CDFI Fund: Revisions to Capital Magnet Fund Interim Rule Published
Comments due to the CDFI Fund by August 26, 2024 The U.S. Department of the Treasury is issuing a revised Interim Rule for the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). Changes incorporated by the revised Interim Rule include, among other things: This revised Interim Rule also reflects…
CDFI Fund: Application Demand for FY 2024 Round of the Capital Magnet Fund Released
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the application data for the fiscal year (FY) 2024 round of its Capital Magnet Fund (CMF) program. This is the ninth round of funding for the CMF program. A total of 136 organizations submitted applications requesting more than $1.06 billion…
CDFI Fund: FY 2024 Bank Enterprise Award Program Funding Round Opens
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2024 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund’s websitein anticipation of the publication of the FY 2024 Notice of Funds…
CDFI Fund: CDFI Equitable Recovery Program Compliance FAQs Released
The Community Development Financial Institutions Fund (CDFI Fund) has published a Compliance Frequently Asked Questions (FAQs) document for the CDFI Equitable Recovery Program (CDFI ERP). This document helps to answer commonly asked compliance questions regarding the CDFI ERP Assistance Agreement. The CDFI ERP Compliance FAQ also incorporates the previously released CDFI ERP Demographic Data Guidance. …
CDFI Fund: $18 Million Awarded to Support Consumer Access to Financial Institutions Through the CDFI Small Dollar Loan Program Awards
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded $18 million in grants to Certified Community Development Financial Institutions (CDFIs) through the combined fiscal year (FY) 2023 and (FY) 2024 round of the Small Dollar Loan Program (SDL Program). “These important awards enable more Certified CDFIs to offer alternatives…
HUD: Treasury & HUD Extend Initiatives to Finance the Construction and Rehabilitation of Affordable Rental Homes for Low-Income Families
Extension of risk-sharing initiative will create or rehabilitate more than 38,000 new rental homes over the next 10 years for low-income families, seniors, and persons with disabilities. Today, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury (Treasury) announced that they will indefinitely extend the Section 542(c) Housing Finance…
CDFI Fund: Final Revised CDFI Certification Application Released
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 today. This CDFI Certification Application, as well as the Annual Certification and Data Collection Report (ACR) and Transaction Level Report (TLR), were approved by the Office of Management and Budget (OMB) and encompass…
CDFI Fund: Summary Report and Public Data for NMTC Program for FYs 2003-2021 Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a summary report and data collected on all New Markets Tax Credit (NMTC) investments across the nation through the fiscal year (FY) 2021 reporting period. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations…
CFPB: Interagency Inquiry Launched into Costly Credit Cards and Loans Provided to Patients for Health Care Costs
Public input will bolster agencies’ broad efforts to safeguard consumers against predatory medical debt and collections practices Today, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury (Treasury) launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans, that…
CDFI Fund: Program and Policy Input Requested on Capital Magnet Fund
The Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) requests public comments on how it can enhance and improve the impact of the Capital Magnet Fund (CMF), streamline or minimize the administrative burden on CMF Applicants and Award Recipients, as well as safeguard public funds. Information provided in response to this Request…