| Apply Now for $1.9 Million in Economic Mobility Corps Funding | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=397 | Apply Now for $1.9 Million in Economic Mobility Corps Funding | <p><em>AmeriCorps Providing Awards to Place National Service Members in CDFIs</em></p><p><strong>What is the Economic Mobility Corps?</strong></p><p>The Economic Mobility Corps (EMC) is a joint initiative of the Community Development Financial Institutions Fund (CDFI Fund) and <a href="https://americorps.gov/">AmeriCorps</a> that places full-time <a href="https://www.nationalservice.gov/programs/americorps/americorps-programs/americorps-state-national">national service</a> members in Certified Community Development Financial Institutions (CDFIs) to enhance their capacity to provide financial literacy, financial planning, budgeting, saving, and other financial counseling activities. Economic Mobility Corps members placed in Certified CDFIs will receive training on the principles of financial counseling and financial literacy and assist CDFIs in promoting access to capital and credit in distressed and underserved areas. A total of $1.9 million is available for awards to EMC recipients.</p><p><strong>What organizations are eligible to participate in the Economic Mobility Corps?</strong></p><p>Organizations that meet AmeriCorps' State and National Direct Grant program eligibility criteria are able to apply for an EMC award, include CDFIs and other financial institutions, Indian Tribes, institutions of higher learning, state and local governments, and nonprofit organizations. An organization does not need to be a Certified CDFI to apply for an EMC award. However, recipients must use EMC awards to fund the placement of AmeriCorps service members in Certified CDFIs. Preference will be given to EMC applicants that intend to enroll veterans as AmeriCorps members and applicants that plan to serve rural areas. </p><p><strong>How can my organization apply to participate in the Economic Mobility Corps?</strong></p><p>Organizations that are interested in applying for funds to participate in EMC should review the fiscal year (FY) 2021 AmeriCorps State and National Direct Grant <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">Notice of Funding Opportunity (NOFO)</a> released by AmeriCorps in September. Organizations must apply for an AmeriCorps State and National Direct Grant in order to participate in EMC. Applications are due to CNCS by 5:00 p.m. Eastern Time on Wednesday, January 6, 2021. Successful applicants will be notified by CNCS by mid-May 2021.</p><p>An organization can apply to EMC as either a National Direct Applicant—if it intends to place AmeriCorps service members at CDFIs in more than one state—or a Single-State Applicant. Single-State Applicants must apply through a State and Territory Service Commission. Additional details, including information on eligibility, cost-sharing, application submission, registration with the System for Award Management (SAM), and more is available in the <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a>.</p><p><strong>How many total service members will be funded through the Economic Mobility Corps?</strong></p><p>Awards are available to fund up to a total of 61 full-time AmeriCorps service members a year for two years. Living allowances must be provided to service members of Economic Mobility Corps that work full-time. EMC service members are also eligible to earn a Segal AmeriCorps Education Award from the National Service Trust that members can use to pay for higher education expenses or apply to qualified student loans. The <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a> contains detailed information on service member living allowance requirements and other benefits.</p><p><strong>What kind of activities will AmeriCorps Members perform as part of the Economic Mobility Corps?</strong></p><p>EMC members will perform a variety activities that support the work and mission of CDFIs. In particular, participating EMC members will enhance CDFIs' abilities to promote, market, and deliver financial counseling and financial planning services and programs. The <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a> contains an EMC position description outlining the duties service members would perform. </p><p><strong>Where can I find more information about the Economic Mobility Corps, AmeriCorps and the CDFI Fund?</strong></p><p>Those organizations interested in applying for an EMC award should carefully review the AmeriCorps State and National Grant <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a>. Additional information is available on the AmeriCorps website at <a href="https://americorps.gov/">https://americorps.gov/</a>. Information about the CDFI Fund and CDFIs is available on the CDFI Fund website at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p><p><strong>Who do I contact with questions about the Economic Mobility Corps? </strong></p><p>If you have a question about the Economic Mobility Corps, call (202) 606-7508 or email americorpsgrants@cns.gov. AmeriCorps offers live text chat at <a href="http://www.nationalservice.gov/contact-us">www.NationalService.gov/contact-us</a>. </p> | 2020-10-05T04:00:00Z | Updates | 397 | | |
