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CDFI Fund Opens FY 2024 CDFI Program and NACA Program Application Round

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2024 funding round for the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) today. The awards from these programs will support Community Development Financial Institutions (CDFIs) that provide affordable financing and related services to low-income communities and populations that lack access to credit, capital, and financial services. 

The FY 2024 round of the CDFI Program and NACA Program will consist of funding provided under the Consolidated Appropriations Act, 2023 (Pub. L. 117-328), as well as forthcoming FY 2024 appropriations. Pending final Congressional appropriations, the CDFI Fund plans to award approximately $462 million in FY 2024 awards to be divided as follows:

  • $302.8 million in CDFI Program Financial Assistance (FA) and Technical Assistance (TA) awards.
  • $43.7 million in NACA Program FA and TA awards.
  • $47.5 million in Persistent Poverty County-Financial Assistance (PPC-FA) awards, which includes $41.2 million in PPC-FA awards for CDFI Program applicants and $6.3 million in PPC-FA awards for NACA Program applicants.
  • $48 million for Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards, which both CDFI Program and NACA Program applicants can apply for.
  • $20 million for Disability Funds-Financial Assistance (DF-FA) awards, which both CDFI Program and NACA Program applicants can apply for.

For the FY 2024 CDFI Program and NACA Program Application round the CDFI Fund has implemented a one-time process change allowing organizations with pending CDFI Certification Applications to apply for an FY 2024 FA award. The CDFI Fund usually requires FA Applicants to be Certified CDFIs as of the date the NOFAs are published in the Federal Register. This shift allows organizations seeking CDFI Certification to apply for an FA award while they also apply for CDFI Certification, utilizing the new CDFI Certification Application. Additional information and deadlines related to this process change is included in the FY 2024 NOFAs.

To view more information on the funding round, click here.