CDFI Program 2006

The summary for the CDFI Program 2006 grant is detailed below. This summary states who is eligible for the grant, how much grant money will be awarded, current and past deadlines, Catalog of Federal Domestic Assistance (CFDA) numbers, and a sampling of similar government grants. Verify the accuracy of the data FederalGrants.com provides by visiting the webpage noted in the Link to Full Announcement section or by contacting the appropriate person listed as the Grant Announcement Contact. If any section is incomplete, please visit the website for the Community Development Financial Institutions, which is the U.S. government agency offering this grant.

CDFI Program 2006: The CDFI ProgramThrough the Community Development Financial Institutions (CDFI) Program, the Fund uses federal resources to invest in and build the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. The Fund provides monetary awards for financial assistance (FA) and technical assistance (TA) through the CDFI Program. CDFIs use FA awards to further goals such as: Economic development (job creation, business development, and commercial real estate development); Affordable housing (housing development and homeownership); and Community development financial services (provision of basic banking services to underserved communities and financial literacy training).Start-up and existing CDFIs use TA grants to build their capacity to serve their Target Market through the acquisition of consulting services, technology purchases, and staff or board training.Financial Assistance Awards:Through FA awards, the Fund invests in CDFIs which demonstrate that they have the financial and managerial capacity to provide affordable and appropriate financial products and services that positively impact their communities, be viable financial institutions; and use and leverage CDFI Fund dollars effectively.FA awards are made in the form of equity investments, loans, deposits, or grants, depending on applicant needs and must be matched, dollar for dollar, by the applicant with funds of the same type from non-federal sources. FA awards enable CDFIs to leverage private capital to respond to demand for affordable financial products and services in economically distressed markets and by low-income families. CDFIs respond to this demand through the provision of loans, investments, training, technical assistance and basic financial services such as checking or savings accounts. Based on data supplied by CDFIs required to report to the Fund, it is estimated that CDFIs leverage their FA awards with other dollars by an average of 20:1.Technical Assistance Awards:Technical Assistance (TA) grants allows CDFIs and entities seeking to become CDFIs to build their capacity by acquiring prescribed types of products or services including technology (usually efficiency enhancing technology such as computers and loan management software), staff training, consulting services to acquire needed skills or services (such as a market analysis or lending policies and procedures), or staff time to conduct discrete, capacity-building activities (such as website development).