The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has extended the application deadlines for when currently Certified Community Development Financial Institutions (CDFIs) must reapply for CDFI Certification using the revised version of the CDFI Certification Application.
Until their submission due 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. After submitting their revised CDFI Certification Application, CDFIs will still retain their Certified status unless notified otherwise by the CDFI Fund.
The revised CDFI Certification Application submission deadlines will address several common concerns that Applicants have raised with the CDFI Fund. For example, the revised deadlines extend the grace period for Certified CDFIs so that they can adjust their Financial Product and Financial Services activities to better meet the updated tests within the CDFI Certification Application. CDFIs now have an additional five months or more (depending on their revised submission deadline) to meet those requirements.
In addition, the CDFI Award Recipients Transaction Level Report (TLR) submission requirements will now coincide with applicants’ CDFI Certification Application submission deadlines, reducing the likelihood that Award Recipients will need to amend existing TLR submissions in order to complete their CDFI Certification Application.
The CDFI Fund encourages organizations interested in CDFI Certification to pay attention to its website at www.cdfifund.gov/cdficert for updates to other guidance materials in the coming days.
Click here to read more and view the updated submission deadline schedule.