WASHINGTON–Applicants have applied for three times more funding than is actually available following the close of the application period for the 2024 funding round of the CDFI Fund, CDFI Program, and Native American CDFI Assistance Program, according to the Treasury Department.
In total, 948 organizations from across the country requested a combined level of approximately $1.55 billion in awards, which is triple the amount of funding available and “clearly demonstrates the need to deploy capital into economically underserved communities nationwide,” according to Treasury.
The most recent application deadline was Feb. 15.
‘Another Record-Breaking Round’
“This has been another record-breaking round of the CDFI Program with an overall increase of 42% in Financial Assistance (FA) applications and an 18% increase in Technical Assistance applications. In addition, FA applications increased 28% in the NACA Program,” CDFI Fund Director Pravina Raghavan said in a statement. “This historic level of demand through this combined round underscores the continuing critical need for capital and credit in economically distressed and underserved communities across the nation.”
The Specific Requests
According to the CDFI Fund:
- 610 organizations requested $1.05 billion in CDFI Program Base-Financial Assistance (Base-FA) awards.
- 285 organizations requested $83.2 million in CDFI Program Technical Assistance (TA) awards.
- 272 organizations requested $158 million in CDFI Program Persistent Poverty County-Financial Assistance (PPC-FA) awards.
- 37 organizations requested $59.6 million in NACA Program Base-FA awards.
- 15 organizations requested $5.5 million in NACA Program TA awards.
- 12 organizations requested $6.4 million in NACA Program PPC-FA awards.
- 15 organizations requested $26.5 million in Disability Funds-Financial Assistance (DF-FA) awards (CDFI Program and NACA Program combined).
- 28 organizations requested $162 million in Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards (CDFI Program and NACA Program combined).
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