CDFI (Community Development Financial Institutions) Fund
| Details | Selected federal incentive program designations |
|---|---|
| Topics | CDFI Fund Equitable Recovery Program, CDFI Fund Investment Areas, BEA Distressed Communities |
| Source | Community Development Financial Institutions Fund, US Department of the Treasury |
| Years Available | 2016-2020, 2022, 2023 |
| Geographies | Census Tract |
| Public Edition or Subscriber-only | Public Edition |
| Download Available | yes |
| For more information | https://www.cdfifund.gov/programs-training/programs/erp, https://www.cdfifund.gov/news/468 https://www.cdfifund.gov/programs-training/programs/cdfi-program |
Description:
Equitable Recovery Program: The Community Development Financial Institutions Fund awards Community Development Financial Institutions (CDFIs) grants for economic recovery from the COVID-19 pandemic. The CDFI Fund designates census tracts as eligible for these grants based on the following criteria: (a) are census tracts that (i) demonstrate “severe impact” of the COVID-19 pandemic, and (ii) have a median income at or below 120% of the Area Median Income, and (iii) are CDFI Investment Areas; or (b) are Native Areas.
Severe COVID Impact/Low Community Resilience designation is given to census tracts that demonstrate any of the following: severe mortality (being in the highest tercile of the number of deaths per 100,000 people, according to reported cumulative mortality for the period from April 1, 2020 to March 31, 2021), severe change in unemployment or low community resilience (based on data from the US Census Bureau Community Resilience Estimates Program). CDFI Investment Areas are geographies which have a population poverty rate of at least 20% (including Persistent Poverty Counties, which are counties that have had 20% of more of their populations living in poverty over the past 30 years),or have unemployment rates of at least 1.5 times the national or other criteria listed by CDFI Fund.
The Community Development Financial Institution (CDFI) Fund, a division of the US Department of the Treasury, administers the New Markets Tax Credit (NMTC) and Bank Enterprise Award (BEA) programs, and supports and invests in Community Development Financial Institutions. For information about the NMTC, please see entry, below. The CDFI Fund maintains a list of Census Tracts and their program eligibility or designation, based on income, poverty and unemployment data provided by the Census Bureau’s 2016-2020 American Community Survey (ACS) for 2020 census tracts. For more on these programs users should consult the CDFI Fund website directly: www.cdfifund.gov.
Designations are current as of March 2024, but may be changed at any time by the CDFI Fund. For this reason, users should verify eligibility directly with the CDFI Fund. For CDFI Program Investment Areas, information in PolicyMap does not include Native American Areas.