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CDFI notes funds availability
WASHINGTON (2/1/09)—The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI) Friday issued a notice of funds availability (NOFA) for its Bank Enterprise Award (BEA) program. Although eligible applicants must be federally insured banks and thrifts, those awarded BEA funds are encouraged to increase their financial assistance to Community Development Financial Institutions (CDFI), including credit unions. The Treasury noticed, published in the Jan. 30 Federal Register, noted that the NOFA does not obligate the CDFI to make any award or to obligate any available funds. However, the notice also projected that the Fund may award approximately $20 million for FY 2009 BEA Program awards, and reserved the right award in excess of that amount, if funds are available.
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