U.S. Secretary of the Treasury Janet L. Yellen to Announce $76 Million in Funding for Community Lenders as Part of 30th Anniversary Celebration of the Community Development[...]

WASHINGTON - Today, as part of the 30^th anniversary celebration of the Community Development Financial Institutions (CDFI) Fund, U.S. Secretary of the Treasury Janet L. Yellen is announcing $76 million in Technical Assistance (TA) awards for 256 CDFIs to build their capacity to provide financial products and services to low-income and underserved people and communities across America. The awards were made through the fiscal year (FY) 2024 funding round of the CDFI Program and Native American CDFI Assistance Program.

In making this announcement, Secretary Yellen will note, "For 30 years now, the CDFI Fund has helped revitalize and strengthen communities across this country, benefitting all of us."

The CDFI Program and the NACA Program provide grants to build the operational capacity of CDFIs), including to provide training and education and to hire new staff to increase lending, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities nationwide. CDFIs also commonly use TA Awards to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. While both programs provide TA Awards through a competitive application review process, the NACA Program specifically awards funding to CDFIs that primarily serve Native American, Native Alaskan, and Native Hawaiian individuals and communities.

For FY 2024, 246 organizations headquartered in 42 states, the District of Colombia and Puerto Rico, received $72.60 million in CDFI Program TA Awards. As part of the NACA Program TA awards, 10 organizations received $3.72 million, headquartered in seven states and the District of Columbia.

In September 2024, the CDFI Fund also provided Financial Assistance awards through the CDFI Program and NACA Program to further expand and support the financing activities of CDFIs.

See the CDFI Program Award Book here.

See the NACA Program Award Book here.

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