Request for Public Comment: Quarterly Institution Level Report for Recovery Act Awardees

Overview of the American Recovery and Reinvestment Act of 2009 (Recovery Act)

• The American Recovery and Reinvestment Act of 2009 (Recovery Act) was signed into law by President Obama on February 17th, 2009. It is an unprecedented effort to jumpstart our economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so our country can thrive in the 21st century. The Act is an extraordinary response to a crisis unlike any since the Great Depression, and includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief, and protect those in greatest need.
  
  

Implementing the American Recovery and Reinvestment Act of 2009 (Recovery Act)

• The American Recovery and Reinvestment Act of 2009 provides the CDFI Fund with $3 billion of New Markets Tax Credit allocation authority, divided equally between fiscal year 2008 and fiscal year 2009. In addition to the Fund’s annual appropriation for fiscal year 2009, the legislation appropriates an additional $100 million, of which $90 million will apply to the CDFI Program, $8 million for Native Initiatives, and $2 million to cover administrative expenses.

Award Announcements

• CDFI Program Financial Assistance Awards
  ($90 Million awarded June 29, 2009)
  
  
• Native American CDFI Assistance Program
  ($8 Million awarded July 1, 2009)
  
  
• 2009 New Markets Tax Credit Program
  ($1.5 Billion awarded Oct 30, 2009)
  
  
• 2008 New Markets Tax Credit Program
  ($1.5 Billion awarded May 27, 2009)

Reporting Guidance for Recovery Act Awardees

• CDFI Program & NACA Program Awardees

  Quarterly Recovery Act Reports: Section 1512 (f) of the Recovery Act requires that awardee reporting must begin 180 days after enactment and that Recovery Act quarterly reports must be submitted by awardees no later than 10 days after the end of each calendar quarter through the Recovery Act federal reporting portal, www.FederalReporting.gov. For CDFI and NACA awardees, the initial Recovery Act reporting deadline was October 10, 2009 and quarterly reports are due no later than 10 days after the end of each calendar quarter thereafter. For additional information on FederalReporting.gov reporting requirements please visit www.FederalReporting.gov and review Sections 1-4 of OMB Guidance M-09-21 and Section 5 of OMB Guidance M-10-08 (links provided below). Additionally, a mock-up of the Prime Recipient Tab of the Grants and Loans template, which CDFI and NACA Awardees must complete, is provided below as an example. Awardees should download the template directly from www.FederalReporting.gov. Do not modify the mock-up template for submission.

  »  Recovery Act Updates Conference Call Audio File
  »  See Sections 1-4 of OMB Guidance M-09-21 for additional information on general reporting requirements: (http://www.whitehouse.gov/omb/assets/memoranda_fy2009/m09-21.pdf)
  »  See Section 5 of OMB Guidance M-10-08 for detailed guidance on jobs reporting: (http://www.whitehouse.gov/omb/assets/memoranda_2010/m10-08.pdf)
  »  Mock-up Template for FederalReporting.gov

  Quarterly Institution Level Reports: As set forth in the assistance agreement, the CDFI Fund requires Recovery Act awardees to complete, on a quarterly basis, a much shorter version of the CDFI Fund’s standard Institution Level Report (ILR), which awardees currently report through the Community Investment Impact System (CIIS). Data from the Quarterly Institution Level Report (QILR) will help the CDFI Fund meet its own Recovery Act agency reporting requirements per OMB guidance. QILRs will also enable the CDFI Fund to standardize the data that Recovery Act awardees report separately to the CDFI Fund and FederalReporting.gov. As a result, the CDFI Fund will be able to assure the quality of information that Awardees provide. In addition, by cross checking the data received through the QILR and FederalReporting.gov, the CDFI Fund will be able to monitor compliance with Recovery Act requirements.

  »  Recovery Act Reporting Outreach (Includes Updated Information on Jobs Reporting)
  »  QILR Instructions (Updated as of December 28, 2009)
  »  QILR FAQs

• New Markets Tax Credit (NMTC) Program Allocatees

  In order to ensure that the accountability and transparency requirements of the American Recovery and Reinvestment Act (Recovery Act) are being met, New Markets Tax Credit (NMTC) allocatees that are recipients of an allocation authority under the Recovery Act are required to report to the CDFI Fund on a quarterly basis. NMTC allocatees are not required to report to the FederalReporting.gov website, but will complete a Quarterly New Markets Report (QNMR).

  Information reported in the QNMR will enable the CDFI Fund to identify how Recovery Act allocatees are putting their NMTC investments to use in low-income communities and will help the CDFI Fund to meet its own Recovery Act agency reporting requirements. The QNMR, which is a much shorter version of the CDFI Fund’s Transactional Level Report (TLR), also provides qualitative and quantitative information on the allocatee's compliance with its performance goals as outlined in its allocation agreement with the CDFI Fund.

  The next quarterly deadline for the QNMR report is Sunday, January 10, 2010 at 11:59pm PT. The information provided in the QNMR should reference activities completed with Recovery Act allocations during the quarter/reporting period ended December 31, 2009.

  In order to comply with the CDFI Fund reporting requirements, please complete the QNMR workbook. Once you have completed the workbook, please save the file with the following naming format: "InsertOrganizationName" and email it as an attachment to QNMRSubmissions@cdfi.treas.gov no later than January 10, 2010 at 11:59pm PT.

  Instructions for completing the QNMR and related FAQs are provided below:

  »  NMTC Reporting Guidance (Updated as of December 17, 2009) (.pdf)
  

  »  QNMR FAQs (.pdf)
  

Recovery Act Staff Contact Information

Please contact the following staff regarding CDFI, NACA and NMTC Recovery Act-related questions:

• Kimberly Panicek, Portfolio Manager, panicekk@cdfi.treas.gov,
  (202) 622-8955
• Candace Coram, Portfolio Manager, coramc@cdfi.treas.gov,
  (202) 622-5043
• James Miner, Compliance & Certification Officer, minerj@cdfi.treas.gov, (202) 622-0187
• Darian Dorsey, Research & Program Analyst, dorseyd@cdfi.treas.gov, (202) 622-9584

Agency Plans and Reports

• Statement of Director Donna Gambrell on the signing of the American Recovery and Reinvestment Act
  
  
• CDFI Fund Implementation of the Recovery Act
  »  Implementation Plan (.pdf)
  »  Press Release (.pdf)
  
  
• CDFI Fund Announces Complete Disbursement of Recovery Act Grants for Community Development
  
  
• CDFI Fund Releases Guidance and Schedules Webinars on Recovery Act Reporting Requirements

Learn More About Our Programs

• Learn about the programs administered by the CDFI Fund.

Other Links:

• 
  
  
• Grants.gov
  Find and apply for federal government grants.
  
  
• Federal Business Opportunities
  Where vendors and government buyers can post, search, monitor and retrieve opportunities solicited by the entire federal contracting community.
  
  
• Office of the Inspector General, U.S. Department of the Treasury
  For accessing Treasury IG reports or reporting fraud.
  
  

Content on this page is maintained by the Office of Public and Legislative Affairs, Community Development Financial Institutions Fund, U.S. Department of the Treasury.