Community Development Financial Institutions Fund 

Program Summary by Budget Activity 

Dollars in Thousands

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

Budget Activity Operating Plan Operating Plan Request $ Change % Change 

Community Development Financial 

Institutions Fund Program $163,500 $165,000 $215,383 $50,383 30.54% 

Economic Mobility Corps $2,000 $2,000 $2,000 $0 0.00% 

Bank Enterprise Award Program $25,000 $26,000 $26,000 $0 0.00% 

Native American CDFI Assistance Program $16,000 $16,500 $21,500 $5,000 30.30% 

Administrative $28,500 $29,000 $33,617 $4,617 15.92% 

Healthy Food Financing Initiative $22,000 $23,000 $23,000 $0 0.00% 

Small Dollar Loan Program $5,000 $8,500 $8,500 $0 0.00% 

Subtotal, Organization Title $262,000 $270,000 $330,000 $60,000 22.22% 

Offsetting Collections - Reimbursable $1,043 $1,164 $1,200 $36 3.09% 

Recovery from Prior Years $600 $500 $500 $0 0.00% 

Unobligated Balances Brought Forward $193,017 $13,569 $31,169 $17,600 129.71% 

Total Program Operating Level $456,660 $285,233 $362,869 $77,636 27.22% 

Direct FTE 70 82 89 7 8.54% 

Total Full-time Equivalents (FTE) 70 82 89 7 8.54% 

Summary 

The FY 2022 Budget requests an appropriation of $330,000,000 for the Community 

Development Financial Institutions Fund (CDFI Fund) to administer the CDFI Fund’s programs 

and oversee the existing portfolio of awards. 

The CDFI Fund expands the availability of credit, investment capital, and financial services in 

distressed urban and rural communities and for underserved populations. The CDFI Fund carries 

out the Community Development Banking and Financial Institutions Act of 1994, as well as 

certain programmatic provisions of the Community Renewal Tax Relief Act of 2000, the 

Housing and Economic Recovery Act of 2008 (HERA), the Small Business Jobs Act of 2010, 

and the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (P. L. 116-

260) that provided $3 billion for emergency support for CDFIs and communities responding to 

the COVID-19 pandemic. In the spring of FY 2021, $1.25 billion of these funds will be awarded 

through its newly established CDFI Rapid Response Program (CDFI RRP), which is designed to 

quickly deploy capital to CDFIs through a streamlined application and review process. 

Beginning in FY 2022, the CDFI Fund will award the remaining $1.75 billion to support lending 

in minority communities and minority lending institutions CDFIs to expand their lending, grant 

making and investments activity in low- or moderate-income minority communities and 

minorities that have significant unmet capital or financial service needs. 

The CDFI Fund supports the creation and expansion of diverse Community Development 

Financial Institutions (CDFIs), which provide loans, investments, business counseling, basic 

banking services, and financial literacy training to underserved communities. Working primarily 

through CDFIs, the CDFI Fund facilitates business development, commercial real estate, housing 
development and home ownership. The CDFI Fund’s activities leverage billions of private sector 

investment dollars from banks, foundations, and other funding sources on a cumulative basis. 

The FY 2022 Budget proposes funding for the CDFI Program and the Native American CDFI 

Assistance (NACA) Program, the Bank Enterprise Award Program, the Small Dollar Loan 

Program, and the Healthy Food Financing Initiative (HFFI). 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. Treasury’s request 

also includes funding for the administration, operational support, and management associated 

with these programs, the New Markets Tax Credit (NMTC) Program, and the CDFI Bond 

Guarantee Program. 

Budget Highlights 

Dollars in Thousands 

 FTE Amount 

FY 2021 Enacted 82 $270,000 

Program Changes: 

Program Increases: 7 $60,000 

CDFI Program 0 $50,383 

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

Administration 7 $4,617 

FY 2022 President's Budget Request 89 $330,000 

Budget Adjustments 

Program Increases .....................................................................................+$60,000,000/ +7 FTE 

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

This increase will result in larger Financial Assistance (FA) awards and will support Small 

and/or Emerging Community Development Financial Institutions Assistance applicants, 

providing more funding for capacity building grants through the technical assistance component. 

