Federally insured, low-income credit unions that want to become certified community development financial institutions (CDFIs) have until Nov. 30 to apply for qualification in the 2020 funding round using the National Credit Union Administration’s (NCUA) “streamlined” CDFI certification process, the agency announced Monday.
“This will be the final opportunity to take advantage of the streamlined certification process in 2019,” the agency said in Monday’s announcement.
The new deadline is extended from the Oct. 5 deadline announced last month.
Beginning with the FY2020 application round, credit unions must be certified as CDFIs no later than the date the Notice of Funds Availability from the CDFI Fund, housed within the Treasury Department, is published in the Federal Register. Treasury says that the CDFI Fund will no longer process funding applications and CDFI certification applications simultaneously for CDFI Program and Native American CDFI Assistance Program (NACA) award round applicants.
NCUA has more information on CDFI certification on its website.