AmeriCorps & CDFI Fund 

11.05.2020 

1 

Economic Mobility Corps 
 

 

 

 

About the CDFI Fund 

OUR MISSION 

The CDFI Fund’s mission is to expand economic opportunity for underserved people and 

communities by supporting the growth and capacity of a national network of community 

development lenders, investors, and financial service providers. 

2 
 

 

 

 

 

 

 

About the CDFI Fund 

• Since its establishment, the CDFI Fund has awarded nearly 

$4 billion to CDFIs, community development organizations, and 

financial institutions through its funding programs, allocated $61 

billion in tax credits through the New Markets Tax Credit Program, 

and $1.71 billion in bonds has been guaranteed through the CDFI

Bond Guarantee Program. 

• The CDFI Fund’s investments are leveraged many times over. From 

program to program, the leverage ratio varies, but most attract at 

least $8 of private capital for every $1 of federal spending. 

3 
 

 

 

 

 

 

About CDFIs 

• CDFIs are community-based organizations that expand economic 

opportunity in low-income communities and provide financial 

products and services to individuals and businesses often 

underserved by traditional financial institutions. 

• CDFI help families finance their first homes, support small and start-up 

businesses, establish and rebuild credit histories, and invest in local 

health, education and community facilities, as well as provide 

financial services and training. 

• CDFIs include banks, credit unions, loan funds, and venture 

capital funds. 

4 
About CDFIs 

There are more than 1,100 certified CDFIs in the United States 

5 
 

 

 

 

 

 

 

About Economic Mobility Corps 

What is it? 

• A joint initiative of the CDFI Fund and AmeriCorps to place full-time national service members in CDFIs to 

enhance their capacity to provide financial literacy, financial planning, and financial counseling activities. 

How much funding is available? 

• Up to $1.9 million in awards are available to support up to a total of 61 full-time AmeriCorps service members per year for two years. 

Who can apply? 

• Organizations that meet AmeriCorps State and National Direct Grant program eligibility can apply for an EMC 

award, including CDFIs and other financial institutions, Indian Tribes, institutions of higher learning, state and 

local governments, and nonprofit organizations. 

• No requirement that an organization be Certified CDFI to apply for an EMC award/Organization must meet 

AmeriCorps eligibility. 

• Recipients must use EMC awards to fund the placement of AmeriCorps service members in Certified CDFIs. 

• Preference for applicants that intend to enroll veterans as AmeriCorps members and those that plan to serve 

rural areas. 

When should I apply? 

• Applications are due to AmeriCorps by 5:00 p.m. Eastern Time on Wednesday, January 6, 2021. Successful 

applicants will be notified by CNCS by mid-May 2021. 

6 
 

 

 

 

About Economic Mobility Corps 

Things to Remember: 

• Organizations that are seeking EMC funds must apply through the AmeriCorps State and National 

Direct Program and comply with all programmatic guidelines. 

• Pay attention to deadlines in NOFO. Timelines may differ for those organizations that are operating in 

a single state and then must apply through State Service Commissions. 

• Applicants that are Certified CDFIs or have received CDFI Fund awards must be in good standing. 

• Questions about applying for EMC should be directed to AmeriCorps. 

7 
 

AmeriCorps Awards grants to non-profits, faith 

& community-based organizations, 

public agencies, Indian tribes, and 

institutions of higher education. 

Provides opportunities for 

individuals – AmeriCorps members 

– to serve communities across the 

country. 

Since 1994, more than 1 million 

men and women have provided 

service as AmeriCorps members. 

1 
 

 

 

 

AmeriCorps State and National (ASN) Grants 

Provide partial funding to support ASN projects/programs. 

Grant recipients must contribute cash or in-kind match funds. 

Solely for program expenses and not for general organizational 

expenses. 

Fund programs in six focus areas - education, healthy futures, 

economic opportunity, veterans and military families, 

environmental stewardship, and disaster services. 

