Department of the Treasury 

Community Development 

Financial Institutions Fund 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 
CDFI Fund - 2 

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Appropriations Detail Table .......................................................................................... 4

1.2 – Budget Adjustments Table ................................................................................................. 5

C – Budget Increases and Decreases Description ....................................................................... 5

1.3 – Object Classification (Schedule O) Obligations ................................................................ 6

D – Appropriations Language and Explanation of Changes ...................................................... 7

E – Legislative Proposals ............................................................................................................ 9

Section II – Annual Performance Plan and Report ................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 11

2.1.1 – Administration – Resources and Measures ................................................................... 11

2A – Administration Budget and Performance ......................................................................... 11

2.1.2 – Community Development Financial Institutions Program Resources and Measures ... 12

2B – Community Development Financial Institutions Program............................................... 13

2.1.3 – New Markets Tax Credit Resources and Measures ...................................................... 14

2C – New Markets Tax Credit Program ................................................................................... 14

2.1.4 – Bank Enterprise Award Program Resources and Measures ......................................... 15

2D – Bank Enterprise Award Program ..................................................................................... 15

2.1.5 – Native American CDFI Assistance (NACA) Program Resources and Measures ......... 16

2E – Native American CDFI Assistance Program .................................................................... 16

2.1.6 –Healthy Food Financing Initiative Resources and Measures ......................................... 17

2F – Healthy Food Financing Initiative .................................................................................... 17

2.1.7 – Small Dollar Loan Program Resources and Measures ................................................. 18

2G – Small Dollar Loan Program ............................................................................................. 18

2.1.8 – Capital Magnet Fund Program Resource Detail Table ................................................. 19

2H – Capital Magnet Fund Program ......................................................................................... 19

2.1.9 – CDFI Bond Guarantee Program Resource Detail Table ............................................... 20

2.1.10 – CDFI Bond Guarantee Program Financing Account – Non-Budgetary Summary ..... 20

2I – CDFI Bond Guarantee Program Budget and Performance ............................................... 20

Section III – Additional Information ........................................................................................ 21

A – Summary of Capital Investments ....................................................................................... 21
CDFI Fund - 3 

Section I – Budget Request 

A – Mission Statement 

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. 

B – Summary of the Request 

The Community Development Financial Institutions Fund (CDFI Fund) requests the following 

for fiscal year (FY) 2024: 

 $201.2 million for the Community Development Financial Institutions Program (CDFI 

Program) to provide Financial Assistance (FA) and Technical Assistance (TA) awards, 

training and technical assistance. Through the CDFI Program, the CDFI Fund makes awards 

to invest in and build the capacity of Community Development Financial Institutions 

(CDFIs) to serve low-income communities lacking adequate access to affordable financial 

products and services. Increased investment in the CDFI Program supports the need for 

greater capital flow to communities and geographies where access to capital is least efficient 

and most needed, including rural areas and persistent poverty counties, and to CDFIs seeking 

to build both capital and capacity to deploy resources. The proposed budget supports FA and 

TA awards to CDFIs to further goals that include, among others: 

- Economic development (job creation, small business lending, and commercial real estate 

development); 

- Affordable housing development (housing development and homeownership); 

- Provision of financial services (such as basic banking services to underserved 

communities); and 

- Provision of development services (such as financial literacy or homebuyer counseling 

and education). 

 $35 million for the Bank Enterprise Award Program (BEA Program), which incentivizes 

insured banks and thrifts to invest in Certified CDFIs and increase their lending and financial 

services in economically distressed communities. 

 $25 million for FA and TA awards for the Native CDFI Assistance Program (NACA 

Program), which provides awards and training to CDFIs that primarily serve Native 

Communities and to entities proposing to become or create Native CDFIs. These awards will 

increase access to credit, capital, and financial services in Native Communities. 

 $37.3 million in administrative funding to support a variety of purposes, including: 

- Staffing and resource demands created by significant growth across all programs, 

including the New Markets Tax Credit (NMTC) Program and the CDFI Bond Guarantee 

Program (BG Program); 

- Administration of non-monetary programs and activities, including compliance 

monitoring and CDFI Certification; 

- Enhancement of the Awards Management Information System (AMIS) including 

automation of key elements of the compliance, certification, program administration, 

research, reporting systems, and continuing improvements for operational efficiency and 

effectiveness; 
CDFI Fund - 4 

- Continued refinement of the CDFI Program Assessment and Risk Management (ARM) 

Framework a suite of tools that the CDFI Fund uses to assess the financial and 

programmatic risk of CDFI Program applicants and award recipients, enhance datadriven decision-making, and mitigate post-award compliance reporting risks; and 

- Evaluating the effectiveness of CDFI Fund programs. 

 $24 million for Healthy Food Financing Initiative (HFFI) awards to CDFIs to expand 

financing for healthy food options in underserved urban and rural communities. 

 $9 million for the Small Dollar Loan Program (SDL Program) to provide grants for Loan 

Loss Reserves and Technical Assistance to certified CDFIs to establish and maintain small 

dollar loan programs. The SDL Program funding is intended to expand consumer access to 

mainstream financial institutions by providing alternatives to high-cost small dollar lending. 

The SDL Program funding is also intended to help unbanked and underbanked populations 

build credit, access affordable capital, and allow greater access into the mainstream financial 

system. 

