| Reminder: Use the 2011-2015 ACS Data to Validate Target Markets and Investment Areas in your ACR | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=375 | Reminder: Use the 2011-2015 ACS Data to Validate Target Markets and Investment Areas in your ACR | <p>The Community Development Financial Institutions Fund (CDFI Fund) reminds Certified Community Development Financial Institutions (CDFIs) that have Annual Certification and Data Collection Reports (ACRs) coming
<a href="/programs-training/certification/cdfi/Pages/reporting-step.aspx#step2" target="_blank">due</a> to ensure they are utilizing the U.S. Census Bureau's 2011-2015 American Community Survey (ACS) data to identify and verify their Target Markets.</p><p>
<strong>Why must CDFIs use 2011-2015 ACS data?</strong></p><p>On October 1, 2018, the CDFI Fund
<a href="/news-events/news/Pages/news-detail.aspx?NewsID=325&Category=Updates" target="_blank">announced</a> it had updated Investment Areas using the U.S. Census Bureau's 2011-2015 ACS data. However, new CDFI Certification applicants and those CDFIs reaffirming their Target Markets for the ACR were provided a one-year transition period to use either the 2006-2010 or 2011-2015 ACS data to identify or reaffirm their Investment Areas and Target Markets. This transition period expired October 1, 2019, CDFIs must now ensure they are using 2011-2015 ACS data to identify their Investment Areas and Target Markets.</p><p>
<strong>My organization is a Certified CDFI. What should we do?</strong></p><p>CDFIs should analyze their financing activity using the
<a href="/Pages/mapping-system.aspx" target="_blank">CDFI Information Mapping System (CIMS)</a> and verify that a minimum of 60% of their financing activities are in eligible Target Market(s). In particular, CDFIs that have identified Investment Areas should analyze their activity to ensure it meets this threshold based on the 2011-2015 ACS data. As part of the mandatory ACR submission process, CDFIs will also need to indicate they have utilized the updated ACS data set to verify that their Target Market activity meets the 60% threshold. </p><p>
<strong>My CDFI's Target Market activity now falls under 60%. What should I do?</strong></p><p>If after analyzing your CDFI's Target Market activity using the 2011-2015 ACS data it falls under the 60% threshold, review the Target Market(s) you have identified. Often, a CDFI may have selected Investment Areas that have now "graduated" from being distressed and are no longer eligible. If this is the case for your CDFI, a Target Market Modification form will need to be submitted to the CDFI Fund in the Awards Management Information System (AMIS). The Target Market Modification form will allow your CDFI to adjust its Target Markets by selecting eligible Investment Areas that will allow it to meet the 60% Target Market requirement. Information on submission of a Target Market Modification is available on the CDFI Fund website on the
<a href="/programs-training/certification/cdfi/Pages/apply-step.aspx#step1" target="_blank">CDFI Certification page</a>. </p><p>
<strong>Will the revised ACS data set require all CDFIs to submit Target Market modifications?</strong></p><p>No, the revised ACS data set will not require all CDFIs to submit Target Market modifications. </p><p>Certified CDFIs that have selected Investment Areas as their Target Market(s), specifically individual census tracts, are particularly susceptible to failing under the Target Market threshold under the 2011-2015 ACS data. More than 300 Certified CDFIs have Investment Areas using individually-selected Census tracts. The CDFI Fund encourages those CDFIs that have this type of Investment Area to closely review their Target Market data in CIMS. Submit a Target Market modification only if you are required to do so.</p><p>
<strong>My organization recently received a Financial Assistance (FA) Award. How does this data update impact my Award?</strong></p><p>FA Recipients should review the terms of their Assistance Agreements. While Recipients may be able to satisfy the terms of their Assistance Agreements through activity in either a Target Market or Eligible Market, for purposes of CDFI Certification only qualified activity in an eligible Target Market of record counts towards the 60% threshold requirement. For reporting purposes, Recipients should apply the 2011-2015 ACS data to all existing awards, as well as any future awards.</p><p>The CDFI Fund has provided an
