Community Development Financial Institutions (CDFI) Program
This program supports Community Development Financial Institutions (CDFIs) providing affordable financing and related services to low-income communities and populations that lack access to affordable credit, capital, and financial services. Funds may be used to:
- Promote economic development, develop businesses, create jobs, and develop commercial real estate
- Develop affordable housing and promote homeownership
- Provide community development financial services, such as basic banking services, financial literacy programs, and alternatives to predatory lending
- Finance healthy food retail outlets in food deserts
There are two types of awards:
- Financial Assistance (FA) Awards - May be used for financing capital, loan loss reserves, capital reserves or operations. FA awards are made in the form of equity investments, loans, deposits, or grants, and the CDFI is required to match its FA award dollar-for-dollar with non-federal funds of the same type as the award itself. Within the Financial Assistance program, applicants may apply for additional funds through the Healthy Food Financing Initiative.
- Technical Assistance (TA) Awards - Allows certified CDFIs and established entities seeking to become certified to build their capacity to provide affordable financial products and services to low-income communities.
To be eligible for an FA award, a CDFI must be certified by the CDFI Fund before it applies for the award. Prospective applicants that are not yet certified must submit a separate certification application to be considered for FA during a funding round.
Both certified and non-certified CDFIs are eligible to apply for TA awards. However, non-certified organizations must be able to become certified within 2 years after receiving a TA award.
Award ceiling: $1,000,000
Award floor: $10,000
Expected number of awards: 265
Estimated total program funding: $184,000,000
For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RHIhub does not take part in application processes or monitor application status.