If my organization currently has a pending CDFI Certification Application or Target Market Modification Application, when should I expect a determination?

The CDFI Fund is the process of evaluating all CDFI Certification Applications and Target Market Modification Applications that were submitted prior to October 1, 2022. The CDFI Fund anticipates completing these evaluations by May 31, 2023. On a case-by-case basis, there may be delays in delivering a determination to some organizations. Organizations should submit an AMIS Service Request for any questions related to the evaluation of a pending Application.

I submitted my CDFI Certification Application (or Target Market Modification Application) prior to the start of the blackout period, why is the CDFI Fund unable to commit to completing its review of the Application before April 3, 2023?

Due to the large number of CDFI Certification Applications and Target Market Modification Applications that have already been submitted and are pending review, coupled with the volume of these Applications that we expect to receive prior to the start of the blackout period on October 1, 2022, the CDFI Fund is unable to provide a specific deadline by when the CDFI Fund will complete evaluations for pending and incoming Applications.

My organization has received an award, Allocation, or Bond Guarantee authority from one of the CDFI Fund’s programs. Does the pause affect my compliance reports?

The pause does not affect the submission of reports required by the Office of Compliance Monitoring and Evaluation. Organizations must remain in compliance with all outstanding CDFI Fund awards (including CDFI/NACA Program Financial Assistance and Technical Assistance, Bank Enterprise Award Program, Small Dollar Loan Program, Capital Magnet Fund, and Rapid Response Program awards), New Markets Tax Credit Allocations, or CDFI Bond Guarantee Program reporting requirements.

My organization has received a CDFI Program or NACA Program Technical Assistance award that requires us to submit a CDFI Certification Application during this pause period. How will the pause affect my award compliance?

The CDFI Fund is aware that some organizations are required to submit CDFI Certification Applications as part of their Performance Goal and Measures per the terms of their Assistance Agreements and may be affected by this pause. The CDFI Fund will amend Assistance Agreements to allow time for such organizations to be able to either: submit under the new CDFI Certification policies; or hold them harmless for not being able to meet the new CDFI Certification policies.

My organization has received a CDFI Program or NACA Program Financial Assistance award that requires us to modify our Target Market during this pause period. How will the pause affect my award compliance?

The CDFI Fund is aware that some organizations are required to submit Target Market Modification requests as part of their Performance Goal and Measures per the terms of their Assistance Agreements and may be affected by this pause. The CDFI Fund will either amend Assistance Agreements to allow time for such organizations to be able to submit a Target Market Modification request under the new CDFI Certification policies; or hold them harmless for not being able to meet the new CDFI Certification policies.

How does the pause affect an organization that is currently in a cure period under a 2021 or 2022 ACR Report?

If you are a CDFI that is currently in a cure period related to a 2021 or 2022 ACR Report Year submission, you are still obligated to adhere to the specific deadlines and deliverables associated with that cure requirement. Failure to do so can result in a loss of Certification during this blackout period.

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