• For those who are working to complete the NYS CDFI Access to Financial Services Round 2 application before the September 15th, 3:00 PM deadline, board members shared that they were allocating large portions of the grant's budget to "DIRECT SERVICES STAFF - PAYROLL." These could be either existing staff who support customers or new hires based on receipt of funding.
  • While it's too late to make changes for this round, we hope to have the opportunity to work with decision-makers going forward to ensure that the widest variety of NYS CDFIs can leverage the remaining funds from the NYS CDFI Assistance Program for community economic development, small business expansion, and job creation.
     
• In case any CDFIs awarded Federal CDFI grants are wondering about the SF 425, a board member sent a Service request question to the CDFI Fund and received this response:
  • Service Request Questions
    • The guidance says that we will need to submit a “Project Cost Ledger that corresponds with the Federal Fiscal Year disbursements reported”. Please provide a definition or an example of what you mean by “Project Cost Ledger”. Should the information reflected in the Project Cost Ledger only reflect expenditures made within the last federal fiscal year? Or should it include all award expenditures made from the time the award was disbursed until the end of the last federal fiscal year
  • Answer
    • The project costs ledger may vary by accounting systems, but the purpose of it is to account for where the award funds were expended. It should include things like date of transaction, payee, description of transactions, amount, etc. The project cost ledger should include all transactions that took place from 10/1/22-9/30/23.
  • According to Coalition Board Chair Linda MacFarlane, "I have in written response form the dates for reporting on SF-425 are 10/1/2022-09/30/2023. This is much better than a full lookback. Also, there is no specific form to be completed, just what our respective accounting systems generate." 
  • If you have any questions, place a service request thru your AMIS system to confirm what CDFI FUND wants to see in the Project Cost Ledger.

1. This panel will cover the requirements for and business opportunities that come from the new 2025 NYS sustainability energy mandate. 
2. Panelists include LISC, NYSERDA, NYC Accelerator, NYC Housing Partnership, NYCEEC, and Con Edison.
3. To RSVP and secure your spot, please click here.

Borrowers may use funds for new construction or retrofits to existing buildings if the project meets the eligibility criteria. Beyond housing, CDFIs may use the fund to capitalize loans to small and local businesses in disadvantaged communities that support building decarbonization, such as contractors installing eligible technologies in eligible projects.