Community Development Financial Institutions (“CDFI”) Bond Guarantee Program (Bond Program): Through the Bond Program, Reinvestment Fund was approved to borrow $55,000,000, $75,000,000 and $100,000,000 in 2014,2016, and 2024 respectively. The Bond Program gives Reinvestment Fund access to long-term fixed rate capital for terms of up to 29.5 years. The 2014 and 2016 bond programs are fully deployed, 2024 program has deployed $11,000,000 as of December 31, 2025. As required by the program, Reinvestment Fund entered into a loan agreement with CRF QI, LLC (“Qualified Issuer”). As a condition of the program, Reinvestment Fund must pledge eligible collateral to draw down on the loan. Under the program, the bonds are purchased by The Federal Financing Bank and the U.S. Treasury guarantees repayment of those bonds. The federal expenditure presented in the Schedule under Assistance Listing Number 21.014 of $38,916,790 represents the bond loan payable at January 1, 2025 for the 2014 bond program. The federal expenditure of $61,779,089 represents the bond loan payable at January 1, 2025 for the 2016 bond program. The federal expenditure of $11,000,000 represents the current year drawdown for the 2024 bond program. As of December 31, 2025, the total bond loans payable for the 2014 bond program, 2016 bond program and 2024 bond program were $36,767,192, $58,979,536 and $11,000,000 respectively, secured by pledged loans receivable of $37,930,329, $64,107,724 and $11,402,115, respectively, and restricted cash of $148,594, $1,535,282, and $96,579 respectively.
CDFI Program: During 2024 the Organization was awarded financial assistance awards from the CDFI Fund of $5,535,000. The funds are considered federal awards expended once the awardee expenses the funds for the authorized uses as outlined in the assistance agreement. The Organization expended $5,535,000 during the year ended December 31, 2025; as such, this amount is included in federal expenditures in the Schedule under Assistance Listing Number 21.020.
CDFI Equitable Recovery Program ("CDFI ERP"): During 2023 the Organization was awarded a financial assistance award from the CDFI Fund of $3,718,258. The funds are considered federal awards expended once the awardee expenses the funds for the authorized uses as outlined in the assistance agreement. The Organization expended $361,971 during the year ended December 31, 2025; as such, this amount is included in federal expenditures in the Schedule under Assistance Listing Number 21.033.
Coronavirus State and Local Fiscal Recovery Fund (ARP): During 2022, the Organization received a grant from the Pennsylvania CDFI Network in the amount of $232,941. During 2024 and 2025 an additional $250,000 and $84,375 was received, respectively. This grant was funded by the Coronavirus State and Local Fiscal Recovery Fund, to provide lending, grants and technical assistance to small business or nonprofits. Organization expended $208,013 during 2025; as such, this amount is included in federal expenditures in the Schedule under Assistance Listing Number 21.027.
(a) The Organization entered into a grant agreement with Capital Impact Partners (previously NCB Capital Impact) to share grant funds of $3,600,000 awarded by the United States Department of Education (“US ED”) under the Credit Enhancement for Charter School Facilities Program. Capital Impact Partners and the Organization have agreed to each utilize $1,800,000 to act as a first loss reserve for the charter school loans originated by each organization. (b) The Organization received grant funds of $10,000,000 from US ED under the Credit Enhancement for Charter School Facilities Program. The Organization agreed to utilize funds to leverage funding of charter schools in accordance with Performance Agreement. In prior years, two charter school loans, which were enhanced by the funding from Credit Enhancement for Charter School Facilities Program under US ED, were determined to be impaired. Accordingly, $3,127,829 was drawn down from the grant reserve account. (c) The Organization entered into a grant agreement with Capital Impact Partners and received $2,366,228 of US ED funds from Capital Impact Partners to utilize as a first loss reserve for the charter school loans originated by the Organization. During the year ended 2016, the Organization entered into a grant agreement with Capital Impact Partners and received an additional $1,352,339 of US ED funds from Capital Impact Partners for the same purpose. (d) The Organization received grant funds of $6,019,231 from US ED under the Credit Enhancement for Charter School Facilities Program. The Organization agreed to utilize funds to leverage funding of charter schools in accordance with Performance Agreement. (e) The Organization entered into a grant agreement with Low Income Investment Fund (“LIIF”) and received $2,000,000 of US ED funds from LIIF to utilize as a first loss reserve for the charter school loans originated by the Organization.
The Organization invested the grant funds received in separate grant reserve accounts in accordance with the requirements of the grants. The federal expenditure of $26,856,665 presented in the Schedule under Federal Assistance Listing Number 84.354A represents the amount in the reserve accounts at the beginning of the year of $25,779,650 plus 2025 net investment income of $1,077,015. The reserve accounts as of December 31, 2025 consist as follows: See Notes to SEFA for the table
In 2019, the Organization was awarded a grant of $2,000,000 from the USDA, Rural Business-Cooperative Service. The grant was amended in 2020 and again in 2021, to increase the total award amount to $8,377,652. The grant is to be used to implement the Healthy Food Financing Initiative to improve access to healthy foods in underserved areas, to create and preserve quality jobs, and to revitalize low income communities. During the year ended December 31, 2025, the Organization expended $392,710 under this agreement, which is included in the federal expenditures presented in the Schedule under Federal Assistance Listing Number 10.872.
In 2021, the Organization was awarded a grant of $3,621,131 from the USDA, Rural Business-Cooperative Service. This grant was amended in 2022 to increase the total award amount to $5,865,827. The grant is to be used to implement the Healthy Food Financing Initiative to improve access to healthy foods in underserved areas, to create and preserve quality jobs, and to revitalize low income communities. During the year ended December 31, 2025, the Organization expended $617,809 under this agreement, which is included in the federal expenditures presented in the Schedule under Federal Assistance Listing Number 10.872.
In 2022, the Organization was awarded a grant of $20,000,000 from the USDA, Rural Business-Cooperative Service. The grant is to be used to implement the Healthy Food Financing Initiative to improve access to healthy foods in underserved areas, to create and preserve quality jobs, and to revitalize low income communities. During the year ended December 31, 2025, the Organization expended $1,453,377 under this agreement, which is included in the federal expenditures presented in the Schedule under Federal Assistance Listing Number 10.872.
In 2023, the Organization was awarded a grant of $135,000,000 from the USDA, Rural Business-Cooperative Service. The grant is to be used to implement the Healthy Food Financing Initiative to improve access to healthy foods in underserved areas, to create and preserve quality jobs, and to revitalize low income communities. During the year ended December 31, 2025, the Organization expended $10,887,276 under this agreement, which is included in the federal expenditures presented in the Schedule under Federal Assistance Listing Number 10.872.
In 2025, the Organization was awarded a grant of $5,756,521 from the USDA, Rural Business-Cooperative Service. The grant is to be used to implement the Healthy Food Financing Initiative to improve access to healthy foods in underserved areas, to create and preserve quality jobs, and to revitalize low income communities. During the year ended December 31, 2025, the Organization expended $2,351 under this agreement, which is included in the federal expenditures presented in the Schedule under Federal Assistance Listing Number 10.872.