Community Development Financial Institutions Rapid Response Program (CDFI RRP)
Inactive
- Assistance listing
- 21.024
- Agency
-
Community Development Financial Institutions Fund
Department of the Treasury
- Grant awards
- 864 $1,246,881,468 in federal obligations
Program facts
- Assistance type
-
- Project Grant
Program details come from SAM.gov Assistance Listings. Updated . Grant award figures come from USAspending.gov.
About this program
The Department of the Treasury Community Development Financial Institutions Fund distributed 864 Project Grants totaling $1.25 billion under the Community Development Financial Institutions Rapid Response Program (CFDA 21.024) through September 2021, the most recent grant award date; no grant opportunities have been posted since the initial Fiscal Year 2021 solicitation closed on March 22, 2021.
This program was designed as a time-bound pandemic response mechanism to enable certified Community Development Financial Institutions to support, prepare for, and respond to the economic impact of COVID-19. Funds could be deployed across five categories: financial products and services, loan loss reserves, development services, and capital reserves (the latter two restricted to regulated institutions). Recipients could also expend the greater of $200,000 or 15 percent of their grant award on operational costs including personnel compensation, fringe benefits, professional services, travel, training, equipment, and supplies.
All 864 awards flowed through a single funding agency—the Treasury CDFI Fund—making this a fully concentrated program. Awards ranged from $200,000 to approximately $1.83 million, with the median clustering around $1.8 million based on recent awards. The portfolio consisted entirely of Project Grants. Eligible applicants were certified CDFIs operating as for-profit organizations, private nonprofits, or other private institutions as defined in the implementing regulations; only CDFI depository institution holding companies could perform activities through subsidiary CDFI insured depository institutions.
The program is inactive from a new-opportunity perspective. All 864 awards were made in 2021 across June and September, with most award completion dates falling between June 2023 and December 2023. The most recent grant opportunity (CDFI-2021-RRP) was posted February 25, 2021, and closed March 22, 2021. There is no evidence of subsequent solicitation rounds or reauthorization.
Objective and description
- Objective
To support the ability of Community Development Financial Institutions (CDFIs) to support, prepare for, and respond to the economic impact of the coronavirus.
Grant opportunities
| Opportunity | Status | Posted | Applications due |
|---|---|---|---|
| Fiscal Year 2021 Rapid Response Program | Closed |
Grant awards
Latest 10 of 864 listed here. See the rest on GovTribe.
Top recipients by federal obligations
| Rank | Recipient | Federal obligations | Share |
|---|---|---|---|
| 1 | Beneficial State Bancorp, Inc. | $1,826,265 | <1% |
| 2 | Aneca Federal Credit Union | $1,826,265 | <1% |
| 3 | Cleveland Development Advisors Community Reinvestment Fund, Inc. | $1,826,265 | <1% |
| 4 | Florida Community Loan Fund, Inc. | $1,826,265 | <1% |
| 5 | Houston Business Development, Inc. | $1,826,265 | <1% |
| 6 | The Housing Partnership Network, Inc. | $1,826,265 | <1% |
| 7 | National Association City First Bank | $1,826,265 | <1% |
| 8 | 1ST Choice Credit Union | $1,826,265 | <1% |
| 9 | BSD Capital Inc. | $1,826,265 | <1% |
| 10 | Citizens Bank | $1,826,265 | <1% |
10 of 864 recipients listed here. See the rest on GovTribe.
Federal obligations by fiscal year
| Fiscal year | Federal obligations |
|---|---|
| FY2024 | -$443,265 |
| FY2023 | -$285,000 |
| FY2022 | -$409,357 |
| FY2021 | $1,248,019,090 |
Quick answers
What is Assistance Listing 21.024?
Assistance Listing 21.024 is Community Development Financial Institutions Rapid Response Program (CDFI RRP), a federal grant program run by Community Development Financial Institutions Fund (Department of the Treasury). It is inactive.
What is the CFDA number for Community Development Financial Institutions Rapid Response Program (CDFI RRP)?
Its CFDA number is 21.024: Assistance Listing numbers were called CFDA numbers before 2018.
How much funding has Assistance Listing 21.024 awarded?
864 grant awards under 21.024 have obligated $1,246,881,468 in federal funds to 864 recipients.
Who receives the most funding from 21.024?
The recipients obligated the most under Community Development Financial Institutions Rapid Response Program (CDFI RRP) are Beneficial State Bancorp, Inc. ($1,826,265), Aneca Federal Credit Union ($1,826,265) and Cleveland Development Advisors Community Reinvestment Fund, Inc. ($1,826,265).
Are there open grant opportunities under 21.024?
No opportunity listed under 21.024 is open now. The latest, Fiscal Year 2021 Rapid Response Program, was posted on February 25, 2021.
On GovTribe
See this program's full record
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