Community Development Financial Institutions Fund
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The U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI) was created for the purpose of promoting economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). The CDFI Fund was established by the Riegle Community Development and Regulatory Improvement Act of 1994, as a bipartisan initiative.
The CDFI Fund achieves its purpose by promoting access to capital and local economic growth in the following ways:
- CDFI Program: Directly invests in, supports and training CDFIs that provide loans, investments, financial services and technical assistance to underserved populations and communities.
- New Markets Tax Credit (NMTC) Program: Provides an allocation of tax credits to community development entities (CDEs) which enable them to attract investment from the private-sector and reinvest these amounts in low-income communities;
- Bank Enterprise Award (BEA) Program: Provides an incentive to banks to invest in their communities and in other CDFIs; and
- Native Initiatives: Provides financial assistance, technical assistance, and training to Native CDFIs and other Native entities proposing to become or create Native CDFIs.
External links
- CDFIFUND.Gov - Official website
