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CDFI Fund releases two industry reports and a guide for Native entities.
Eighteen months ago, the CDFI Fund launched the NMTC Native Initiative with the goal to increase New Markets Tax Credit (NMTC) investments in NMTC Native Areas[i] . Since the NMTC Program’s inception, the CDFI Fund has recorded investments totaling over $1.8 billion[ii] in Indian Country.
This post was originally published on the CDFI Fund's Impact Blog.
The CDFI Fund is tentatively planning to open the calendar year (CY) 2023 New Markets Tax Credit Program (NMTC Program) Allocation Application round in the fall of 2023. If you are considering applying for the upcoming CY 2023 NMTC round, you may find the following information helpful.
Application Registration
Pre-Application Webinar Scheduled for October 4, 2023
Later this fall, the Community Development Financial Institutions Fund (CDFI Fund) will be accepting applications for the Small Dollar Loan Program (SDL Program). The SDL Program was created to encourage Certified CDFIs to establish or expand small dollar consumer loan programs that provide alternatives to high-cost small dollar loans. For this program, small dollar loans are unsecured loans of up to $2,500. The grants may be used for two eligible activities, loan loss reserves and technical assistance activities.
In May, I officially stepped into the role of Acting Director of the Community Development Financial Institutions Fund (CDFI Fund) but, I am not new to the CDFI Fund. For the last five years, I have served as the CDFI Fund’s Deputy Director of Policy and Programs managing the implementation of assistance programs and policies to increase the impact of the CDFI Fund’s programs in distressed and underserved communities.
Since its inception in 2008, the Capital Magnet Fund (CMF) has awarded nearly $1.1 billion in funding to create and preserve affordable housing for Low-Income families and economically distressed communities. Through the program, the Community Development Financial Institutions Fund (CDFI Fund) awards competitive grants to Certified Community Development Financial Institutions (CDFIs) and non-profit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing, particularly housing targeted to Low-, Very Low-, and Extremely Low-Income families.
Eddie Tsibulevskiy is the Program Manager of the Depository Institutions Initiatives unit and is responsible for the management of the Bank Enterprise Award and Small Dollar Loan Programs. He most recently served as Senior Financial Analyst at the U.S. Export-Impact Bank where he analyzed and managed a large portfolio of direct loans and loan guarantees. Prior to this, Mr. Tsibulevskiy served recently as Associate Program Manager of the CDFI Fund’s Capital Magnet Fund. He holds an M.S. in Economic Development from Georgetown University and a B.A. in Economics and Political Science from the University of Maryland Baltimore County.
The COVID-19 pandemic forced many parents and their children to stay home as the country grappled with how to combat the new disease and keep the population safe through lockdowns, school closures, and emergency medical interventions. Employees from federal, state, and local governments, medical facilities, private companies, first responders, restaurant workers, maintenance workers, and other employees deemed essential or critical were required to continue working.
In late-February, the CDFI Fund announced that 252 CDFIs received $194.1 million in Financial Assistance (FA) awards through the fiscal year (FY) 2022 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), including Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards, Disability Funds-Financial Assistance (DF-FA) awards, and Persistent Poverty C
In addition to its global impact on public health and safety, the COVID-19 pandemic sent economic shockwaves throughout the world.
In 2017, the Community Development Financial Institutions Fund (CDFI Fund) made extensive changes to the Financial Assistance (FA) and Technical Assistance (TA) applications. These changes were designed to ensure Community Development Financial Institutions Program (CDFI Program) and Native CDFI Assistance Program (NACA Program) resources could reach additional existing and new CDFIs, as well as allow the CDFI Fund to increase affordable financial products and services in underserved communities across the country.