The Community Development Financial Institutions Fund (CDFI Fund) recently announced that on October 1, 2022 it is implementing a blackout period for six months to prepare for the launch of the revised CDFI Certification Application and reporting requirements. During this time, Community Development Financials Institutions (CDFIs) are required to maintain a state of good standing with respect to their CDFI Certification status. CDFIs currently in a Certification cure period related to an Annual Certification and Data Collection Report (ACR) for the 2021 or 2022 reporting year are obligated to adhere to the specific deadlines and deliverables associated with that cure requirement. Failure to do so can result in a loss of Certification during the blackout period.
The below information is being provided to assist CDFIs in fulfilling Certification-related cure period requirements.
Updated Guidance Information
The CDFI Fund has published a CDFI Certification Cure Period Frequently Asked Questions (FAQs) guide to inform CDFIs in a cure period how to resolve Certification-related deficiencies. The FAQs are now available on the CDFI Certification Application and Data Collection Reporting Revisions page. The CDFI Fund has also published specific Certification-related cure period worksheets. See Related Information below to access this material.
The CDFI Fund also held a conference call on August 10, 2022 for CDFIs in an ACR-related cure period. A recording of the conference call is available here. The call provided general information on how CDFIs can satisfy the terms of a cure and resolve Certification deficiencies during the coming CDFI Certification Application blackout period.
CDFI Cure Submission Deadlines
For CDFIs in a cure period, the CDFI Fund recently extended certain deadlines to submit information demonstrating the cure is fulfilled. For those organizations that received their first/initial Certification Cure Period Notification via email dated:
- June 2022: the deadline to comply with cure requirements was extended to September 30, 2022.
- July or August, 2022: the deadline to comply with cure requirements was extended to October 23, 2022.
Information regarding the deadline extensions is included in the FAQs, as well as the cure period conference call, mentioned above. If you are unsure to which deadline your organization is subject, please submit a Service Request in the CDFI Fund’s Awards Management Information System (AMIS).
CDFI Certification Conference Call
The next CDFI Certification Conference Call is scheduled for September 15, 2022 at 3:00 pm Eastern Time. This will be the final conference call before the CDFI Certification blackout period begins on October 1, 2022. The conference call provides a forum for potential CDFI Certification Applicants, Certified CDFIs, and other CDFI Certification stakeholders to ask questions and discuss CDFI Certification and the CDFI Certification process, including the CDFI Certification cure process.
Conference Call Instructions
Date: September 15, 2022
Time: 3:00 pm ET
- Phone Number: (800) 621-8598
- Passcode: 231183
No prior registration is necessary. Please note the dial in process is automated. The conference call will have a moderator to direct the Q&As. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at the CDFI Fund at (202) 653-0300.
- CDFI Certification – Cure Period Frequently Asked Questions
- CDFI Certification – Cure Related Accountability Worksheet
- CDFI Certification – Cure Related Target Market Worksheet
- CDFI Certification – Financing Entity Worksheet
- CDFI Certification Blackout Period: Frequently Asked Questions
Additional information on the CDFI Certification blackout period and cure requirements is located on the CDFI Certification Application & Data Collection Reporting Revisions page.