The Federation is the credit union resource on all things CDFI! Looking to become CDFI certified, need assistance with an application, or just want to learn more? We can help!
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CDFI Designation and its Benefit to Credit Unions |
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CDFI Fund Program Announcements & Information
Matching Funds Update for FY2012 CDFI Fund SECA & NACA Program Applicants
(January 2, 2012) For the fiscal year (FY) 2012 funding rounds, Congress has waived the matching funds requirement for Small and Emerging CDFI Assistance (SECA) Program applicants and Financial Assistance (FA) applicants for the Native American CDFI Assistance Program (NACA Program). This means that all SECA and NACA FA awards will be in the form of grants for this fiscal year. Core FA applicants must provide evidence of eligible matching funds, as described in the FY 2012 CDFI Program Notice of Funding Availability (NOFA). Technical Assistance applicants are not required to submit matching funds documentation.
Please note that Healthy Food Financing Initiative - Financial Assistance (HFFI-FA) applicants are required to submit evidence of eligible matching funds, as described in the FY 2012 NOFA. Applicants should not submit matching funds documentation for HFFI-FA awards with their CDFI and NACA Program FA applications. HFFI-FA applicants must submit their matching funds documentation with their HFFI-FA supplemental questionnaire submission.
For more information on the FY 2012 CDFI and NACA Program funding rounds and applications, please contact the CDFI Help Desk at (202) 622-6355 or cdfihelp@cdfi.treas.gov.
CDFI Fund Awards Over $28 Million to CDCUs in FY2011 Core Funding Round
Low- and moderate-income communities across the nation will receive a boost to their local economies thanks to awards totaling more than $142.3 million from the U.S. Department of the Treasury's CDFI Fund. On July 18, CDFI Fund Director Donna J. Gambrell traveled to Chicago to join U.S. Senator Dick Durbin and U.S Representative Danny Davis at the Fulton-Carroll Center, a CDFI on the Near West side of Chicago, to announce 155 awards, including 25 awards to credit unions totaling nearly $25.7 million.
The Federation also received $1.5 million, as did the North Carolina Minority Support Center, a Durham, NC-based CDFI, supporting CDCUs across North Carolina.
Credit union awards represented 18.06% of the total CDFI Fund awards under this round, and all but three of the credit unions receiving awards are Federation member CDCUs. With addition of the Federation and North Carolina Minority Support Center, the total awards to the credit union movement represented 20.17% of all awards.
For the full press release and a breakdown of the credit union awards from this round, click here.
CUs Serving Native Communities Receive FY2011 CDFI Fund NACA Awards
On August 24, 2011, CDFI Fund Director Donna J. Gambrell traveled to Honolulu, Hawaii to announce awards totaling $11,847,579 for 35 Native CDFIs and organizations serving economically distressed Native American, Alaska Native, and Native Hawaiian communities across the nation. U.S. Senator Daniel K. Inouye and U.S. Representative Colleen Hanabusa were also in attendance. The organizations awarded were headquartered in 17 states and serve predominantly rural communities.
A total of three credit unions and one credit union organizing group received $603,510 in this round, representing 11.4% of the total Native American CDFI Assistance (NACA) Program awards. In addition, a credit union-affiliate CDFI Loan Fund also received an award for $146,485, bringing the total awards to credit unions and credit union affiliates to 14.3% of total awards.
For the full press release and a breakdown of the credit union awards from this round, click here.
Federation CDFI Fund Assistance & Application Resources for CDCUs
A leader in the CDFI industry, the Federation is available to assist credit unions with all things CDFI. Whether you still need your CDFI certification or just want assistance applying to the Fund, the Federation is here to help!
Application Assistance
The Federation provides fee-based consulting services to credit unions interested in applying for funding from the CDFI Fund. Given the high demand expected for this type of assistance, this service is provided on a first come first serve basis. We strongly suggest you contact us ASAP if you need the Federation's CDFI grant writing services.
Certification Assistance
For credit unions looking for assistance with certification, the Federation also offers its expertise in this area. This year alone, we assisted more than 30 credit unions apply for CDFI certification!
For more information about our CDFI assistance, please contact Pablo DeFilippi, Director of Membership at (800) 437-8711 x304 or at: pablo@cdcu.coop.
CDFI Grant & Application Resources
Below are resources from our Technical Assistance Department to help you apply to the CDFI Fund and utilize Federation programs with your grant money.
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Community Development Capital Initiative (CDCI) - On February 3, 2010, Secretary of the Treasury Timothy Geithner announced a new program to help two specific types of credit unions and banks expand their credit and services “to the country’s hardest hit communities.” The announcement was the culmination of six months of groundwork and collaboration with Treasury by the Federation, on behalf of low-income credit unions, and our counterparts representing community development banks. Named the Community Development Capital Initiative (CDCI), this program of the U.S. Department of the Treasury is using returned funds from the Troubled Assets Relief Program (TARP) to support the continued viability, growth and expansion of CDFI-certified depository institutions by making low-interest secondary capital deposits in CDFI-certified community development credit unions and community develoment banks. According to the final numbers released by Treasury on September 30, 2010, 84 community development financial institutions received a total of $570 million in secondary capital investments. With 48 recipient institutions, credit unions represented 57% of this total, receiving $70 million in CDCI Investments.
Federation Technical Assistance for CDFI Certification
The Federation offers technical assistance to credit unions seeking CDFI Certification from the U.S. Department of Treasury.
Is CDFI Certification right for your credit union? Take this simple test to find out!
To begin, click on the appropriate answer to the question below.
Question #1
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Are you a CDCU member of the Federation? YES NO
CDFI Certification Toolkit
To help CDCUs with the re-certification process, the Federation is offering fee-based technical assistance to all credit unions through its CU Breakthrough™ consulting service, and limited free telephone consultations to member CDCUs. Additionally, the Federation has developed an application toolkit with templates to assist credit unions with re-certification. The toolkit is free to members and $150 to non-members. To order a toolkit, please contact Oulga Caesar, Office Manager, at ocaesar@cdcu.coop or (800) 437-8711 x208.
For more information about our certification resources and technical assistance, please contact Pablo DeFilippi, Director of Membership, at: pablo@cdcu.coop or (800) 437-8711 x340.
The Federation: The CDFI Source for Credit Unions
Beginning in the 1980s, the Federation spearheaded efforts to create a federal CDFI Fund to support community development finance in low-income communities. We helped coin the term “CDFI,” and in 1995 we joined our partners in celebrating the birth of the U.S. Treasury Department's CDFI Fund.
More recently, the CDFI Fund has become a major component of the Obama administration's efforts to stabilize communities affected by the economic downturn, the rash of foreclosures nationwide, and rising rates of unemployment. Credit unions have long been a critical sector of the CDFI industry and the Federation remains committed to ensuring that this sector continues to grow and thrive.
Throughout our more than 20 year history working with CDFIs, we have helped dozens of credit unions become certified and successfully apply for millions of dollars in awards from the Fund.
To learn more about our CDFI services and to view member testimonials, please click here.
