On September 26, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 218 organizations with a total of $27.57 million for the fiscal year (FY) 2022 funding round. This marks the largest number of Technical Assistance (TA) awards in the history of the CDFI Program and the Native American CDFI Assistance (NACA) Program. TA awards help CDFIs build their capacity to provide services to low-income and underserved people and communities across America.
OFN congratulates all the recipients, especially the following OFN members.
OFN Member Awardees
- Apex Fund for Economic Opportunities
- Appalachian Assistive Technology Loan Fund, Inc. (affiliate of Pennsylvania Assistive Technology Foundation)
- B:Side Fund
- Business Expansion Funding Corp.
- Carolina Community Impact
- Community First Fund Federal Credit Union
- El Paso Collaborative for Community and Economic Development
- Entre Capital, LLC
- Foodshed Capital
- Growth Partners Arizona
- Inclusive Action for the City
- Invest PGH Inc.
- JARI Growth Fund, Inc.
- Lei Hoolaha
- MentorWorks Education Capital, Inc.
- Opening Doors, Inc.
- Park Manor Christian Church Credit Union
- Solita’s House Inc.
- Triple Bottom Line Foundation (TBL Fund)
- Westminster Economic Development Initiative, Inc. (WEDI)
- Wind River Development Fund
- Wisconsin Native Loan Fund, Inc.
- Woodland Community Lenders
The CDFI Fund has indicated that the FY 2022 CDFI Program Financial Assistance (FA) awards will be announced in early 2023. Both these TA awards and the upcoming FA awards are allocated from the $295 million Congress appropriated to the CDFI Fund for FY 2022.
Earlier this year, House and Senate appropriators released their FY 2023 Financial Services and General Government (FSGG) funding bills. The House-passed FSGG bill provides $338.4 million for the CDFI Fund while the Senate bill recommends $324 million.
No agreement has been reached on funding levels for FY 2023, which started on October 1. Congress recently passed a continuing resolution to fund the government at the FY 2022 funding levels through December 16, allowing time to finalize the FY 2023 budget after the midterm elections.
OFN continues to advocate for at least $1 billion in appropriations for the CDFI Fund in the final FY 2023 funding bill.