The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.
|Recipient||Amount||Start Date||End Date|
|Consolidated Federal Credit Union||$ 700,000||   ||2018-09-19||2021-12-31|
|North Milwaukee Bank Shares, Inc.||$ 10,000,000||   |
|Reinvestment Fund, Inc.,the||$ 5,000,000||   |
|Local Initiatives Support Corporation||$ 5,000,000||   |
|Opportunity Finance Network||$ 5,000,000||   |
|Hope Federal Credit Union||$ 5,000,000||   |
|Low Income Investment Fund||$ 5,000,000||   |
|Self Help Federal Credit Union||$ 4,653,000||   |
|Asi Credit Union||$ 4,500,000||   |
|Capital Impact Partners||$ 4,500,000||   |
Uses and Use Restrictions
Financial Assistance (FA) awards enhance the Recipient's ability to make loans and investments and to provide financial services that promote economic revitalization and community development.
Technical Assistance (TA) awards build the Recipient's internal capacity.
Each Recipient enters into an assistance agreement that requires it to achieve performance goals and abide by other terms and conditions.
Only certified CDFIs are eligible to apply for Financial Assistance awards.
Certified CDFIs and entities seeking to become certified CDFIs may apply for Technical Assistance awards.
No awards may be issued to Federal Government agencies, departments or instrumentalities, State governments local governments or any agency or instrumentality thereof.
Investment Areas and Targeted Populations, as defined in 12 CFR 1805.
An organization wishing to apply for a FA through the CDFI Program must be either a certified CDFI or be able to be certified by the CDFI Fund at the time of application. Both certified CDFIs and non-certified CDFIs are eligible to apply for TA awards. However, non-certified organizations must be able to become certified within three years after receiving a TA award. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication coordination is required.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Each applicant must complete a CDFI Program Application which includes a Comprehensive Business Plan.
The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the Notice of Funds Availability (NOFA) and application materials.
Contact the headquarters or regional office, as appropriate, for application deadlines.
Riegle Community Development and Regulatory Improvement Act of 1994, 12 U.S.C 4701 et.seq.
Range of Approval/Disapproval Time
Application deadlines are from 30 to 60 days subsequent to the NOFA publication date. Award approval/disapproval determinations may be made within 270 days after the application deadline.
Formula and Matching Requirements
Statutory formulas are not applicable to this program. Matching Requirements: The CDFI applicant is required to match its Financial Assistance award dollar-for-dollar with non-federal funds of the same type as the award itself, unless waived by Congress in the appropriations. This requirement enables CDFIs to leverage private capital to meet the demand for affordable financial products and services in economically distressed communities. The CDFI Fund?s appropriations waived the matching funds requirement for Small and Emerging CDFIs (SECA) FA Applicants for FY 2009, 2010, 2011, 2012, 2013, 2015, 2016, and 2017. The matching funds requirement was waived for CORE FA Applicants for FY 2009, 2010, and 2011. Matching funds are not statutorily required for TA Applicants. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Recipients must use all FA funds within three years and TA funds within two years, unless the Recipient is uncertified then it must use all award funds within three years. See the following for information on how assistance is awarded/released: Method of awarding/releasing assistance is multiple disbursements based on the projected use in upcoming twelve months.
Post Assistance Requirements
Program Reports provide the explanation of noncompliance with a statement addressing the failure to achieve program goals.
No cash reports are required.
Progress Reports cover the following areas: Program Goals and Measures; Institutional Performance Reporting; Transactional Performance Reporting; and the utilization of the award funds for Financial and/or Technical assistance.
Expenditure Reports are included in the SF-425 - Expenditure of Financial Assistance.
Performance Monitoring is also accomplished with the financial review of Audited Financial Statements or Single Audits conducted pursuant to 2 CFR 200, Subpart F - Audit Requirements.
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503.
Award recipients must maintain records to substantiate total costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of 2 CFR 200 and the terms of the assistance agreement.
(Project Grants) FY 16 $148,157,493; FY 17 est $161,500,000; and FY 18 Estimate Not Available
Range and Average of Financial Assistance
FY 2016 Range of Financial Assistance Awards $125,000 to $2,000,000; FY 2016 SECA Average Financial Assistance Awards were $487,000 capped at $700,000; FY 2016 Core Average Financial Assistance Award was $1,385,000 and capped at $2,000,000. FY 2016 Range of Technical Assistance Awards $10,000 - $125,000; FY 2016 Average Technical Assistance Awards were $118,000.
Regulations, Guidelines, and Literature
Interim Rule (12 C.F.R. 1805), NOFA, and application materials.
Regional or Local Office
CDFI Program 1500 Pennsylvania Avenue, N.W., Washington, District of Columbia 20036 Email: firstname.lastname@example.org Phone: (202) 653-0300
Criteria for Selecting Proposals
Evaluation factors include: (1) financial strength and organizational capacity of applicant, (2) external resources or matching fund commitment/ability to obtain commitments, (3) community impact, and (4) other factors set forth in the CDFI Program regulations, NOFA and application materials.
Village Capital announced the winners of the $50,000 prize awarded to social entrepreneurs who don’t “self-define as social entrepreneurs”. The winners didn’t start out thinking of themselves as social enterprises.