WASHINGTON — The Treasury Department’s Community Development Financial Institutions Fund expects to issue proposed agreements for fiscal 2025 awards in early November, according to Freedom Economy Business Association, citing a joint status report filed in its lawsuit against the government.
The filing provides the government’s first timetable for distributing nearly $289 million in funding at issue in the case, the association said.
According to Freedom Economy, the government told the federal district court that “for all programs, the CDFI Fund anticipates issuing proposed Assistance Agreements to the successful applicants in early November 2026.”
Provided there are no problems with an award recipient’s account information, the fund typically countersigns the agreement and disburses an initial payment within 10 business days after the recipient executes it, according to the government’s representations cited by the association.
Lawsuit Filed in September
Freedom Economy filed the lawsuit Sept. 21 against Treasury and the CDFI Fund to protect the congressionally appropriated funding. On Sept. 29, the court confirmed the funds had been obligated and would not lapse after the Sept. 30 fiscal year deadline, the association said. The government had not previously specified when agreements would be issued or payments would follow.
“Awardees needed more than confirmation that the funds were protected. They needed to know when the money would actually move,” said Alphonso David, lead counsel for Freedom Economy and president and CEO of the Global Black Economic Forum.
David said the association would continue pursuing the case to ensure the process proceeds consistent with the law.
Tynesia Boyea-Robinson, the association’s board chair, said the timetable gives CDFIs greater certainty as they plan financing for small businesses, families and communities.
Summary Judgement Briefing
The parties have proposed a summary judgment briefing schedule beginning with the government’s motion Dec. 15 and concluding with Freedom Economy’s final reply Jan. 25, 2027, the association said.
Freedom Economy said it would monitor the government’s progress in issuing award agreements in November.
