Through the CDFI Rapid Response Program (CDFI RRP), the CDFI Fund will provide (i) awards of up to $5 million to Certified Community Development Financial Institutions (CDFIs) to support, prepare for, and respond to the economic impact of the COVID-19 pandemic. All awards provided through this NOFA are subject to funding availability.
Program Description
A. History: The CDFI Fund was established by the Riegle Community Development Banking and Financial Institutions Act of 1994 to promote economic revitalization and community development through investment in and assistance to CDFIs. The CDFI Rapid Response Program was authorized by Congress to provide grants to CDFIs to support, prepare for, and respond to the economic impact of the COVID-19 pandemic.
B. Priorities: Through CDFI Rapid Response Program grants, the CDFI Fund will invest in and build the capacity of for-profit and non-profit community based lending organizations known as CDFIs. These organizations, certified as CDFIs by the CDFI Fund, serve rural and urban Low-Income people, and communities across the nation that lack adequate access to affordable Financial Products and Financial Services. The CDFI Rapid Response Program grants will be used to support the CDFI's provision of financial products and services to underserved people and communities as well as the operational expenses to support the CDFI's operational capacity.