal year (FY) 2019 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
“I am proud to announce the FY 2019 CDFI Program and NACA Program awards,” said CDFI Fund Director Jodie Harris. “I am especially pleased that almost half of the awarded organizations have chosen to provide services in areas of persistent poverty, which will lead to significant impact for residents in some of the most distressed communities nationwide.”
FA awards include the Base Financial Assistance (Base-FA) award and the following awards that are provided as a supplement to the Base-FA award: Healthy Food Financing Initiative-Financial Assistance (HFFI-FA), Persistent Poverty Counties-Financial Assistance (PPC-FA), and Disability Funds-Financial Assistance (DF-FA).
CDFI Program Financial Assistance Awards
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. For the FY 2019 CDFI Program round, the CDFI Fund awarded $132 million in Base-FA awards to 261 organizations in 45 states, the District of Columbia, and Puerto Rico. The CDFI Fund also awarded $18.2 million in PPC-FA awards to 125 CDFIs specifically to serve Persistent Poverty Counties nationwide.
In addition, the CDFI Fund awarded $22 million in HFFI-FA awards to 14 CDFIs. The Healthy Food Financing Initiative is a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. The CDFI Fund also awarded $3 million in DF-FA awards to 16 CDFIs; DF-FA is a supplemental program designed to help CDFIs finance projects and services to assist individuals with disabilities.
NACA Program Financial Assistance Awards
The NACA Program facilitates the creation and advancement of Native CDFIs. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities, and reflect a diversity of institutions in various stages of development, including: organizations in the early planning stages of CDFI formation; tribal entities working to certify an existing lending program; and established Native CDFIs in need of further capacity building assistance.
The CDFI Fund awarded $12 million in FY 2019 NACA Program Base-FA awards to 23 organizations in 11 states. Eleven Native CDFIs also received $1.5 million in PPC-FA awards.
The CDFI Fund also provides Technical Assistance awards to CDFIs and emerging CDFIs through the CDFI Program and NACA Program. The FY 2019 Technical Assistance Awards were announced on September 19, 2019. View more information about all of the FY 2019 CDFI Program and NACA Program awards below.
FY 2019 CDFI Program and NACA Program Award Resources
- FY 2019 CDFI Program Award Book
- FY 2019 NACA Program Award Book
- CDFI Program and NACA Program Financial Assistance Application Evaluation Process
- CDFI Program and NACA Program Technical Assistance Application Evaluation Process
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.4 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, guaranteed $1.61 billion in bonds through the CDFI Bond Guarantee Program, and awarded more than $434 million through the Capital Magnet Fund. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov.