| U.S. Treasury Awards $208 Million for Investment Nationwide in Low-Income Communities | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=269 | U.S. Treasury Awards $208 Million for Investment Nationwide in Low-Income Communities | <p><i>Funds Support Community Development and Revitalization Activity in Distressed Rural, Urban, and Native Communities</i></p><p><b>Washington -</b> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $208.7 million in awards today. The awards, through the fiscal year (FY) 2017 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.</p><p>“We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in Persistent Poverty Counties.”</p><p>For the FY 2017 CDFI Program round, the CDFI Fund awarded $171.1 million in Financial Assistance and Technical Assistance to 265 organizations in 46 states and the District of Columbia. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. In addition, the CDFI Fund awarded $22 million to 13 CDFIs through the Healthy Food Financing Initiative Financial Assistance awards (HFFI-FA), a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. For the FY 2017 round, the CDFI Fund received applications from 434 eligible organizations requesting more than $567 million through the CDFI Program and more than $112 million through the Healthy Food Financing Initiative. </p><p>The CDFI Fund also awarded $15.6 million in FY 2017 NACA Program Financial Assistance and Technical Assistance to 38 organizations in 21 states. The program facilitates the creation and advancement of Native CDFIs. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities, and reflect a diversity of institutions in various stages of development, including: organizations in the early planning stages of CDFI formation; tribal entities working to certify an existing lending program; and established Native CDFIs in need of further capacity building assistance. The CDFI Fund received 56 applications requesting $33 million for the FY 2017 round. </p><p>View more information about the FY 2017 CDFI Program and NACA Program awardees below. </p><p><b>2017 CDFI Program and NACA Program Award Resources </b></p><ul><li><p><a href="/Documents/FINAL%202017%20CDFI%20Award%20Book%20091817_for%20web.pdf" target="_blank">FY 2017 CDFI Program Award Book</a></p></li><li><p><a href="/Documents/FINAL%202017%20NACA%20Award%20Book%20091817_for%20web.pdf" target="_blank">FY 2017 NACA Program Award Book</a> </p></li><li><p><a href="/Documents/FY17%20Financial%20Assistance%20Evaluation%20Process%20Cleared%203.24.17.pdf" target="_blank">CDFI Program and NACA Program Financial Assistance Application Evaluation Process</a></p></li><li><p><a href="/Documents/FY17%20Technical%20Assistance%20Evaluation%20Process%20Cleared%203.24.17v2.pdf" target="_blank">CDFI Program and NACA Program Technical Assistance Application Evaluation Process</a></p></li></ul><p><b>About the CDFI Fund </b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund.</p><p>To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>. </p>
| 2017-09-19T04:00:00Z | Press Releases | 269 | | |
| CDFI Fund Announces More Than $18.6 Million in Bank Enterprise Awards for Investment in Low-Income Communities | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=268 | CDFI Fund Announces More Than $18.6 Million in Bank Enterprise Awards for Investment in Low-Income Communities | <p>
<b>Washington –</b> Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced more than $18.6 million in awards to 102 FDIC-insured financial institutions serving economically distressed communities across the nation. These funds, awarded under the fiscal year (FY) 2016 round of the Bank Enterprise Award Program (BEA Program), will support community and economic development activities in census tract areas where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is at least 1.5 times the national average. The award recipients were selected after a comprehensive review of 116 applications requesting $145.6 million in funding.</p><p>“I applaud the banks and thrifts being awarded today for increasing their lending, investing and vital financial services in low-income communities across the nation,” said CDFI Fund Director Annie Donovan. "Through both direct investment and by supporting Community Development Financial Institution partners, these institutions are making a real difference in highly distressed communities across the nation.”</p><p>Today’s awards will build on efforts to increase investments in underserved communities. Collectively, during the one-year assessment period, these 102 depository institutions increased their loans and investments in distressed communities by $285.5 million; increased their loans, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by $41 million; increased their equity and equity-like loans and grants to CDFIs by $8.8 million; and increased the provision of financial services in highly distressed communities by $3.5 million. </p><p>The more than $18.6 million awarded under the FY 2016 round of the BEA Program today will be re-invested into distressed communities and CDFIs by BEA Program award recipients. </p><p>
