March 15, 2024

CDFI Fund: Application Demand for FY 2024 Round of CDFI Program and NACA Program Released

The application period for the fiscal year (FY) 2024 funding round for the Community Development Financial Institutions Fund’s (CDFI Fund) Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) closed on February 15, 2024. In total, 948 organizations from across the country requested a combined level of approximately $1.55 billion in awards, which is more than three times the amount of available funding and clearly demonstrates the need to deploy capital into economically underserved communities nationwide. 

“This has been another record-breaking round of the CDFI Program with an overall increase of 42% in Financial Assistance (FA) applications and an 18% increase in Technical Assistance applications.  In addition, FA applications increased 28% in the NACA Program,” said CDFI Fund Director Pravina Raghavan. “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.” 

This is the largest number of organizations ever to apply to a single round of the CDFI Program and NACA Program. Specifically,[i]:

As outlined in the Notices of Funds Availability, estimated funds for the FY 2024 funding round are a combination of appropriations from FY 2023 and FY 2024. FY 2023 funds were appropriated as part of the Consolidated Appropriations Act, 2023 (Pub. L. 117– 328), while FY 2024 funds are pending and subject to change based on passage of a final FY 2024 appropriations bill.  Pending final appropriations, the CDFI Fund estimates the following amounts will be awarded in the different funding categories:

Per the FY 2024 CDFI Program and NACA Program Notices of Funds Availability, the CDFI Fund reserves the right to award more or less than the amounts cited above in each category, based upon available funding and other factors, as appropriate.

Nationwide, the FY 2024 CDFI Program and NACA Program Applicants are headquartered in 48 states and the District of Columbia. In addition, the CDFI Program also received applications from organizations headquartered in the U.S. Territories of Puerto Rico, Guam, and the U.S. Virgin Islands.

The CDFI Fund currently anticipates that the FY 2024 Financial Assistance and Technical Assistance awards will be announced separately.

For more information about these programs, please visit the CDFI Fund’s website at or

This post was originally published here.