Community Development Financial Institutions Fund Equitable Recovery Program (CDFI ERP)

 

To provide grants to Community Development Financial Institutions (CDFIs) for the following purposes: 1) to expand lending, grant making and investment activities in Low- or Moderate-Income communities and to borrowers that have historically experienced significant unmet capital and financial services needs and were disproportionately impacted by the COVID-19 pandemic; and 2) to enable CDFIs to build organizational capacity and acquire technology, staff, and other tools necessary to accomplish the activities under a CDFI ERP Award.

Active 21.033 Community Development Financial Institutions Fund, Department of The Treasury B - Project Grants Fiscal Year 2023 The CDFI ERP is a new program designed to support the ability of CDFIs to respond to the economic impact of the COVID-19 pandemic. Please visit www.cdfifund.gov for information about accomplishments of other CDFI Fund administered Programs. Consolidated Appropriations Act, 2021, Section 523, Public Law 116-260
The CDFI ERP is authorized by Section 523 of the Consolidated Appropriations Act, 2021 (Pub. L. 116-260) which added Section 104A entitled “Capital Investments for neighborhoods disproportionately impacted by the COVID-19 pandemic” to the Riegle Community Development Banking and Financial Institution Act of 1994 (Pub. L. 103-325; 12 U.S.C. 4701, et seq.). Only certified CDFIs are eligible to apply for CDFI ERP Awards. No Awards may be issued to Federal Government agencies, departments or instrumentalities, State governments, local governments or any agency or instrumentality thereof. The CDFI ERP has been created to benefit low- to moderate-income communities and individuals that have historically experienced significant unmet capital and financial services needs and were disproportionately impacted by the COVID-19 pandemic. The CDFI Fund has designated specific COVID-impacted CDFI ERP-Eligible Geographies as areas that may benefit from CDFI ERP assistance. Additional beneficiaries may include low- or moderate-income minority communities, minorities, Persistent Poverty Counties, Native Areas, U.S. Territories, small businesses, small farms, nonprofits, and community development organizations. Organizations that have been Certified by the CDFI Fund as CDFIs as of the date of the Notice of Funds Availability (NOFA) publication in the Federal Register, have experience providing financial products and services in the CDFI ERP eligible geographies, and meet minimum thresholds of financial capacity, including audited financial statements, are eligible to apply to the CDFI ERP. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Each applicant must submit the applicable SF-424 via Grants.gov and complete an CDFI ERP Application in the CDFI Fund's Awards Management Information System (AMIS). No new awards will be made in FY 2024. Contact the headquarters or regional location, as appropriate for application deadlines Not applicable. Not applicable. Not applicable. No new awards will be made in FY 2024. CDFI ERP Awards enhance the Recipient's ability to make loans, grants and investments in response to the COVID-19 pandemic in low- or moderate-income communities and to individuals with significant unmet capital and financial services needs and to provide operational support for the growth in organizational capacity of CDFIs. Eligible activities include Financial Products, Financial Services, Development Services, Grants, Loan Loss Reserves and Capital Reserves that may be used to mitigate the impact of the COVID-19 pandemic on unemployment, childcare, healthcare, mental healthcare, affordable housing, affordable housing finance, small business, small farms, broadband internet, and food sufficiency. In addition, to support CDFIs in building their capacity to respond to the economic impact of COVID-19, CDFI ERP Awards may be used for: Compensation – Personal Services; Compensation – Fringe Benefits; Professional Service Costs; Travel Costs; Training and Education Costs; Equipment; Supplies. Performance Reports: Performance Monitoring is also accomplished with the financial review of Audited Financial Statements or Single Audits conducted pursuant to 2 C.F.R. 200, Subpart F - Audit Requirements. CDFI ERP Award Recipients are also required to submit Transaction Level Reports (TLR) (OMB Control Number 1559-0027). The Annual Certification and Data Collection Report (ACR) (OMB Control Number 1559-0046) is submitted by certified CDFIs. The ACR requires a certified CDFI to annually assess and report on any changes to criteria supporting its CDFI certification, as well as some additional organizational, financial, and other data. The CDFI Fund uses this report to monitor the certified CDFI’s compliance with certification criteria and collect data to gain greater insight into the CDFI industry. Not applicable. CDFI ERP Award Recipients must maintain records to substantiate total costs incurred and to ensure that all Performance Goals and Measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the assistance agreement. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. Not Applicable. No new awards. Not Applicable. No new awards. None/Not specified. Community Development Financial Institutions Fund
1500 Pennsylvania Avenue, N.W.,
Washington, DC 20220 US
cdfihelp@cdfi.treas.gov
Phone: 2026530300 http://www.cdfifund.gov/CDFIERP 20-0160-0-1-451 (Project Grants) FY 22$0.00; FY 23 est $1,738,718,246.00; FY 24 est $0.00; - The range of CDFI ERP Awards is $500,000 to $6,197,097. The average CDFI ERP Award is $2,878,672. The Consolidated Appropriations Act, 2021 (Section 523 of Division N; Pub. L. 116-260); The Riegle Community Development Banking and Financial Institution Act of 1994 (Pub. L. 103-325; 12 U.S.C. 4701, et seq.); NOFA; and application materials. Not applicable.