CDFI Equitable Recovery Program

by Racheal AlveyJul 13, 2022Accounting for Credit Unions

UPDATE August 17, 2022: CDFI Fund Announces New Timelines, Delays: Awards and deadlines will be delayed. The FY22 CDFI and NACA technical assistance awards will be announced in September, but financial assistance awards will not be announced until early next year.

For our credit union partners, on June 24, 2022, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened applications for the CDFI Equitable Recovery Program (CDFI ERP).

The CDFI Equitable Recovery Program will provide approximately $1.73 billion in awards to Certified Community Development Financial Institutions. This is in response to the economic impact of the pandemic on local communities.

CDFIs work to serve low-income and underserved communities by supporting access to affordable financial products and services.

CDFI Fund Awards

The CDFI ERP awards:

(1) provide funding to CDFIs to expand lending, grant making and investment activities in low- or moderate-income communities and to borrowers that have significant unmet capital and financial services needs and have experienced disproportionate economic impacts from the COVID-19 pandemic, and

(2) enable CDFIs to build organizational capacity and acquire technology, staff, and other tools necessary to accomplish the activities under a CDFI ERP Award.

Eligibility

Community Development Financial Institution (CDFI) Certification is a designation for organizations that provide financial services in low-income communities and to people who lack access to financing.

With CDFI Certification, financial institutions such as credit unions are qualified to apply for technical assistance and for financial assistance awards. These awards enable CDFIs to finance various activities such as mortgage lending for first-time home-buyers and loans for businesses in low-income areas.

“Applicants for the CDFI ERP must be compliant with all outstanding CDFI awards, allocations, or bond guarantee requirements, as well as meet benchmarks for programmatic/financial safety and soundness.” – CDFI ERP Application Overview

Read more about application materials and links to application webinars here: ERP Training Programs

Over 20 Years of Credit Union

Since 2000, our CPA firm has worked with credit unions across the South. For assurance, advisory, tax, compliance, and consulting services, please give us a call.

(985) 727-9924

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