WASHINGTON (9/24/14)--Fiscal year 2015 funding for the Community Development Financial Institutions (CDFI) program and Native American CDFI Assistance (NACA) program has opened, the U.S. Department of the Treasury announced.
The FY2015 budget for the CDFI Fund requests $201 million in financial assistance and technical assistance awards. Of those funds, $151 million is for CDFI program awards; $35 million for Healthy Food Financing Initiative Financial Assistance awards; and $15 million for NACA program awards. The amounts are subject to final appropriations by Congress.
The awards will support CDFIs providing affordable financing and related services to low-income communities and populations that lack access to credit, capital and financial services. Credit unions represented 177 out of the 811 CDFIs active at the end of 2013.
The NACA program, introduced in 2004, is designed to encourage the creation and strengthening of CDFIs that primarily serve Native American, Alaska Native and Native Hawaiian communities.
Lakota FCU, Kyle, S.D., with $2 million in assets, and Northern Eagle FCU, Nett Lake, Minn., with $305,000 in assets, were two of the 33 financial institutions that received NACA awards in FY2014. The two credit unions received a total of $262,987 in financial assistance awards.
The submission deadline for the CDFI and NACA program applications is Nov. 24 by 11:59 p.m. (ET). The CDFI Fund encourages all applications be submitted at least three days before the deadline.
The CDFI Fund will host an in-person application workshop at its headquarters from 1 to 5 p.m. (ET) Oct. 2 in Washington, D.C. Five live question-and-answer webcasts will also be broadcast online, three on Oct. 7 and two on Nov. 4.
Pre-recorded webinars will also be available in the application materials section of the CDFI and NACA websites.
Use the resource links below for more information.