To promote economic revitalization and community development through investment in and assistance to community development financial institutions (cdfis) and emerging cdfis

The Department of the Treasury's Community Development Financial Institutions Fund awarded a $125,000 Project Grant to Caribe Federal under the Community Development Financial Institutions Program (CFDA 21.020). The grant will support Caribe Federal in building its organizational capacity to serve eligible low-income communities and individuals across the United States who lack adequate access to affordable financial products and services through September 2024. Key activities to be performed under the award include technical assistance related to personal and professional services, travel, training and education, equipment, supplies, and incorporation costs. The overall goal is to promote economic revitalization and community development by strengthening Caribe Federal's ability to serve as a certified Community Development Financial Institution.

Activities

Technical assistance must be used for the following eligible activities subject to the applicable provisions of the uniform requirements: compensation ? Personal services, compensation ? Fringe benefits, professional service costs, travel costs, training and education costs, equipment, supplies, and incorporation costs (sponsoring entities only). End goal/expected outcomes: the goal of the technical assistance is to build certified and emerging cdfi?s organizational capacity to serve eligible markets and/or their target markets, in order to serve rural and urban low-income people, and communities across the nation that lack adequate access to affordable financial products and financial services.

Intended beneficiaries

Profit organization, private nonprofit institution/organization, other private institution/organization investment areas and targeted populations, as defined in 12 C.F.R. 1805.

Subrecipient activities

Only in the case where a cdfi depository institution holding company applicant intends to carry out the activities of an award through its subsidiary cdfi insured depository institution, as identified in its assistance agreement with the cdfi fund.