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NCUA’s Streamlined CDFI Process Available for CUs June 4–22
Thursday, May 17, 2018 6:45 AM

Credit unions interesting in coordinating with NCUA in the agency’s streamlined Community Development Financial Institution (CDFI) certification applications process will be able to do so from June 4–22 and Sept. 10–28 this year.

Certified CDFIs are eligible to apply for awards through a variety of programs offered by the Treasury’s CDFI Fund. These awards enable CDFIs to finance a wide range of activities, including mortgage lending for first-time homebuyers, flexible underwriting for community facilities, and commercial loans for businesses in low-income areas.

As of April 30, credit unions are 283 of 1,079 certified CDFIs nationwide.

To be certified, an organization must:

  • Be a legally existing entity;
  • Have a primary mission of promoting community development;
  • Be a financing entity;
  • Primarily serve an eligible target market;
  • Provide development services in conjunction with its financing activities;
  • Maintain accountability to its defined target market; and
  • Be a non-governmental entity and not be controlled by any governmental entities.

During the June 4–22 and Sept. 10–28 windows, interested credit unions can submit a participation form and submit loan data to NCUA.

Learn more.