WASHINGTON–The Treasury Department is reporting it received a record applications for funding as part a single round of the CDFI Program and NACA Program.
The fiscal year (FY) 2022 application round for the Community Development Financial Institutions Fund's (CDFI Fund) Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) closed on April 12, with 719 organizations from across the country requesting a combined level of $577.9 million in awards--which is nearly three times the amount of available funding, Treasury said.
“With more than 40% of all Certified CDFIs applying for Financial Assistance or Technical Assistance funding this year, and an additional 128 organizations requesting Technical Assistance awards, the demand for CDFI Program and NACA Program resources has never been higher,” said CDFI Fund Director Jodie Harris. “This historic level of demand underscores the critical need for capital and credit in distressed and underserved communities across the nation. CDFIs play a pivotal role in delivering loans and investments needed to support the nation’s ongoing community revitalization efforts.”
The Specifics
According to Treasury:
- 429 organizations requested $380.9 million in CDFI Program Base-Financial Assistance (Base-FA) awards
- 242 organizations requested $30.1 million in CDFI Program Technical Assistance (TA) awards
- 222 organizations requested $65.9 million in CDFI Program Persistent Poverty County-Financial Assistance (PPC-FA) awards
- 29 organizations requested $25.5 million in NACA Program Base-FA awards
- 19 organizations requested $2.7 million in NACA Program TA awards
- 15 organizations requested $4.2 million in NACA Program PPC-FA awards
- 19 organizations requested $9.5 million in Disability Funds-Financial Assistance (DF-FA) awards (CDFI Program and NACA Program combined)
- 15 organizations requested $59 million in Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards (CDFI Program and NACA Program combined).
What’s Been Appropriated
Treasury further noted that pursuant to the Consolidated Appropriations Act, 2022 (P.L. 117-103), Congress appropriated $214.5 million for the CDFI Fund to support the following programs:
- $140.9 million in CDFI Program Base-FA and TA awards.
- $19.3 million in CDFI Program PPC-FA awards.
- $19.2 million in NACA Program Base-FA and TA awards.
- $2.1 million in NACA Program PPC-FA awards.
- Up to $10 million for DF-FA awards (CDFI Program and NACA Program combined).
- $23 million for HFFI-FA awards (CDFI Program and NACA Program combined).
Treasury said the FY 2022 CDFI Program and NACA Program applicants are headquartered in 49 states and the District of Columbia. In addition, the CDFI Program received 71 applications from organizations headquartered in the U.S. Territory of Puerto Rico.
Has Everyone But You Heard the News?
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines..
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.