WASHINGTON—The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today awarded 357 Community Development Financial Institutions (CDFIs) with $408.2 million in Financial Assistance (FA) awards to provide financial services and products for low-income and underserved individuals and communities across America. The awards were made through the fiscal year (FY) 2024 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program), which consists of funding provided under the Consolidated Appropriations Act, 2023 (Pub. L. 117-328), as well as the Consolidated Appropriations Act, 2024 (Pub. L. 118-47).
“With this year’s record-breaking submissions of FA applications—increases of more than 40% for the CDFI Program and nearly 30% in the NACA Program—the CDFI Fund is excited to provide more than $408 million in awards to improve economic opportunity, spark economic growth, and drive revitalization efforts in distressed and underserved communities across the nation,” said CDFI Fund Director Pravina Raghavan. “Of particular note are those organizations that received their first ever FA award, of which there were 91 CDFIs that received $74.4 million in funding.”
The FY 2024 CDFI Program and NACA Program Financial Assistance Award Recipients include 176 loan funds; 135 credit unions; 43 depository institutions and holding companies, and three venture capital funds. Award recipients also included 39 CDFIs that are also Minority Depository Institutions, as designated by the Federal Deposit Insurance Corporation and National Credit Union Administration.
CDFI Program Financial Assistance Awards
For the FY 2024 CDFI Program round, the CDFI Fund awarded $257.1 million in Base-FA awards to 332 organizations in 43 states, the District of Columbia, and Puerto Rico. The CDFI Fund also awarded nearly $43 million in PPC-FA awards to 145 CDFIs specifically to serve Persistent Poverty Counties nationwide.
In addition, the CDFI Fund awarded $48 million in HFFI-FA awards to 15 CDFIs, which is a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. The CDFI Fund also awarded $12.95 million in DF-FA awards to 14 CDFIs; DF-FA is a supplemental program designed to help CDFIs finance projects and services to assist individuals with disabilities.
NACA Program Financial Assistance Awards
The CDFI Fund awarded $43.2 million in FY 2024 NACA Program Base-FA awards to 25 organizations in 13 states. In addition, eight Native CDFIs received four million in PPC-FA awards.
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