CDFI News

 

 

Treasury Guarantees $100 Million in CDFI Bond Fundinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=359Treasury 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>2019-10-08T04:00:00ZPress Releases359
U.S. Treasury Announces FY 2019 CDFI Program and NACA Program Technical Assistance Awards https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=356U.S. Treasury Announces FY 2019 CDFI Program and NACA Program Technical Assistance Awards <p> <b>Washington</b> - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 73 organizations more than $9.16 million in awards today. The fiscal year (FY) 2019 Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) Technical Assistance Awards will allow certified Community Development Financial Institutions (CDFIs) and emerging CDFIs to build their capacity to provide services to low-income and underserved people and communities across America. </p><p>“For 25 years, the CDFI Fund’s Technical Assistance awards have helped CDFIs grow their organizations and better their capacity to provide financial products and services in low-income communities,” said CDFI Fund Director Jodie Harris. “The FY 2019 CDFI Program and NACA Program Technical Assistance recipients will continue that work in communities across the country, including 28 states and Puerto Rico.”</p><p>More information about the CDFI Program and NACA Program Technical Assistance Awards is below. </p><p> <b>FY 2019 CDFI Program Technical Assistance Awards</b></p><p>The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. Technical Assistance awards provide seed capital that enables uncertified organizations to successfully secure certification as a CDFI. Award Recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. More established CDFIs also use Technical Assistance awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations.</p><p>For FY 2019, 60 organizations received more than $7.24 million in CDFI Program Technical Assistance Awards. The maximum award amount available was $125,000. A full list of the award recipients can be found below. </p><p> <b>FY 2019 NACA Program Technical Assistance Awards </b></p><p>The NACA 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.</p><p>For FY 2019, 13 organizations received more than $1.92 million in NACA Program Technical Assistance Awards. The maximum award amount available was $150,000. A full list of the award recipients can be found below. </p><p>The CDFI Fund also provides Financial Assistance Awards through the CDFI Program and NACA Program to further expand and support the financing activities of CDFIs. The CDFI Fund anticipates announcing the FY 2019 Financial Assistance Awards later in calendar year 2019.</p><p>To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov. Additional information about the CDFI Program is available at www.cdfifund.gov/cdfi, and the NACA Program at www.cdfifund.gov/native. </p><p> <b>Related Materials</b></p><ul><li><p> <a href="/Documents/FY%202019%20CDFI%20NACA%20TA%20Award%20List%20for%20Website%20091619.pdf" target="_blank">List of FY 2019 CDFI Program and NACA Program Technical Assistance Award Recipients</a></p></li><li><p><a href="/Documents/5.%20Technical%20Assistance%20Application%20Evaluation%20Process.pdf" target="_blank">FY 2019 Technical Assistance Awards Evaluation Process</a></p></li></ul>2019-09-19T04:00:00ZPress Releases356
CDFI Fund Awards $25 Million to Banks that Increased Investments in Severely Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=355CDFI Fund Awards $25 Million to Banks that Increased Investments in Severely Distressed Communities<p>​<em>Over Half Billion Dollars has now been awarded through the Bank Enterprise Awards Program</em></p><p> <strong>Washington, DC</strong> – Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced over $25.2 million in awards to 113 banks, through the fiscal year (FY) 2019 round of the Bank Enterprise Award Program (BEA Program), for increasing investments to communities across the nation experiencing severe economic distress. The CDFI Fund <a href="/news-events/Pages/news-detail.aspx?NewsID=350&Category=Updates">received 117 applications</a> requesting over $150 million in FY 2019 BEA Program round funding. </p><p>The BEA Program provides monetary awards to FDIC-insured depository institutions that have demonstrated increased investments in Community Development Financial Institutions (CDFIs) or in their own lending, investing, or service activities in the most economically distressed communities. Awards are then reinvested in these distressed communities, which helps accelerate the growth of businesses, creation of jobs, development of affordable housing, and availability of financial services.