CDFI Fund Receives 192 Applications Requesting More than $270 Million Under the 2009 Supplemental Round of the CDFI Program

Washington, DC - The U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 194 applications from 44 states, the District of Columbia, and Puerto Rico for the fiscal year (FY) 2009 supplemental round of the CDFI Program. The applicants requested an aggregate of over $270 million in financial assistance.

In order to accommodate the additional solicitation of applications, yet still expedite the flow of Recovery Act award dollars into low-income communities, the CDFI Fund announced all $90 million of Recovery Act funding earlier this month. A second announcement will be made in September 2009, when approximately $52 million of annual appropriations will be awarded to the most highly rated applicants in a combined pool that includes: 1) applicants that submitted applications in response to the amended Notice of Funds Availability (NOFA); and 2) applicants that applied under the original FY 2009 NOFA but did not receive an award in the first funding announcement.

During the initial FY 2009 application round, the CDFI Fund received 260 applications requesting more than $237 million in assistance. The applications from the initial round were due on October 27, 2008. Through these two FY 2009 application rounds, a total of 419 applicants have now requested an aggregate total of $507 million in assistance through the CDFI Program.

"I'm incredibly pleased to see the impressive number of CDFIs that have applied in this supplemental round. Coupled with the geographic diversity that they represent, this clearly demonstrates the demand for capital by CDFIs throughout the country," said CDFI Fund Director Donna J. Gambrell. "I'm looking forward to congratulating our awardees later this fall and I'm confident that they will immediately begin to use these awards to enhance their ability to deliver much needed financial services and products within distressed communities."

The characteristics of the applicant pool include:

Geographic Distribution

• Applications were received from 44 states, the District of Columbia, and Puerto Rico.

Category I Small and Emerging CDFI Assistance

• 61 (32 percent) applicants applied under Category I or SECA requesting an aggregate total of $33,242,348 in Financial Assistance:
  • Institutional type:
    • 39 (64 percent) applicants are loan funds;
    • 21 (34 percent) applicants are credit unions; and
    • 1 (2 percent) applicants are venture capital funds.

Category II - Core

• 131 (68 percent) applicants applied under Category II or Core requesting an aggregate total of $237,512,068 in Financial Assistance:
  • Institutional type:
    • 99 (76 percent) applicants are loan funds;
    • 12 (9 percent) applicants are credit unions;
    • 14 (11 percent) applicants are banks, thrifts or holding companies; and
    • 6 (5 percent) applicants are venture capital funds.

For more information on the CDFI Fund and its programs, please visit www.cdfifund.gov.