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October 01, 2013

CDFI Fund Awards over $172 Million to Community Development Financial Institutions
    by Robert Kropp

191 community development financial institutions will use awards from US Treasury's Community Development Financial Institutions Fund to provide lending and investments in low-income and economically distressed communities. -- The US Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced last week that its annual awards to community development financial institutions (CDFIs) totaled more than $172 million in 2013. The 191 recipients is the largest number ever awarded in a single year by the program. Since 1994, the CDFI Fund has awarded over $1.8 billion to CDFIs, community development organizations, and financial institutions.

“The fiscal year 2013 round of the CDFI Program provides more awards than any other round in the CDFI Fund’s history,” said CDFI Fund Director Donna Gambrell. “By expanding the reach and impact of this program to more organizations, the CDFI Fund is supporting more economic development efforts than ever before to bring new life to struggling communities.”

One hundred forty-eight credit unions, depository institutions, loan funds, and venture capital funds received received more than $150 million in Financial Assistance and Technical Assistance awards. Another ten CDFIs received $22.3 million in funding under the Healthy Food Financing Initiative, which seeks to expand access to healthy foods in low-income communities.

“By providing affordable credit and capital, CDFIs play a unique role in creating jobs, generating economic growth and revitalizing neighborhoods in America’s low-income and economically-distressed communities,” said Treasury Deputy Assistant Secretary Don Graves. “Building on nearly two decades of Treasury support for CDFIs, the awards announced today will allow these financial institutions to better meet the investment and lending needs of the communities they serve.”

In addition, the Treasury Department announced today that it has approved $325 million in bonds that will be guaranteed for community and economic development financing through the 2013 round of the CDFI Bond Guarantee Program.

The four recipients of the first round of financing are Clearinghouse CDFI, Enterprise Community Loan Fund, The Community Development Trust, and Local Initiatives Support Corporation.

Enacted through the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program provides eligible CDFIs with access to long-term capital by providing guarantees of bonds.

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