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Funds Support CDFI Investment and
Revitalization Activity in Distressed Urban, Rural and Native Communities
September 27, 2016
Washington-The U.S. Department of the Treasury’s Community Development
Financial Institutions Fund (CDFI Fund) awarded 196 Community Development
Financial Institutions (CDFIs) $185.7 million in grants and loans today. The
awards, through the fiscal year (FY) 2016 rounds of the Community Development
Financial Institutions Program (CDFI Program) and the Native American CDFI
Assistance Program (NACA Program), will enable CDFIs and Native CDFIs to
increase lending and investment activity in low-income and economically distressed
communities across the nation.
“With today’s awards, the CDFI Fund has crossed the $2
billion threshold in collective investments to CDFIs and Native CDFIs through
the CDFI and NACA Programs,” said CDFI Fund Director Annie Donovan. “This milestone underscores the
transformative impact CDFIs are having in low-income, distressed, and
underserved communities and areas of persistent poverty. In businesses financed, real estate
developed, affordable housing constructed and improved access to the financial
system, CDFIs are empowering change and revitalization in their communities.”
For the FY 2016 CDFI Program round, the CDFI Fund awarded
$170.2 million in Financial Assistance and Technical Assistance to 158
organizations in 48 states, including the District of Columbia. This also includes $22 million awarded to nine
CDFIs through the Healthy Food Financing Initiative Financial Assistance awards
(HFFI-FA). A total of 457 applications were received requesting more than $675
million under this round of the CDFI program.
The CDFI Fund awarded $15.5 million in FY 2016 NACA
Program Financial Assistance and Technical Assistance to 38 organizations. The
program facilitates the creation and advancement of Native CDFIs. Organizations
funded through the NACA Program serve a wide range of Native American, Alaska
Native, and Native Hawaiian communities (Native Communities), and reflect a
diversity of institutions in various stages of development, including:
organizations in the early planning stages of CDFI formation; tribal entities
working to certify an existing lending program; and established Native CDFIs in
need of further capacity building assistance. A total of 61 applications were
received requesting $38 million for the FY 2016 round, which was the CDFI
Fund’s 15th round of funding with awards specifically for Native Communities.
View the full lists of FY 2016 CDFI Program and NACA
Program awardees below. Additional information about the awardees will be
released on the CDFI Fund’s website in the coming days. The CDFI Fund anticipates opening the FY 2017
round of the programs in early 2017.
2016 CDFI Program and NACA Program Award Resources
About the CDFI Fund
Since
its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to
CDFIs, community development organizations, and financial institutions through
the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the
Capital Magnet Fund, and the Financial Education and Counseling Pilot Program.
In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation
authority to Community Development Entities through the New Markets Tax Credit
Program, and $852 million has been guaranteed in bonds through the CDFI Bond
Guarantee Program.
To
learn more about the CDFI Fund and its programs, please view the Fact Sheet or
visit the CDFI Fund’s website at www.cdfifund.gov.
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