WASHINGTON–The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has opened the fiscal year (FY) 2021 funding round for the CDFI Rapid Response Program (CDFI RRP).
The program will provide $1.25 billion, authorized by the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 (P.L. 116-260) to CDFIs to help their communities respond to the economic hardships created by the COVID-19 pandemic.
“Through the CDFI Rapid Response Program, the CDFI Fund will provide awards to Certified CDFIs to support, prepare for, and respond to the economic impact of the coronavirus,” Treasury said. “All awards provided through this NOFA are subject to funding availability. CDFI Rapid Response Program grant funds may be expended for eligible activities such as financial products, financial services, loan loss reserves, development services, capital reserves, and certain operational activities as defined by the NOFA.”
‘As Soon As Possible’
Treasury said the CDFI Fund is committed to awarding these funds as soon as possible.
“As a result, the application round for this program will only be open for one month,” Treasury said. “All applications must be submitted to the CDFI Fund by March 25, 2021.”
As CUToday.info reported earlier, the FY 2021 funding rounds for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) are also currently open and accepting applications.
For info: CDFI Rapid Response Program page.