WASHINGTON–The Community Development Financial Institutions (CDFI) Fund said it will pause the acceptance of new CDFI certification applications from Oct. 1, 2022, through April 2, 2023 as it deploys a new application and reporting tools.
According to the Treasury Department, the revised certification application, annual certification and data collection report will be released for a second round of public comment in the coming weeks by the Office of Management and Budget, with the updated versions implemented April 3, 2023.
CDFI Requirement
Treasury said that during the blackout period CDFIs will be required to be in a state of good standing with respect to their certification status. Organizations must remain in compliance with all outstanding CDFI Fund awards reporting requirements, including recipients of the new markets tax credit (NMTC) and Capital Magnet Fund (CMF), Treasury said.
The CDFI Fund has posted a frequently asked questions document on the blackout period.
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