 $10 million for Bond Guarantee Program to establish a credit subsidy to modify existing 

over-collateralization and/or recourse requirements for individual applications thereby 

expanding the potential pool of CDFIs that could successfully participate in the BG Program 

1.1 – Appropriations Detail Table 

Dollars in Thousands Community Development Financial 

 Institutions Fund Program FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024 

Appropriated Resources Operating Plan Operating Plan Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Community Development Financial 

 Institutions Fund Program 0 $171,383 0 $194,000 0 $201,179 NA 3.7% 

Economic Mobility Corps 0 $2,000 0 $2,000 0 $0 NA -100.0% 

Bank Enterprise Award Program 0 $35,000 0 $35,000 0 $35,000 NA 0.0% 

Native American CDFI Assistance 

Program 0 $21,500 0 $25,000 0 $25,000 NA 0.0% 

Administrative 71 $33,617 89 $35,000 91 $37,299 2.2% 6.6% 

Healthy Food Financing Initiative 0 $23,000 0 $24,000 0 $24,000 NA 0.0% 

Small Dollar Loan Program 0 $8,500 0 $9,000 0 $9,000 NA 0.0% 

Bond Guarantee Program Credit Subsidy 0 $0 0 $0 0 $10,000 NA 100% 

Subtotal New Appropriated Resources 71 $295,000 89 $324,000 91 $341,478 2.2% 5.4% 

Other Resources 

User Fees 0 $1,218 0 $1,200 0 $1,250 NA 4.2% 

Recoveries from Prior Years 0 $1,111 0 $500 0 $1,000 NA 100.0% 

Unobligated Balances from Prior Years 0 $218,045 0 $237,621 0 $259,100 NA 9.0% 

Subtotal Other Resources 0 $220,374 0 $239,321 0 $261,350 NA 9.2% 

Total Budgetary Resources 71 $515,374 89 $563,321 91 $602,828 2.2% 7.0% 

FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

This table excludes COVID-19 pandemic funds 
CDFI Fund - 5 

 1.2 – Budget Adjustments Table 

Dollars in Thousands 

 FTE Amount 

FY 2023 Operating Plan 89 $324,000 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $1,204 

Pay Annualization (2023 4.6% average pay raise) 0 $187 

Pay Raise (5.2% average pay raise) 0 $642 

Non-Pay 0 $375 

Subtotal Changes to Base 0 $1,204 

FY 2024 Current Services 89 $325,204 

Program Changes: 

Program Decreases 0 ($2,000) 

Economic Mobility Corps 0 ($2,000) 

Program Increases: 0 $18,274 

CDFI Program 0 $7,179 

BGP Credit Subsidy 0 $10,000 

Administration 2 $1,095 

Subtotal Program Changes 0 16,274 

FY 2024 President's Budget Request 91 $341,478 

C – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) .......................................................+$1,204,000 / +0 FTE 

Pay Annualization (4.6% in FY 2023) +$187,000 / +0 FTE 

Funds are requested for annualization of the January 2023 4.6% average pay raise. 

Pay Raise (5.2% in FY 2024) +$642,000 / +0 FTE 

Funds are requested for a 5.2% average pay raise in January 2024. 

Non-Pay (2.0% in FY 2024) +$375,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment. 

Program Decreases ......................................................................................-$2,000,000 / -0 FTE 

Economic Mobility Corps -$2,000,000 / -0 FTE 

Due to decreased ongoing demand for the Economic Mobility Corps (EMC), no funding is 

included for this initiative as part of the CDFI Fund’s budget request. However, eligible 

organizations can still apply for awards under the Corporation for National and Community 

Service’s AmeriCorps State and National Direct program to support EMC-related activities, 

which place service members in Certified CDFIs, through funding directly appropriated to that 

program. 

Program Increases ....................................................................................+$18,274,000 / +2 FTE 

CDFI Program +$7,179,000 / +0 FTE 

Increasing the CDFI Program budget by $7,179,000 would provide an increase to Base-Financial 

Assistance (FA) Awards to CDFIs, Technical Assistance (TA) Awards, and Persistent Poverty 

Counties-FA (PPC-FA) Awards. 
CDFI Fund - 6 

BG Program Credit Subsidy +$10,000,000 / +0 FTE

Request for $10,000,000 to modify existing over-collateralization and/or recourse requirements 

for individual applications thereby expanding the potential pool of CDFIs that could successfully 

participate in the Bond Guarantee Program. 

Administration +$1,095,000 / +2 FTE 

Request $1,095,000 to support the hiring of two additional staff to support a range of work 

related to research and data collection, geospatial analysis, evaluation of activities that include 

compliance monitoring, and evaluating the effectiveness of CDFI Fund programs. 

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2022 FY 2023 FY 2024 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 9,989 12,027 12,763 

11.9 - Personnel Compensation (Total) 9,989 12,027 12,763 

12.0 - Personnel benefits 3,520 3,789 3,722 

Total Personnel and Compensation Benefits $13,509 $15,816 $16,485 

21.0 - Travel and transportation of persons 7 148 150 

24.0 - Printing and reproduction 21 10 10 

25.1 - Advisory and assistance services 5,731 4,011 4,702 

25.2 - Other services from non-Federal sources 28 135 147 

25.3 - Other goods and services from Federal sources 9,036 8,966 8,453 

25.7 - Operation and maintenance of equipment 1,399 4,664 3,998 

26.0 - Supplies and materials 50 55 75 

31.0 - Equipment 3,215 3,172 2,980 

41.0 - Grants, subsidies, and contributions 262,820 275,583 557,000 

Total Non-Personnel $282,307 $296,744 $577,515 

Total Obligations $295,816 $312,560 $594,000 

 

Full-time Equivalents (FTE) 71 89 91 

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and transfers. 
CDFI Fund - 7 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

COMMUNITY DEVELOPMENT FINANCIAL 

INSTITUTIONS FUND 

Federal Funds 

SALARIES AND EXPENSES 

To carry out the Riegle Community Development and 

Regulatory Improvement Act of 1994 (subtitle A of title I of 

Public Law 103–325), including services authorized by section 

3109 of title 5, United States Code, but at rates for individuals 

not to exceed the per diem rate equivalent to the rate for EX-III, 

[$324,000,000] $341,478,343. Of the amount appropriated 

under this heading— (1) not less than [$196,000,000] 

$201,179,343, notwithstanding section 108(e) of Public Law 

103–325 (12 U.S.C. 4707(e)) with regard to Small and/or 

Emerging Community Development Financial Institutions 

Assistance awards, is available until September 30, [2024] 2025, 

for financial assistance and technical assistance under 

subparagraphs (A) and (B) of section 108(a)(1), respectively, of 

Public Law 103–325 (12 U.S.C. 4707(a)(1)(A) and (B)), of 

which up to $1,600,000 may be available for training and 

outreach under section 109 of Public Law 103–325 (12 U.S.C. 

