Credit union regulator highlights $1.7 billion in funding available for CDFI, post-COVID community development

More than $1.7 billion is available for grants to credit unions and other financial institutions designated as community development financial institutions (CDFIs) to help communities recovering from the coronavirus pandemic if the institutions apply by Aug. 23, the federal credit union regulator said Tuesday.

According to the National Credit Union Administration (NCUA), the $1.73 billion in grants from the CDFI Fund’s Equitable Recovery Program is aimed at helping eligible financial institutions expand lending, provide grants, and make investments in low- to moderate-income communities, including minority communities, that need better access to financial services and were disproportionately affected by the COVID-19 pandemic.

Award funds may be expended for two types of eligible activities: financial products and services and operational support, the agency noted.

The credit union regulator said the CDFI Fund will host two webinars on the Equitable Recovery Program; the first is tomorrow (June 29), beginning at 1 p.m. ET, the second on July 7, beginning at 3 p.m. ET. Advance registration is not required.

CDFI Fund Equity Recovery Program info, webinar registration