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As we enter the New Year, it is a fitting time to chart out the Community Development Financial Institutions Fund’s (CDFI Fund’s) course for 2022. Much is happening behind the scenes at the CDFI Fund to open application rounds, finalize assistance agreements, and deploy new initiatives.
The CDFI Fund announced the FY 2021 CDFI Program and NACA Program Financial Assistance awards on December 8, 2021. Did you know that nearly 60% of all the awards will go to serve small and rural communities?
Update-January 11, 2022: For those preparing to apply for the FY 2022 application round, the Community Development Financial Institutions Fund (CDFI Fund) conducted an informational pre-application webinar on January 10, 2022 for the CDFI Program and NACA Program.
Over the past year, increased funding and enhanced recognition of the role Community Development Financial Institutions (CDFIs) play in facilitating economic recovery, inclusion and opportunity in distressed and underserved communities has generated a dramatic increase in the number of organizations seeking Certification as a Community Development Financial Institution (CDFI).
The CDFI Fund anticipates opening the fiscal year (FY) 2021 Bank Enterprise Award Program (BEA Program) application round in the fall of 2021. This will ensure that the CDFI Fund can review the applications and announce awards in the spring of 2022. If your FDIC-insured bank or thrift is contemplating submitting an application to the upcoming FY 2021 funding round for the BEA Program, you may find the following information helpful as you plan.
Heather Hunt is the Program Manager for the Office of Compliance Monitoring and Evaluation at the CDFI Fund. In this role she is responsible for the management of the CDFI Fund’s compliance reporting and monitoring functions. Prior to joining the CDFI Fund, she served as a Senior Consultant for Booz Allen Hamilton, where she provided outreach and analytical post-award monitoring support to National Science Foundation (NSF). She supported task efforts to assist NSF in implementing an outreach strategy targeted to the research grants community and underrepresented populations, and also conducted post-award desk reviews of NSF award recipients to ensure they were in compliance with OMB and NSF regulations. She holds a Bachelor of Science from George Mason University.
The CDFI Fund is tentatively planning to open the calendar year (CY) 2021 New Markets Tax Credit (NMTC) Allocation Application round in the fall of 2021. If you are considering applying in the upcoming CY 2021 NMTC round, you may find the following information helpful.
Hawaii, with its tropical climate and rich Polynesian culture, is known as the American paradise. Among its inhabitants are Native Hawaiians that are the Aboriginal Polynesian people of the Hawaiian Islands or their descendants. According to the US Census 2019 American Community Survey 1-Year Estimates, 90,070 people identify themselves as solely Native Hawaiian. Their culture places major emphasis on the importance of family or “ohana,” which is an extended family unit that includes multigenerational family members living together as one unit.
Andrew Schlack is the Program Manager for the Capital Magnet Fund (CMF). Andrew joined the CDFI Fund in 2017 with over 20 years of experience in community development and affordable housing finance, and previously served as Acting Program Manager, and Associate Program Manager for the CDFI Program and Native Initiatives. Prior to joining the CDFI Fund, Andrew was Director of Investments at Calvert Impact Capital (CDFI) where he managed a portfolio of investments in secured real-estate, CDFIs, affordable housing developers, land banks, and other social enterprises. Andrew holds a Master’s of Architecture, and a Master’s of Urban and Regional Planning degrees from the University of Minnesota.
Update-July 1, 2021: For those preparing to apply for the FY 2021 application round, the Community Development Financial Institutions Fund (CDFI Fund) conducted an informational pre-application webinar on June 30, 2021 for the Capital Magnet Fund. The presentation and a recording of the session are available on the CDFI Fund's website at www.cdfifund.gov/cmf under How to Apply Step 2: Apply.