RD824 - Virginia Community Development Financial Institutions (CDFI) Fund Annual Report

Executive Summary:

During the 2021 Special Session (I) of the General Assembly, Chapter 552, Item 114 Q was adopted April 7, 2021, providing $10,000,000 in general funds to the Department of Housing and Community Development (DHCD) to establish a special, non-reverting Fund to provide grants to community development financial institutions (CDFIs), community development enterprises (CDE), or other such similar entities as permitted by law, whose primary purpose is to provide financing in the form of loans, grants or forgivable loans to small businesses or community revitalization real estate projects in Virginia. DHCD has already created the program with input from stakeholders and received $16.96 million in applications demonstrating the strong need for the initiative. The initial applications are under review. This report meets the requirements Subsection 4 of Chapter 552, Item 114, requiring an annual report about the fund.