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NCUA extends deadline for CDRLF grants to July 7
The NCUA has extended the deadline to apply for Community Development Revolving Loan Fund (CDRLF) grants to July 7. The agency plans to administer $3.5 million to the most-qualified applicants during this round, and is also piloting two new grant initiatives. The agency reminded credit unions to review eligibility requirements before applying.
The $3.5 million in CDRLF grants will be awarded through five categories and two pilot programs.
NAFCU has long advocated for increased funding for the NCUA’s CDRLF and Treasury’s Community Development Financial Institutions (CDFI) Fund to ensure credit unions have access to resources to better serve their communities. President Joe Biden’s proposed 2024 budget includes $4 million for the CDRLF; however, the House Appropriations Committee passed its fiscal year 2024 financial services and general government (FSGG) funding bill, which only provides $3.5 million for the CDRLF. Funding discrepancies between House and Senate appropriations bills will need to be resolved in the coming months.