<b>Related Materials</b></p><ul><li><p>
<a href="/Documents/FINAL%202016%20BEA%20Award%20Book%20081617v2.pdf" target="_blank">2016 BEA Program Award Book</a></p></li><li><p>
<a href="/awards/state-awards/Pages/default.aspx" target="_blank">Searchable Awards Database</a></p></li></ul><p>
<b>About the BEA Program </b></p><p>The Bank Enterprise Award Program (BEA Program) rewards FDIC-insured depository institutions for making investments in certified CDFIs as well as in the most distressed communities in the country. In order to receive an award, these banks and thrifts must demonstrate an increase in their investments with at least 30% of their residents having incomes less than the national poverty level and 1.5 times the unemployment rate. The BEA awards help offset some of the risk associated with investing in these distressed communities and provide an incentive to invest. The greater the loan increase, the greater the award. Since its inception in 1994, the BEA Program has awarded grants totaling over $447 million. </p><p>For more information about the BEA Program, please view the
<a href="/Documents/CDFI7205_FS_BEA_updatedJan2016.pdf">Fact Sheet </a>or visit the CDFI Fund’s website at
<a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a>. </p><p>
<b>About the CDFI Fund</b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.3 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the BEA Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund. </p><p>To learn more about the CDFI Fund and its programs, please view the
<a href="/Documents/CDFI_Brochure%20Updated%20Mar2017.pdf">Fact Sheet </a>or visit the CDFI Fund’s website at
<a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p> | 2017-08-17T04:00:00Z | Press Releases | 268 | | |
| Update for Capital Magnet Fund Applicants: AMIS Application Now Available | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=266 | Update for Capital Magnet Fund Applicants: AMIS Application Now Available | <p>The Application for the fiscal year (FY) 2017 round of the Capital Magnet Fund is now available in the Community Development Financial Institutions Fund’s (CDFI Fund) Awards Management Information System (AMIS). In order to be able to complete their FY 2017 Application in AMIS, applicants must have submitted a valid SF-424 through Grants.gov by July 28, 2017. </p><p>The CDFI Fund encourages all applicants to complete their Applications as early as possible to avoid last-minute problems. All FY 2017 Capital Magnet Fund Applications must be submitted through AMIS by
<b>5:00 p.m. Eastern Time (ET) on Thursday, August 31, 2017.</b></p><p>
<b>How to Start a Capital Magnet Fund Application in AMIS</b></p><p>To create a CMF Application in AMIS, follow these steps:</p><ol><li><p>Log-in to AMIS.</p></li><li><p>Open your Organizational Profile.</p></li><li><p>Navigate to the Program Profile section and open the CMF Program Profile.</p></li><li><p>Complete the required information in the CMF Program Profile (if necessary).</p></li><li><p>Click “New CMF Application” in the Funding Application section.</p></li><li><p>Enter the requested information and click “Save.” You will then be able to see the whole Application. You will be able to go back and edit any Application information before you Submit. </p></li></ol><p>
<b>Need Help? Updated Guidance and Webinars Available</b></p><p>The CDFI Fund has posted additional Application guidance materials to its website, including an updated Frequently Asked Questions document. The training manual for the AMIS Application will be available on the website later this week. All of the 2017 Application guidance, pre-recorded modules, and presentations are available at
<a href="http://www.cdfifund.gov/cmf">www.cdfifund.gov/cmf</a> under “How to Apply Step 2: Apply.” </p><p>The CDFI Fund has also scheduled two additional webinars for FY 2017 Capital Magnet Fund applicants on
<b>August 14 and August 15, 2017</b> to provide a live demo of how to navigate and enter data into the AMIS Application. See the
<a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">CDFI Fund’s website </a>for information regarding how to access the webinars. </p><p>No prior registration is necessary to join the webinars. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Michael Jones at 202-653-0300 no later than 48 hours before the webinars begin. The recordings of the AMIS webinars will be posted to the CDFI Fund’s website a few days after they are conducted.</p><p>
<b>Questions</b></p><p>Please direct any questions to the Capital Magnet Fund Help Desk via an AMIS Service Request, by e-mail to
<a href="mailto:cmf@cdfi.treas.gov" target="_blank">cmf@cdfi.treas.gov</a>, or by calling 202-653-0421 (please note: this is not a toll-free number). The CDFI Fund will stop taking questions about the Application at
<b>5:00 p.m. ET on Tuesday, August 29, 2017. </b></p><p>To learn more about the CDFI Fund and its programs, please visit
<a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p> | 2017-08-08T04:00:00Z | Updates | 266 | | |
