07/15/2024 | Press release | Distributed by Public on 07/15/2024 11:12
As I close on my first four months as the Director of the CDFI Fund, I wanted to provide an update on our programs and highlight a few key announcements.
During the CDFI Fund Advisory Board's April meeting, I mentioned to the members that the revised CDFI Certification Application and reporting tools are front and center of my focus these days. I know that protecting the values of the CDFI Fund is something important to the industry, and I wholeheartedly agree.
Recently, we announced that we were extending deadlines for currently Certified CDFIs to apply for Certification under the Revised Certification Application. This was done to address several common concerns that Applicants have raised with the CDFI Fund. For example, this change reduces reporting burden on Certified CDFIs required to submit the CDFI Award Recipients Transaction Level Report (TLR) by aligning it with the applicants' CDFI Certification Application submission deadline, reducing the chance that Award Recipients will need to amend existing TLR submissions in order to complete their CDFI Certification Application. In addition, it provides additional time for organizations to adjust their activities to better meet the updated tests within the CDFI Certification Application and review the CDFI Fund's guidance material.
The CDFI Fund recently announced that it published a revised Interim Rule with a Request for Comment for the Capital Magnet Fund, as well as a Request for Comment on the Capital Magnet Fund reporting requirements. These are important steps in refining this vital affordable housing program, which has not been updated since 2016, and I encourage all interested parties to provide input. Over the coming months, the CDFI Fund will be providing additional details and guidance regarding implementation of the revised Interim Rule.
I was honored to travel with Treasury Secretary Janet Yellen to Minneapolis to highlight the administration's housing initiatives on June 24 & 25, 2024. We also met with Minnesota-based CDFIs to highlight the important work of Certified CDFIs. During this trip, Secretary Yellen announced a new program that will be administered by the CDFI Fund. The new program will primarily focus on increasing the supply of affordable housing. We are very early in the planning stages, so there is not much I can share. Please stay tuned. I will update you when I can.
I would also like to share with you that the next round of the New Markets Tax Credit Program will make $10 billion in Allocation Authority available. Although we do not have exact dates, the round will span calendar years (CY) 2024 and 2025. The round will open later this fall and the Allocation Application deadline will be early in CY 2025, with Allocations being announced in fall 2025.
Below, you will find an overview of the status of each of our program rounds:
Bank Enterprise Award Program
Capital Magnet Fund
CDFI Bond Guarantee Program
CDFI Equitable Recovery Program
CDFI Program
Native Initiatives - Native American CDFI Assistance Program
New Markets Tax Credit Program
Small Dollar Loan Program
Finally, I'd like to speak to the future of the CDFI Fund. On September 19, 2024, we will convene the next meeting of our Advisory Board in Washington, DC. This meeting will provide a forum for us to recognize the 30th anniversary of the signing of the Riegle Community Development and Regulatory Improvement Act, which created the CDFI Fund. As much as this gathering will be about celebrating the past accomplishments of the CDFI Fund we will also use this time to think about its future through presentations and discussions. I hope you will consider joining us or watching via our webcast.
In closing, I want to publicly thank the CDFI Fund's staff for their dedication to the mission and vision of the CDFI Fund and to recognize Marcia Sigal who served as the acting director before my appointment. Together, they did not skip a beat and moved the important work of the CDFI Fund forward as evidenced in the CDFI Fund's FY 2023 Annual Report.
Enjoy your summer!
1, 2 This total does not include requests for Persistent Poverty County-FA awards, Disability Funds-FA awards, or Healthy Foods Financing Initiative-FA awards.