CDFI Announces Approximately $25 Million Available in 2006

WASHINGTON – The U.S. Treasury Department's often attacked and occasionally beleaguered Community Development Financial Institution Fund has announced that it will have approximately $25 million available for which certified CDFIs can apply in fiscal year 2006. Community development credit unions have largely, though not always, found the CDFI Fund generous and helpful in its grant making. Whereas in fiscal year 2003 it only granted just over $1 million to four credit unions or credit union-affiliated organizations, in the last funding round 10 credit unions or affiliated organizations received almost $7 million. In one potential difficulty, the CDFI Fund announced that this year's applications would only be taken electronically. Although it has encouraged electronic applications in the past, this is the first year when it has limited its application process to only CDFIs which can apply electronically, and some smaller credit union CDFIs have struggled with electronic applications.