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

This increase will result in larger FA awards, as well as be used to increase participation by 

Native communities by improving technical assistance and capacity building for Native CDFIs. 

Administration +$4,617,000 / +7 FTE 

This increase will allow the CDFI Fund to focus on hiring, data collection and infrastructure 

needs that have been deferred in past years due to budget constraints. 

Legislative Proposals 

The Budget proposes to expand the Capital Magnet Fund by $12 billion as part of the American 

Jobs Plan. 
Performance Highlights 

 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 

Budget Activity Performance Measure Actual Actual Actual Target Target 

Community Development 

Financial Institutions 

Program 

CDFI - Percentage of Loans & 

Investments Originated in Eligible 

Distressed or Underserved 

Communities by Dollar Amount of 

Loans (Annual %) 

73.7 75.6 75.0 60.0 60.0 

Administration All Award Cycle Time (Months) 5.8 6.4 5.5 6.5 6.5 

Administration 

ALL- Number of Affordable 

Housing Units Developed or 

Produced 

34,083 61,839 44,361 I I 

New Markets Tax Credit 

Program 

NMTC - Percentage of Loans and 

Investments That Went Into Severely 

Distressed Communities 

73.6 80.3 77.2 75.0 75.0 

Key: I - Indicator 

Description of Performance 

For the FY 2020 CDFI Program round, the CDFI Fund awarded $127 million in financial 

assistance to 230 organizations. The CDFI Fund also awarded $18.5 million in PPC-FA to 106 

CDFIs specifically to serve Persistent Poverty Counties nationwide. In addition, the CDFI Fund 

awarded $22 million in HFFI-Financial Assistance to 13 CDFIs, as well as $4 million in 

Disability Funds-Financial Assistance awards to 17 CDFIs to help finance projects and services 

to assist individuals with disabilities. A total of 127 organization were also awarded more than 

$15.8 million in Technical Assistance (TA) awards 

In the FY 2020 round of the NACA Program, the CDFI Fund awarded $15.2 million in FY 2020 

NACA Program Base-FA and TA awards to 40 organizations in 18 states. In addition, the CDFI 

Fund awarded $1.6 million in NACA Program PPC-FA awards to 11 Native CDFIs. 

In the FY 2020, the CDFI Fund awarded $3.5 billion in calendar year 2019 NMTC Program 

allocation authority to 76 organizations out of a pool of 206 applicants that requested $14.7 

billion in NMTC allocations. 

Highlights of Select Performance Measures 

In the FY 2020, the CDFI Program surpassed the 60.0 percent threshold for the percentage of 

both the dollar amount (75.0 percent) and the number of CDFI loans (79.6 percent) made to 

eligible distressed communities and underserved populations. 

In FY 2020, the NMTC Program recipients reported that over 77 percent of NMTC investments 

made in FY 2019 were in highly distressed areas. These are communities with low median 

incomes and high rates of poverty and unemployment. 

The All Award Cycle Time metric is an efficiency measure of 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 2020 was 5.5 months, surpassing the 

target of 6.5 months. This achievement reflects improved efficiency in making awards, which is 
largely a function of the implementation of the Awards Management Information System 

(AMIS). For FY 2022 the target will remain at 6.5 months because the CDFI Fund will be 

standing up additional programs, including the Minority Lending Program (MLP) and the Small 

Dollar Loan (SDL) Program. 

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 award and allocation recipients. In FY 2020, 

recipients reported 44,361 affordable housing units developed or produced as a result of CDFI 

Fund program awards, thereby exceeding the FY 2020 target for affordable housing units. The 

target attempts to project outcomes for program investments from prior-year award recipients’ 

reported eligible affordable housing projects. This measure is being converted to an indicator 

because of the variability in projecting annually the number of affordable housing units funded 

for three programs makes it difficult to project a reliable target.