CDFI Advance Policies + Procedures

• March 3, 2025: Informational webinar at 10:00 a.m. and application portal opens to draft applications.
• March 17, 2025: Funding release with applications accepted beginning at 9:00 a.m
  
• May 12, 2025: Funding caps increase, and state allocation eliminated.
  
•  July 14, 2025: Funding caps eliminated
  
• December 15, 2025: Application deadline at 3:00 p.m.
  

Members using CDFI advances may apply for program funds either in the full amount or through multiple requests. Projects must utilize a minimum of $100,000 in 0% rate advances to be eligible and loans must be made to New England certified non-depository CDFIs. Funds are available on a first-come, first-served basis. *See the FAQs for member and CDFI Advance limits. Advance caps and state allocations vary by date.

To request funds, members will submit a CDFI borrower application for each loan. The member will match-fund the CDFI at the enterprise level. The CDFI will in turn utilize 100% of CDFI Advance funds to support the development of affordable housing, job creation/business growth, and the expansion of community facilities in distressed communities throughout New England.

Program advances must be used by the recipient CDFI to support the development of affordable housing, job creation/small business growth, and the expansion of community facilities in distressed communities throughout New England. CDFIs must use the funding in accordance with an eligible activity in their target market as defined by the Community Development Financial Institutions Fund.

Only certified, non-depository CDFIs may participate. CDFIs must demonstrate that the funding disbursed serves at least one eligible Target Market (either an Investment Area or a Targeted Population as defined by the federal Community Development Financial Institutions Fund.) In addition, the CDFI receiving the funds must direct 100% of the advance to one or more arm’s-length, on-balance sheet Financial Products or Financial Services (if applicable) to one or more eligible Target Market components (i.e., an Investment Area (IA), Low Income Targeted Population (LITP), or Other Targeted Population (OTP)).    

• Take-Down and Disbursement: Following FHLBank Boston approval of a CDFI request, members will be provided with simple instructions to take down the CDFI Advance. Disbursements must be made within 60 days of the member request. 
• Reporting Requirements: Members are required to supply two reports. First, the member must confirm pass through of all program funds to an eligible CDFI by providing the executed note between member and CDFI within 30 days of the advance disbursement. Second, within 180 days of disbursement, the recipient CDFI will supply a listing of all end-borrower loans made with CDFI funding to the member. The member will submit this listing to FHLBank Boston. As part of this submission, members will complete a short, one-time online report describing how the funds were used.  ​