4708), of which up to $3,153,750 may be used for the cost of 

direct loans, of which up to $10,000,000, notwithstanding 

subsection (d) of section 108 of Public Law 103–325 (12 U.S.C. 

4707(d)), may be available to provide financial assistance, 

technical assistance, training, and outreach to community 

development financial institutions to expand investments that 

benefit individuals with disabilities[, and of which up to 

$2,000,000 shall be for the Economic Mobility Corps to be 

operated in conjunction with the Corporation for National and 

Community Service, pursuant to 42 U.S.C. 12571]: Provided, 

That the cost of direct and guaranteed loans, including the cost 

of modifying such loans, shall be as defined in section 502 of 

the Congressional Budget Act of 1974: Provided further, That 

these funds are available to subsidize gross obligations for the 

principal amount of direct loans not to exceed $25,000,000: 

Provided further, That of the funds provided under this 

paragraph, excluding those made to community development 

financial institutions to expand investments that benefit 

individuals with disabilities and those made to community 

development financial institutions that serve populations living 

in persistent poverty counties, the CDFI Fund shall prioritize 

Elimination of EMC due 

to decreased ongoing 

demand. 
CDFI Fund - 8 

Financial Assistance awards to organizations that invest and 

lend in high-poverty areas: Provided further, That for purposes 

of this section, the term "high-poverty area" means any census 

tract with a poverty rate of at least 20 percent as measured by 

the 2016–2020 5-year data series available from the American 

Community Survey of the Bureau of the Census for all States 

and Puerto Rico or with a poverty rate of at least 20 percent as 

measured by the 2010 Island areas Decennial Census data for 

any territory or possession of the United States; (2) not less than 

$25,000,000, notwithstanding section 108(e) of Public Law 

103–325 (12 U.S.C. 4707(e)), is available until September 30, 

[2024] 2025, for financial assistance, technical assistance, 

training, and outreach programs designed to benefit Native 

American, Native Hawaiian, and Alaska Native communities 

and provided primarily through qualified community 

development lender organizations with experience and expertise 

in community development banking and lending in Indian 

country, Native American organizations, Tribes and Tribal 

organizations, and other suitable providers; (3) not less than 

$35,000,000 is available until September 30, [2024] 2025, for 

the Bank Enterprise Award program; (4) not less than 

$24,000,000, notwithstanding subsections (d) and (e) of section 

108 of Public Law 103–325 (12 U.S.C. 4707(d) and (e)), is 

available until September 30, [2024] 2025, for a Healthy Food 

Financing Initiative to provide financial assistance, technical 

assistance, training, and outreach to community development 

financial institutions for the purpose of offering affordable 

financing and technical assistance to expand the availability of 

healthy food options in distressed communities; (5) not less than 

$9,000,000 is available until September 30, [2024] 2025, to 

provide grants for loan loss reserve funds and to provide 

technical assistance for small dollar loan programs under section 

122 of Public Law 103–325 (12 U.S.C. 4719): Provided, That 

sections 108(d) and 122(b)(2) of such Public Law shall not 

apply to the provision of such grants and technical assistance; 

(6) up to [$35,000,000] $37,299,000 is available for 

administrative expenses, including administration of CDFI Fund 

programs and the New Markets Tax Credit Program, of which 

not less than $1,000,000 is for the development of tools to better 

assess and inform CDFI investment performance and CDFI 

program impacts, and up to $300,000 is for administrative 

expenses to carry out the direct loan program; and (7) [during 

fiscal year 2023, none of the funds available under this heading 

are available]up to $10,000,000 is available until September 30, 

2025, for the cost, as defined in section 502 of the Congressional 

Budget Act of 1974, of commitments to guarantee bonds and 

Extension of the Bond 

Guarantee Program 

through December 31, 

2025 to allow more time 

to close complex and 
CDFI Fund - 9 

notes under section 114A of the Riegle Community 

Development and Regulatory Improvement Act of 1994 (12 

U.S.C. 4713a): Provided, That commitments to guarantee bonds 

and notes under such section 114A shall not exceed 

$500,000,000: Provided further, That such section 114A shall 

remain in effect until December 31, [2023] 2025: Provided 

further, That of the funds awarded under this heading[, except 

those provided for the Economic Mobility Corps], not less than 

10 percent shall be used for awards that support investments that 

serve populations living in persistent poverty counties: Provided 

further, That for the purposes of this paragraph and paragraph 

(1), the term "persistent poverty counties" means any county, 

including county equivalent areas in Puerto Rico, that has had 

20 percent or more of its population living in poverty over the 

past 30 years, as measured by the 1990 and 2000 decennial 

censuses and the 2016–2020 5-year data series available from 

the American Community Survey of the Bureau of the Census or 

any other territory or possession of the United States that has 

had 20 percent or more of its population living in poverty over 

the past 30 years, as measured by the 1990, 2000 and 2010 

Island Areas Decennial Censuses, or equivalent data, of the 

Bureau of the Census. (Department of the Treasury 

Appropriations Act, 2023.) 

time-consuming bond 

commitments and for 2-

year subsidy period of 

availability 

To establish a credit 

subsidy for the Bond 

Guarantee Program for a 

two-year period of 

availability that would 

allow the CDFI Fund to 

adjust underwriting 

requirements for applicants 

on a case-by-case basis. 

