Treasury: CDFI program requests far outpace available money
The Treasury Department had good news and bad news for the Community Development Financial Institutions (CDFI) program on Tuesday.
The good news: the program is growing in popularity, with 719 organizations applying for the CDFI program and the Native American CDFI Assistance (NACA) program. That’s the largest number ever to apply for a single round of grants.
The bad news: Those organizations requested a total of $577.9 million in FY22 awards—nearly three times the amount of money available this year.
In FY22, Congress provided $214.5 million for the CDFI and Native American programs. This year, the Biden Administration has requested $331 million for the CDFI program—an amount that has been endorsed by the Credit Union National Association.
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