As a reminder the CDFI Fund will pause acceptance of new CDFI Certification Applications and Target Market Modifications for six months beginning on October 1, 2022 [1] to prepare for the launch of the revised CDFI Certification Application and reporting requirements.
During the blackout period, CDFIs will be required to remain in a state of good standing with respect to their Certification status. This pause does not affect the submission of any Annual Certification and Data Collection Reports (ACR) or reports required by the Office of Compliance Monitoring and Evaluation. Organizations must remain in compliance with all outstanding CDFI Fund awards (including CDFI/NACA Program Financial Assistance and Technical Assistance, CDFI Equitable Recovery Program, Bank Enterprise Award Program, Small Dollar Loan Program, Capital Magnet Fund, and Rapid Response Program awards), New Markets Tax Credit Allocations, or CDFI Bond Guarantee Program reporting requirements.
Please note, during the blackout period the CDFI Fund will continue to accept, process and review Annual Certification and Data Collection Reports (ACRs), as well as cure period submissions based existing organizational reporting deadlines. Organizations should review their reporting schedule in the Awards Management Information System (AMIS), reporting deadlines in Assistance/Allocation/Certification agreements, and cure period notices to verify submission deadlines.
Most importantly, CDFIs with pending ACR submissions or cure period requirements are considered to be Certified CDFIs, until such times the CDFI Fund provides official notification of a change or termination in their Certification status.
The CDFI Fund will resume accepting new CDFI Certification Application submissions and requests for Target Market modifications on April 3, 2023. The new CDFI Certification Application will be in effect at this time for those organizations applying for CDFI Certification. Existing CDFIs will have a one-year grace period to comply with the new CDFI Certification criteria.
The CDFI Fund understands that many organizations will be affected by the Application pause and the launch of the new Application, and that there are a number of questions regarding the implementation process. To help address these concerns, the CDFI Fund has updated the Frequently Asked Questions (FAQs) section on the CDFI Fund’s CDFI Certification Application & Data Collection Reporting Revisionswebpage. The CDFI Fund will continue to update these FAQs as needed. To receive updates on the CDFI Certification revision process, subscribe here.
Any questions regarding CDFI Certification should be directed to the Certification, Compliance Monitoring and Evaluation Help Desk via an AMIS Service Request, via e-mail at ccme@cdfi.treas.gov, or phone at (202) 653-0423.