| Treasury Guarantees $100 Million in CDFI Bond Funding | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=396 | Treasury Guarantees $100 Million in CDFI Bond Funding | <p><b>Washington, DC—</b> The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today the approval of a $100 million guarantee under the fiscal year 2020 round of the Community Development Financial Institutions (CDFI) Bond Guarantee Program. The guarantee will be issued to the Community Reinvestment Fund, USA on behalf of Clearinghouse Community Development Financial Institution (Clearinghouse). Over $1.7 billion has now been guaranteed since the inception of the CDFI Bond Guarantee Program, which provides long-term, fixed-rate capital for projects in low-income urban, rural, and Native communities.</p><p>“After eight rounds of bond issuances, the impact the CDFI Bond Guarantee Program is having in economically distressed communities across the country is evident,” said CDFI Fund Director Jodie Harris. “From the financing of small businesses in both urban and rural settings, to needed community facilities on Native lands, to critical housing for people with disabilities, the long-term affordable capital provided under this program is making a real difference.”</p><p>Clearinghouse, which is headquartered in Lake Forest, California, will use the bond loan to finance charter schools, commercial real estate, daycare centers, healthcare facilities, not-for-profit organizations, rental housing, senior living and long-term care, and small businesses in low-income communities in California, Arizona, Nevada, New Mexico, and in sovereign nations in the western United States.</p><p>Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need for low-cost capital to spur economic growth and jump start community revitalization. Under the program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue guaranteed bonds worth a minimum of $100 million. The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to invest in distressed communities. For more information on the CDFI Bond Guarantee Program, visit the CDFI Fund website at <a href="/bond" target="_blank">www.cdfifund.gov/bond</a>. <br></p><p><b>About the CDFI Fund </b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $3.8 billion to CDFIs, community development organizations, and financial institutions through the Bank Enterprise Award Program, the Capital Magnet Fund, the Community Development Financial Institutions Program, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds for over $1.7 billion through the CDFI Bond Guarantee Program. </p><p>To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at <a href="/" target="_blank">www.cdfifund.gov</a>. </p>
| 2020-09-30T04:00:00Z | Press Releases | 396 | | |
| U.S. Treasury Awards $204.1 Million to Support Economic Growth in Low-Income, Distressed, and Native Communities | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=394 | U.S. Treasury Awards $204.1 Million to Support Economic Growth in Low-Income, Distressed, and Native Communities | <p><strong>Washington </strong>- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 397 Community Development Financial Institutions (CDFIs) $204.1 million in awards today. The awards, through the fiscal year (FY) 2020 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>"I am proud to announce the fiscal year 2020 CDFI Program and NACA Program Award Recipients," said CDFI Fund Director Jodie Harris. "These organizations are providing vital economic development and financial services to neighborhoods, businesses, and families. I am especially proud that we have 91 new organizations receiving awards this year, expanding the opportunity of this program to even more communities across the country." </p><p>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. For the FY 2020 CDFI Program round, the CDFI Fund awarded $142.8 million in Base-Financial Assistance and Technical Assistance awards to 357 organizations in 45 states, the District of Columbia, and Puerto Rico. In addition to the Base-Financial Assistance awards, the CDFI Fund will also provide the following supplemental Financial Assistance awards:</p><ul><li><p>$22 million to 13 CDFIs through the Healthy Food Financing Initiative-Financial Assistance (HFFI-FA) awards, a supplemental program designed to encourage investments in businesses that provide healthy food options for communities;</p></li><li><p>$4 million to 17 CDFIs through the Disability Funds-Financial Assistance (DF-FA) awards, a supplemental program designed to help CDFIs finance projects and services that will assist individuals with disabilities; and</p></li><li><p>$18.5 million to 106 CDFIs through the Persistent Poverty Counties-Financial Assistance (PPC-FA) awards, which is a supplemental program designed to encourage investments in Persistent Poverty Counties nationwide.</p></li></ul><p>The NACA Program facilitates the creation and advancement of Native CDFIs, which are Certified CDFIs that must predominantly serve Native American, Alaska Native, and/or Native Hawaiian communities. A diversity of institutions in various stages of development are supported by the NACA Program, 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 awarded $15.2 million in FY 2020 NACA Program Base-Financial Assistance and Technical Assistance awards to 40 organizations in 18 states. In addition, the CDFI Fund awarded $1.6 million in NACA Program PPC-FA awards to 11 Native CDFIs. </p><p>View more information about the FY 2020 CDFI Program and NACA Program awardees below. </p>
<p>
<strong>2020 CDFI Program and NACA Program Award Resources </strong></p><ul><li><p>
<a href="/Documents/DRAFT%202020%20CDFI%20FA%20TA%20Award%20Book%20091820_vapproval2.pdf" target="_blank">FY 2020 CDFI Program Award Book</a></p></li><li><p>
<a href="/Documents/DRAFT%202020%20NACA%20Award%20Book%20091820_v%20approval2.pdf" target="_blank">FY 2020 NACA Program Award Book</a></p></li><li><p>
<a href="/Documents/FY%2020%20CDFI%20NACA%20Base-FA%20Evaluation%20Process.pdf" target="_blank">CDFI Program and NACA Program Financial Assistance Application Evaluation Process</a></p></li><li><p>
<a href="/Documents/FY%2020%20CDFI%20NACA%20TA%20Evaluation%20Process.pdf" target="_blank">CDFI Program and NACA Program Technical Assistance Application Evaluation Process</a></p></li></ul><p>
<strong>About the CDFI Fund </strong></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $3.6 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the Community Development Financial Institutions Program; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.61 billion through the CDFI Bond Guarantee Program. </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/">www.cdfifund.gov</a>.</p> | 2020-09-24T04:00:00Z | Press Releases | 394 | | |
