A total of 948 organizations from across the U.S. requested a combined level of approximately $1.55 billion in awards from the Community Development Financial Institutions Fund in fiscal year 2024, which is more than three times the amount of available, the CDFI Fund said today. The 2024 application period for the CDFI Program and Native American CDFI Assistance Program, or NACA, closed on Feb. 15.
The CDFI Fund expects to distribute up to $462 million in awards. Estimated funds for the current funding round are a combination of appropriations from FY 2023 and FY 2024, with 2024 funds subject to change based on congressional passage of a final appropriations bill.
“This has been another record-breaking round of the CDFI Program with an overall increase of 42% in financial assistance applications and an 18% increase in technical assistance applications. In addition, FA applications increased 28% in the NACA program,” CDFI Fund Director Pravina Raghavan said. “This historic level of demand through this combined round underscores the continuing critical need for capital and credit in economically distressed and underserved communities across the nation.”
