09/06/2024 | Press release | Distributed by Public on 09/06/2024 08:58
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released a revised Community Development Financial Institution (CDFI) Certification Application Frequently Asked Questions (FAQs), Pre-Approved Target Market Assessment Methodology guidance, and an adjusted CDFI Certification Application timeline today.
The FAQs and guidance supersede those published December 07, 2023, by adding, revising, or updating select questions from the earlier edition. Noteworthy updates cover:
Additionally, the CDFI Fund is also publishing the CDFI Certification Agreement template. Successful CDFI Certification Applicants will be required to sign and be subject to the terms and conditions within the Agreement in order to maintain their status as a Certified CDFI.
Please review the FAQs and CDFI Certification Agreement template in the Related Materials section below for a complete explanation of updated guidance information. Complete and updated guidance information can be found on the CDFI Fund's website at www.cdfifund.gov/cdficert under Step 2: Apply.
Early Submission Timeline
To accommodate the release of the amended FAQs, the CDFI Fund is making an adjustment to the early reapplication submission window. Organizations that previously notified the CDFI Fund they wished to apply before the general recertification application deadline, will now reapply for CDFI Certification between October 28, 2024, and January 6, 2025. As previously indicated by the CDFI Fund:
General Reapplication Submission Deadlines
All currently Certified CDFIs must reapply for CDFI Certification following the submission schedule provided below, which remains unchanged since it was published on June 20, 2024. Organizations that do not submit an Application by 11:59 pm Eastern Time (ET) on their appointed deadline will lose their CDFI Certification.
General Reapplication Submission Deadlines, by FYE Date
CDFI's Fiscal Year End (FYE) Date |
Full-Length TLR Reporting Due Date (approximately 180 days after FYE) |
General Reapplication Submission Deadline Window |
8/31/2024 | 2/28/2025 |
March 3, 2025 to May 31, 2025, 11:59 pm ET |
9/30/2024 | 3/31/2025 | |
10/31/2024 | 4/30/2025 | |
12/31/2024 | 6/30/2025 |
July 7, 2025 to September 30, 2025, 11:59 pm ET |
2/28/2025 | 8/31/2025 | |
3/31/2025 | 9/30/2025 | |
4/30/2025 | 10/31/2025 |
October 6, 2025 to December 31, 2025, 11:59 pm ET |
5/31/2025 | 11/30/2025 | |
6/30/2025 | 12/31/2025 |
Until their submission due date, currently Certified CDFIs will: 1) retain their status as Certified CDFIs; and 2) remain eligible to apply for all CDFI Fund programs where CDFI Certification is an eligibility requirement-provided they abide by ACR reporting requirements and have no material event affecting their CDFI Certification status. After submitting their revised CDFI Certification Application, CDFIs will retain their Certified status unless notified otherwise by the CDFI Fund.
Questions
Questions regarding the:
Related Materials
All CDFI Certification Application guidance materials and resources can be found on the CDFI Fund's website at www.cdfifund.gov/cdficert under 'Step 2:Application Process'.