The application period for the CDFI Rapid Response Program (CDFI RRP) is now open! The CDFI RRP will distribute $1.25 billion of grants from the funding that was signed into law in December 2020. The Notice of Funding Availability (NOFA) will be published in the Federal Register on Friday, February 26, 2021. An advance copy of the NOFA can be found here.
“We are thrilled that the Biden Administration is working to quickly disburse these relief funds. These grants are the catalytic capital that CDFIs need to go deeper into the communities they serve,” said OFN President and CEO Lisa Mensah. “We look forward to continuing to work with the Biden Administration and Congress to secure sustained appropriations of at least $1 billion each year for CDFIs.”
The program is open to all CDFIs that are certified by the CDFI Fund as of February 26, 2021. Copies of the application materials can be found on the CDFI Rapid Response Program page of the CDFI Fund’s website. The deadline for applications is March 25, 2021. The CDFI Fund will host two webinars on the CDFI RRP application on March 3 and March 10. Information about how to access those webinars can be found here.
The CDFI Fund will evaluate applications based on a four-step due diligence review and will allocate awards using a formula-based approach for all applicants that make it through the review process. The minimum award size through the CDFI RRP is $200,000 and the maximum award size will be determined by the number of applications the Fund receives. Award announcements are expected prior to the end of the fiscal year on September 30, 2021.