CDFI Fund Announces Creation of $1.25 Billion Rapid Response Program
The Community Development Financial Institutions (CDFI) Fund announced this week that it will award $1.25 billion through the CDFI Rapid Response Program. A blog post on the CDFI Fund website said a funding notice for the program–with financing provided by year-end COVID-19 relief legislation–must be posted no later than Feb. 25 and that more details, including how to apply, will be released soon. Only CDFIs that achieve certification before the release date of the notice of funding availability will be eligible to apply. The CDFI Rapid Response Program funds are to help communities respond to the economic hardships created by the COVID-19 pandemic.
Novogradac CDFI service professionals are available to assist CDFIs with the application when it is made available.