Community Development Financial Institutions Financial Assistance

Description

This program provides grant funding to certified community development financial institutions (CDFIs). CDFIs use the funding for lending capital, reserves, operations and development services to support a wide variety of community revitalization activities.

The CDFI Fund also offers supplemental funding through the Healthy Food Financing Initiative (HFFI) to support the development or growth of food markets in food desert communities.

Eligibility

Certified CDFIs

Role In Creative Placemaking

CDFI funding could provide capital for the development of arts and culture related real estate or business projects, e.g., affordable artist housing, or community facilities.

Match

1:1

Previous

African Development Center – Minneapolis, MN

Coastal Enterprises, Inc. – Brunswick, ME

Agency
U.S. Treasury Community Development Financial Institutions (CDFI) Fund
Max Award

$2 million

Reporting

Substantial

Information

These grants provide lending capital for CDFIs, and so are not directly accessible to most practitioners. The best approach would be to identify the CDFI(s) working in your targeted community and see whether they have resources to offer. Some may have funding specifically to support arts and cultural facilities development. HFFI funding may support kitchen incubators or other food businesses in qualified neighborhoods (food deserts). Bear in mind, however, that CDFIs are more likely to put this funding out as loans than as grants. Certified CDFIs

More about the program

Post Tags
Comprehensive Community Development, Economic Development, Housing, Construction/Rehabilitation, Real Estate, Community Facilities, Food

Role in Creative Placemaking

This section represents our attempt to capture how this specific funding opportunity might fit into a placemaking initiative.

Eligibility

Who can apply? Eligibility is often limited, but in partnership with other entities you may identify an access point, such as subgrant opportunities. This information can help you determine which potential partners in your community might be able to access the funds.

Previous Projects/Grantees

These examples show how these funds have been used for creative or placemaking endeavors in the past, the types of organizations that have successfully accessed the funds and/or the types of activities for which the funds can be used.

Max Award

Maximum funding amounts can vary from year to year. We have provided the most recent information available. Where available, we also include a median or a range in cases in which the maximum is not typical of an average award.

Match Requirement

Most federal programs require some form of cost sharing. This is expressed differently for different agencies and programs. Sometimes a direct 1:1 match is specified. Other times, the application will state the maximum percentage of a project cost that the funding award can cover. We include this information, where available, in order to give you a sense of what to expect when applying for a particular funding program.

Compliance

Most federal funding programs will require financial and progress reports at least annually, along with a final report. We consider this to be a "moderate" compliance burden. Where a higher degree of data collection and reporting is indicated, we convey that information with a "substantial" rating.