California Investment and Innovation Program (Cal IIP) 2027

The California Investment and Innovation Program, known as Cal IIP, is administered by the California Capital Programs and Climate Financing Authority under the California State Treasurer's Office. The California Legislature established Cal IIP to enhance the capacity of community development financial institutions, or CDFIs, to provide technical assistance and capital access to economically disadvantaged communities in California. CDFIs support low- and moderate-income communities through activities that can include affordable housing, health care, small business lending, economic development, and other community needs. For the current funding cycle, CPCFA has announced 10 million dollars in available grant funds for awards expected in February 2027. Cal IIP funds may be used for working capital and to increase total net assets. Working capital may support services and operations that contribute to a CDFI's overall community development mission. Funds used to increase total net assets may increase a CDFI's capacity to attract additional financing for loans and loss reserves. Identified uses include affordable housing development, preservation, and renovation; businesses owned by or benefiting low-income persons; childcare facilities; commercial facilities supporting revitalization, community stability, or job creation and retention; financial services such as deposit taking, checking and savings accounts, credit-building consumer loans, and related services; and cultural, educational, health care, and social service facilities. Applicants must hold a current certification pursuant to Section 1805 of Title 12 of the Code of Federal Regulations, have a minimum net worth of 25,000 dollars as indicated in financial statements, and have made at least five loans during the 12 months before submitting the application. An applicant must also either have a principal office in California with officers domiciled in California or demonstrate a record of lending in California. The lending record requirement can be met when at least 25 percent of the applicant's loan portfolio provides financial assistance to persons or projects in California or when the applicant provided at least 10 million dollars in financial assistance in California during the prior three years. An organization that received a Cal IIP grant in February 2026 must have spent or committed at least 50 percent of that award before applying for a 2027 award. Twenty percent of available program funds will be set aside for small and emerging CDFIs and divided equally among all eligible applicants in that group. Grant amounts for other award calculations are based on the total amount of loans closed by each applicant during its most recently completed fiscal year. Under Tier 1, all eligible applicants may receive up to 100,000 dollars. Under Tier 2, applicants with at least 10 loans in the most recently completed fiscal year, or applicants that provided at least 10 million dollars in financing assistance in California during the last three fiscal years, may receive up to an additional 100,000 dollars, producing a maximum Tier 2 grant of 200,000 dollars. Final amounts may be below the maximums depending on available funding and the total number of eligible applicants. No matching or cost-share requirement is stated in the provided program materials. Applications became available August 6, 2026 and must be submitted electronically by email to applications.caliip@treasurer.ca.gov no later than 5:00 PM Pacific time on October 1, 2026. Applicants must satisfy eligibility requirements when the application is submitted. CPCFA is conducting a virtual application workshop on September 9, 2026 from 11:00 AM to 12:00 PM Pacific time. The NOFA states that applicants should receive acknowledgement of their submission within 24 hours and should contact Cal IIP staff if an acknowledgement is not received. All submitted application materials become property of the State of California, will not be returned, and are considered public records subject to the California Public Records Act. CPCFA expects to present awards to its Board in January 2027 and will announce awards on the Cal IIP webpage by February 1, 2027. Awardees will enter into grant agreements with CPCFA containing applicable state and federal requirements and specific award information. Grant agreements will be distributed through Docusign after awards are announced. Questions regarding the program may be directed to caliip@treasurer.ca.gov, while application submissions and submission acknowledgement issues should be directed to applications.caliip@treasurer.ca.gov. The supplied materials do not state a recurring annual or other repeating application schedule, a required pre-application gating step, or a defined grant performance period.

Confirm that all eligibility requirements are satisfied at submission. Prior February 2026 Cal IIP awardees must ensure at least 50 percent of that award has been spent or committed before applying. Document loan activity carefully because the number and amount of loans affect Tier 2 qualification and award sizing. Submit all application materials by the deadline and confirm receipt through the expected acknowledgement.