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Community Development Financial Institutions Fund
From Wikipedia, the free encyclopedia
Established through the Reigle Community Development and Regulatory Improvement Act of 1994, the Community Development Financial Institutions Fund, or CDFI Fund, is administered under the U.S. Department of the Treasury. The CDFI Fund promotes economic revitalization in distressed communities throughout the U.S. by providing financial assistance and information to community development financial institutions, or CDFI. Financial institutions, which may include banks, credit unions, loan funds, and community development venture capital funds, can apply to the CDFI Fund for formal certification as a CDFI. As of September 1, 2005, there were 747 certified CDFIs in the U.S.
The CDFI Fund offers a variety of financial programs to provide capital to CDFIs, such as the Financial Assistance Program, Technical Assistance Program, Bank Enterprise Award Program, and the New Markets Tax Credit Program.