<a href="/Documents/CDFI%20Investment%20Areas%20potential%20FAQs%20FINAL%20100118.pdf" target="_blank">FAQ document</a> that contains information on the updated 2011-2015 ACS data for Investment Areas and Target Markets, as well as an
<a href="/Documents/CDFI%20Investment%20Areas%20ACS%202011-2015.xlsb" target="_blank">Excel file</a> containing a list of eligible CDFI Investment Area Census tracts based on the 2011-2015 ACS. The documents may be found on the CDFI Fund's website at
<a href="http://www.cdfifund.gov/research" target="_blank">www.cdfifund.gov/research</a> under Program Eligibility Guidance. <br></p><p>If you have questions about annual compliance and certification reports, please contact your organization's Certification, Compliance Monitoring and Evaluation (CCME) Portfolio Manager directly or send a Service Request via your organization's AMIS account. You may also contact the CDFI Fund's Help Desk at
<a href="mailto:ccme@cdfi.treas.gov">ccme@cdfi.treas.gov</a> or (202) 653-0421. For more information about the CDFI Fund and its programs, please visit
<a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.<br></p><br> | 2020-03-19T04:00:00Z | Updates | 375 | | |
| CDFI Fund Opens Application Period for FY 2020 CDFI Bond Guarantee Program | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=374 | CDFI Fund Opens Application Period for FY 2020 CDFI Bond Guarantee Program | <p>Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2020 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in guarantee authority is available to Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2020.</p><p>Through the CDFI Bond Guarantee Program, selected certified CDFIs or their designees issue bonds that are guaranteed by the Secretary of the Treasury and use the bond proceeds to extend credit to CDFIs for community development financing and long-term community investments. Authorized uses of the loans financed through the bond proceeds include a variety of financial activities, such as supporting commercial facilities that promote revitalization, community stability, and job creation/retention; housing that is principally affordable to low-income people; businesses that provide jobs for low-income people or are owned by low-income people; and community or economic development in low-income and underserved rural areas.</p><p>Bond Issues are a minimum of $100 million each. Multiple Eligible CDFIs may join a single $100 million Bond Issue provided that each Eligible CDFI participates at a minimum of $10 million.</p><p>
<strong>What's New This Round</strong></p><p>The types of community revitalization activities that may be supported through the program were expanded, and the program's collateral requirements have changed. </p><ul><li><p>Loans funding new construction are now eligible Secondary Loans when collateralized by a Principal Loss Collateral Provision under terms and conditions approved by the CDFI Fund. Previously, the Bond Loan Proceeds could only be used to support the renovation or expansion of existing structures. This change will allow participating Eligible CDFIs to support a much broader scope of construction activities in distressed and underserved areas.
</p></li><li><p>Charter school loans that have a U.S. Department of Education credit enhancement are now eligible to be pledged as Secondary Loans to the CDFI Bond Guarantee Program. </p></li><li><p>The total collateralization for each Bond Loan must now range between 111% and 120%. The collateralization requirements for the CDFI to Financing Entity asset class utilizing pooled tertiary loans, or Bond Loans utilizing the Alternative Financial Structure remain unchanged.<br></p></li></ul><p>More detailed information about these changes can be found in the <a href="/Documents/20200311_Federal%20Register%20Notice%20FY%202020%20CDFI%20BGP%20NOGA_RMO%20comments%20CDFI%20Response%20CLEAN%20FINAL.pdf" target="_blank">FY 2020 Notice of Guarantee Availability (NOGA)</a>.<br></p><p>
<strong>Application Materials</strong></p><p>In anticipation of the publication of the NOGA in the Federal Register tomorrow, application materials are available on the CDFI Fund's website at
<a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a> under the 'How To Apply' section by clicking
<a href="/programs-training/Programs/cdfi-bond/Pages/apply-step.aspx#step2">Step 2: Apply</a>. Application materials must be submitted through the CDFI Fund's Award Management Information System (AMIS).</p><p>Please note that descriptions of certain requirements for application documentation were modified to reflect the new requirements for FY 2020.</p><p>
