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New CDFI guidance for certification requests
WASHINGTON (9/23/08)—For credit unions and other financial institutions considering certification under the U.S. Treasury Department’s Community Development Financial Institution (CDFI) program, there is new guidance on how to apply, and also how to amend, certification. The CDFI Fund was created in 1994 to make capital grants, equity investment, and awards for technical assistance to CDFIs. One of the new guidance documents is designed in a frequently asked-questions (FAQ) format. It offers 18 questions and answers in six categories ranging from “general” to “recertification” to “contacting CDFI” program staff. The second document, on "Designating a Target Market In my CDFI Fund," provides guidance on defining an institution’s “target market” in the CDFI application and can also be useful for a CDFI needing to its target market. A CDFI release said this revised guide provides “clearer instructions on the step-by-step guidance for designating and submitting the Target Market Maps that are a part of a new CDFI Certification Application or a request from a certified CDFI to modify its certified Target Market.” Use the resource links below for more CDFI information.
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