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The Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has opened the fiscal year (FY) 2024 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). The CDFI Fund finalized its application last week, incorporating many changes CUNA and NAFCU called for throughout the process.
The awards from these programs will support CDFIs that provide affordable financing and related services to low-income communities and populations that lack access to credit, capital, and financial services.
Pending final Congressional appropriations, the CDFI Fund plans to award approximately $462 million in FY 2024 awards to be divided as follows:
For the FY 2024 CDFI Program and NACA Program Application round the CDFI Fund has implemented a one-time process change allowing organizations with pending CDFI Certification Applications to apply for an FY 2024 FA award.
The CDFI Fund usually requires FA Applicants to be Certified CDFIs as of the date the NOFAs are published in the Federal Register.
This shift allows organizations seeking CDFI Certification to apply for an FA award while they also apply for CDFI Certification, utilizing the new CDFI Certification Application. Additional information and deadlines related to this process change is included in the FY 2024 NOFAs.