Vision
The vision of the Community Development Financial
Institutions Fund (the CDFI Fund) is an America in which all people
have access
to affordable credit, capital and financial services.
Mission
The CDFI Fund's mission is to expand the capacity
of financial institutions to provide credit, capital, and financial services
to underserved populations and communities in the United States.
Overview
The CDFI
Fund was created for the purpose of promoting economic revitalization
and community development through investment in and assistance to community
development financial institutions (CDFIs). The CDFI Fund was established by
the Riegle Community Development and Regulatory Improvement Act of 1994, as
a bipartisan initiative.
The CDFI Fund achieves its purpose by promoting
access to capital and local economic growth in the following ways:
-
through its CDFI Program by directly investing in, supporting and training
CDFIs that provide loans, investments, financial services and technical assistance
to underserved populations and communities;
-
through its New Markets Tax Credit (NMTC) Program by providing an allocation
of tax credits to community development entities (CDEs) which enable them
to attract investment from the private-sector and reinvest these amounts
in low-income communities;
-
through its Bank Enterprise Award (BEA) Program by providing an incentive
to banks to invest in their communities and in other CDFIs; and
-
through its Native Initiatives, by taking action to provide financial
assistance, technical assistance, and training to Native CDFIs and other
Native entities proposing to become or create Native CDFIs.
Since its creation, the CDFI Fund has awarded $864 million to community development organizations and financial institutions; it has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $16 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.
Search CDFI Fund Award Database
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