We have a community development loan, originated on behalf of a for-profit entity which has a HMDA purpose of "refinance" and is secured by multifamily property. In reading the FRB's CRA Loan Gathering Grid published in October of 2020, the FRB explicitly addresses "purchase" and "improvement" loans and "not" "refinance, in terms of whether the loan can be reported as both HMDA and Community Development. To your knowledge, should we report a "refinance" as described above as both a HMDA and CD Loan? Appreciate any assistance you can provide.

"Purpose" has different meanings for HMDA versus Community Development under CRA. CD loans under CRA are recorded only as originations or purchased loans. Under CRA and community development a loan must have its "primary purpose" as a qualified CD activity. The MF mortgage would qualify as CD under CRA if the rents are affordable and the majority of the beneficiaries are LMI tenants. Alternatively, the primary purpose test can be fulfilled if you have an explicit statement from the borrower that there are X% affordable units for LMI tenants.

Anyway, "refinance" is not an issue for CD loans. It's the "primary purpose" that's relevant.

Interesting that you say refinance is not at issue for CD loans. I just completed an FDIC exam and two of my CD loans we not given credit under the lending test.
One was located in a moderate income tract, the other right next to moderate income tracts. Both financed shopping centers that has stores and services; proving access to the residents of those tracts, and jobs for LMI workers in the retail field.
Both were cash out refinancing of debt with a different bank. The EIC said nether qualified because they were refinancing debt and therefore didn't have CD as the primary purpose.

Anyone had similar experiences?

The EIC is wrong. Continued access to credit still supports provisions of jobs and services.

The EIC does not know what they are doing (examiners are not infallible, unlike yours truly!). There is an explicit Question in the CRA GIR below. There's no ambiguity about this issue.

SECTION __.42(b)(2) – 5: Should institutions collect and report data about community development loans that are refinanced or
renewed?
A5. Yes. Institutions should collect information about community development loans that they refinance or renew as loan originations. Community development loan refinancings, and renewals are subject to the reporting limitations that apply to refinancings and renewals of small business and small farm loans. See Q&A § __.42(a) – 5.

If you want to see how refinancings are recognized check out the Q under Section _ .42(a)-5 Should institutions collect and report data about small business and small farm loans that are refinanced or renewed?
A5. An institution should collect information about small business and small farm loans that it refinances or renews as loan
originations.

There ain't no doubt about it!