The U.S. Treasury Department’s Community Development Financial Institutions Fund designates organizations that provide financial services to low-income communities and to people who lack access to financing and that meet certain criteria as a Community Development Financial Institution (CDFI).
Credit unions certified as CDFIs are eligible to apply for awards through a variety of programs administered by the CDFI Fund. These awards enable CDFIs to finance a wide range of activities, including:
- Mortgage lending for first-time homebuyers,
- Flexible underwriting for community facilities, and
- Commercial loans for businesses in low-income areas.
If your credit union is certified as a CDFI, it can:
- Apply for funding through the CDFI Fund’s competitive CDFI Program and Native American CDFI Assistance Program, if applicable;
- Access training and technical assistance opportunities sponsored by the CDFI Fund; and
- Accept funding from funders other than the CDFI Fund.
More information on becoming a CDFI is found on the NCUA-CDFI Certification Initiative webpage.