Washington, D.C. (November 1)—
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2018 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in bond guarantee authority is available to eligible Community Development Financial Institutions (CDFIs) in FY 2018, pending Congressional authorization.
Through the CDFI Bond Guarantee Program, selected certified CDFIs or their designees will issue bonds that are guaranteed by the Federal government and use the proceeds to extend capital for community development financing and long-term community investments. Authorized uses of the loans financed through bond proceeds may include a variety of financial activities, such as supporting commercial facilities that promote revitalization, community stability, and job creation/retention; housing that is principally affordable to low-income people; businesses that provide jobs for low-income people or are owned by low-income people; and community or economic development in low-income and underserved rural areas.
Read the full release here.