CDFI Fund Reports Applications Up 122%

WASHINGTON - The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund said it has received 225 applications for the Fiscal Year 2008 round of the CDFI Program, a 122% increase over last year’s round. The applicants requested an aggregate of over $205.5 million in assistance, which also increased from last year’s round by 149%. The CDFI Fund has approximately $26 million available (pending Congressional appropriation), with approximately $2 million of the funds targeted to CDFIs that applied under Category I of the application, what is known as Small and Emerging CDFI Assistance, or SECA; and $2 million in funds targeted to applicants that apply for Technical Assistance only. The remaining $22 million in funds will be awarded to CDFIs that applied under Category II of the application, known as Core Applicants. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com