CDFI Fund Launches FY 2010 Round Funding Under FEC Pilot

Posted by Orb Staff on June 02, 2010 No Comments
Categories : Residential Mortgage

S. Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) has opened the fiscal-year 2010 (FY 2010) funding round of the Financial Education and Counseling (FEC) pilot program. Grants awarded through the pilot program have the goals of identifying successful methods of financial education and counseling services that result in positive behavioral change for financial empowerment, and establishing program models for organizations to deliver effective financial education and counseling services to prospective home buyers. The FEC Pilot Program was appropriated $4.15 million in FY 2010, of which $3.15 million was designated by Congress to be awarded to an organization located in the state of Hawaii. For the FY 2010 funding round, the CDFI Fund will solicit new applications exclusively from organizations located in Hawaii to compete for the $3.15 million. With respect to the remaining $1 million in appropriated funds, the CDFI Fund says it will not solicit new applications due to the large number of highly qualified applications it received for the FY 2009 funding round of the FEC Pilot Program. The CDFI Fund received over 200 applications for the FY 2009 funding round in November of 2009, and many applications could not be funded. As a result, the remaining $1 million of FY 2010 appropriated funds will be granted to up to five of the organizations that were finalists under the FY 2009 round but did not receive awards. The CDFI Fund will work with Treasury's Office of Financial Education and Financial Access in implementing the 2010 round. The FY 2010 FEC pilot program application deadline is July 8. Application materials can be accessed [link=http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=8]here[/link]. SOURCE: [link=http://www.cdfifund.gov/news_events/CDFI-2010-30-CDFI-Fund-FEC-2010.asp]Community Development Financial Institutions Fund

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