Opportunity Information: Apply for CDFI 2022 ERP
Apply for CDFI 2022 ERP
- The US Department of the Treasury, Community Development Financial Institutions in the community development sector is offering a public funding opportunity titled "Fiscal Year 2022 CDFI Equitable Recovery Program" and is now available to receive applicants.
- Interested and eligible applicants and submit their applications by referencing the CFDA number(s): 21.033.
- This funding opportunity was created on Jun 23, 2022.
- Applicants must submit their applications by Jul 26, 2022. (Agency may still review applications by suitable applicants for the remaining/unused allocated funding in 2026.)
- Each selected applicant is eligible to receive up to $15,000,000.00 in funding.
- The number of recipients for this funding is limited to 500 candidate(s).
- Eligible applicants include: Others (see text field entitled Additional Information on Eligibility for clarification).
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Opportunity Summary:
The Fiscal Year 2022 CDFI Equitable Recovery Program (CDFI ERP) is a discretionary federal grant opportunity offered by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). The program is designed to help Certified Community Development Financial Institutions (CDFIs) respond to and support an equitable recovery from the COVID-19 pandemic by increasing the flow of capital and financial services into communities and among borrowers that have historically faced barriers to financing and were disproportionately affected by the pandemic.
At its core, the CDFI ERP focuses on two main goals. First, it aims to expand a CDFI's lending, grantmaking, and investment activity in Low- or Moderate-Income communities and to borrowers with significant unmet capital or financial service needs, including minority borrowers. The intent is to strengthen access to responsible, mission-driven financing where conventional credit markets may not adequately serve households, entrepreneurs, and community facilities. Second, the program supports CDFIs in building the internal capacity required to deliver that expanded activity, including funding for organizational capacity building and the acquisition of technology, staffing, and other operational tools that directly enable the CDFI to carry out the activities supported by an ERP award.
Awards under this Notice of Funding Availability (NOFA) can be as large as $15,000,000 per awardee, making it a substantial capital and capacity-building resource for eligible institutions. The CDFI Fund anticipated making about 500 awards under this opportunity, though all awards are explicitly subject to the availability of funds. The program is categorized under the community development funding activity area and is associated with CFDA number 21.033, reflecting its placement within Treasury's broader portfolio of community development and financial inclusion initiatives.
Eligibility is limited to entities that are Certified CDFIs, with the eligibility field broadly listed as "Others" and clarified in the NOFA's additional eligibility information. In practical terms, the opportunity targets the established network of Treasury-certified mission lenders and financial intermediaries that serve economically distressed communities, and it prioritizes activities that directly address gaps in capital access and financial services highlighted or worsened by the pandemic.
Key administrative details include the funding opportunity number CDFI-2022-ERP and a publication timeframe showing a creation date of June 23, 2022, with an original application closing date of July 26, 2022. The funding instrument is a grant, meaning awards are intended to support eligible programmatic and capacity-building uses rather than functioning as a repayable loan.
Frequently Asked Questions (FAQs): Fiscal Year 2022 CDFI Equitable Recovery Program (CDFI ERP)
What is the Fiscal Year 2022 CDFI Equitable Recovery Program (CDFI ERP)?
The Fiscal Year 2022 CDFI Equitable Recovery Program (CDFI ERP) is a discretionary federal grant opportunity offered by the U.S. Department of the Treasury through the Community Development Financial Institutions Fund (CDFI Fund). It is intended to help Certified Community Development Financial Institutions (CDFIs) support an equitable recovery from the COVID-19 pandemic.
Which federal agency is offering this grant opportunity?
This opportunity is offered by the U.S. Department of the Treasury, administered through the Community Development Financial Institutions Fund (CDFI Fund).
Is CDFI ERP a loan or a grant?
The funding instrument is a grant. The award is intended to support eligible programmatic and capacity-building uses rather than operating as a repayable loan.
What is the main purpose of the CDFI ERP?
The program is designed to help Certified CDFIs respond to and support an equitable recovery from the COVID-19 pandemic by increasing the flow of capital and financial services into communities and among borrowers that have historically faced barriers to financing and were disproportionately affected by the pandemic.
What are the two core goals of the program?
The CDFI ERP focuses on two main goals: (1) expanding a CDFI's lending, grantmaking, and investment activity in Low- or Moderate-Income communities and to borrowers with significant unmet capital or financial service needs (including minority borrowers), and (2) supporting CDFIs in building internal capacity needed to deliver that expanded activity, including organizational capacity building and acquiring technology, staffing, and other operational tools that directly enable the CDFI to carry out ERP-supported activities.
Who is eligible to apply?
Eligibility is limited to entities that are Certified Community Development Financial Institutions (Certified CDFIs). The eligibility field is broadly listed as "Others" and clarified through additional eligibility information in the NOFA.
Does the program specifically target any communities or borrowers?
Yes. The program is aimed at increasing lending and financial services in Low- or Moderate-Income communities and among borrowers with significant unmet needs, including minority borrowers. It also emphasizes communities and borrowers that historically faced barriers to financing and were disproportionately affected by the COVID-19 pandemic.
What types of activities can CDFI ERP support?
Based on the stated goals, the program supports (1) expanded lending, grantmaking, and investment activity in targeted communities and among targeted borrowers, and (2) internal capacity building to deliver that activity, including organizational capacity building and the acquisition of technology, staffing, and other operational tools that directly enable ERP-supported activities.
What is meant by "equitable recovery" in this program context?
In this context, "equitable recovery" refers to strengthening access to responsible, mission-driven capital and financial services for communities and borrowers that have faced longstanding barriers to financing and were disproportionately impacted by the COVID-19 pandemic.
What is the maximum award amount under this NOFA?
Awards can be as large as $15,000,000 per awardee.
How many awards did the CDFI Fund anticipate making?
The CDFI Fund anticipated making about 500 awards under this opportunity, with all awards subject to the availability of funds.
Are awards guaranteed if an application is submitted?
No. The NOFA notes that awards are subject to the availability of funds, and the CDFI Fund anticipated (but did not guarantee) making about 500 awards.
What is the funding opportunity number for this program?
The funding opportunity number is CDFI-2022-ERP.
What is the CFDA number associated with this program?
The program is associated with CFDA number 21.033.
What activity area does this program fall under?
This program is categorized under the community development funding activity area.
When was this funding opportunity created/published?
The publication timeframe shows a creation date of June 23, 2022.
What was the original application closing date?
The original application closing date was July 26, 2022.
What does the program prioritize in terms of impact?
The opportunity targets the established network of Treasury-certified mission lenders and financial intermediaries serving economically distressed communities and prioritizes activities that directly address gaps in capital access and financial services highlighted or worsened by the COVID-19 pandemic.
What types of internal capacity improvements are mentioned as supported by the program?
The program description specifically mentions organizational capacity building and the acquisition of technology, staffing, and other operational tools, as long as they directly enable the CDFI to carry out the activities supported by an ERP award.
Does the program focus only on lending?
No. The program explicitly includes expanding lending, grantmaking, and investment activity, along with capacity building to support those activities.
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