CDFI Fund Releases Application Demand for the FY 2013 CDFI Program Funding Round

Washington, DC- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the application demand for the fiscal year (FY) 2013 round of the Community Development Financial Institutions Program (CDFI Program). As in years past, the aggregate total in requests made by the applicants to the program outstripped the amount available this year by over three times. FY 2013 CDFI Program applicants requested a total of $410.8 million-an increase of $15 million over last year's request of nearly $395.7 million. Financial Assistance (FA) applicants requested $402.2 million and Technical Assistance (TA) applicants requested nearly $8.6 million.

The CDFI Fund received 401 applications for the FY 2013 CDFI Program funding round. This total includes 309 applications for FA and 92 for TA. Applicants for FA are from 43 states plus the District of Columbia and Puerto Rico; TA applicants are from 30 states plus the District of Columbia and Puerto Rico.

Eighty-one organizations also expressed interest in receiving Financial Assistance awards under the Healthy Food Financing Initiative (HFFI-FA). HFFI-FA awards are a supplemental funding opportunity under the CDFI Program for eligible CDFIs that are interested in expanding their healthy food-focused financing activities.

"The steady demand for the CDFI Program highlights the value these awards bring to CDFIs and emerging CDFIs across the country," said CDFI Fund Director Donna J. Gambrell. "The CDFI Fund is the only federal entity dedicated to supporting low-income communities by strengthening the ability of Community Development Financial Institutions to provide loans and financial services in underserved areas. The FY 2013 CDFI Program Financial Assistance and Technical Assistance awards will directly support CDFIs and their valuable work, increasing the economic stability of low-income and distressed communities nationwide."

The CDFI Fund is making $159 million¹ available in Financial Assistance, Technical Assistance, and Healthy Food Financing Initiative awards under the FY 2013 round of the CDFI Program.

Approximately $16 million is being targeted to CDFIs that applied under Category I or the Small and Emerging CDFI Assistance component; $119 million will be available to Category II applicants known as the Core component; and $3 million for CDFIs that applied for TA only. Almost $21 million in FA was set aside for the CDFI Fund's HFFI-FA awards.

The deadline for CDFI Program applications was February 28, 2013. The awards are expected to be announced in the fall of 2013.

Applications are currently being evaluated through a merit-based qualitative review to identify those applicants most likely to have the greatest impact in our nation's most distressed low-income rural and urban communities. Click here to view a table containing further information on the applicant pool.

For more information about the CDFI Program or the other programs administered by the CDFI Fund, please visit www.cdfifund.gov.
 

^{1. Amount reflects final budget authority after the FY 2013 Continuing Resolution and implemented sequestration. Tentative dollar amounts published in the Notice of Funds Availability in the Federal Register on December 28, 2012 were based upon the Administration's FY 2013 budget request for the CDFI Fund.}