The CDFI Fund would 

specifically be able to 

modify existing overcollateralization and/or 

recourse policy 

requirements for future 

individual applications 

thereby expanding the 

potential pool of CDFIs 

that could successfully 

participate in the Bond 

Guarantee Program. 

E – Legislative Proposals 

The Budget proposes to modify the Capital Magnet Fund Program, section 1339 of the Housing 

and Economic Recovery Act (HERA), to allow for certain existing statutory requirements to be 

determined by the Secretary, either via promulgation of regulations or in the annual Notice of 

Fund Availability. Current market conditions and the CDFI Fund’s experience with this 

affordable housing program necessitate changes to the program to make it more accessible to 

applicants, and more effective in spurring the production and preservation of affordable housing. 

Specific requirements and standards in the statute create significant obstacles to potential 

applicants wishing to apply for these funds, such as the required 10:1 ratio of leverage of private 

and other public funding, a two-year commitment deadline, and restrictions related to targeting 

funds. Modifications proposed to the statute would allow for the Secretary to establish or modify 

standards for these requirements to address market conditions over time and ensure effective 

utilization of funds across diverse geographies. 

Funding for this program is not typically appropriated. Per HERA requirements, Fannie Mae and 

Freddie Mac provide allocations annually based on their annual unpaid principal mortgage 

balances. The first awards based on these allocations were made in 2016. Eligible applicants for 

Capital Magnet Fund (CMF) awards include CDFIs and nonprofit affordable housing developers. 
CDFI Fund - 10 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

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. 

The CDFI Fund’s award recipients provide loans, investments, business counseling, basic 

banking services, and financial literacy training in some of the most distressed communities in 

the nation. These are the communities in the United States where job opportunities remain 

stagnant and that otherwise lack access to more mainstream forms of capital – the places and 

populations that are not progressing economically as other parts of our economy have improved. 

CDFI Fund award recipients use their awards to increase access to capital and help improve the 

quality of life and boost the local economy in these communities. 

In accordance with the Government Performance and Results Act Modernization Act 

(GPRAMA) of 2010, Treasury developed the FY 2022 – 2026 Departmental Strategic Plan. The 

Annual Performance Plan has been updated to reflect new departmental strategic goals and 

objectives. 

This year, the CDFI Fund is working to align budget activities and performance measures to the 

objectives in the Treasury FY 2022 – 2026 Strategic Plan, specifically to Goal 1: Promote 

Equitable Economic Growth and Recovery; Objective 1.3 Economically Resilient Communities 

and Goal 5: Modernize Treasury Operations. 

The FY 2024 Budget will advance the CDFI Fund’s current goals by allowing the CDFI Fund to 

administer all programs, including those that are authorized by Congress but do not require 

annual appropriations (i.e., the NMTC Program). In addition, the CDFI Fund will continue to 

conduct ongoing program compliance for prior-year award recipients for all programs. 

The Budget request is also intended to cover the cost to administer certification of CDFIs, as 

required by the Riegle Act, as well as Community Development Entities (CDEs), as required by 

the NMTC program. CDFI certification is a prerequisite for eligibility for the CDFI and NACA 

Program(s), the BG Program, the SDL Program, and the CMF, as well as other federal programs 

outside of the CDFI Fund. CDE certification is a prerequisite for eligibility for the NMTC 

program. 

The Coronavirus Response and Relief Supplemental Appropriations Act, 2021, as included in the 

Consolidated Appropriations Act, 2021 (P. L. 116-260), provided $3 billion to the CDFI Fund to 

help CDFIs deliver immediate assistance in communities impacted by the COVID-19 pandemic. 

In the spring of FY 2021, the CDFI Fund awarded $1.25 billion of these funds through its newly 

established CDFI Rapid Response Program (CDFI RRP), which was designed to quickly deploy 

capital to CDFIs through a streamlined application and review process. Through the CDFI RRP, 

CDFIs were provided with resources necessary to respond to the economic impacts of the 

COVID-19 pandemic in distressed and underserved communities and people. 
CDFI Fund - 11 

In the Spring of FY 2023, the CDFI Fund will award an additional $1.73 billion in grant funds to 

CDFIs to address the economic impact of the COVID-19 pandemic through the CDFI Equitable 

Recovery Program (CDFI ERP). These grants will further assist distressed communities by 

expanding lending, grant making, and increasing investment activity in low- or moderate-income 

communities and to borrowers that have significant unmet capital or financial service needs and 

to enable CDFIs to build organizational capacity and acquire technology, staff, and other tools 

necessary to accomplish the activities under a CDFI ERP Award. 

B – Budget and Performance by Budget Activity 

2.1.1 – Administration – Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $27,000 $27,000 $28,500 $29,000 $33,617 $35,000 $37,299 

Budget Activity Total $27,000 $27,000 $28,500 $29,000 $33,617 $35,000 $37,299 

Full-time Equivalents (FTE) 66 67 76 67 71 89 91 

Performance Measure FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

All Award Cycle Time 

(Months) 5.8 6.4 5.5 5.6 8.8 6.5 6.5 6.5 

All-Time to Initial 

Disbursement (#Months) 7.0 7.0 4.4 5.29 3.5 4.5 4.5 4.5 

ALL- Number of 

Affordable Housing Units 

Developed or Produced 

 

34,083 

 

61,839 

 

44,361 

 

58,125 

 

72,807 I I I 

Key: I - Indicator    Note: For All Award Cycle Time, CDFI-FA is an estimate because FY2022 award round is still in the application review process. There was no 

FY22 award round for CMF so it is not included in the calculation. BEA is not included as well because its FY22 award round will be joint with its 

FY23 award round and take place in spring 2023. 

