On September 19, the Community Development Financial Institutions Fund (CDFI Fund) awarded $202.2 million in grants and loans to more than 300 community development financial institutions (CDFIs) through its fiscal year (FY) 2018 rounds of the CDFI Program and Native American CDFI Assistance Program (NACA) Program.

Through the CDFI Program, the CDFI Fund awarded $165 million in Financial Assistance (FA), Technical Assistance (TA) to 264 organizations in 45 states, the District of Columbia and Puerto Rico.

The CDFI Fund awarded $22 million to 14 CDFIs through the Healthy Food Financing Initiative Financial Assistance (HFFI-FA), and $5 million to 15 CDFIs through the inaugural round of the Disability Funds Financial Assistance Awards (DF-FA), a supplemental program designed to help CDFIs finance projects and services to assist individuals with disabilities.

In addition, $15.1 million in FA and TA was awarded to 38 organizations in 16 states through the NACA Program. This funding provides much-needed capital to CDFIs that will allow them to deepen their reach into underserved communities, financing more businesses, building more homes and creating more jobs.

OFN congratulates all recipients, especially our Members and Allies. Through the CDFI Program, 108 OFN Members received $108.3 million and 10 OFN Allies received $4.4 million, more than half of the total dollar amount awarded. Additionally, 10 OFN Members received $4.4 million and 2 OFN Allies received $1.1 million through the NACA Program.

In addition, 13 OFN Members received $21.5 million through the Healthy Food Financing Initiative Financial Assistance awards and 13 OFN Members received $4.5 million through the Disability Funds Financial Assistance awards.

The success of our Members in this funding round demonstrates our network’s proven ability to deploy capital in urban, rural and Native communities across the country.

OFN is also pleased to receive a $700,000 CDFI Financial Assistance award this year, which will increase our capacity to offer low-cost loans to our Members.

To learn more about the awards, click on the links below:

CDFI Program & NACA Program Awards

FY 18 Awards

Total Amount Amount Received by OFN Members Total Percent Received by OFN Members  
FA/TA $165MM $82.3MM 50%  
HFFI-FA $22MM $21.5MM 98%  
DF-FA $$5MM $4.55MM 91%  
NACA $15.1MM $5.4MM 36%  
Total 202.2MM $113.75MM 56%  

 

 

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