Community Development Financial Institutions (CDFI)

Department of the Treasury

http://www.treas.gov/recovery/

$100 million ($90 million to CDFIs; $8 million under Native American CDFI Assistance; $2 million for administrative expenses)

For FY 2009 funding round, ARRA waives non–Federal match requirement and general requirement that no single awardee can receive more than $5 million from CDFI fund within three–year period.

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CDFIs

Interested parties apply for Financial and/or Technical Assistance; application process will be reopened to new applicants and for the revision of existing applications because 2009 funding process was revised by ARRA. A first round of awards will be issued by June 15, 2009 and a second round of awards by September 15, 2009. The CDFIs will use these funds to provide financing and related services to communities that lack access to credit, capital and financial services. 

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Award recipients will at a minimum (i) invest award dollars into low–income communities in an expedited manner; (ii) track the use of these dollars on all investments; and (iii) provide data to the Federal government on a quarterly basis that indicates how award dollars were spent and the impacts (e.g., job creation) that were realized in the communities. Specific reporting requirements are still under development and will be outlined in each awardee’s assistance agreement or allocation agreement. In the meantime, the CDFI Fund encourages all awardees to review the Office of Management and Budget’s memorandum ( http://www.whitehouse.gov
/omb/assets/memoranda_fy2009/m09-10.pdf) regarding potential reporting requirements for organizations that receive award dollars under the Recovery Act, as well as any subsequent guidance posted on OMB’s or the CDFI Fund’s website. 

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www.recovery.ny.gov

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