<strong>Deadlines</strong></p><p>Please reference the NOGA and application instructions for detailed information regarding the following application deadlines.</p><ul><li>CDFI Certification Applications must be submitted through AMIS by 11:59 p.m. EST on April 6, 2020.<br>
<br></li><li>Qualified Issuer Applications must be submitted through AMIS by 11:59 p.m. EST on May 11, 2020.<br>
<br></li><li>Guarantee Applications must be submitted through AMIS by 11:59 p.m. EST on May 18, 2020.<br>
<br></li><li>The last day the CDFI Fund will accept questions regarding the FY 2020 application period for the CDFI Bond Guarantee Program is May 4, 2020, at 11:59 p.m. EST. All questions must be submitted electronically to the program office at bgp@cdfi.treas.gov. </li></ul><p>Qualified Issuer Applications and Guarantee Applications received in FY 2019 that were neither withdrawn nor declined in FY 2019 will be considered under the FY 2020 authority.</p><p>
<strong>Learn About Applying to the CDFI Bond Guarantee Program</strong></p><p>Due to recent developments related to the spread of COVID-19, the CDFI Fund will not conduct an in-person, two-day application workshop. To ensure potential Qualified Issuer and Guarantee applicants have the information needed to consider whether to apply this round, the CDFI Fund will provide two different virtual learning opportunities.</p><p>First, the CDFI Fund will conduct two consecutive, two-hour webinars that will highlight the most important information from the presentation used during the customary workshop. Each webinar will last two hours, the last 30 minutes of which will be reserved for Q&A. The CDFI Fund will post the presentation in advance of the webinar, and no registration is needed.</p><p>Second, the CDFI Fund will also hold two conference calls to answer any questions that may arise after the webinars. There will be one conference call for potential Qualified Issuer applicants and another for potential Guarantee applicants. The details for both are below. </p><p>
<strong>Webinars Details</strong></p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:25%;"> </td><td class="ms-rteTable-default" style="width:25%;">Date and Time</td><td class="ms-rteTable-default" style="width:25%;">Conference Line</td><td class="ms-rteTable-default" style="width:25%;">Access Link</td></tr><tr><td class="ms-rteTable-default">Webinar 101</td><td class="ms-rteTable-default">March 26, 2020<br> 1:00-3:00 PM ET</td><td class="ms-rteTable-default"><p>Call:
<br>1-888-324-0239</p><p>Passcode:
<br>4349543</p></td><td class="ms-rteTable-default"><p>
<a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings">Access Webinar</a></p><p>Conference number:<br> PWXW1005091<br> Passcode:<br> 4349543</p></td></tr><tr><td class="ms-rteTable-default">Webinar 102</td><td class="ms-rteTable-default">March 26, 2020<br> 1:00-3:00 PM ET</td><td class="ms-rteTable-default"><p>Call:
<br>1-888-324-0239</p><p>Passcode:
<br>4349543</p></td><td class="ms-rteTable-default">
<a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings">Access Webinar</a><br> Conference number:<br> PWXW1005099<br> Passcode:<br> 4349543</td></tr></tbody></table><p>
<br>Viewing these webinars requires the use of WebEx. To download the WebEx Event Manager, see the instructions on the Verizon's
<a href="https://www.mymeetings.com/emeet/join/src/plugins_mm.php?lang=/en">WebEx Downloads page</a>.</p><p>
<strong>Conference Calls Details</strong></p><ul><li>Thursday, April 2, 2020 at 1:00-2:30 pm ET – Qualified Issuer Applicants<br>
<br></li><li>Friday, April 3, 2020 at 1:00-2:30 pm ET – Guarantee Applicants<br>
<br></li></ul><p>The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-324-0239 and the pass code is 4349543. No prior registration is necessary. </p><p>
<strong>Reasonable Accommodations</strong></p><p>Requests for reasonable accommodations under section 504 of the Rehabilitation Act for either the webinars or conference calls should be directed to Jay Santiago at 202-653-0300 no later than 48 hours before the conference calls begin.</p><p>
<strong>Questions</strong></p><p>Inquiries regarding legal documents related to the CDFI Bond Guarantee Program should be directed to the CDFI Fund's Office of Legal Counsel via email at
<a href="mailto:legal@cdfi.treas.gov">legal@cdfi.treas.gov</a>. </p><p>For more information about the CDFI Bond Guarantee Program, please visit
<a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a>, or email the CDFI Fund's Help Desk at
<a href="mailto:bgp@cdfi.treas.gov">bgp@cdfi.treas.gov</a>.
