(CORRECTED) Further Updates on Revisions to the CDFI Certification Application CDFI Fund expects to open the new CDFI Certification process in the Fall of 2023 after revising the CDFI Certification Application *This release was updated to correct the timeline by when reviews of pending Target Market Modification Applications will be completed. A request for public comment on a draft of the CDFI Fund's CDFI Certification Application was published in the Federal Register last fall. The draft Application was developed after approximately six years of consideration and two previous requests for public input. The CDFI Fund has been deliberate in its efforts to update the CDFI Certification process and, in an Update on the CDFI Fund's Certification Application Review Process released on January 24, 2023, emphasized that it would be continuing that approach by taking the time necessary to carefully review all public comments. The Update indicated that the CDFI Fund anticipates making revisions to the draft Certification Application Form and that the CDFI Fund would follow up with further communication about the timing for reopening the CDFI certification application process. The CDFI Fund anticipates that it will resume accepting CDFI Certification Application submissions in the fall of 2023. Over the next several months, the CDFI Fund will undertake the following steps. - Complete the Review of all Comments. The CDFI Fund will continue to review public comments about the CDFI certification process and is consulting with regulatory agencies regarding updates to the CDFI Certification Application.
- Publish Updated Information before Implementation. To provide stakeholders time to familiarize themselves with the new Application, the CDFI Fund will make the final Application form and related materials available in advance of it going into use.
- Conduct Public Outreach. After releasing the final Certification Application form and prior to opening the new application process, the CDFI Fund will schedule public engagements to provide information on the final CDFI Certification Application and implementation details.
- Enhance Data and Material Submission Infrastructure. The CDFI Fund is actively making improvements to its Awards Management Information System (AMIS) to ensure CDFIs are able to efficiently submit data and all supporting material required by the new CDFI Certification Application, including the new abbreviated Transaction Level Report (TLR) and updated Annual Certification and Data Collection Report (ACR), which will conform to the revised CDFI Certification Application.
- Institute a Grace Period. Currently Certified CDFIs will be afforded a grace period – sufficient time to apply for Certification under the new Certification Application while maintaining Certification status. The CDFI Fund will also publish detailed guidance information on how to achieve compliance with the new CDFI Certification guidelines and the deadlines for currently Certified CDFIs to submit their Application. Technical assistance will be made available to applicants throughout the grace period.
The CDFI Fund will continue to provide updates and additional information as this process moves forward. Certified CDFIs are still required to submit an Annual Certification and Data Collection Report (ACR) in accordance with their existing ACR reporting schedule, as listed in AMIS. Updated guidance information on the current 2023 ACR reporting round is available on the CDFI Fund's website at www.cdfifund.gov/cdficert under "Step 2: Reporting." The CDFI Fund has completed all remaining reviews and provided determinations to those organizations that submitted CDFI Certification Applications prior to the start of the Application blackout period that began October 1, 2022. Those CDFIs that submitted Tarket Market Modification Applications prior to October 1, 2022 will recieve determination notices by May 31, 2023. For guidance and supporting information related to the CDFI Fund's efforts in revising the CDFI Certification Application, ACR and abbreviated TLR, visit the CDFI Fund's CDFI Certification Application & Data Collection Reporting Revisions webpage. Any questions regarding compliance related to existing CDFI Certification should be directed to the Certification, Compliance Monitoring and Evaluation Help Desk via an AMIS Service Request, via e-mail at ccme@cdfi.treas.gov, or phone at (202) 653-0423. | 