Include an allotment of AmeriCorps member positions and 

funds that are directly tied to the number of members. 

2 
 

 

AmeriCorps State and National Grants 

Activities designed for ASN members must demonstrate an 

evidence-based or evidence-informed approach to 

strengthening communities and solving community problems 

Allow an organization to better address community needs by 

utilizing ASN resources to build capacity or deepen the impact 

of the service to individuals or communities 

Broaden the scope of the service activities to reach previously 

underserved communities 

NOTE: Funds cannot supplant resources that organically exist in 

a community. 

3 
 

How does an organization become 

an ASN Program? 

There are 2 ways an organization can become an ASN grantee: 

Apply directly to AmeriCorps 

OR 

Submit an application to a State Service Commission 

4 
 

Single-State ASN Programs 

If your program wishes to address community needs in only one 

state, your organization must apply to your state’s State Service

Commission for AmeriCorps funding. 

https://www.nationalservice.gov/about-cncs/contact-us/stateservice-commissions 

5 
 

Multi-State ASN Programs 

Address community needs in at least two states 

Have relationships with entities in different states that will 

operate the local programs 

Consult with State Commissions in each of the states where 

they operate programming 

Submit grant applications directly to AmeriCorps 

6 
 

AmeriCorps Members 

• Individuals enrolled for a specific term 

of service with an AmeriCorps program 

• Members are not volunteers or 

employees 

• Members have a contract with the 

program 

• Members must commit to a specific 

term of service 

7 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Examples of ASN Member Activities 

for Economic Mobility Corps • providing program clients with information 

on the different financial products and 

• conducting community outreach and 

recruitment of new clients to the Certified 

CDFI’s counseling and planning services and 

programs; 

• assisting or conducting one-on-one or group 

orientation sessions for new program clients to 

explain the Certified CDFI’s services, as well as 

the responsibilities of the client; 

• providing financial planning workshops and 

individual financial counseling to meet the 

needs of Certified CDFI clients, including 

conducting group education meetings, and 

delivering workshops, webinars and meetings; 

• assisting in the development and execution of 

marketing strategies to promote program 

client participation in Certified CDFIsponsored financial counseling and 

education programs; 

services (e.g., loan products, 

checking/savings accounts, etc.) offered 

by the Certified CDFI; 

• conducting scheduled follow-ups with 

program clients to ask how they are doing, 

find out if they need additional help, and to 

help them stay engaged to achieve their 

plans by established deadlines; 

• performing administrative duties that 

support the Certified CDFI’s activities,

including but not limited to, coordinating 

client meetings, preparing presentations, 

conducting research, reviewing training 

and outreach materials, reviewing 

applications for programs and services, and 

developing material that supports the 

Certified CDFI’s financial counseling and outreach activity; and 

• reporting to the Certified CDFI on a regular 

basis on activities undertaken by the service 

member. 

8 
 

ASN Program Responsibilities 

Contribute cash or in-kind match funds 

Recruit, interview, and select members 

Provide regular training and supervision 

to members 

Track and report on performance 

measures that capture significant 

program outputs and outcomes 

Fiscal management and reporting 

9 
 

 

 

 

ASN Grant Applications 

Organizations submit grant applications to AmeriCorps via online 

eGrants system or to their State Service Commission’s 

competition. 

http://www.nationalservice.gov/egrants/ 

Applications consist of a narrative, budget, and performance 

measures, plus a few supplementary items. 

May not exceed 10 pages for the narratives or 12 pages for Rural 

Intermediaries and Multi-State applicants with more than 5 

operating sites. 

Applications due Wednesday, January 6, 2021 at 5 pm EST 

10 
 

Questions? 

Please email AmeriCorpsGrants@cns.gov with questions about 

the NOFO. 

Please call the National Service Hotline at (800) 942-2677 with 

eGrants technical issues. 

Thank you! 

11