Department of the Treasury

Community Development 

Financial Institutions Fund

Congressional Budget

Justification and Annual 

Performance Plan and Report

FY 2023
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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 Adjustment 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........................................................................11

A – Strategic Alignment ..................................................................................................................11

B – Budget and Performance by Budget Activity ...........................................................................12

2.1.1 – Administration Resources and Measures.............................................................................12

2A – Administration Budget and Performance................................................................................12

2.1.2 – Community Development Financial Institutions Program Resource and Measures...........13

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

2.1.3 – New Markets Tax Credit Resources and Measures.............................................................15

2C – New Markets Tax Credit Program..........................................................................................15

2.1.4 – Bank Enterprise Award Program Resources and Measures ................................................16

2D – Bank Enterprise Award Program............................................................................................16

2.1.5 – Native American CDFI Assistance Program Resources and Measures...............................17

2E – Native American CDFI Assistance Program...........................................................................17

2.1.6 – Healthy Food Financing Initiative Detail Resources and Measures....................................18

2F – Healthy Food Financing Initiative...........................................................................................18

2.1.7 – Small Dollar Loan Program Resource 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

C – Changes in Performance Measures...........................................................................................21

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

A – Summary of Capital Investments..............................................................................................21
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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) 2023:

• $215.4 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).

• $2 million for the AmeriCorps CDFI Economic Mobility Corps, to be operated in 

conjunction with Corporation for National and Community Service (CNCS) to place national 

service members at Certified CDFI’s to strengthen the capacity of CDFI’s to perform

activities related to financial literacy, financial planning, and other financial counseling 

activities, giving priority to positions in rural areas and to veterans.

• $26 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.

• $21.5 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.
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• $35 million in administrative funding to support a variety of purposes, including:

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

including the 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; and

- 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.

• $23 million for Healthy Food Financing Initiative (HFFI) awards to CDFIs to expand 

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

• $8.5 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.

1.1 – Appropriations Detail Table

Dollars in Thousands

FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023

Appropriated Resources Operating Plan Annualized CR Request % Change

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Community Development Financial 

Institutions Fund Program 0 $165,000 0 $165,000 0 $215,383 NA 30.5%

Economic Mobility Corps 0 $2,000 0 $2,000 0 $2,000 NA 0.0%

Bank Enterprise Award Program 0 $26,000 0 $26,000 0 $26,000 NA 0.0%

Native American CDFI Assistance 

Program 0 $16,500 0 $16,500 0 $21,500 NA 30.3%

Administrative 67 $29,000 82 $29,000 89 $35,037 8.5% 20.8%

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

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

Subtotal New Appropriated Resources 67 $270,000 82 $270,000 89 $331,420 0.0% 22.7%

Other Resources

User Fees 0 $1,186 0 $1,250 0 $1,350 NA 8.0%

Recoveries from Prior Years 0 $405 0 $500 0 $500 NA 0.0%

Unobligated Balances from Prior Years 0 $13,569 0 $218,045 0 $28,000 NA -87.2%

Subtotal Other Resources 0 $15,160 0 $219,795 0 $29,850 NA -86.4%

Total Budgetary Resources 67 285,160 82 $489,795 89 $361,270 8.5% -26.2%

FY 2021 Other Resources and Full-time Equivalents (FTE) reflect actuals. 
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1.2 – Budget Adjustment Table

Dollars in Thousands

FTE Amount

FY 2022 Annualized CR 82 $270,000 

Program Changes:

Program Increases: 7 $61,420 

CDFI Program 0 $50,383 

Native American CDFI Assistance (NACA) Program 0 $5,000 

Administration 7 $6,037 

FY 2023 President's Budget Request 89 $331,420 

C – Budget Increases and Decreases Description

Program Increases .....................................................................................+$61,420,000/ +7 FTE

CDFI Program +$50,383,000 / +0 FTE

The CDFI Fund will increase the amount of Financial FA and TA awards. An increase of $50.4

million to the CDFI Program will result in larger FA awards to increase the number of business 

and microenterprise loans, home improvement and purchase loans, residential real estate 

transactions, and other consumer loans and products offered by CDFI awardees. This increase 

would also support Small and/or Emerging Community Development Financial Assistance

applicants and provide more funding for capacity building grants through the technical assistance 

component.

NACA Program +$5,000,000 / +0 FTE

The CDFI Fund will increase the NACA Program by $5 million, which will result in larger FA 

awards to increase the number of business and microenterprise loans, home improvement and 

purchase loans, residential real estate transactions, and other consumer loans and products in 

Native Communities. It will also be used to increase participation by Native communities by 

improving technical assistance and capacity building for Native CDFIs.