</p><p>"Established as part of the CDFI Fund 25 years ago, the BEA Program has successfully incentivized increased bank investment and lending activity in our nation's most economically distressed communities," said CDFI Fund Director Jodie Harris. "With today's announcement, more than $520 million has now been awarded to banks that have elevated their investments, lending and service activities in the nation's most distressed communities—those where at least 30 percent live at or below the national poverty level and possess an unemployment rate at least 1.5 times the national average—as well as to certified CDFIs."</p><p>Collectively, during the one-year assessment period, the 113 depository institutions receiving an FY 2019 BEA Program award increased: </p><ul><li><p>loans and investments in distressed communities by nearly $362.2 million; </p></li><li><p>loans, deposits, and technical assistance to CDFIs by $26.5 million; and</p></li><li><p>the provision of financial services in distressed communities by $36.1 million.</p></li></ul><p>In total, the $25.2 million awarded under the FY 2019 round of the BEA Program will be reinvested into these economically distressed communities, as well as CDFIs, thereby generating further economic opportunity.</p><p>Of the 113 depository institutions awarded funding, 81 have committed to deploying approximately $3.7 million, or 14.8% of total FY 2019 appropriated funds, in Persistent Poverty Counties which exceeds the Congressional mandate of 10%.  </p><p> <strong>Related Materials</strong></p><ul><li><p> <a href="/Documents/2019%20BEA%20Award%20Book%20FINAL.pdf" target="_blank">FY 2019 BEA Program Award Book</a></p></li></ul><ul><li><p> <a href="/Documents/CDFI%20Partners%20List%20for%20Award%20Book%20-%20508%20Compliant.pdf" target="_blank">FY 2019 BEA Program Award Recipient Partnerships with CDFIs</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 $3.3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance 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, and closed guaranteed bonds in the amount of $1.51 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/" target="_blank">www.cdfifund.gov</a>. </p>2019-09-17T04:00:00ZPress Releases355
CDFI Fund Announces $3.5 Billion in New Markets Tax Creditshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=346CDFI Fund Announces $3.5 Billion in New Markets Tax Credits<p>​<em>Awards will Spur Economic and Community Development Nationwide</em></p><p> Washington – The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced $3.5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide.  A total of 73 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2018 round of the New Markets Tax Credit Program (NMTC Program). </p><p>"The New Markets Tax Credit is a powerful economic development tool that attracts private capital into hard-to-finance businesses in distressed communities nationwide," said CDFI Fund Director Jodie Harris.  "Today's awards will finance projects ranging from large manufacturing plants to grocery and retail stores that will create jobs and provide critically needed goods and services to residents of Low-Income Communities. One-fifth (20 percent) of the investments resulting from today's awards will be made in rural communities." </p><p>The 73 CDEs receiving awards today were selected from a pool of 214 applicants that requested an aggregate total of $14.8 billion in tax credit allocation authority. The award recipients are headquartered in 35 different states, Puerto Rico, and the District of Columbia.  It is estimated that these award recipients will make more than $682 million in New Markets Tax Credit investments in non-metropolitan counties. </p><p>Today's announcement brings the total amount awarded through the NMTC Program to $57.5 billion. Historically, NMTC Program awards have generated $8 of private investment for every $1 invested by the federal government.  Through the end of fiscal year 2017, the most recent data available, NMTC Program award recipients deployed more than $48.6 billion in investments in low-income communities and businesses; with impacts such as the creation or retention of more than 800,000 jobs, and the construction or rehabilitation of more than 205 million square feet of commercial real estate.</p><p><strong>2018 NMTC Program Award Resources</strong></p><ul><li><a href="/Documents/New%20Markets%20Tax%20Credit%20Program%20Award%20Book%20for%20Calendar%20Year%202018.pdf" target="_blank">Award Book</a>: View award list and learn key facts and statistics about the Allocatees</li><li><a href="/awards/state-awards/Pages/default.aspx">Searchable Award Database</a>: View the profiles of individual Allocatees</li><li><a href="/awards/nmtc/Pages/default.aspx">States Served Map</a>: Explore the service areas of recent Allocatees</li></ul><p><strong>About the New Markets Tax Credit Program</strong></p><p>The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities.  CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. </p><p>To learn more about the New Markets Tax Credit Program, please view the program Fact Sheet or visit <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>.  </p><p><strong>About the CDFI Fund </strong></p><p>Since its creation in 1994, the CDFI Fund has awarded over $3.3 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, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance 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, and guaranteed bonds in the amount of $1.51 billion through the CDFI Bond Guarantee Program.</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="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p>2019-05-23T04:00:00ZPress Releases346
U.S. Treasury Announces $142.9 Million in Awards for Affordable Housing Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=337U.S. Treasury Announces $142.9 Million in Awards for Affordable Housing Nationwide<p>The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 38 organizations $142.9 million today for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year (FY) 2018 round of the Capital Magnet Fund, 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 day care centers, workforce development centers and health care clinics.</p><p>"Securing affordable housing continues to be a necessity for many Americans across the country,” said CDFI Fund Director Jodie Harris. “These awards will lead to increased availability of affordable housing in both rural and urban communities. More than 25,000 affordable housing units are projected to be developed as a result of these awards.”</p><p>The 38 awardees will collectively serve 39 states, the District of Columbia, and Puerto Rico. Nine of these awardees, or 24 percent, will invest at least half of their award dollars in Rural Areas. Of the 38 awardees, 24 are Community Development Financial Institutions (CDFIs) and 14 are non-profit housing organizations. The 38 awardees were selected after a merit-based competitive review of applications submitted from 116 organizations, which requested more than $570 million in awards this round of the Capital Magnet Fund. </p><p><b>FY 2018 Capital Magnet Fund Award Resources</b></p><ul><li><p><a href="/Documents/FINAL%202018%20CMF%20Award%20Book%20021119.pdf" target="_blank">Capital Magnet Fund Award Book</a></p></li><li><p><a href="/Documents/FY%202018%20Capital%20Magnet%20Fund%20Application%20Review%20Process%20Document.pdf" target="_blank">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 $3.2 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund; the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. 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 closed guaranteed bonds in the amount of $1.51 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 www.cdfifund.gov.</p>2019-02-13T05:00:00ZPress Releases337
CDFI Fund Announces Nearly $25 Million in Bank Enterprise Awards for Increased Investments in Highly Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=334CDFI Fund Announces Nearly $25 Million in Bank Enterprise Awards for Increased Investments in Highly Distressed Communities<p> <b>Washington, DC –</b> Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced nearly $25 million in awards to 119 banks for increasing investments benefiting economically distressed communities across the nation. The awards were made through the fiscal year (FY) 2018 round of the Bank Enterprise Award Program (BEA Program).  </p><p>The BEA Program is a performance-based grant program that provides monetary awards to FDIC-insured depository institutions that successfully demonstrate an increase in their investments in mission-driven lenders, known as Community Development Financial Institutions (CDFIs), or in the depository institutions' own lending, investing, or service activities in highly distressed communities.</p><p>"These banks are lending in the most highly distressed communities – where at least 30 percent live at or below the national poverty level and where the unemployment rate is at least 1.5 times the national average," said CDFI Fund Director Annie Donovan.  "This round, BEA Program award recipients provided $56.9 million in equity investments, loans, certificates of deposit and/or technical assistance to 53 certified CDFIs, which is nearly 2.5 times the amount provided the last round."