WASHINGTON—The Community Development Financial Institutions Fund is inviting applications from credit unions and other institutions that qualify as CDFIs for up to $199 million in grants during its fiscal year 2018 funding round.
NAFCU explained that the fund, which is administered by the Treasury Department, is making financial assistance and technical grants available, allocated as follows:
- $161.5 million for CDFI Program awards
- $22 million for Health Food Financing Initiative Financial Assistance awards
- $15.5 million for Native American CDFI Assistance Program awards
However, in the notice of available funds, the CDFI Fund stipulates that grant amounts are subject to change based on Congress' final FY2018 budget – if no funds are allocated to the CDFI Fund there will not be a funding round, NAFCU reported.
President Donald Trump's proposed FY2018 budget eliminates the CDFI Fund, but the Senate Appropriations Committee's spending bill released in November includes full funding for the program.
Applications for financial assistance and technical grants are due April 4 at 11:59 p.m. ET.
Credit unions designated by NCUA as low-income automatically qualify to seek assistance from the CDFI Fund, but they must have CDFI certification to apply. CDFI certification applications are due March 2 for this round of funding, NAFCU noted.
As CUToday.info reported, NCUA has announced it will offer a special round of CDFI certification for low-income credit unions in areas hardest hit by hurricanes last year. The deadline for submitting information for this special round is 3 p.m. ET Feb. 16.