CDFI Fund Opens FY 2010 Funding Round of NACA Program
Washington, DC – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released its fiscal year (FY) 2010 Notice of Funding Availability (NOFA) for its Native American CDFI Assistance (NACA) Program. This NOFA officially opens the FY 2010 round of the NACA Program making approximately $12 million available, subject to final appropriations, in awards to CDFIs and entities proposing to become or create CDFIs that primarily serve Native American, Alaskan Native or Native Hawaiian communities.
“I have seen firsthand the accomplishments being made by Native CDFIs with our funding,” said CDFI Fund Director Donna J. Gambrell. “So I am very pleased that we are opening the 2010 round of the NACA Program and that we are making available a record $12 million through this important program benefiting Native communities.”
NACA Program Overview
In 2004, the CDFI Fund introduced the NACA Program, which was specifically designed to encourage the creation and strengthening of CDFIs that primarily serve Native American, Alaska Native, and Native Hawaiian communities. Organizations funded serve a wide range of Native communities, and reflect a diversity of institutions in various stages of development – from organizations in the early planning stages of creating a CDFI, to tribal entities working to certify an existing lending program, to established CDFIs in need of further capacity building assistance. Two types of funding are available: financial assistance awards available only to certified CDFIs and primarily used for financing capital; and technical assistance grants used to acquire products or services such as computer hardware and software, staff training, etc.
Since 2002, the CDFI Fund has made 213 awards totaling $42.6 million through its various funding programs benefiting Native communities. In five short years, the number of Native CDFIs has grown from 14 to 50 – a 357 percent increase. In addition, the CDFI Fund has awarded over $8.5 million in contracts to organizations that provide capacity-building and financial services training programs focused on Native Communities.
All applications must be submitted through your “myCDFI FUND” account. For those individuals that do not currently have a myCDFIFUND account, instructions to create one are at: https://www.cdfifund.gov/myCDFI/Registration/RegisterUser.asp.
Application materials are available via the CDFI Fund’s website at: http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=3#2.
Learn About Applying to the NACA Program
Those interested in learning more about the FY 2010 funding round of the NACA Program can do so in the following ways:
Registration: Anyone wishing to access the webinar must register through the following link: https://cc.readytalk.com/r/bpepihvuxexm.
The CDFI Fund will post an archived version of this webinar on its website on August 22nd so that interested parties may learn how to apply to the NACA Program at their convenience over the internet by visiting: http://www.cdfifund.gov/how_to_apply/.
Tuesday, September 15, 2009 - Denver, Colorado
Courtyard by Marriott Denver Airport
6901 Tower Road
Denver, CO 80249
Thursday, September 17, 2009 - Tempe, Arizona
Courtyard by Marriott Downtown Tempe
601 South Ash Avenue
Tempe, AZ 85281
Registration: Anyone wishing to attend one of the In Person Application Workshops must register through the CDFI Fund’s on-line registration system. The registration period is currently open. To register, please visit:http://www.cdfifund.gov/news_events/workshopregistration.asp.
CDFI Fund Background
The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as community development financial institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs.
The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services.
For more information about these awards, or about the CDFI Fund and its programs, please visit the Fund’s website at: http://www.cdfifund.gov.