Thirteen Minnesota organizations that serve low-income communities received $9.2 million in financial assistance and technical assistance awards through the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) program.
This year, Minnesota ranked fourth in total dollars awarded per state, behind California, New York and Illinois. The CDFI Fund awarded $172 million to 191 community organizations nationwide.
The awards enable Community Development Financial Institutions to increase their lending and investments in low-income and distressed communities.
The CDFI Fund was created in 1994 to promote economic revitalization and community development in America’s underserved and distressed communities. Since its creation, the CDFI Fund has awarded more than $1.8 billion to community development organizations and financial institutions.