Freedom Economy Lawsuit Confirms Timeline for $289 Million in Stalled CDFI Funding
Joint status report puts on the record when community lenders can expect award agreements and first payments
(WASHINGTON, D.C.) THURSDAY, OCTOBER 15, 2026 — In a joint status report filed with the federal district court in Freedom Economy Business Association's case against the U.S. Department of the Treasury and the CDFI Fund, the government has, for the first time, put on the record when Community Development Financial Institutions (CDFIs) can expect their FY2025 awards.
According to the filing, the government represented that "for all programs, the CDFI Fund anticipates issuing proposed Assistance Agreements to the successful applicants in early November 2026." The government further represented that, as long as there are no issues with an awardee's account information, the CDFI Fund "typically countersigns and disburses the initial payment no later than 10 business days after the awardee executes the Agreement."
Freedom Economy filed its lawsuit on September 21 to protect nearly $289 million in congressionally appropriated CDFI funding. On September 29, the court confirmed the funds had been obligated and would not lapse after the September 30 fiscal-year deadline. Until this filing, the government had not said when award agreements would be issued or when funds would reach awardees.
"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. "Because of this case, CDFIs now have the government's own representations on when agreements will be issued and when initial payments will follow. We will continue pursuing the case to ensure the process moves forward consistent with the law."
"For our members, this is another important step toward the certainty we have been seeking," said Tynesia Boyea-Robinson, Board Chair of Freedom Economy Business Association. "CDFIs can now plan around real dates, and that matters for every small business, family and community waiting on the capital these funds make possible."
Next, the parties have proposed a summary judgment briefing schedule beginning with the government's motion on December 15, 2026, and concluding with Freedom Economy's final reply on January 25, 2027.
Freedom Economy will continue to monitor the government's progress as it issues award agreements in November.
MEDIA CONTACTS
Michael Franklin
Global Black Economic Forum
Ellisa Brown
The Shearer Group [email protected]
214-709-6159 cell
About Freedom Economy
Freedom Economy is a membership organization of justice and sustainability investors. Amid the increasingly politicized legal and economic landscape, we resource investors with the knowledge, strategic tools, and community they need to stand boldly in their power. We represent them through coordinated legal action and provide access to experienced values-aligned counsel, on-demand legal resources, and a trusted peer network.
As the collective owners of American business, investors are our nation's most powerful social change-makers. Freedom Economy exists to protect and affirm investors' legal rights so they can continue advancing a more equitable future for all with confidence, clarity, and collective strength.
