BEA Program Eligibility and CDFI Program Investment Areas Revised with Data Release
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today updated Eligibility Data for the Bank Enterprise Award Program (BEA Program), as well as updated Investment Areas and Target Markets for the Community Development Financial Institutions Program (CDFI Program). The update of this information—based on more recent, Census Bureau 2016-2020 American Community Survey (ACS) 5-Year estimates data—is part of a larger effort to ensure that the data used to determine the eligibility for CDFI Fund programs is current and reflective of current socioeconomic and demographic information.
After a period of transition described below, this data update replaces the existing 2011-2015 ACS-based CDFI Program Investment Areas and BEA Program Eligibility Areas. The CDFI Fund revises program eligibility criteria to coincide with each subsequent full five-year estimates ACS data release. The next update of CDFI Fund program eligibility information will coincide with the 2021-2025 ACS 5-year estimates data release.
BEA Program Eligibility
There will be a transition period for utilizing the updated BEA Program Eligibility Data. The transition period will begin in the fiscal year (FY) 2023 BEA Program funding round (which is scheduled to open in spring 2023) and is projected to be completed in time for the FY 2024 funding round.
Both sets of data—updated and legacy—are available in the CDFI Information Mapping System (CIMS) and in spreadsheet form on the CDFI Fund’s website. Future applicants are advised that a full transition to the updated BEA Eligibility Data will take place for the FY 2024 BEA Program funding round. Applicants applying in the FY 2024 BEA Program funding round will be required exclusively to use the updated BEA Eligibility Data to determine if a transaction or activity occurred in a qualified “BEA Distressed Community.”
Prior Award Recipients and prospective applicants are encouraged to review the BEA Program section in the 2016-2020 ACS Data CDFI Frequently Asked Questions: Investment Area and Bank Enterprise Award Program Transition document. This document provides important information on the transition to the updated 2016-2020 BEA Eligibility Data. A link to this document and to the spreadsheet version of the updated BEA Eligibility Data is available below.
CDFI Investment Areas and Target Markets
There will be a transition period for utilizing the updated CDFI Program Investment Area and Target Market Data. As described below, the requirement to use the new data file is connected to a CDFI’s Certification status:
- Currently Certified CDFIs. Those currently Certified CDFIs that are reaffirming their Target Markets with submission of the Annual Certification and Data Collection Report (ACR) for the 2023 ACR Reporting Round may use either the 2011-2015 ACS data or 2016-2020 ACS data to identify their Investment Areas and Target Markets. Beginning with the 2024 ACR Reporting Round, CDFIs must use the 2016-2020 ACS data to identify their Investment Areas and Target Markets. Both sets of Investment Area data for identifying Target Markets are available in CIMS.
- Pending CDFI Certification Applicants. Any applicant for CDFI Certification that submitted a Certification Application prior to October 1, 2022 and is awaiting a final determination need not reapply using the 2016-2020 ACS data to define an Investment Area. The CDFI Fund will make a Certification determinations based on an Investment Area as determined by 2011-2015 ACS Census data.
- Forthcoming CDFI Certification Applicants. Those submitting CDFI Certification Applications after the blackout period ends in April 2023 will be required to use the 2016-2020 ACS data to identify their Investment Areas and Target Markets.
CDFIs are encouraged to review the CDFI Program section in the 2016-2020 ACS Data CDFI Frequently Asked Questions: Investment Area and Bank Enterprise Award Program Transition document. The CDFI Fund is also providing an Excel file containing a list of eligible CDFI Investment Area census tracts based on both the 2011-2015 and 2016-2020 ACS. The new Investment Areas are reflected in CIMS, as well. See below for links to this information.