Treasury: CDFI program requests far outpace available money

by David Baumann, CUCollaborate

The Treasury Department had good news and bad news for the Community Development Financial Institutions (CDFI) program on Tuesday.

The good news: the program is growing in popularity, with 719 organizations applying for the CDFI program and the Native American CDFI Assistance (NACA) program. That’s the largest number ever to apply for a single round of grants.

The bad news: Those organizations requested a total of $577.9 million in FY22 awards—nearly three times the amount of money available this year.

In FY22, Congress provided $214.5 million for the CDFI and Native American programs. This year, the Biden Administration has requested $331 million for the CDFI program—an amount that has been endorsed by the Credit Union National Association.

 

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