The USDA has announced a new funding opportunity for CDFIs: "This year for the first time, the USDA’s Community Facilities (CF) Loan program is open to CDFIs and other community lenders serving high poverty rural communities. Under the new Community Facilities Relending Program CDFIs and other re-lenders will have access to long term, low cost fixed rate capital for investments in critical community facility infrastructure." The capital is currently at a 2.75% fixed rate, and up to 40 years.
"Interested community development lenders should begin preparing to apply for the Community Facilities Relending program IMMEDIATELY. To apply for this program, applicants will need to secure a loan guarantee from a bank as well as submit all information outlined in the Federal Register notice which will be posted next week. An advance copy of the Notice of Solicitation of Applications may be found here. ALL materials are due August 8, 2016..."
To learn more about how your CDFI can participate in this program, the USDA is hosting a webinar on Thursday, July 7 from 2:00–4:00PM ET. Register now to join.
Read the full announcement here.