For All-Time to Initial Disbursement, all the programs are still in process with their Award Agreements and disbursements for FY22, so these 

numbers are estimates. 

NMTC is awarded by calendar year and do not align with the CDFI Fund's fiscal year. For example, FY 2022 represents the CY 2021 NMTC 

round. Further, NMTC does not conduct disbursements. 

For FY22, the Number of Affordable Housing Units Developed or Produced measure includes units produced by CDFI RRP FY21 award 

recipients. 

2A – Administration Budget and Performance 

($37,299,000 from direct appropriations): 

This encompasses the CDFI Fund’s operational support and management activities for each of its 

ongoing award programs. It includes, among other activities, developing notices of award 

availability and application materials; reviewing and evaluating certification and award 

applications; selecting awardees; finalizing the terms of award agreements; making 

disbursements; collecting and evaluating performance data; monitoring awardees’ compliance; 

and award closeout processes. 

Description of Performance: 

The CDFI Fund’s three administrative performance measures focus on organization-wide 

efficiency, measuring how quickly awards are made and funds are disbursed, and the creation of 

affordable housing units across all CDFI Fund programs. 
CDFI Fund - 12 

• The All Award Cycle Time measures the average time from the date when applications are 

received to the date of award announcement (calculated in months as an average across all 

programs). The All Award Cycle Time in FY 2022 was 8.8 months, thereby exceeding the 

target of 6.5 months. All award cycle time was higher than the target due to the need to divert 

staff to manage COVID-19 response programs authorized in Consolidated Appropriations 

Bill, 2021. Going forward, the CDFI Fund is looking to normalize award program timing in 

the face of increased demand for our programs.

• The Time to Initial Disbursement indicates how quickly the CDFI Fund completes award 

agreements and makes the first disbursement of funds or issues tax credits. The FY 2022 

program disbursements results were tabulated in calendar year (CY) 2023 at 3.5 months 

which is faster than the target set of 4.5 months. It should be noted that the tabulation includes 

estimates for all programs because some are either still in the middle of application reviews or 

still processing Award Agreements and disbursements for FY 2022. While the FY 2022 

results are currently lower than the FY 2021 results (5.29 months), they may still increase 

once the programs finalize the FY 2022 rounds. However, the Fund does not anticipate them 

approaching the FY 2019 results (7 months), which reflects improved efficiencies through the 

AMIS system. The target will remain at 4.5 months for FY 2023 and FY 2024. 

• The Number of Affordable Housing Units Developed or Produced metric measures the 

number of affordable housing units developed or produced as a result of CDFI Fund awards 

as reported by CDFI Program, NMTC Program, and CMF awardees. In FY 2021, this 

performance measure was converted to an indicator because the variability in projecting 

annually the number of affordable housing units funded for three programs made it difficult to 

project a reliable target. For the FY 2022 actual result, the CDFI Fund has included the units 

resulting from the FY 2021 CDFI-RRP awardees. The FY 2022 actual result was 72,807 

affordable housing units. 

2.1.2 – Community Development Financial Institutions Program Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $160,000 $160,000 $165,500 $165,000 $165,000 $196,000 $201,179 

Budget Activity Total $160,000 $160,000 $165,500 $165,000 $165,000 $196,000 $201,179 

Performance Measure FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

CDFI - Percentage of Loans 

& Investments Originated in 

Eligible Distressed or 

Underserved Communities 

by Dollar Amount of Loans 

(Annual %) 

73.7 75.6 75.0 71.4 67.1 60.0 60.0 60.0 

CDFI - Percentage of Loans 

& Investments Originated in 

Eligible Distressed or 

Underserved Communities 

by Number of Loans 

72.1 78.8 79.6 75.7 77.7 60.0 60.0 60.0 
CDFI Fund - 13 

2B – Community Development Financial Institutions Program 

($201,179,343 from direct appropriations): 

The CDFI Program makes FA awards to CDFIs that have comprehensive business plans for 

creating community development impact and that demonstrate the ability to leverage private 

sector sources of financing, as well as TA grants to CDFIs and entities proposing to become 

CDFIs. CDFIs use FA awards to further goals such as: 

• Economic development (job creation, business development, and commercial real estate 

development); 

• Affordable housing (rental housing and homeownership); and 

• Financial services (provision of basic banking services and financial literacy training to 

underserved people and communities. 

For the FY 2022 CDFI Program round, the CDFI Fund awarded $25.22 million in CDFI 

Program TA awards to 202 organizations headquartered in 41 states, the District of Columbia, 

and Puerto Rico. Additionally, the CDFI Fund awarded $149.2 million in FA awards to 233 

CDFIs in FY 2023. 

In addition to the FA awards, the CDFI Fund also provided the following supplemental FA 

awards: 

• $23 million to 8 CDFIs through the HFFI-FA awards, a supplemental program designed to 

encourage investments in businesses that provide healthy food options for communities; 

• $6.5 million to 13 CDFIs through the Disability Funds-FA awards, a supplemental program 

designed to help CDFIs finance projects and services that will assist individuals with 

disabilities; and 

• $17.6 million to 137 CDFIs through the PPC-FA awards, a supplemental program designed 

to encourage investments in Persistent Poverty Counties nationwide. 

The Economic Mobility Corps (EMC) is a joint initiative of the CDFI Fund and Corporation for 

National and Community Service (CNCS) that places full-time national service members in 

Certified CDFIs to enhance their capacity to provide financial literacy, financial planning, 

budgeting, saving, and other financial counseling activities. 