Administration +$6,037,000 / +7 FTE

An increase of $6 million in administration funding will support the hiring of seven new staff for 

program, compliance, certification, performance reporting and data collection, and IT system 

development and enhancements. It will support research on the growth and self-sufficiency of 

the CDFI Sector and its impact on underserved communities, minorities and economic 

inequality. In addition, it will enable the CDFI Fund to prepare for updating all its program

eligibility data based on the forthcoming Decennial Census data, and update the CDFI 

Information Mapping System (CIMS) used for compliance and performance reporting across 

programs. Finally, it will provide more support for IT contracts related to system enhancement 

and development, especially new program applications and improved efficiency and automation 

of compliance and certification validation processes.
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1.3 – Object Classification (Schedule O) Obligations

Dollars in Thousands

Object Classification

FY 2021 

Actual

Obligations

FY 2022 

Estimated 

Obligations

FY 2023 

Estimated 

Obligations

11.1 - Full-time permanent 9,279 10,319 11,687 

11.9 - Personnel Compensation (Total) 9,279 10,319 11,687 

12.0 - Personnel benefits 3,193 3,489 3,994 

Total Personnel and Compensation Benefits $12,472 $13,808 $15,681 

21.0 - Travel and transportation of persons - 70 70 

24.0 - Printing and reproduction 9 2 5 

25.1 - Advisory and assistance services 4,983 1,743 3,700 

25.2 - Other services from non-Federal sources 33 150 135 

25.3 - Other goods and services from Federal sources 7,598 12,159 10,400 

25.7 - Operation and maintenance of equipment 113 2,600 3,850 

26.0 - Supplies and materials 23 45 50 

31.0 – Equipment 4,530 6,494 3,923 

41.0 - Grants, subsidies, and contributions 53,175 446,000 322,000 

Total Non-Personnel $70,464 $469,263 $344,133 

New Budgetary Resources $82,936 $483,071 $359,814 

Full-time Equivalents (FTE) 67 82 89

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and 

transfers. 
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D – Appropriations Language and Explanation of Changes

Appropriations Language Explanation of Changes

DEPARTMENT OF THE TREASURY

COMMUNITY DEVELOPMENT FINANCIAL 

INSTITUTIONS FUND

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, 

$331,420,000. Of the amount appropriated under this heading—

(1) not less than $217,383,000, 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, 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 $6,000,000, 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 not less than 

$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 

Financial Assistance awards to organizations that invest and 
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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 2011–2015 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 $21,500,000, notwithstanding section 108(e) of 

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

September 30, 2024, 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 $26,000,000 is available until September 30, 

2024, for the Bank Enterprise Award program; 

(4) not less than $23,000,000, 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, 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 $8,500,000 is available until September 30, 

2024, 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 $35,037,000 is available until September 30, 2023, 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 
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Fund 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 for the cost, as defined in section 502 

of the Congressional Budget Act of 1974, of commitments to 

guarantee bonds and 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: 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 2011–2015 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. 

Note. --A full-year 2022 appropriation for this account was not 

enacted at the time the budget was prepared; therefore, the budget 

assumes this account is operating under the Continuing 

Appropriations Act, 2022 (Division A of P.L. 117-43, as

amended). The amounts included for 2022 reflect the annualized 

level provided by the continuing resolution. 

Extension of the Bond 

Guarantee Program 

through December 31, 

2023 to allow more time 

to close complex and 

time-consuming bond 

commitments

E – Legislative Proposals

The FY 2023 Budget proposes to include $5 billion in long-term mandatory funding to support 

lending by eligible CDFIs to finance new construction and substantial rehabilitation that creates 

net new units of affordable rental and for sale housing known as the CDFI Affordable Housing 

Supply Fund.

The purpose of the program is to increase and preserve the supply of affordable housing in single 

family and small properties (1-4 units) and small multifamily properties not to exceed 100 units. 

The Community Development Financial Institutions Fund will provide $5 billion in grants to 

Community Development Financial Institutions (CDFIs) to support financing for the 
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construction, acquisition, rehabilitation and preservation of both rental and homeownership

housing, including accessory dwelling units.

This program will encourage the participation of small-scale developers and contractors. 

