Inclusiv is a certified Community Development Financial Institution (CDFI) that claims to be the only CDFI to use credit unions in its community development grantmaking activities. ¹

Inclusiv claims its main priorities are to advance “financial inclusion,” “homeownership,” “small business,” and weather-dependent energy. ¹ In 2024, Inclusiv received a $1.9 billion grant from the Biden administration’s Environmental Protection Agency (EPA). The funds were set to finish disbursing in June 2030. ²

Funding

In April 2024, Inclusiv received a $1.9 billion grant from the Biden Administration’s Environmental Protection Agency (EPA), to be paid over a 6-year period through the Inflation Reduction Act’s (IRA) “Greenhouse Gas Reduction Fund,” for the purpose of financing “clean technology deployment in Low-Income and Disadvantaged Communities” (LIDAC). ^{3 4}
The EPA reportedly disbursed $27 billion in grants to similar groups to enable them to finance weather-dependent energy and other climate-change-related projects. ²

Activities

Inclusiv is designated as a certified Community Development Financial Institution (CDFI), while claiming to be the only CDFI to use credit unions in its community development grantmaking activities. ¹

Inclusiv claims its main priorities are to advance “financial inclusion,” “homeownership,” “small business,” and weather-dependent energy. ¹ As of January 2025, Inclusiv has invested over $450 million into development credit unions. Two of its featured funds include Inclusiv Impact Deposits Fund and Southern Equity Fund. ⁵

Biden EPA Grants, Rescinding in 2025, and Ongoing Legal Action

In early 2025, following the start of the Second Trump Administration, the Environmental Protection Agency (EPA) under Administrator Lee Zeldin ordered for the grants through the National Clean Investment Funds be frozen due to an ongoing investigation into conflicts of interest between the organizations and the funding. In March 2025, the Second Trump Administration halted the grant payments, while Citibank, the banking entity used to help move or transfer the grants, froze the payments after recommendation from the Federal Bureau of Investigation (FBI). ^{6 7}

Later in March, Inclusiv was one of several of the nonprofits that filed a lawsuit in the United States District Court for the District of Columbia against the EPA and Citibank to prevent the termination of the grants and have restored access to the funds. Inclusiv claims that were unable to receive funds for weeks prior to the lawsuit, preventing credit unions from providing loans using these funds for clean energy to families and small businesses. Zeldin later claimed that Inclusiv had been inappropriately using funding from the federal government through it’s “Clean Communities Investment Accelerator program.” ⁸ By April, the individual appeals from similar nonprofits were combined into one case through Climate United Fund as a suit against the EPA. The Court argued it had jurisdiction and granted a preliminary injunction in ordering the EPA and Citibank to restore funding the grants to the organizations. However, on appeal, the United States Court of Appeals for the District of Columbia Circuit found that the District Court had abused its discretion in issuing the injunction while ruling jurisdiction for such claims lay with the Court of Federal Claims and not the district court. In September 2025, the district court rescinded the previous injunction and the case is ongoing. ^{6 7}

Funders

According to the group’s website, organizations listed as funders for Inclusiv include the Annie E. Casey Foundation, Bank of America Charitable Foundation, the BECU Foundation, Capital One, the Citi Foundation, Cliff Rosenthal, the Climate Finance Fund (CFF), the Deutsche Bank Americas Foundation, Goldman Sachs Bank USA, Edward D Jones & Company, the Hive Fund for Climate & Gender Justice, Invest in Our Future Fund, JPMorgan Chase & Co., the JPMorgan Chase Foundation, the Kresge Foundation, the Leon Lowenstein Foundation, the MacArthur Foundation, MacKenzie Scott/Yield Giving, Mastercard Impact Fund, the National Credit Union Foundation (NCUF), NerdWallet, New York Community Trust (NYCT), the PNC Foundation, the Prudential Foundation, Puerto Rico Community Foundation, the Robert Wood Johnson Foundation (RWJF), the Target Foundation, TruStage, the U.S. Treasury CDFI Fund, the U.S. Environmental Protection Agency/Greenhouse Gas Reduction Fund, the Visa Foundation, and the Wells Fargo Foundation. ⁹

Financials

In 2023, Inclusiv reported revenue of $11,935,667, total expenses of $10,119,825, and total assets of $72,784,355. ¹⁰

Leadership

As of April 2025, Cathie Mahon was Inclusiv president and CEO, a position she has held since 2012. Mahon was previously the Deputy Commissioner at New York City’s Department of Consumer Affairs as well as the leader of the NYC Office of Financial Empowerment (OFE). ¹¹

1. “Our Work.” Inclusiv. Accessed January 19, 2025. https://inclusiv.org/our-work.
2.  “EPA Awards $27B in Greenhouse Gas Reduction Fund Grants to Accelerate Clean Energy Solutions, Combat the Climate Crisis, and Save Families Money.” Environmental Protection Agency, August 16, 2024. Accessed January 19, 2025. https://www.epa.gov/newsreleases/epa-awards-27b-greenhouse-gas-reduction-fund-grants-accelerate-clean-energy-solutions.
3. Braun, Ken. “Low-Quality Energy for the LIDACs and $21.8 Billion in Waste from the EPA.” Capital Research Center, January 16, 2025. https://capitalresearch.org/article/low-quality-energy-for-the-lidacs-and-21-8-billion-in-waste-from-the-epa/
4. “Grant to Inclusiv.” USA Spending, Accessed April 28, 2025. https://www.usaspending.gov/award/ASST_NON_84094301_6800/
5. “Invest Us.” Inclusiv. Accessed January 19, 2025. https://inclusiv.org/invest-us.
6. “Climate United Fund v. Citibank, N.A., No. 25-5122 (D.C. Cir. 2025).” Justia, accessed September 22, 2025. https://law.justia.com/cases/federal/appellate-courts/cadc/25-5122/25-5122-2025-09-02.html
7. “Climate United Fund v. Citibank, N.A.” Climate Case Chart, accessed September 22, 2025. https://climatecasechart.com/case/climate-united-fund-v-citibank-na/
8. “Inclusiv Takes Legal Action against EPA Seeking the Release of Clean Communities Investment Accelerator Funds.” Inclusiv, March 31, 2025. https://inclusiv.org/news/inclusiv-takes-legal-action-against-epa-seeking-release-clean-communities-investment.
9. “Our Partnerships.” Inclusiv, accessed October 20, 2025. https://inclusiv.org/our-partnerships
10. Return of Organization Exempt from Income Tax (Form 990). Inclusiv. 2023. https://projects.propublica.org/nonprofits/organizations/112421972/202443209349302059/full
11. “Catherine Mahon.” Inclusiv. Accessed January 19, 2025. https://inclusiv.org/profiles/cathie-mahon.