Opportunity Finance Network Welcomes CDFI Fund Awards for FY 2025 and FY 2026

OFN Responds to CDFI Fund Awards Announcement

In a significant development for community development financing, the U.S. Department of the Treasury revealed the awards for the Community Development Financial Institutions Fund (CDFI Fund) for fiscal years 2025 and 2026. This announcement incited a positive response from the Opportunity Finance Network (OFN), whose President and CEO, Harold Pettigrew, emphasized the essential role that CDFIs play in the nation's economic framework.

CDFIs are crucial in funding diverse needs within communities, including small businesses, affordable housing, and community facilities. With over a year of dedicated advocacy from OFN and various stakeholders across party lines, there is a collective sense of accomplishment regarding these awards. Pettigrew underscored the commitment of CDFIs to facilitate essential economic activities that benefit Americans in both urban and rural locales.

He stated, "CDFIs are an integral component of America’s economic and financial infrastructure. They help finance small businesses, affordable housing, and local investments, fostering economic resilience in communities across the country. We appreciate the ongoing efforts of the CDFI Fund's staff, especially during such critical times, to manage resources that impact community lives."

The bipartisan support for the CDFI Fund is a testament to its significant contribution to generating tangible economic development outcomes. According to Pettigrew, the CDFI Fund’s initiatives successfully leverage private sector investment, bringing in an estimated eight dollars for every dollar of public funding. This multiplier effect is vital for entrepreneurs, families, and local businesses—creating a ripple effect that strengthens economies at multiple levels.

Today's announcement also highlights the crucial role of CDFIs in broadening economic opportunities across America's Main Streets. The impact of CDFIs historically surpasses mere financial contributions, as they actively foster community growth and uplift deprived areas. CDFIs focus on connecting with those who have limited access to mainstream finance, ensuring that financial products and services meet the needs of diverse communities.

OFN is an established network of nearly 500 community development financial institutions, managing over $1 billion in assets, and is dedicated to offering responsible financial solutions primarily to underserved communities. Their efforts have resulted in remarkable achievements since founding in 1986—originating approximately $136 billion in financing, helping to maintain or create around 3.8 million jobs, and supporting the development of more than 3 million housing units, alongside over 16,000 community facility projects.

As more information becomes available regarding today’s announcement, OFN reassures its commitment to keeping its members and partners informed about implications for the field. Furthermore, they remain adamant in advocating for further programs that were not addressed in the announcement, such as the Capital Magnet Fund, the Bond Guarantee Program for FY 2026, and others critical for community advancement.

The work continues—OFN and its community of CDFIs are unwavering in their mission to attract private investment, mobilize capital effectively, and foster robust local economies that are capable of withstanding challenges. Today's announcement is not just an award; it signifies hope, dedication, and a step further toward achieving economic equity through community development finance.