WASHINGTON—The Community Development Financial Institution (CDFI) Fund is seeking public comment on financial assistance and technical assistance applications for the CDFI program and Native American CDFI Assistance (NACA) program.
CDFI-designated credit unions would be required to use the updated applications to apply for these funds, NAFCU said.
For financial assistance awards, the CDFI Fund is considering changes that would:
- Decrease narrative responses to a 2,000-character limit
- Limit financial assistance objectives to one, rather than allowing multiple selections
- Reduce the number of objective options from seven to four
Technical Assistance Grants
On the technical assistance grants, application changes include adding requirements from the proposed certification standards, which have yet to be finalized, related to:
- Having a board-approved strategic plan evidencing a community development strategy to become a CDFI
- Parent entities demonstrating that their activities support the community development mission of the applicant
In addition to the application changes, the CDFI Fund indicated it will open the fiscal year 2023 funding round in the fall, and will combine FY2023 and FY2024 funding opportunities into a single application round for both the CDFI and NACA programs.
Comments are due to the fund May 12.
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