WASHINGTON–The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has released the application data for the fiscal year (FY) 2022 round of its CDFI Equitable Recovery Program (CDFI ERP).
The CDFI ERP is a new program created through the Consolidated Appropriations Act, 2021 that is intended to respond to the economic effects of the COVID-19 pandemic. Up to $1.75 billion in awards is available through the FY 2022 round of the CDFI ERP, which is the first and only award round of the program, Treasury said.
According to Treasury, the CDFI ERP is designed to:
- Provide funding to CDFIs to expand lending, grant making and investment activities in low- to moderate-income communities and to borrowers with significant unmet capital and financial services needs that have experienced disproportionate economic impacts from the COVID-19 pandemic.
- Catalyze growth in the financial and organizational capacity of CDFIs for the purpose of carrying out equitable recovery activities.
The Statistics
In total, 696 Community Development Financial Institutions (CDFIs) from across the country requested a total of $7.69 billion in awards, which is nearly 4.4 times the amount of available funding ($1.75 billion), Treasury said.
Nationwide, FY 2022 CDFI ERP applicants are headquartered in 46 states, the District of Columbia, Guam and Puerto Rico. More than half of all Certified Treasury noted that per the Notice of Funds Availability (NOFA), eligible applicants may request no more than three times their annual average on-balance sheet Financial Products closed in their five most recent historic fiscal years or $15 million, whichever is less.
During the application process, CDFI ERP applicants were required to select from one of five policy priorities where they would commit to deploy their CDFI ERP Awards.
For info: www.cdfifund.gov/erp.
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