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CDFI Fund plans to offer $165M in 2013

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In 2013, the U.S. Treasury's Community Development Financial Institutions (CDFI) Fund plans to provide up to $165 million to eligible financial institutions.

The $165 million will be divided into:

  • $130 million for CDFI Program awards;
  • $12 million for Native American CDFI Assistance (NACA) Program awards; and
  • $23 million for Healthy Food Financing Initiative.

The Treasury's CDFI Fund helps locally based financial institutions--including credit unions--offer small business, consumer and home loans in communities and populations that lack access to affordable credit. Credit unions that are certified to take part in the CDFI program may apply for as much as $2 million in funding to help maintain their credit union's presence in the community.

The NACA Program is designed to encourage the creation and strengthening of certified CDFIs that primarily serve Native American, Alaskan Native and Native Hawaiian communities. NACA funds may be used to finance capital or may be provided to financial institutions in the form of technical assistance grants.

The Healthy Food Financing Initiative is an interagency initiative involving the CDFI Fund, the U.S. Department of Health and Human Services, and the U.S. Department of Agriculture. The initiative is intended to increase the supply of and demand for nutritious foods in low-income urban and rural areas in the U.S.

The CDFI Fund noted that Congress has not yet appropriated funds for the 2013 program rounds. The Obama administration requested $221 million for the CDFI Fund in its suggested 2013 fiscal year budget.
A total of $186,853,456 was awarded to 210 organizations in 2012, representing the highest amount awarded in the CDFI Fund's history.

Twenty-two credit unions received funding through the 2012 CDFI Fund, and four credit unions received NACA Program grants.

Story courtesy of CUNA News Now

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