CDFI Fund tells FIs to prepare for FY24 funding round

The Treasury’s Community Development Financial Institutions (CDFI) Fund announced this week the FY2024 funding round will open later this fall. According to the CDFI Fund, the FY 2024 round will consist of funding provided under the Consolidated Appropriations Act, 2023 and “forthcoming FY 2024 appropriations.”

The total level of funding that the CDFI Fund expects to make available under this round will be highlighted in the Notices of Funds Availability (NOFAs).

“In addition, the CDFI Fund recognizes that the delay in reopening the CDFI Certification Application submission portal has an impact on those organizations that intend to apply for Certification under the new CDFI Certification Application in time to submit a Financial Assistance (FA) award Application for the upcoming CDFI Program or NACA Program Application round,” the CDFI Fund said on its Impact Blog.

The CDFI Fund intends to implement a one-time process change to allow organizations with pending CDFI Certification Applications to apply in the FY 2024 round.

The CDFI Fund usually requires FA Applicants to be Certified CDFIs as of the date the applicable NOFAs are published in the Federal Register.

Organizations that are not Certified will have the opportunity to submit their CDFI Certification Application by the date specified in the NOFAs in the coming round.

This shift will allow those organizations seeking CDFI Certification to apply, utilizing the newly revised CDFI Certification Application, and still maintain eligibility to apply for an FA award, the CDFI Fund said.

Additional information on this process change will be detailed in the NOFA for the FY 2024 CDFI Program and NACA Program Application round.