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CDFI Fund announces 2024 funding round will open this fall
The Community Development Financial Institutions (CDFI) Fund announced last week its funding round for fiscal year 2024 will open later this fall. According to the CDFI Fund, the FY 2024 round will consist of funding provided under the Consolidated Appropriations Act and “forthcoming FY 2024 appropriations.”
The total level of funding that the CDFI Fund expects to make available under this round will be highlighted in the Notices of Funds Availability (NOFAs). Due to the fund’s delay in reopening the CDFI Certification Application submission portal, the CDFI Fund intends to implement a one-time process change to allow organizations with pending CDFI Certification Applications to apply in the FY 2024 funding round.
Additional information on this process change will be detailed in the NOFA for the FY 2024 CDFI Program round.
NAFCU has consistently raised credit unions’ concerns related to the CDFI Fund’s delay to its certification application, including concerns that revisions could make it more difficult for small and minority depository institution (MDI) credit unions to become certified and the potential loss of certification status without the opportunity to requalify.
The association will continue to engage the CDFI Fund, lawmakers, and credit union members both independently and as part of the CDFI Fund Coalition.