The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2022 funding round for the CDFI Equitable Recovery Program (CDFI ERP) on Thursday, June 23. The program will provide approximately $1.73 billion, which was included in the Consolidated Appropriations Act, 2021 (Pub. L. 116-260), in awards to Certified Community Development Financial Institutions (CDFIs) to respond to the economic impact of the COVID-19 pandemic.
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The Consolidated Appropriations Act, 2021 (Act; Section 523 of Division N; Pub. L. 116-260) provided $1.75 billion to the CDFI Fund to award CDFIs grants to respond to the economic impacts of the COVID-19 pandemic.
Awards provided to CDFIs are to expand lending, grant making, and investment activity in low- or moderate-income communities and to borrowers, including minorities, that have significant unmet capital or financial service needs and were disproportionately impacted by the COVID-19 pandemic and to enable CDFIs to build organizational capacity and acquire technology, staff and other tools necessary to accomplish the activities under a CDFI ERP Award.
The CDFI Fund will be awarding these funds through its newly established CDFI ERP.