Applications Requesting $9.8 Million of the Native American CDFI Assistance Program Received
Monday, July 20, 2009
Washington, DC - The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced today that it received a total of 17 applications from 11 states, for the fiscal year (FY) 2009 supplemental round of the Native American CDFI Assistance (NACA) Program. The applicants requested an aggregate total of $9.8 million in Financial Assistance.
In order to accommodate the additional solicitation of applications, yet still expedite the flow of Recovery Act award dollars into Native Communities, the CDFI Fund announced all $8 million of Recovery Act funding earlier this month, in addition to $3.3 million of Technical Assistance-only awards utilizing annually appropriated resources. A second announcement will be made in September 2009, when approximately $3.7 million of remaining annual appropriations will be awarded to the most highly rated applicants in a combined pool that includes: 1) applicants that submitted applications in response to the amended Notice of Funds Availability (NOFA); and 2) applicants that applied under the original FY 2009 NOFA but did not receive an award in the first funding announcement.
The characteristics of the applicant pool include:
- Applications were received from 11 states.
17 applicants applied under the NACA Program requesting an aggregate total of $9,857,193 in Financial Assistance.
- 39 (64 percent) applicants are loan funds;
- 2 (12 percent) applicants are credit unions; and
- 2 (12 percent) applicants are a bank, thrift or a holding company.
For more information on the CDFI Fund and its programs, please visit www.cdfifund.gov.