<br></p> | 2020-03-18T04:00:00Z | Updates | 374 | | |
| The FY 2020 CDFI Bond Guarantee Program Application Workshop Has Been CANCELLED | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=373 | The FY 2020 CDFI Bond Guarantee Program Application Workshop Has Been CANCELLED | <p>The U.S. Department of the Treasury and its Community Development Financial Institutions Fund (CDFI Fund) are closely monitoring the recent developments in the spread of COVID-19. Pursuant to
<a href="https://www.chcoc.gov/content/preliminary-guidance-agencies-during-coronavirus-disease-2019-covid-19" target="_blank">guidance issued</a> by the Office of Personnel Management regarding domestic travel for Federal staff, the CDFI Fund is cancelling the
<a href="/news-events/news/Pages/news-detail.aspx?NewsID=368&Category=Updates" target="_blank">previously announced</a> CDFI Bond Guarantee Program Application Workshop scheduled for March 26th and 27th at the Federal Reserve Bank of Chicago.</p><p>
<b>Webinars</b></p><p>To ensure you have the information you need to consider whether to apply to the CDFI Bond Guarantee Program in this year’s upcoming application round or in future rounds, the CDFI Fund will hold two consecutive, two-hour webinars on March 26th and March 27th from 1:00 to 3:00 p.m. Eastern Time (ET). The material in these webinars will reflect the material that would have been covered in each day of the workshop in an abbreviated format, with the last 30 minutes of each webinar reserved for Q&A. No registration is needed.</p><p>Viewing these webinars requires the use of WebEx. To download the WebEx Event Manager, see the instructions on the Verizon's
<a href="https://www.mymeetings.com/emeet/join/src/plugins_mm.php?lang=/en">WebEx Downloads page</a>.</p>
<br>
<table class="table table-striped table-condensed bottom-margin " style="width:704px;height:244px;"><thead class="sr-only" style="text-align:left;"><tr><th>Webinar Topic</th><th>Date and Time</th><th>Conference Line</th><th>Access Link</th></tr></thead><tbody><tr><td>Webinar 101</td><td>March 26, 2020
<br> 1:00-3:00 PM ET</td><td>Call:<br>1-888-324-0239
<br>Passcode:<br> 4349543</td><td>
<a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings" target="_blank">Access Webinar</a><br>Conference number:<br>PWXW1005091
<br> Passcode: 4349543</td></tr><tr><td>Webinar 102</td><td>March 27, 2020
<br> 1:00-3:00 PM ET</td><td>Call:<br>1-888-324-0239
<br>Passcode:<br>4349543</td><td>
<a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings" target="_blank">Access Webinar</a><br> Conference number:<br>PWXW1005099
<br> Passcode: 4349543</td></tr></tbody></table><p>We will post a copy of the presentation on the CDFI Fund’s website at
<a href="/bond" target="_blank">www.cdfifund.gov/bond</a> under Step 2: Apply in advance so that you can join the webinar prepared with questions.</p><p>
<b>Conference Calls</b></p><p>The CDFI Fund also plans to hold two conference calls to answer any questions that may arise after the webinars. There will be one conference call for potential Qualified Issuer applicants and one call for potential Guarantee applicants. </p><ul><li><p>Thursday, April 2, 2020 at 1:00 pm ET – Qualified Issuer Applicants</p></li><li><p>Friday, April 3, 2020 at 1:00 pm ET – Guarantee Applicants</p></li></ul><p>The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-324-0239 and the pass code is 4349543. No prior registration is necessary.</p><p>
<b>Reasonable Accommodations</b></p><p>Requests for reasonable accommodations under section 504 of the Rehabilitation Act for either the webinars or conference calls should be directed to Jay Santiago at 202-653-0300 no later than 48 hours before the conference calls begin.</p><p>
<b>Questions</b></p><p>If you have any questions or concerns, please contact the CDFI Bond Guarantee Program by email at
<a href="mailto:bgp@cdfi.treas.gov">bgp@cdfi.treas.gov</a>. <br></p>
<br> | 2020-03-11T04:00:00Z | Updates | 373 | | |
