| Request for Public Comment: Uses of Award Report Form for BEA Program, CDFI Program and NACA Program Award Recipients | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=361 | Request for Public Comment: Uses of Award Report Form for BEA Program, CDFI Program and NACA Program Award Recipients | <p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed information collections, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Community Development Financial Institutions Fund (the CDFI Fund), the Department of the Treasury, is soliciting comments concerning the Uses of Awards Report Form, which is completed by the Bank Enterprise Award Program (<a href="/bea" target="_blank">BEA Program</a>) Recipients and the Community Development Financial Institutions Program (<a href="/cdfi" target="_blank">CDFI Program</a>) and Native American CDFI Assistance Program (<a href="/native" target="_blank">NACA Program</a>) Recipients.</p><p>The CDFI Fund is seeking to revise its Uses of Award Report Form to validate investments made in Persistent Poverty Counties (PPCs) by BEA Program award Recipients in compliance with the PPC Congressional Mandate. The CDFI Fund’s appropriation in the Consolidated Appropriations Act, 2019 (Public Law Number 116-6), enacted February 15, 2019, requires that at least 10 percent of BEA Program funds be used for Awards that support investments that serve populations living in PPCs. In order to meet this requirement, Applicants are required to indicate the minimum and maximum percentage of the Estimated BEA Program Award the Applicant will commit to deploying in PPCs.</p><p>A Persistent Poverty County is any county that has had 20 percent or more of its population living in poverty over the past 30 years, as measured by the 1990 and 2000 decennial census, and the 2011-2015 5-year data series available from the American Community Survey from the Census Bureau. A Recipient that made commitments to serve Persistent Poverty Counties is required to identify the portion of the total award amount used for BEA Qualified Activities in Persistent Poverty Counties.</p><p>A full list of specific questions can be found in the <a href="/Documents/Use%20of%20Award%20Report%20FR%202019-22574%20101719.pdf" target="_blank">Federal Register notice</a>. </p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via e-mail to Mia Sowell, Associate Program Manager, CDFI Fund, at <a href="mailto:cdfihelp@cdfi.treas.gov" target="_blank">cdfihelp@cdfi.treas.gov</a>; or via (202) 508-0083.</p><p><strong>Related Materials</strong>:</p><ul><li><p><a href="/Documents/Use%20of%20Award%20Report%20FR%202019-22574%20101719.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/Uses%20of%20Award%20Report%20Form%20for%20Comment.pdf" target="_blank">Uses of Award Report Form (Existing Format)</a></p></li><li><p><a href="/Documents/Use%20of%20Award%20Report%20(BEA_CDFI_NACA)%20-%20Revise.pdf" target="_blank">For Comment: Uses of Award Report Form</a></p></li></ul> | 2019-10-17T04:00:00Z | Updates | 361 | | |
| Request for Public Comment: FY 2020-2022 Bank Enterprise Award Program Application | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=360 | Request for Public Comment: FY 2020-2022 Bank Enterprise Award Program Application | <p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act (PRA) of 1995, 44 U.S.C. 3506(c)(2)(A). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the Bank Enterprise Award Program (BEA Program) Application, for the fiscal year (FY) 2020-FY 2022 funding rounds (hereafter, the Application or Applications).</p><p>The purpose of the BEA Program is to provide an incentive to Federal Deposit Insurance Corporation-insured (FDIC-insured) depository institutions to increase their lending, investment, and financial services to residents and businesses located in economically distressed communities, and provide assistance to Community Development Financial Institutions (CDFIs) through grants, stock purchases, loans, deposits, and other forms of financial and technical assistance. </p><p>The CDFI Fund will make awards through the BEA Program to FDIC-insured depository institutions, based upon such institutions’ demonstrated increase of qualified activities, as reported in the Application. The Application will solicit information concerning: applicants’ eligibility to participate in the BEA Program; the increase in total dollar value of applicants’ qualified activities; impact of qualified activities; and appropriate supporting documentation. The questions that the Application contains, and the information generated thereby, will enable the CDFI Fund to evaluate applicants’ activities and determine the extent of applicants’ eligibility for BEA Program awards.