| First time applying for CDFI Fund Grant Assistance? Register with SAM.gov ASAP! | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=294 | First time applying for CDFI Fund Grant Assistance? Register with SAM.gov ASAP! | <p></p><p><strong class="ms-rteFontSize-3">Process for registering new entities may increase application time</strong></p><p><em>Are you interested in applying for an upcoming Community Development Financial Institutions Fund (CDFI Fund) program round, but you haven’t registered in the General Services Administration (GSA) System for Award Management (SAM) yet? Please pay close attention to the following information:</em><br></p><p>Due to recent third-party fraudulent activity in SAM, an updated process is being implemented in order to verify the identity of
<strong style="text-decoration:underline;">new</strong>
registering entities in
<a href="https://www.sam.gov/portal/SAM/?portal:componentId=f5018dec-3dbd-41f4-97da-37591bc0a967&interactionstate=JBPNS_rO0ABXcwABBfanNmQnJpZGdlVmlld0lkAAAAAQAPL2pzZi9mb290ZXIuanNwAAdfX0VPRl9f&portal:type=action#1">
SAM.gov</a>. </p><p>SAM.gov is an official website of the U.S. government that collects, validates, stores, and disseminates business information about the federal government's trading partners in support of contract awards, grants, and electronic payment processes.</p><p>Registration in SAM.gov is a prerequisite for participating in many federal government discretionary grant (those funded by Congress through the annual appropriations process) and Federal Credit programs. This includes the CDFI Fund’s Bank Enterprise Award Program (BEA Program), Capital Magnet Fund (CMF), Community Development Financial Institutions Program (CDFI Program), Native American CDFI Assistance Program (NACA Program), and CDFI Bond Guarantee Program (BGP).</p><p>Those that are registering
a <strong style="text-decoration:underline;">new entity</strong> in SAM.gov must now submit a notarized letter to SAM.gov stating that they are the authorized Entity Administrator1 before their SAM.gov entity registration will be activated. This new requirement may substantially increase the time needed to activate a new SAM.gov entity registration.</p><p>Since the CDFI Fund anticipates opening the FY 2018 application rounds for the BEA Program and Capital Magnet Fund in late spring 2018, those organizations that may be contemplating applying to these programs but have
<strong style="text-decoration:underline;">not yet registered</strong> with SAM.gov are encouraged to do so
<strong style="text-decoration:underline;">as soon as possible</strong>. It is currently unclear how long it will take the GSA to process the notarized letters required to activate new SAM.gov accounts.</p><p>While this process only applies to entities that have never previously registered in SAM.gov, and not to those with an existing registration, it is recommended that previous SAM registrants ensure their SAM.gov account is current and active.</p><p>Additional information resources:</p><div><ul><li><p>
<strong>SAM Update</strong>:<a href="https://www.gsa.gov/about-us/organization/federal-acquisition-service/office-of-systems-management/integrated-award-environment-iae/sam-update"> Alleged Fraudulent Activity in SAM</a><br></p></li><li><p>
<strong>SAM FAQ</strong>: <a href="https://www.fsd.gov/fsd-gov/answer.do?sysparm_kbid=d2e67885db0d5f00b3257d321f96194b&sysparm_search=kb0013183">Registering a new entity in SAM</a><a href="https://www.fsd.gov/fsd-gov/answer.do?sysparm_kbid=d2e67885db0d5f00b3257d321f96194b&sysparm_search=kb0013183"></a><br></p></li><li style="text-decoration:underline;"><p>
<a href="https://www.sam.gov/">SAM.gov</a></p></li></ul></div><div><p style="text-align:center;">
***</p><p>Thinking of applying for grant funding assistance from the CDFI Fund? There are a number of steps you can take now in order to prepare for submission of a future CDFI Fund grant assistance application. The CDFI Fund has prepared a description of these steps <a href="/impact/Pages/BlogDetail.aspx?BlogID=48">here</a>. </p></div> | 2018-04-17T04:00:00Z | Updates | 294 | | |
| U.S. Treasury Announces $120 Million in Awards for Affordable Housing | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=293 | U.S. Treasury Announces $120 Million in Awards for Affordable Housing | <p>The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 40 organizations $120 million today for the development of affordable housing and related economic development activities in low-income communities. These awards were made through the fiscal year (FY) 2017 round of the Capital Magnet Fund, with funds available from the calendar year 2016 government-sponsored enterprises' allocations, and will support financing for the preservation, rehabilitation, development or purchase of affordable housing for low-income communities; as well as related economic development and community service facilities such as workforce development centers, day care centers, and health care clinics. The Capital Magnet Fund was established through the HERA Act of 2008. This announcement follows a long evaluation and award process that has now been completed. </p><p>The awardees include 25 certified Community Development Financial Institutions and 15 non-profit housing organizations. They will collectively serve 40 states and the District of Columbia. The CDFI Fund selected the awardees after completing a merit-based competitive review of eligible applications submitted from 120 organizations that had requested nearly $540 million for investments in affordable housing.</p><p>
