CDFI Fund Releases Application Demand for FY 2022 Round of CDFI Program and NACA Program

Record number of CDFIs request $577.9 million, nearly three times the amount of available funding

| Source: Community Development Financial Instituions Fund, U.S. Department of the Treasury Community Development Financial Instituions Fund, U.S. Department of the Treasury

Washington, DC, May 31, 2022 (GLOBE NEWSWIRE) -- 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, 2022. In total, 719 organizations from across the country requested a combined level of $577.9 million in awards, which is nearly three times the amount of available funding.

“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.”

This is the largest number of organizations ever to apply to a single round of the CDFI Program and NACA Program. Specifically:*

  • 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).

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).

Per the FY 2022 CDFI Program and NACA Program Notices of Funds Availability, the CDFI Fund reserves the right to award more or less than the amounts cited above in each category, based upon available funding and other factors, as appropriate.

Nationwide, 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. 

The CDFI Fund currently anticipates that the FY 2022 Financial Assistance and Technical Assistance awards will be announced separately.

For more information about these programs, please visit the CDFI Fund’s website at www.cdfifund.gov/cdfi or www.cdfifund.gov/native.

*Amounts rounded. Since organizations may apply for more than one type of award, the number of applications by program exceeds the total number of applicants.  

 

            











    

        

        
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