The EMC program received $2 million in funding through the Consolidated Appropriations Act 

of 2022 (P.L. 117-103) which was used to support the FY 2023 round of the program. 

Applications for this round of the EMC, which were again made available through the FY 2023 

AmeriCorps State and National Grant program that was released in September 2022, were due in 

January 2023. 

Due to decreased ongoing demand, the Budget request eliminates funding for EMC. Award 

funding for the FY 2022 round of EMC was made available through the CNCS FY 2022 

AmeriCorps State and National Grant program Notice of Funding Opportunity (NOFO) that was 

released September 2021. There were no applicants for the FY 2022 round of EMC. 

Description of Performance: 

The CDFI Program has two measures: (1) the percentage of loans and investments originated in 

eligible distressed communities or made to underserved populations, as measured against the 
CDFI Fund - 14 

total dollar amount of loans originated by recipients; and (2) the percentage of loans and 

investments originated in eligible distressed communities or to underserved populations, as 

measured against the total number of loans originated by recipients. 

Certification criteria require that all certified CDFIs originate at least 60.0 percent of their loans 

and investments in eligible distressed census tracts or to underserved populations. The target is 

set at a level that allows CDFIs to balance their mission to serve distressed communities and 

underserved populations with safety and soundness considerations. 

In FY 2022, the CDFI Program surpassed the 60.0 percent threshold for the percentage of both 

the dollar amount (67.1 percent) and the number of CDFI loans (77.7 percent) made to eligible 

distressed communities and underserved populations. 

2.1.3 – New Markets Tax Credit Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $0 $0 $0 $0 $0 $0 $0 

Budget Activity Total $0 $0 $0 $0 $0 $0 $0 

 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

NMTC - Percentage of Loans 

and Investments That Went 

Into Severely Distressed 

Communities 

73.6 80.3 77.2 77.0 79.0 75.0 75.0 75.0 

2C – New Markets Tax Credit Program 

($0 from direct appropriations) 

The NMTC Program stimulates capital investment in low-income communities nationwide by 

permitting individual and corporate taxpayers to receive a non-refundable tax credit against 

federal income taxes for making equity investments in CDEs. CDEs that receive the tax credit 

allocation authority under the program are domestic corporations or partnerships that provide 

loans, investments, or financial counseling in low-income urban and rural communities. 

The Taxpayer Certainty and Disaster Tax Relief Act of the 2020 that was included in the 

Consolidated Appropriations Act 2021, extended allocation authority of the NMTC 

Program through CY 2025 at $5 billion annually. The FY 2023 revenue proposal volume (also 

referred to as the “greenbook”) seeks a permanent reauthorization of the NMTC. Please see 

https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals for more information. 

Description of Performance: 

In FY 2022, the CDFI Fund awarded $5 billion in CY 2021 NMTC Program allocation authority 

to 107 organizations out of a pool of 199 applicants that requested $14.7 billion in NMTC 

allocations. 

In FY 2022, CDEs reported that 79 percent of NMTC investments were made in severely 

distressed communities, exceeding the target of 75 percent. The expectation is that the NMTC 
CDFI Fund - 15 

investments performance report for FY 2023 and FY 2024 will meet or exceed the 75 percent 

target. 

2.1.4 – Bank Enterprise Award Program Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $25,000 $25,000 $25,000 $26,000 $26,000 $35,000 $35,000 

Budget Activity Total $25,000 $25,000 $25,000 $26,000 $26,000 $35,000 $35,000 

Performance Measure FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

BEA - Increase in 

Community Development 

Activities Over Prior Year 

For All BEA Program 

Applicants ($ million) 

646 429 469 DISC DISC DISC DISC DISC 

Bank Enterprise Award 

Program (BEA) Leverage 

Ratio is the $ Sum of All 

Award Recipients Qualified 

Activities to the $ Sum of 

All Awards in a Given Year

N/A N/A N/A B N/A N/A N/A N/A 

Key: DISC - Discontinued; B - Baseline; TBD - To Be Determined; N/A - Not Available    Note: The FY2021 BEA Award Round made their award announcement on April 6, 2022, therefore outcome reporting will not start until 

FY2023. The FY2022 BEA Award Round will be a joint round conducted with the FY2023 BEA Award Round in spring 2023, so there is no 

program performance to report at this time. 

2D – Bank Enterprise Award Program 

($35,000,000 from direct appropriations): 

The BEA Program provides monetary awards to regulated banks and thrifts for increasing their 

investments in CDFIs through grants, stock purchases, loans, deposits, and other forms of 

financial and technical assistance, and for increasing their lending, investment, and service 

activities in economically-distressed communities where at least 30 percent of residents have 

incomes less than the national poverty level and where the unemployment rate is at least 1.5 

times the national unemployment rate. 

Description of Performance: 

The BEA Program measures applicants’ increase in qualified community development activities 

over the prior year. The CDFI Fund will be conducting a joint round in FY 2023 using FY 2022 

and FY 2023 monies. As a result, there is no FY 2022 Award Round performance to report at 

this time. The joint FY 2022 and FY 2023 round is scheduled to open in spring 2023. 

With FY 2021, the BEA Program was to begin reporting on its new performance measure — a 

leverage ratio of the dollar sum of all award recipients’ qualified activities to the dollar sum of 

all awards in a given year. However, the FY 2021 BEA Award Round did not make their award 

announcement until April 6, 2022, therefore outcome reporting will not start until FY 2023. As 

discussed above, the FY 2022 Award Round has not opened yet. The Fund will use the values 

for FY 2021 through FY 2023 to establish a baseline trend from which to compute a target 

threshold for the leverage ratio that must be met or exceeded by the program’s annual eligible 
CDFI Fund - 16 

activities. The Fund anticipates reporting out on BEA’s performance measure in the FY 2025 

budget materials for FY 2021. 

