NAFCU continues to advocate on behalf of CDFIs as demand for funding soars

by NAFCU Newsroom

The Treasury Department Tuesday announced the fiscal year 2022 application round for the Community Development Financial Institutions (CDFI) Fund and Native American CDFI Assistance (NACA) program closed with 719 organizations from across the country requesting a combined level of $577.9 million in awards. Notably, the amount requested is nearly three times the amount of funding available and represents the largest number of organizations ever to apply to a single round of the CDFI program and NACA program.

“With more than 40% of all Certified CDFIs applying for Financial Assistance or Technical Assistance funding this year, and an additional 128 organizations requesting Technical Assistance awards, the demand for CDFI Program and NACA Program resources has never been higher,” said CDFI Fund Director Jodie Harris. “This historic level of demand underscores the critical need for capital and credit in distressed and underserved communities across the nation. CDFIs play a pivotal role in delivering loans and investments needed to support the nation’s ongoing community revitalization efforts.”

NAFCU remains a staunch advocate for CDFIs and credit unions seeking certification to help further assist low-income, minority, and underserved communities across the country, and supports a proposal under President Biden’s 2023 budget that would increase in funding for the CDFI Fund by 23 percent.

 

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