Heads Up! Significant Changes in the FY ‘25 CDFI Fund Program Application!
Amy Szabo, the preeminent expert on the CDFI Certification Application and Grant Programs, stayed up Thursday night to conduct an exhaustive review of the FY ‘25 CDFI Program Application and Guidance. There are some surprises! Here are the changes you need to know about:
Year-to-Date Fiscal Year End Change in the Financial Data Inputs
For organizations with a 6/30 or 8/31 FYE that have not yet completed their audits, submit a Service Request about the relevant YTD date, as the most recent historic fiscal year should continually be audited.
Maximum award amounts
TA Max - $150k (formerly $125k)
NACA TA Max - $200k (formerly $150k)
NACA FA Max - $1.5M
PPC Max - $400k (formerly $300k)
Statement Attachments
If your organization chooses not to get an annual financial statement audit, you must submit a signed letter with the unaudited statements on organizational letterhead. The letter should explain the organization's size and/or lack of financial history, which led to the decision not to create audited financial statements.
If your organization's financial statements are consolidated with another entity, then you must either (1) attach the unconsolidated versions or (2) note within the attachment where the unconsolidated information is located in the financial statements.
Use of Technical Assistance (TA) Funds
While the eligible uses of TA funds have not changed, the NOFA emphasizes more than it has in the past that the award has to be used for an eligible use THAT SPECIFICALLY BUILDS THE CAPACITY OF THE ORGANIZATION AS A CDFI.
Housing Production Supplemental FA
We were all taken by surprise by the new supplemental FA application, up to $5M, for CDFIs that make loans to housing developers. We will have a follow-up post on that with more details!