The program will support activities that: 

• ensure the sustainability, climate resiliency, and energy efficiency of affordable housing 

through rehabilitation; 

• focus on increasing the supply of affordable housing in underserved markets, including 

single family, small properties (1-4 units) and small multifamily properties with fewer than 

100 units; 

• create affordable homeownership opportunities through financing the construction and 

rehabilitation of single-family properties for individuals and families with incomes up to 120

percent of AMI and up to 150 percent of the Area Median Income (AMI) in high cost areas 

(including acquisition and rehabilitation); 

• preserve and rehabilitate rental opportunities in Naturally Occurring Affordable Housing 

(NOAH);

• finance/ support the development of Accessory Dwelling Units (ADUs);

• preserve affordable housing that is at risk of conversion to market rate; and

• expand the supply of affordable housing through innovative approaches consistent with the 

goals of the program including the conversion of commercial properties to residential and 

utilization of modular housing.

Units financed under this program will have 10 years affordability compliance requirements.
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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 

new 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. This work will include benchmarking performance 

and may result in changes in performance measures in the FY 2024 budget. 

The FY 2023 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 Capital Magnet Fund (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 (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.
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In FY 2023, the CDFI Fund will be making an additional $1.75 billion in grant funds available to 

CDFIs. These grants will further assist distressed communities by expanding lending, grant 

making, and increasing investment activity in low- or moderate-income minority communities 

and to minorities that have significant unmet capital or financial service needs.

B – Budget and Performance by Budget Activity

2.1.1 – Administration Resources and Measures

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources $26,000 $27,000 $27,000 $28,500 $29,000 $29,000 $35,037 

Budget Activity Total $26,000 $27,000 $27,000 $28,500 $29,000 $29,000 $35,037 

Full-time Equivalents (FTE) 74 66 67 76 67 82 89

Performance Measure

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Target Target Target

All Award Cycle Time 

(Months) 6.3 5.8 6.4 5.5 5.6 6.5 6.5 6.5

All-Time to Initial 

Disbursement (#Months) 7.5 7.0 7.0 4.4 5.1 4.5 4.5 4.5

ALL- Number of Affordable 

Housing Units Developed or 

Produced

 

27,443 

 

34,083 

 

61,839 

 

44,361 

 

58,125 I I I 

Key: I - Indicator; DISC - Discontinued; B - Baseline

2A – Administration Budget and Performance

($35,037,000 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.

• The All 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 Award Cycle Time in FY 2021 was 5.6 months, thereby exceeding the target of 6.5

months. FY 2021 reflects the inaugural round of the SDL Program as well as estimates for 

BEA and CMF programs, which are still in the midst of their FY 2021 round application 

reviews. For FY 2022 and FY 2023, the target will remain at 6.5 months because the CDFI 

Fund will be standing up additional programs funded by the Consolidated Omnibus Act, 2021. 
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• 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 2021

program disbursements results were tabulated in FY 2022 at 5.1 months which falls below the 

target set of 4.5 months. It should be noted that the tabulation includes estimates for BEA and 

CMF programs which are still in the midst of their FY 2021 round application reviews. While 

the FY 2021 results are higher than the FY 2020 results (4.4 months), they are still lower than 

the FY 2019 results (7 months) which reflect improved efficiencies through the AMIS system.

The target will remain at 4.5 months for FY 2022 and FY 2023.

 

• 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. The FY 2021 actual result 

was 58,125 affordable housing units. Beginning with 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. 

2.1.2 – Community Development Financial Institutions Program Resource and Measures 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources $161,500 $160,000 $160,000 $165,500 $165,000 $165,000 $215,400 

Budget Activity Total $161,500 $160,000 $160,000 $165,500 $165,000 $165,000 $215,400 

Performance Measure

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

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 %)

81.2 73.7 75.6 75.0 71.4 60.0 60.0 60.0

CDFI - Percentage of Loans 

& Investments Originated in 

Eligible Distressed or 

Underserved Communities 

by Number of Loans

83.0 72.1 78.8 79.6 75.7 60.0 60.0 60.0

2B – Community Development Financial Institutions Program 

($217,383,000 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). 
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For the FY 2021 CDFI Program round, the CDFI Fund awarded $140.8 million in Base-FA and 

TA awards to 422 organizations in 43 states, the District of Columbia, and Puerto Rico. 

