CDFI Funding Round Opens, June 6 Deadline

The Community Development Financial Institutions (CDFI) Program announced Thursday that it will be accepting applications from credit unions and other institutions that qualify as CDFIs for up to $184 million in grants during its fiscal year 2019 funding round. The application deadline is June 6.

The CDFI Fund plans to award approximately $199.5 million in FY 2019 awards, authorized by the Consolidated Appropriations Act, 2019 (P.L. 116-6), to be divided as follows:

  • $140.9 million in CDFI Program Financial Assistance (FA) and Technical Assistance (TA) awards.
  • $13.95 million in NACA Program FA and TA awards.
  • $19.7 million in Persistent Poverty County-Financial Assistance (PPC-FA) awards, which both CDFI Program and NACA Program applicants can apply for.
  • $22 million for Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards, which both CDFI Program and NACA Program applicants can apply for.
  • $3 million for Disability Funds-Financial Assistance (DF-FA) awards, which both CDFI Program and NACA Program applicants can apply for.

A detailed overview of the CDFI Program, the NACA Program, and the types of awards available can be found in the FY 2019 Notice of Funding Availability (NOFA) for those programs.

President Donald Trump has proposed eliminating funding for the CDFI Fund in his budget proposals for 2018, 2019 and 2020. Full funding for the CDFI Fund was included in the government funding package passed in February and CUNA and the state leagues are pressing Capitol Hill lawmakers to assure continued funding of the CDFI Fund.

Applications for financial assistance and technical grants are due June 6. Credit unions designated by NCUA as low-income automatically qualify to seek assistance from the CDFI Fund, but they must have CDFI certification to apply. CDFI certification applications are due May 3 for this round of funding.