CDFI funding round: Important upcoming dates, resources credit unions should know about

Whether your credit union is already CDFI-certified or you are looking to apply for CDFI certification, important dates are fast approaching.

The U.S. Treasury Department’s CDFI Fund is currently open for the 2021 fiscal year funding round for the CDFI Program and Native American CDFI Assistance Program. Awards from these programs will support CDFIs that provide affordable financing and related services to low-income communities and populations that lack access to credit, capital and financial services.

The CDFI Fund plans to award approximately $204.5 million in FY 2021 awards as authorized by the Consolidated Appropriations Act, 2021.

Important deadlines include:

  • March 22: Applicants must submit form SF-424; and
  • May 3: Application deadline.

To learn more, visit the CDFI Fund website.

Rapid Response Program
The CDFI Fund Rapid Response Program has $1.25 billion in funds to award to CDFIs to deliver immediate assistance in communities impacted by the COVID-19 pandemic through a streamlined application and review process. The Financial Assistance and Technical Assistance grants have $188 million in funds to award to CDFIs to build financial capacity.

Important deadlines specific to the Rapid Response Program include:

  • March 22: Deadline for creating an awards management information system, known as an AMIS account;
  • March 22: Deadline to enter EIN and DUNS numbers in AMIS;
  • March 22: Deadline for submitting SF-424;
  • March 23: Last day CDFI Fund will answer questions about the application;
  • March 25: Deadline to receive AMIS support;
  • March 25: Deadline for submitting CDFI Rapid Response Program application through AMIS;
  • TBD: 2021 CDFI Rapid Response Program awards announced.

To learn more, visit the NCUA website.

Resources

Inclusiv, a New York Credit Union Association strategic partner, has provided the following CDFI resources for credit unions:

  • an on-demand webinar with detailed information on the Rapid Response Program;
  • a webinar on FA/TA grants on Monday, April 5 at 2 p.m.;
  • complimentary CDFI office hours, held every Wednesday at 3 p.m. with CUNA Mutual Group;
  • resources for CDFIs;
  • resources for credit unions looking to get CDFI certified, including a series of videos with CUNA Mutual Group on the value of CDFI certification.

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