CDFI Fund Extends Submission Deadlines for Revised CDFI Certification Application

Posted by Gracie Nelson on June 21, 2024

On Thursday June 20, the Community Development Financial Institutions Fund (CDFI Fund) announced an extension for the reapplication deadlines for currently certified CDFI’s using the revised CDFI Certification Application. The CDFI Fund’s decision to extend and stagger deadlines provides additional support to CDFIs by granting more time to meet updated requirements and aligning Transaction Level Report (TLR) submission deadlines with the certification application deadlines. Specifically asked for by GoWest credit unions and our Advocacy team, this approach will reduce the need for amendments and help CDFI applicants better prepare.

Staggered Submission Schedule

Instead of a single reapplication deadline, the CDFI Fund has introduced a staggered schedule based on each organization’s fiscal year end (FYE). This new approach was created to hopefully create a smoother transition period and provide additional time for CDFIs to shift with the revised application requirements. The staggered submission schedule can be found here.

Early Submission Window

Additionally, certified CDFI’s that notified the CDFI Fund by February 1, 2024, of their intent to submit early can do so between September 16, 2024, and November 18, 2024. If a CDFI’s application is not accepted, it will retain certification through December 31, 2025, but must reapply by then to maintain CDFI status. Early applicants that choose not to apply during the revised early reapplication window should submit applications according to the staggered schedule linked above.

Retaining Certification

Currently Certified CDFIs will retain their status as a certified CDFI and remain eligible to apply for all CDFI Fund programs until their submission due date. Certified CDFIs must reapply by their specifically outlined deadline to retain their status. After submitting a revised CDFI Certification Application, CDFIs will still retain their Certified status until a final determination is made on their certification.

Resources and Support

The CDFI Fund has published a new Quick Facts guide for Certified CDFIs that can be reviewed at the following link, and will soon be releasing an updated FAQs to recertifying institutions. The GoWest team is also prepared and available to provide general guidance for our CDFI certifying credit unions should you have any questions or concerns regarding the certification process.

Posted in Advocacy on the Move, Regulatory Advocacy.