2.1.5 – Native American CDFI Assistance (NACA) Program Resources and Measures 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $16,000 $16,000 $16,000 $16,500 $16,500 $25,000 $25,000 

Budget Activity Total $16,000 $16,000 $16,000 $16,500 $16,500 $25,000 $25,000 

Performance Measure 

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

NACA - Percentage of 

NACA Loans and 

Investments in Native Areas 

($ Amount of Loans) 

84.9 78.0 57.2 60.1 65.3 50.0 50.0 50.0 

NACA - Percentage of 

NACA Loans and 

Investments in Native Areas 

(# of Loans) 

94.4 86.0 72.1 72.6 70.3 50.0 50.0 50.0 

2E – Native American CDFI Assistance Program 

($25,000,000 from direct appropriations): 

Through the NACA Program, the CDFI Fund builds the capacity of Certified Native CDFIs, 

Emerging Native CDFIs, and Sponsoring Entities, and increases access to capital in Native 

American, Alaskan Native, and Native Hawaiian communities (Native Communities). The 

NACA Program provides two types of monetary awards – FA awards and TA grants. Native 

CDFIs lend where other mainstream financial institutions do not and often serve the most 

financially distressed individuals, families, and businesses in Native communities. In addition, 

the NACA Program provides training to help strengthen and develop Native CDFIs. 

Description of Performance: 

The two measures of performance for the NACA Program are: (1) the percentage of the number 

of loans, and (2) the dollar amount of loans, made in tribal lands (based on Federal Designations 

of Tribal Areas) or to Native people. In accordance with their Assistance Agreements, NACA 

recipients are required to originate 50 percent or more of their loans and investments in Native 

areas or to Native populations. This threshold is set to allow the recipients to balance their 

mission of serving Native areas and populations with safety and soundness considerations. 

In FY 2022, NACA recipients reported outcome data for their 2021 activities, which showed that 

65.3 percent of loans by dollar amount and 70.3 percent of the number of loans originated were 

in Native areas or to Native borrowers, thereby exceeding the target of 50 percent for both 

measures. 
CDFI Fund - 17 

2.1.6 –Healthy Food Financing Initiative Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources $22,000 $22,000 $22,000 $23,000 $23,000 $24,000 $24,000 

Budget Activity Total $22,000 $22,000 $22,000 $23,000 $23,000 $24,000 $24,000 

 

Performance Measure FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

HFFI - Retail Outlets 

Created/Preserved 20.0 23.0 21.0 29.0 32.0 I I I 

Key: I - Indicator 

2F – Healthy Food Financing Initiative 

($24,000,000 from direct appropriations): 

The HFFI aims to eliminate “food deserts” – low-income urban and rural areas in the United 

States with limited access to affordable and nutritious food – by financing interventions that 

expand the supply of, and demand for, nutritious foods. The objectives include increasing the 

distribution of agricultural products, developing and equipping grocery stores, and strengthening 

producer-to-consumer relationships. 

Through the HFFI, the CDFI Fund provides FA awards to Certified CDFIs to help address the 

need for healthy food in underserved and low-income communities. These organizations use 

federal grants, below market-rate loans, loan guarantees, and tax credits to attract private sector 

financing for projects that increase access to healthy food options. 

Description of Performance: 

The primary HFFI performance measure is the number of healthy food retail stores created and 

maintained in low-income areas that have been identified through detailed census tract analysis 

as having limited access to healthy food options. In FY 2021, the HFFI performance measure 

was reported as an indicator because the variability of investments in new retail HFFI outlets 

makes it difficult to forecast an annual target. In FY 2022, the number of HFFI Retail outlets 

created was 32. 
CDFI Fund - 18 

2.1.7 – Small Dollar Loan Program Resources and Measures 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Appropriated Resources 0 0 $5,000 $8,500 $8,500 $9,000 $9,000 

Budget Activity Total 0 0 $5,000 $8,500 $8,500 $9,000 $9,000 

 

Performance Measure FY 2018 FY 

2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024 

Actual Actual Actual Actual Actual Target Target Target 

SDLP -Ratio of the number of 

SDLP loans to the number of 

SDLP recipients 

N/A N/A N/A B N/A N/A N/A N/A 

Key: B - Baseline; N/A - Not Available Note: The FY2021 SDLP Award Round made their award announcement in September 23, 2021, therefore, outcome reporting will not start until 

FY2023. The FY2022 SDLP Award Round made their award announcement in May 16, 2022, therefore, outcome reporting will not start until 

FY2024. 

2G – Small Dollar Loan Program 

($9,000,000 from direct appropriations): 

Authorized by Section 1206 of the Dodd-Frank Wall Street Reform and Consumer Protection 

Act (P.L. 111-203), the SDL Program provides grants for Loan Loss Reserves (LLR) and TA to 

CDFIs to establish and maintain small dollar loan programs. SDL Program funding is intended to 

expand consumer access to mainstream financial institutions by providing alternatives to highcost small dollar lending. The SDL Program funding is also intended to help unbanked and 

underbanked populations build credit, access affordable capital, and allow greater access to the 

mainstream financial system. 

Description of Performance:

With FY 2021, the SDL Program was to begin reporting on its new performance measure — the 

ratio of the number of SDL Program loans to the number of SDL Program recipients in a given 

year. The FY 2021 SDL Program awards were announced September 23, 2021. Outcome 

reporting for these awards will not start until FY 2023. The FY 2022 SDL Program awards were 

announced September 27, 2022. Outcome reporting for the FY 2022 awards will not start until 

FY 2024 at the earliest. The Fund will use the values for FY 2021 through FY 2023 to establish a 

baseline trend from which to compute a target threshold for the ratio that must be met or 

exceeded by the program’s annual number of small dollar loans. The CDFI Fund anticipates 

reporting on SDL Program performance measure in the FY 2025 budget request. 

