Congress Eliminates Dollar-Match Requirement for Native CDFIs

In a significant action that will assist Community Development Financial Institutions (CDFIs), Congress has moved to waive the non-federal dollar-for-dollar match requirement for the Native American CDFI Assistance (NACA) program in the FY 2015 Omnibus Appropriations Bill, now Public Law 113-235. The law appropriates $15 million in funding to NACA for financial and technical assistance, training, and outreach programs without the obligation of meeting the match requirement found in 12 U.S.C. 4707(e).

The removal of the dollar-for-dollar match requirement is an important boost for economic and community development in Tribal communities, as it should provide an easier path for Native CDFIs in raising private capital for investment in Tribal businesses and projects.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *