June 5, 2012

Washington, DC – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) posted to its website today the comments submitted in response to its Request for Public Comment regarding the Community Development Financial Institutions Program (CDFI Program) Application.

The purpose of the CDFI Program is to use federal resources to invest in Community Development Financial Institutions (CDFIs) and to build their capacity to serve low-income people and communities that lack access to affordable financial products and services. Through the CDFI Program, the CDFI Fund provides two types of monetary awards to CDFIs - Financial Assistance awards and Technical Assistance awards. CDFIs may use the funds to pursue a variety of goals, including:

• To promote economic development, to develop businesses, to create jobs, and to develop commercial real estate;
• To develop affordable housing and to promote homeownership; and
• To provide community development financial services, such as basic banking services, financial literacy programs, and alternatives to predatory lending.

Potential CDFI Program applicants, community development trade groups and members of the general public were invited to provide written comments on the CDFI Program Application, which solicits information concerning applicants’ eligibility to participate in the program and appropriate supporting documentation.

Questions included in the request covered issues regarding targeting CDFI Program award funds in highly distressed communities; improvements to the application’s fillable PDF; the collection of Matching Fund documentation; and whether the application asks appropriate questions about an applicant’s financial health and viability.

The Federal Register Request for Public Comment notice, published on March 19, 2012, may be viewed here.

Comments received may be viewed here.

For more information about the CDFI Fund and its programs, please visit the CDFI Fund’s website.