WASHINGTON (2/3/16)--Community development financial institutions (CDFIs) preparing to apply for the fiscal year 2016 round of the Bond Guarantee Program can attend one of three workshops before March 4.
The U.S. Treasury as also extended the application deadline for CDFI certification for the 2016 Bond Guarantee Program until March 4, to allow prospective institutions to attend a workshop to see if it’s a good fit.
Financial institutions that serve low-income and underserved communities are eligible for CDFI certification by the Treasury. As of January, there were 295 credit unions among the roughly 970 certified CDFIs.
The National Credit Union Administration (NCUA) and Treasury signed a memorandum of agreement last month to double the number of certified CDFI credit unions in 2016 through a streamlined application process.
Once certified, credit unions can access training and grant programs provided by the CFDI Fund, resources which can aid the institutions in increasing products and services geared toward underserved communities.
The workshops will be held Feb. 16-18 in Washington, D.C.; March 2 in San Francisco; and March 4 in Dallas.
Days one and two of the Washington, D.C. session will cover the general program requirements and the application review process, and will provide participants with the ability to hear directly from approved qualified issuers. Day three of the Washington, D.C., session will cover the requirements for an alternative financing structure and will allow for a discussion of the structure and technical assistance.
The one-day sessions in San Francisco and Dallas will cover the general program requirements, including the alternative financing structure, the application review process, and dedicated time for application technical assistance.