The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2024 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available for Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2024.
Through the CDFI Bond Guarantee Program, selected Certified CDFIs or their designees issue bonds that are guaranteed by the Secretary of the Treasury and use the bond proceeds to extend credit to CDFIs for community development financing and long-term community investments. Authorized uses of the loans financed through the bond proceeds include a variety of financial activities, such as supporting commercial facilities that promote revitalization, community stability, and job creation/retention; housing that is principally affordable to low-income people; businesses that provide jobs for low-income people or are owned by low-income people; and community or economic development in low-income and underserved rural areas.
Bond guarantees are a minimum of $100 million each. Multiple Eligible CDFIs may be a part of a single $100 million guarantee provided that each Eligible CDFI participates at a minimum of $10 million.
Click here for more application details and deadlines.