<b>FY 2017 Capital Magnet Fund Award Resources</b></p><ul><li><p><a href="/Documents/Final%202017%20CMF%20Award%20Book%20031418.pdf" target="_blank">Capital Magnet Fund Award Book and List</a></p></li><li><p><a href="/Documents/FY2017%20Capital%20Magnet%20Fund%20Program%20Application%20Evaluation%20Process_3-14-2018.pdf">Capital Magnet Fund Application Review Process</a></p></li></ul><p>
<b>About the CDFI Fund </b></p><p>Since its creation in 1994, the CDFI Fund has awarded nearly $2.9 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, and the Capital Magnet Fund. In addition, the CDFI Fund has allocated $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $1.36 billion in bonds has been guaranteed 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/" target="_blank">www.cdfifund.gov</a>. For more information about the Capital Magnet Fund, please visit the CDFI Fund’s website at
<a href="http://www.cdfifund.gov/cmf" target="_blank">www.cdfifund.gov/cmf</a>. </p> | 2018-03-16T04:00:00Z | Press Releases | 293 | | |
| CDFI Fund Releases Application Demand for FY 2017 Round of BEA Program | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=292 | CDFI Fund Releases Application Demand for FY 2017 Round of BEA Program | <h3>Represents Over $500 Million in Increased Lending In Distressed Communities </h3><p><br>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today the application data for the fiscal year (FY) 2017 round of its Bank Enterprise Award Program (BEA Program). A total of 119 applications were received requesting awards of more than $131.7 million. The award request is over 5.7 times more than the $23 million available for this round. These applicants are headquartered in 23 states, and the District of Columbia. </p><p>The purpose of the BEA Program is to focus on the most severely economically distressed communities by providing an incentive for FDIC-insured financial institutions to increase their investments in those communities. Under the program, distressed communities are defined as census tracts where at least 30 percent of residents have incomes that are less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.</p><p>Applicants must demonstrate increased qualified activities in the form of investments in Community Development Financial Institutions (CDFIs) or in the applicants’ lending, investing, or financial service-related activities in these economically distressed communities. Award amounts are calculated as a percentage of the increase in qualified activities from one annual reporting period—known as the “baseline period”— to the next—known as the “assessment period.” </p><p>The CDFI Fund required FY 2017 applicants to report total lending, investment, and service activities for the annual baseline and assessment reporting periods for all activities that fell within the category for which an award is being sought, even if the applicant did not demonstrate an increase or is not seeking an award for a particular activity. </p><p>Collectively, during the one-year assessment period (January 1, 2016 – December 31, 2016), these 119 applicants reported lending, investment, and service activities totaling more than $1.4 billion. This represents an increase of nearly $522.8 million in additional lending, investing and service activities in CDFIs and severely economically distressed communities over the prior year. These applicants reported:</p><ul><li><p>an increase in their loans and investments in distressed communities of $491.6 million; </p></li><li><p>an increase in their equity and equity-like loans and grants to CDFIs of $4.5 million; </p></li><li><p>an increase in their loans, deposits, and technical assistance to CDFIs of $19.4 million; and</p></li><li><p>an increase in the provision of financial services in distressed communities of $7.3 million.</p></li></ul><p>Applications are currently under review and the CDFI Fund anticipates announcing awards this coming spring. </p><p>For more information about the BEA Program, please view the program
<a href="/Documents/CDFI7205_FS_BEA_updatedFeb2018.pdf" target="_blank">Fact Sheet</a> or visit the CDFI Fund’s website at
<a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a>. </p> | 2018-03-01T05:00:00Z | Updates | 292 | | |
