The U.S. Treasury Department announced last week, on the 30th anniversary of the establishment of the Community Development Financial Institutions (CDFI) Fund, that it is awarding $76 million in Technical Assistance awards to 256 CDFIs.
The awards will be used by the CDFIs to build their capacity to provide financial products and services to low-income and underserved people and communities across America.
The awards were made through the fiscal year 2024 funding round of the CDFI Program and Native American CDFI Assistance Program.
“For 30 years now, the CDFI Fund has helped revitalize and strengthen communities across this country, benefitting all of us,” U.S. Secretary of the Treasury Janet Yellen said.
For fiscal year 2024, 246 organizations headquartered in 42 states, the District of Colombia and Puerto Rico, received $72.60 million in CDFI Program TA Awards. As part of the Native American CDFI Assistance (NACA) Program, 10 organizations received $3.72 million, headquartered in seven states and the District of Columbia.
In September, the CDFI Fund also provided Financial Assistance awards through the CDFI Program and NACA Program to support the financing activities of CDFIs.
The CDFI Program and the NACA Program provide grants to build the operational capacity of CDFIs. The funds are used to provide training and education for CDFIs and to hire new staff to increase lending. The objective is to empower them to grow, achieve organizational sustainability, and contribute to the revitalization of low-income and distressed communities.