Yesterday the CDFI Fund announced its FY 2017 awards: A total of $208.7 million distributed to hundreds of Community Development Financial Institutions (CDFIs), which will use the funds to increase lending and investment activity in low-income communities throughout the nation. IFF received more than $4 million from this round of awards, which included the largest pool of awardees in the history of the CDFI Fund:
- $171.1 million to 265 organizations in 46 states through the CDFI Program
- $22 million to 13 organizations through the Healthy Food Financing Initiative (HFFI)
- $15.6 million to 38 organizations in 21 states through the Native American CDFI Assistance (NACA) Program
There is high demand for these funds, with just 30 percent of requested funds awarded through the CDFI Program and just 20 percent of requested funds awarded through the HFFI. IFF received $1 million from the CDFI Program and $3 million from the HFFI program.
“IFF is grateful to have received one of the largest allocations of funding this year, and we’re eager to put that money to work in the communities we serve,” said IFF CEO Joe Neri. “This will help IFF and other CDFIs across the country fill financing gaps by offering affordable financial products that meet the particular needs of economically underserved areas.”