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Community Development Financial Institutions Fund (CDFI) Equitable Recovery Program

 
Catalog of Federal Domestic Assistance Number: 21.033
Link
View Program Website
Sponsor
U.S. Department of Treasury
Deadlines
Sep 22, 2022
Contact

erp@cdfi.treas.gov
202.653.0421

Purpose

The Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP) will provide funding for Certified Community Development Financial Institutions (CDFIs) to expand investment activity in low and moderate income; including rural, indigenous, and minority communities; that have significant unmet capital and financial services needs and were disproportionately impacted by the COVID-19 pandemic.

Activities should respond to economic impacts of the COVID-19 pandemic, such as:

  • Job loss
  • Disruptions in physical and mental healthcare
  • Disruptions in childcare
  • Increased housing instability
  • Decreased availability of and increased cost of financing for affordable housing and home ownership
  • Exacerbated inaccessibility to broadband internet
  • Increased food insufficiency
  • Disruptions in operations for small businesses, small farms, and nonprofit organizations

Priority will be given to projects that provide:

  • Financial products, financial services, development services, and/or grants to low or moderate income minority communities
  • Financial products, financial services, development services, and/or grants to minorities that have significant unmet capital or financial services needs
  • Financial products, financial services, development services, and/or grants to serve persistent poverty counties, native areas, and/or U.S. Territories
  • Financial products, financial services, development services, and/or grants to small businesses with less than $1 million in annual gross revenue or to small farms, with an emphasis on serving small businesses with less than $100,000 in annual revenue
  • Increased lending in ERP eligible geographies
Eligibility

Eligible applicants are certified CDFIs that have at least 30% of its average annual financial products closed and grants made (both in dollar volume and number of transactions) have been in ERP eligible geographies over its 5 most recent historic fiscal years.

Geographic coverage
Nationwide and U.S. Territories
Amount of funding

Award ceiling: $15,000,000 or three times the applicant's on-balance sheet
Award floor: $500,000
Project period: Up to 5 years
Estimated total program funding: $1,730,000,000

Application process

Links to all application materials are available on the program website and grants.gov.

Important dates:

  • June 26, 2022 - Deadline for:
    • Entering EIN and UEI numbers into the CDFI Fund's Awards Management Information System AMIS
    • Submitting SF-424 through grants.gov
  • August 19, 2022 - The last day the CDFI Fund will answer questions about the application
  • August 23, 2022 - Deadline for submitting the application through AMIS

Application assistance:

Tagged as
Broadband · Capital funding · Community and economic development · Farmers and farmworkers · Food security and nutrition · Healthcare needs and services · Housing and homelessness · Human services · Minorities · Poverty · Racial and ethnic groups

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