WASHINGTON (6/3/13)--The Community Development Financial Institutions Fund (CDFI Fund) has released a new frequently asked questions document to address institution recertification issues.
Topics addressed in the FAQ include:
CDFIs that were originally certified after Feb. 1, 2010, will need to apply for recertification no later than 60 days after their three-year certifications expire. CDFIs that were originally or most recently certified before Feb. 1, 2010, were required to apply for recertification no later than April 1, 2013.
The Treasury's CDFI Fund helps locally based financial institutions--including credit unions--offer small business, consumer and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community
Earlier this year the CDFI Fund said it expects to provide up to $165 million to eligible financial institutions in 2013.
For more on the CDFI Fund resources, use the link below.