</p><p>The CDFI Fund is seeking: (a) specific input on the BEA Program Application; and (b) general input on other BEA Program-related topics and considerations. Commentators should ensure that their comments are clearly labeled in order to distinguish those related to: (a) the BEA Program Application or, (b) other BEA Program-related topics and considerations. The (existing) Application may be obtained on the BEA Program page of the CDFI Fund’s website at <a href="/programs-training/Programs/bank_enterprise_award/Pages/apply-step.aspx#step1" target="_blank">https://www.cdfifund.gov/programs-training/Programs/bank_enterprise_award/Pages/apply-step.aspx#step1.</a></p><p>Comments concerning the Application are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services required to provide information. </p><p>Comments are also invited on a wide-range of other BEA Program-related topics and considerations. For example, the CDFI Fund asks for comment on whether it should:</p><ul><li><p>require Applicants to report on their safety and soundness by requesting that they provide information on their most recent independent audit, their most recent Community Reinvestment Act (CRA) Rating, and information on any enforcement actions; </p></li><li><p>add other types of loans, investments or service activities not currently considered BEA Program Qualified Activities; </p></li><li><p>collect additional information on the impact of program related investments;</p></li><li><p>collect basic information on the affordability of financial products reported to the CDFI Fund in the BEA Program Application for award consideration; and</p></li><li><p>make changes to how awards are prioritized included prioritizing awards to Applicants that invested in Persistent Poverty Counties during the Assessment Period.</p></li></ul><p>A complete list of questions regarding the BEA Program Application, as well as BEA Program-topics is provided for review and comment in the <a href="/Documents/BEA%20Application%202020%20FR%202019-22377.pdf" target="_blank">Federal Register </a>notice.</p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Mia Sowell, BEA Program Associate Program Manager, CDFI Fund, at <a href="mailto:bea@cdfi.treas.gov">bea@cdfi.treas.gov</a> or Service Request in the Award Management Information System. For the Service Request, select “BEA Application” for the record type.</p><p><b>Related Materials</b></p><ul><li><p><a href="/Documents/BEA%20Application%202020%20FR%202019-22377.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/Microsoft%20Word%20-%20FY%202020%20Bank%20Enterprise%20Award%20Program%20Application-508%20Compliant.pdf" target="_blank">For Comment: FY 2020-2022 BEA Program Application</a><br></p></li></ul>
| 2019-10-15T04:00:00Z | Updates | 360 | | |
| 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=359 | Treasury Guarantees $100 Million in CDFI Bond Funding | <p>
<i>Over $1.6 Billion Guaranteed for Projects in Distressed Communities since Establishment of Program</i></p><p>
<b>Washington, DC</b> – 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 Community Development Financial Institutions (CDFI) Bond Guarantee Program. The guarantee will be issued on behalf of three Eligible CDFIs under the fiscal year (FY) 2019 round of the program. Over $1.6 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>“The CDFI Bond Guarantee Program provides long-term capital critical to CDFIs’ work in developing high-impact community development initiatives,” said CDFI Fund Director Jodie Harris. “CDFIs utilize this innovative program to finance a range of large-scale projects in distressed areas and have included, among other things, affordable housing, charter schools, community and manufacturing facilities, as well as health care centers.”</p><p>The Opportunity Finance Network will issue $100 million in bonds on behalf of the following three Eligible CDFIs:</p><ul><li><p>Community Loan Fund of New Jersey, Inc., headquartered in New Brunswick, NJ, will receive a $25 million bond loan to finance rental housing, charter schools, daycare centers, not-for-profit organizations, small businesses and commercial real estate in low-income and underserved areas in New Jersey.</p></li><li><p>Federation of Appalachian Housing Enterprises, Inc., headquartered in Berea, KY, will receive a $20 million bond loan to finance affordable rental housing, healthcare facilities, senior living facilities, not-for-profit organizations, small businesses and commercial real estate in the greater Appalachian region.</p></li><li><p>Greater Minnesota Housing Fund, headquartered in St. Paul, MN, will receive a $55 million bond loan to finance affordable rental housing projects in Minnesota’s underserved communities.</p></li></ul><p>Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need—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 $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 $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, guaranteed $1.61 billion in bonds through the CDFI Bond Guarantee Program, and awarded more than $434 million through the Capital Magnet Fund. </p><p>To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund's website at
<a href="/" target="_blank">www.cdfifund.gov</a>.</p> | 2019-10-08T04:00:00Z | Press Releases | 359 | | |
