Community Development Revolving Loan Fund Program for Credit Unions

Objective

The purpose of the Community Development Revolving Loan Fund (CDRLF) is to expand access of financial products and services, and increase diversity, equity, and economic inclusion to underserved communities. Through the CDRLF, the NCUA provides financial support in the form of loans and technical assistance grants to low-income designated credit unions (LICUs) serving predominantly low-income members to modernize, build capacity, extend outreach into underserved communities, and respond to emergencies.

Who Can Apply

• Public nonprofit institution/organization (includes institutions of higher education and hospitals)

This NOFO is open to credit unions that meet the eligibility requirements defined in 12 C.F.R. part705. A credit union must be, or has agreed to be, examined by NCUA and meets the definition of low-income designation in order to participate in the CDRLF. Non-Federally Insured Applicants: Each Applicant that is a non-federally insured, state-chartered credit union must submit additional application materials. These additional materials are more fully described in 12 C.F.R. § 705.7(b)(3) and in the application. Non-federally insured, state-chartered credit unions must agree to be examined by the NCUA. The specific terms and covenants pertaining to this condition will be provided in the award agreement of the Participating Credit Union.

Who Benefits

• Individual/Family
• Minority group
• Small business
• Private nonprofit institution/organization
• Anyone/general public
• Small Business Person
• Consumer
• Homeowner
• Low Income
• Public nonprofit institution/organization
• Student/Trainee
• Graduate Student
• Specialized group (e.g. health professionals, students, veterans)

A credit union wishing to participate must serve a field of membership which is comprised primarily of low-income individuals. To participate in the CDRLF, a federally chartered credit union must be currently designated as a “low-income” credit union as set forth in NCUA’s Rules and Regulations . A state-chartered credit union must have the equivalent low-income designation from its respective state supervisory authority and concurrence from NCUA. 12 CFR 701.34. A low-income designated credit union is one in which more than half of its members meet the NCUA definition for a “low-income member.” Low-income members are those who earn 80 percent or less than the median family income for the metropolitan area where they live, or the national metropolitan area, whichever is greater. Low-income designated credit unions have offices and serve members throughout the United States, Puerto Rico, Guam, and the U.S. Virgin Islands, and on military bases around the world. Depending on the charter type, these credit unions serve occupational groups, associations and communities.

Assistance Types

• Project Grants (Special)
• Direct Loans

Program Contact

jkrantz@ncua.gov
(703)220-9487