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Treasury Awards $1.25 Billion in COVID-19 Relief Funding to CDFIs
The U.S. Department of the Treasury today awarded $1.25 billion COVID-19 relief funding to community development financial institutions (CDFIs) through the CDFI Rapid Response Program (RRP). The awards go to 863 CDFIs to provide necessary capital for CDFIs to respond to the economic challenges from the pandemic, particularly in underserved communities. The CDFI RRP funds will support activities such as financial products, financial services, development services and certain operational activities. The recipients are in 48 states, the District of Columbia, Puerto Rico and Guam.
Novogradac offers accounting and consulting expertise to help the specific needs of CDFIs.