In addition to the Base-FA awards, the CDFI Fund will also provide the following supplemental 

FA awards:

• $23 million to 10 CDFIs through the Healthy Food Financing Initiative-Financial Assistance 

(HFFI-FA) awards, a supplemental program designed to encourage investments in businesses 

that provide healthy food options for communities;

• $6 million to 14 CDFIs through the Disability Funds-Financial Assistance (DF-FA) awards, a 

supplemental program designed to help CDFIs finance projects and services that will assist 

individuals with disabilities; and

• $18.6 million to 125 CDFIs through the Persistent Poverty Counties-Financial Assistance 

(PPC-FA) awards, which is a supplemental program designed to encourage investments in 

Persistent Poverty Counties nationwide.

The request includes $2 million for the AmeriCorps CDFI Economic Mobility Corps (EMC), 

which is a joint initiative of the CDFI Fund and 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. 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. EMC awards will be announced May 2022.

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 

total dollar amount of loans originated by awardees; 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 awardees. 

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 their safety and soundness considerations.

In FY 2021, the CDFI Program surpassed the 60.0 percent threshold for the percentage of both 

the dollar amount (71.4 percent) and the number of CDFI loans (75.7 percent) made to eligible 

distressed communities and underserved populations.
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2.1.3 – New Markets Tax Credit Resources and Measures

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources 0 0 0 0 0 0 0

Budget Activity Total 0 0 0 0 0 0 0

Performance Measure

FY 

2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Target Target Target

NMTC - Percentage of 

Loans and Investments 

That Went Into Severely 

Distressed Communities

77.5 73.6 80.3 77.2 77.0 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.

On December 27, 2020, legislation was enacted extending allocation authority of the NMTC 

Program for five years through calendar year (CY) 2025 at $5 billion annually. The FY 2023 

revenue proposal volume (also referred to as the “greenbook”) seeks a permanent reauthorization 

of the New Markets Tax Credit. Please see https://home.treasury.gov/policy-issues/taxpolicy/revenue-proposals for more information. 

Description of Performance:

In FY 2021, the CDFI Fund awarded $5 billion in CY 2020 NMTC Program allocation authority 

to 100 organizations out of a pool of 208 applicants that requested $15.1 billion in NMTC 

allocations.

In FY 2021, CDEs reported that 77 percent of NMTC investments were made in severelydistressed communities, exceeding the target of 75 percent. The expectation is that the NMTC 

investments performance report for FY 2022 and FY 2023 will meet or exceed the 75 percent

target.
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2.1.4 – Bank Enterprise Award Program Resources and Measures

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources $23,000 $25,000 $25,000 $25,000 $26,000 $26,000 $26,000 

Budget Activity Total $23,000 $25,000 $25,000 $25,000 $26,000 $26,000 $26,000 

Performance Measure

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Target Target Target

BEA - Increase in 

Community Development 

Activities Over Prior Year 

For All BEA Program 

Applicants ($ million)

522 646 429 469 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 N/A TBD B N/A N/A

Key: DISC - Discontinued; B - Baseline; TBD - To Be Determined; N/A - Not Available

2D – Bank Enterprise Award Program 

($26,000,000 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 FY 2021 BEA Program round is still in the application review stage 

with the goal of announcing awards by the end of March 2022. 

For FY 2021, the BEA Program will 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. 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 activities.
CDFI - 17

2.1.5 – Native American CDFI Assistance Program Resources and Measures

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources $15,500 $16,000 $16,000 $16,000 $16,500 $16,500 $21,500 

Budget Activity Total $15,500 $16,000 $16,000 $16,000 $16,500 $16,500 $21,500 

Performance Measure

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Target Target Target

NACA - Percentage of 

NACA Loans and 

Investments in Native 

Areas ($ Amount of Loans)

47.9 84.9 78.0 57.2 60.1 50.0 50.0 50.0

NACA - Percentage of 

NACA Loans and 

Investments in Native 

Areas (# of Loans)

95.1 94.4 86.0 72.1 72.6 50.0 50.0 50.0

2E – Native American CDFI Assistance Program

($21,500,000 from direct appropriations): 

Through the NACA Program, the CDFI Fund assists entities in overcoming barriers that prevent 

access to credit, capital, and financial services in American Indian, Alaska Native, and Native 

Hawaiian communities. The NACA Program makes monetary awards to increase the number 

and capacity of existing or new Native CDFIs (i.e., CDFIs that serve Native communities). In 

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

Native CDFIs lend where other mainstream financial institutions do not and serve the poorest 

individuals, families, and businesses in Native communities.

