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On Nov. 1, the U.S. Treasury Departments CDFI Fund published a blog post announcing the FY2024 funding round will open up sometime later this fall. All the while, applications for becoming CDFI certified remains on indefinite hold after a series of untold issues have delayed new CDFI certifications for more than a year.
According to the post, the CDFI Program and Native American CDFI Assistance Program (NACA Program) "will consist of funding provided" by the Consolidated Appropriations Act and the upcoming FY 2024 appropriations. That total level of funding is not yet known.
"In addition, the CDFI Fund recognizes that the delay in reopening the CDFI Certification Application submission portal has an impact on those organizations that intend to apply for Certification under the new CDFI Certification Application in time to submit a Financial Assistance (FA) award Application for the upcoming CDFI Program or NACA Program Application round," the post stated.
The CDFI Fund announced a blackout period for applications in October 2022 while the U.S. Treasury figured out updated application and recertification processes. The new CDFI Certification Application process was scheduled to roll out April 3, but unexplained delays have pushed the blackout period to "an undetermined" amount of time.
Just before the end of October, CUNA officials made a plea to the Senate Banking Committee to help remove the logjam and push Treasury to un-pause the application process.
In a letter to the Senate Committee, CUNA President/CEO Jim Nussle wrote, "The longer Treasury delays finalization of these requirements, the longer communities across the nation miss out on housing and economic opportunities."
Apparently due to those delays, according to the Treasury's blog post, the CDFI Fund intends to implement a one-time process change to allow organizations with pending CDFI Certification Applications to apply in the FY 2024 round.
"Typically, the CDFI Fund requires FA Applicants to be Certified CDFIs as of the date the applicable NOFAs are published in the Federal Register," the post stated. "For this coming round, organizations that are not Certified will have the opportunity to submit their CDFI Certification Application by the date specified in the NOFAs. This shift will allow those organizations seeking CDFI Certification to apply, utilizing the newly revised CDFI Certification Application, and still maintain eligibility to apply for an FA award."
Details of the newly revised application process have not been published.
READ MORE: The CDFI Fund Impact Blog.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
