The CDFI Fund is instituting a phased approach for organizations seeking to become newly Certified or renew their CDFI Certification.
Non-Certified Organizations
Only non-certified organizations1 will be able to immediately apply for CDFI Certification. When the CDFI Fund’s Awards Management Information System (AMIS) reopens for submission of the CDFI Certification Application, only those entities that are currently not certified will be initially eligible to submit a Certification Application. For those non-certified organizations interested in submitting an Application for CDFI Certification, the CDFI Fund will reopen the CDFI Certification Application AMIS submission portal on December 20, 2023.
Existing CDFIs
All currently Certified CDFIs2 will be required to reapply for Certification using the revised version of the Certification Application by December 20, 2024. Until this date, currently Certified CDFIs will: 1) retain their status as Certified CDFIs; and 2) remain eligible to apply for all CDFI Fund programs where CDFI Certification is an eligibility requirement—provided they abide by ACR reporting requirements and have no material event affecting their CDFI Certification status.
- Community Development Financial Institutions Program (CDFI Program) & Native CDFI Assistance Program (NACA Program) Applicants. Non-certified organizations will be allowed to apply for a fiscal year (FY) 2024 Financial Assistance (FA) award. In order to be considered for an FA Award, non-certified organizations will be required to submit a CDFI Certification Application by the due date indicated in the forthcoming FY 2024 CDFI Program and NACA Program Notices of Funds Availability (NOFAs). The CDFI Fund will review all timely submitted Certification Applications and provide a decision prior to announcing the FY 2024 CDFI Program and NACA Program awards. If an organization’s Certification Application is not approved, they will be ineligible to receive an FY 2024 FA award
ACR and TLR Modifications
Under the revised CDFI Certification policies, all new Applicants as well as all currently Certified CDFIs will be required to submit a TLR, both as part of an initial Certification Application and then on an annual basis as part of their ACR submission package.
New Applicants will complete and submit an abbreviated version of the TLR—which has fewer data fields than the full-length version—prior to the submission of their CDFI Certification Application. This abbreviated TLR will be used to assess compliance with applicable Target Market percentage benchmarks in the Applicant’s proposed Target Market(s). In this abbreviated TLR, Applicants must report on origination activity for their most recently completed fiscal year prior to the submission of their Certification Application.
The ACR verifies that Certified CDFIs continue to meet the requirements of Certification. Currently, Certified CDFIs are required to submit an ACR on an annual basis within 90 days of the end of their organization’s fiscal year. Data collected under the new ACR has been substantially modified to align with final changes to the CDFI Certification Application, as well as with information collected in the abbreviated TLR.
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Application Webinar and Conference Calls
To assist organizations in understanding the requirements of the revised CDFI Certification Application, the CDFI Fund will conduct a live webinar on Wednesday, December 13 at 1:30 pm Eastern Time. Information on the webinar, as well as the revised CDFI Certification Application, FAQs document, and additional guidance information are available on the CDFI Fund’s website at www.cdfifund.gov/cdficert under “Step 1: Apply.” Please check this page frequently; the CDFI Fund will post updates to this site on an ongoing basis.
The CDFI Fund will resume its monthly CDFI Certification conference calls and its quarterly ACR conference calls, which are intended to serve as a forum for questions and discussion surrounding the CDFI Certification Application, ACR, and the submission process. The calls are free to the general public and do not require advance registration. Information on the monthly CDFI Certification conference calls can be accessed on the CDFI Fund’s website, here. Information on the quarterly ACR conference calls can be viewed here.
The CDFI Fund’s Acting Director Marcia Sigal also released a message on the Final Revised CDFI Certification Application. “We believe the revised Application strengthens the value and meaning of CDFI Certification. Revisions to the CDFI Certification Application are being implemented with the intent of: providing a greater understanding about what it means to promote community development; supporting the growth and reach of CDFIs, especially as it relates to their ability to innovate and take advantage of new technologies; fostering a diversity of CDFI types, activities, and geographies; minimizing burden on CDFIs, while improving data quality and collection methods; and facilitating CDFI Fund efficiency in rendering CDFI Certification determinations.”