Community Development Financial Institutions Program Loan

To promote economic revitalization and community development through investment in and assistance to certified Community Development Financial Institutions (CDFIs).

To promote economic revitalization and community development through investment in and assistance to certified Community Development Financial Institutions (CDFIs).

Only certified CDFIs are eligible to apply for Financial Assistance awards. No awards may be issued to federal government agencies, departments or instrumentalities, state governments, local governments or any agency or instrumentality thereof.

Investment Areas and Targeted Populations, as defined in 12 C.F.R. 1805.

FA awards enhance the Recipient's ability to provide financial products and services that promote economic revitalization and community development. CDFI Program FA awards must be expended for activities in the following five categories: (i) Financial Products; (ii) Financial Services; (iii) Loan Loss Reserves; (iv) Development Services; and (v) Capital Reserves. Note: Only Regulated Institutions may use an FA award for Financial Services and Capital Reserves. The form of the FA award is based on the form of matching funds that the applicant includes in the application, if applicable. If an applicant includes all or a portion of its matching funds in the form of a Loan, all or a portion of the FA award will be in the form of a Loan commensurate with the amount of the matching funds in the form of a Loan, unless the matching funds requirement is waived by Congress. When the matching funds requirements is waived by Congress, FA awards will be provided in the form of a grant.

For FA funds, Recipients must use all award funds within three years. Loans will be provided with 13-year term with semi-annual interest-only payments due in years 1 through 10, and fully amortizing payments due each year in years 11 through 13, at an interest rate specified in the NOFA.

2 C.F.R. Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program.

Evaluation factors include: (1) eligibility review, (2) financial analysis and compliance risk evaluation, (3) business plan review, (4) policy objective review and due diligence, and (5) other factors set forth in the CDFI Program regulations, NOFA and application materials.

The CDFI Fund reviews applications and makes awards based on an established awards review process set forth in the Notice of Funds Availability (NOFA) and application materials.

Application deadlines are from 30 to 60 days subsequent to the NOFA publication date. Award approval or disapproval determinations are typically made within 270 days after the application deadline.