For the FY 2021 round of the NACA Program, the CDFI Fund awarded $14.3 million in BaseFA and TA awards to 34 organizations in 16 states. In addition, the CDFI Fund awarded $1.65

million in NACA Program PPC-FA awards to eight 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 

awardees 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 awardees to balance their 

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

In FY 2021, NACA recipients reported outcome data for their 2020 activities, which showed that 

60.1 percent of loans by dollar amount and 72.6 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 - 18

2.1.6 – Healthy Food Financing Initiative Detail Resources and Measures

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

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

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

Performance Measure

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Target Target Target

HFFI - Retail Outlets 

Created/Preserved 24.0 20.0 23.0 25.0 29.0 I I I

Key: I - Indicator

2F – Healthy Food Financing Initiative

($23,000,000 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 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 number of HFFI Retail outlets 

created was 29. Beginning with FY 2021, the HFFI performance measure is reported as an

indicator because the variability of investments in new retail HFFI outlets made it difficult to 

forecast an annual target. 

2.1.7 – Small Dollar Loan Program Resource and Measures 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Annualized 

CR Request

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

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

2G - Small Dollar Loan Program

($8,500,000 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 high 
CDFI - 19

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.

Description of Performance:

The program is in its infancy, therefore, its performance measure is still under review by the 

Office of Strategic Planning and Performance Improvement (OSPPI) and the Office of 

Performance Budget (OPB) before it receives final approval from the Office of Management and 

Budget (OMB). The Fund anticipates reporting out on SDLP’s performance measure in the 

FY2024 budget materials for FY2021. SDLP performance data will have to be baselined for 

three years to evaluate what a reasonable performance target might be based on the trends.

The inaugural round of SDLP awards were made in September 2021. A total of 52 CDFIs 

received $10.8 million in FY 2021 SDLP awards. These Certified CDFIs are headquartered in 

30 states, the District of Columbia and Puerto Rico. Two organizations received nearly 

$300,000 in awards for LLR grants. Nine organizations received $1.0 million in TA grants. 41 

organizations received $9.5 million in a combination of TA award and LLR awards. SDLP 

Award Recipients are comprised of Certified CDFIs of diverse types and include: 28 loan funds 

that received $5.2 million; 13 credit unions that received $2.8 million; and 11 banks or bank 

holding companies that received $2.8 million. This includes, two organizations headquartered in 

Puerto Rico that received $560,000 in awards, and five minority depository institutions that 

received a total of $1.6 million in awards.

2.1.8 – Capital Magnet Fund Program Resource Detail Table 

Dollars in Thousands

FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

 Resource Level Actual Actual Actual Actual Actual Estimate Estimate

GSE Distribution $119,413 $144,917 $131,884 $175,809 $382,748 $367,000 $212,000 

Budget Activity Total $119,413 $144,917 $131,884 $175,809 $382,748 $367,000 $212,000 

Full-time Equivalents (FTE) 4 4 3 5 4 6 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. 
CDFI - 20

The FY 2021 CMF Program round is still in the application review stage with the goal of 

announcing awards in May 2022. 

2.1.9 – CDFI Bond Guarantee Program Resource Detail Table

Dollars in Thousands

 Resource Level FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Annualized 

CR Request

Obligations $245,000 $150,000 $150,000 $100,000 $100,000 $500,000 $500,000

Loan Limitation Obligation 

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

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

Dollars in Thousands

 Resource Level FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Actual Actual Actual Actual Actual Estimate Request

Obligations $245,000 $150,000 $150,000 $100,000 $100,000 $500,000 $500,000

Collections* $19,789 $34,337 $51,493 $61,621 $74,320 $81,940 $95,728 

*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 $171 million and $265 million in FY 2022 and FY 

2023, 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 is nearly $1.8 billion. 

A total of 26 Eligible CDFIs and three 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. 
CDFI - 21

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

asset classes:

C – Changes in Performance Measures

CDFI has no changes in performance measures.

Section III – Additional Information

A – Summary of Capital Investments

As part of its FY 2023 capital investment strategy, the CDFI Fund plans to spend approximately 

$7.16 million for enhancements, operations, and maintenance of its IT infrastructure. The CDFI 

Fund has no major IT investments, nor any capital investments other than IT. 

Non-Major IT Investments: 

For FY 2023, the CDFI Fund has identified two non-major IT investments: AMIS and the CDFI 

Fund public website. AMIS is an enterprise-wide commercial, cloud-based solution that supports 

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

CDFI Fund public website, another cloud-based solution, provides access to general information 

about the CDFI Fund and is used to ensure the public can obtain information and guidance 

regarding CDFI Fund programs. In FY 2023, the CDFI Fund plans to provide Operations and 

Maintenance (O&M) support for these two investments, 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.