The FY 2022 SDL Program awards were made in September 2022. A total of 66 CDFIs received 

$11.4 million in FY 2022 SDL Program awards. These award recipients are headquartered in 

23 states, the District of Columbia, Guam, and Puerto Rico. 
CDFI Fund - 19 

2.1.8 – Capital Magnet Fund Program Resource Detail Table 

Dollars in Thousands 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Estimated Request 

GSE Distribution $144,917 $131,884 $175,809 $382,748 $398,357 $191,100 $174,659 

Budget Activity Total $144,917 $131,884 $175,809 $382,748 $398,357 $191,100 $174,659 

Full-time Equivalents (FTE) 4 3 5 4 5 9 9 

2H – Capital Magnet Fund Program 

($0 from direct appropriations): 

The CMF Program authorized by the Housing and Economic Recovery Act of 2008 (P.L. 110- 

289), establishes recurrent funding of the CMF through allocations from the GovernmentSponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Through CMF, the CDFI Fund 

provides grants to CDFIs and qualified non-profit housing organizations to finance affordable 

housing, community service facilities, and economic development facilities. Award recipients 

can use funds to create financing tools such as loan funds, loan loss reserves, revolving loan 

funds, risk-sharing loans, and loan guarantees. 

Description of Performance: 

The primary performance measures of the CMF are the number of affordable housing units for 

which CMF funding was a source of financing, and the degree to which private funding sources 

were leveraged by CMF financing. Data on affordable housing units are included in performance 

table 2.1.1. 

FY 2021 CMF Awards were announced on June 22, 2022. Awards were made to 59 

organizations totaling $336.4 million to support the development of affordable housing and 

community facilities serving low-income individuals, families, and communities. For the FY 

2021 round the awardees anticipate that nearly $12.8 billion will be invested in total, including 

more than $9.8 billion in private investment. 
CDFI Fund - 20 

2.1.9 – CDFI Bond Guarantee Program Resource Detail Table 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Obligations $150,000 $150,000 $100,000 $100,000 $355,000 $500,000 $500,000 

Loan Limitation Obligation 

Authority $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 

Budget Activity Total $150,000 $150,000 $100,000 $100,000 $355,000 $500,000 $500,000 

2.1.10 – CDFI Bond Guarantee Program Financing Account – Non-Budgetary Summary 

Dollars in Thousands FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 

 Resource Level Actual Actual Actual Actual Actual Operating 

Plan Request 

Obligations $150,000 $150,000 $100,000 $100,000 $355,000 $500,000 $500,000 

Collections* $34,337 $51,493 $61,621 $74,320 $162,425 $83,794 $99,020 

*Includes the principal and interest repayments and a 10 basis point fee for administrative expenses pursuant to Section 1134 of the Small 

Business Jobs Act of 2010. These amounts assume a zero subsidy rate with bond loan disbursement of $226 million and $272 million in FY 

2023 and FY 2024, respectively. 

2I – CDFI Bond Guarantee Program Budget and Performance 

Through the BG Program, Treasury provides a 100 percent guarantee of bonds (including 

principal, interest, and call premiums) issued by Qualified Issuers. Bonds issued through the 

program support CDFI lending and investment activity in underserved communities by providing 

a source of long-term capital. Qualified Issuers use bond proceeds to finance loans to eligible 

CDFIs for community and economic development purposes. 

Since the inception of the program, the total amount of bonds guaranteed exceeds $2.1 billion. 

A total of 27 Eligible CDFIs and 4 Qualified Issuers participate in the BG Program. Upon the 

closing of each bond, the eligible CDFIs have five years to lend or disburse the bond proceeds. 

The table below provides the year-to-date (FYE) and proposed disbursement for the top nine 

asset classes:  

Assets Class

Disbursements

($Millions)

Disbursements

(%)

Proposed

Disbursements

($Millions)

Proposed

Disbursements

(%)

Charter Schools $388.57 28.91% $581.86 27.10%

Rental Housing $412.15 30.67% $529.39 24.66%

Commercial Real Estate $254.63 18.95% $350.51 16.33%

Financing Entity $111.72 8.31% $261.63 12.19%

Healthcare Facilities $44.77 3.33% $126.82 5.91%

Not‐For‐Profits $61.50 4.58% $122.68 5.71%

Small Business $42.12 3.13% $71.39 3.33%

Senior Living and Long

Term Care Facilities $16.47 1.23% $63.10 2.94%

Daycare Centers $11.98 0.89% $39.62 1.85%

Total $1,343.91 100.00% $2,147.00 100.00%
CDFI Fund - 21 

Section III – Additional Information 

A – Summary of Capital Investments 

As part of its FY 2024 capital investment strategy, the CDFI Fund plans to spend approximately 

$8.96 million for enhancements, operations, and maintenance of its Information Technology (IT) 

infrastructure. The CDFI Fund has no major IT investments, nor any capital investments other 

than IT. 

Non-Major IT Investments: 

For FY 2024, the CDFI Fund has identified one non-major IT investment: Awards Management 

Information System (AMIS). AMIS is an enterprise-wide commercial, cloud-based solution that 

supports CDFI Fund certification, tax credit allocation, bond guarantee, and all grant programs. 

In FY 2024, the CDFI Fund plans to provide Operations and Maintenance (O&M) support as 

well as enhancements to AMIS. O&M includes system updates, help desk support, and software 

licenses. AMIS enhancements include annual program updates and improvements to program 

compliance monitoring and reporting. 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.