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Have You Heard

Tuesday, April 1, 2003

CDBG Funding for Savings Accounts Extended through Aug. 14

Community organizations and other groups that manage individual development accounts (IDAs) can continue to use Community Development Block Grant (CDBG) money for matching funds through Aug. 14, 2003. The announcement was made recently by the Department of Housing and Urban Development.

IDAs are savings accounts in which low- and moderate-income people deposit money that is matched with private or public money. The savings can be used only for a specific purpose. Savings matched with CDBG funds can only be used to buy a home, pay for education or for job training, or finance a small business.

More information is available about HUD's Notice CPD-01-12 (originally issued Aug. 14, 2001) by calling HUD at (202) 708-1577.

CDFI Grant Money Available

Application deadlines for grants from two programs sponsored by the Community Development Financial Institutions (CDFI) Fund are approaching.

The Technical Assistance Program has $13 million in funding available from FY 2003 and $4.5 million from FY 2004. Eligible applicants, including established CDFIs and those entities awaiting certification as CDFIs, must apply by May 31, 2003.

The Bank Enterprise Program has approximately $17 million in FY 2003 funds available and $8 million in FY 2004 funds. Federally insured depository institutions may apply by July 17, 2003.