CDFI Certification

A certified Community Development Financial Institution (CDFI) is a specialized financial institution that works in market niches that are underserved by traditional financial institutions. CDFIs provide a unique range of financial products and services in economically distressed target markets, such as mortgage financing for low-income and first-time homebuyers and not-for-profit developers, flexible underwriting and risk capital for needed community facilities, and technical assistance, commercial loans and investments to small start-up or expanding businesses in low-income areas. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions such as loan and venture capital funds.

Eligibility

To apply to become certified as a CDFI, an organization must submit a CDFI Certification Application to the CDFI Fund for review. The application must demonstrate that the applicant meets each of the following requirements:

• Be a legal entity at the time of certification application;
• Have a primary mission of promoting community development;
• Be a financing entity;
• Primarily serve one or more target markets;
• Provide development services in conjunction with its financing activities;
• Maintain accountability to its defined target market; and
• Be a non-government entity and not be under control of any government entity (Tribal governments excluded).

For more detailed information, please refer to the application and the Revised Interim Regulations found in the sections below.

Deadline

Hard copies of all applicable materials must be received by the CDFI Fund no later than 5:00 p.m. (EST) Monday, December 8, 2008.

Submitting an Application

Please refer to the "Application Completion Overview" (Page 6 of the CDFI Certification Application) for instructions on submitting application materials.

Application Support

• CDFI Certification Webcast
  View an archived webcast to learn how to become a certified CDFI.
  » View Webcast
  » Presentation Materials (PDF)
  
  
• Informational Conference Calls
  The CDFI Fund will conduct conference calls regarding CDFI Certification for Banks, Thrifts and Depository Institution Holding Companies. These calls will serve as a forum for potential certification applicants to ask questions of CDFI Fund staff about becoming a certified CDFI. The schedule and instructions for accessing the conference calls are outlined below.
  
  

  Schedule
  Thursday, November 20, 2008 3:30 – 4:30 p.m. EST
  Tuesday, November 25, 2008 3:30 – 4:30 p.m. EST
  
  Instructions
  To access the conference calls, participants need to call (202) 927-2255 and enter in the PIN 474697. No prior registration is necessary. Please note that the phone number and PIN are the same for each of the
  conference calls.
  
  

• Contact Us
  For additional information, please contact us via email at CDFICertificationBankThriftDIHC@cdfi.treas.gov or by phone at
  (202) 622-9145.