</p><p>Collectively, during the one-year assessment period, these 119 depository institutions increased their loans and investments in distressed communities by nearly $578 million; increased their loans, deposits, and technical assistance to CDFIs by $38.6 million; increased their equity and equity-like loans and grants to CDFIs by $16.7 million; and increased the provision of financial services in highly distressed communities by $6.8 million..  </p><p>Furthering this impact, the nearly $25 million awarded today will be re-invested into highly distressed communities, as well as CDFIs.  Of the 119 depository institutions awarded funding, 86 have committed to deploying approximately $3.4 million, or13.6 percent of award dollars, in Persistent Poverty Counties which exceeds the Congressional mandate of 10 percent.  Under the FY 2018 round of the BEA Program, the CDFI Fund received 124 applications from FDIC-insured depository institutions across the nation that requested $218.1 million in funding, the highest amount requested in program history.  </p><p> <strong>Related Materials</strong></p><ul><li><p> <a href="/Documents/2018%20BEA%20Award%20Book%20121018%20FINAL.PDF">FY 2018 BEA Program Award Book </a></p></li><li><p> <a href="/awards">Searchable Awards Database</a></p></li></ul>2018-12-19T05:00:00ZPress Releases334
U.S. Treasury Awards $202.9 Million to Support Economic Growth in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=321U.S. Treasury Awards $202.9 Million to Support Economic Growth in Low-Income Communities<p> <i>Funds to Support Community Development Investments in Distressed Rural, Urban, and Native Communities</i></p><p> <b> <a href="#Washington">Washington</a> -</b> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $202.9 million in awards today. The awards, through the fiscal year (FY) 2018 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. One-third of the awardees have committed to specifically serving Persistent Poverty Counties.</p><p>“The FY 2018 CDFI Program and NACA Program awardees will provide vital financial services and lending to low-income communities nationwide,” said CDFI Fund Director Annie Donovan. “The awards will also benefit Native Communities, areas of persistent poverty, and individuals with disabilities.” </p><p>For the FY 2018 CDFI Program round, the CDFI Fund awarded $165.7 million in Financial Assistance and Technical Assistance to 265 organizations in 44 states, the District of Columbia, and Puerto Rico. 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 14 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. The CDFI Fund also awarded $5 million to 15 CDFIs through the Disability Funds Financial Assistance awards (DF-FA), a supplemental program designed to help CDFIs finance projects and services that will assist individuals with disabilities. </p><p>For the FY 2018 round, the CDFI Fund received applications from 432 organizations requesting $334.9 million through the CDFI Program Financial Assistance and Technical Assistance awards, $75.3 million through the Healthy Food Financing Initiative, $45.4 million to serve Persistent Poverty Counties, and $15.2 million in Disability Funds Financial Assistance. </p><p>The CDFI Fund also awarded $15.1 million in FY 2018 NACA Program Financial Assistance and Technical Assistance to 38 organizations in 16 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 53 applications requesting $33.7 million for the FY 2018 round. </p><p>View more information about the FY 2018 CDFI Program and NACA Program awardees below. </p><p> <b>2018 CDFI Program and NACA Program Award Resources </b></p><ul><li><p> <a href="/Documents/Final%202018%20CDFI%20Award%20Book%20_v2updated%20111918.pdf" target="_blank">FY 2018 CDFI Program Award Book </a></p></li><li><p> <a href="/Documents/Final%202018%20NACA%20Award%20Book%20091418.pdf" target="_blank">FY 2018 NACA Program Award Book </a></p></li><li><p> <a href="/Documents/FA%20Application%20Evaluation%20Process_announcement.pdf" target="_blank">CDFI Program and NACA Program Financial Assistance Application Evaluation Process </a></p></li><li><p> <a href="/Documents/TA%20Application%20Evaluation%20Process_announcement.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 $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. 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 closed guaranteed bonds in the amount of $1.36 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/" target="_blank">www.cdfifund.gov</a>.  </p><hr /> <footer> <ol><li id="Washington"> <i>This release was updated on November 19, 2018 to correct the total number of awards. One additional CDFI Program Financial Assistance Award was included. </i></li><p> </p></ol> </footer> 2018-09-19T04:00:00ZPress Releases321
Treasury Guarantees $150 Million in CDFI Bond Fundinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=322Treasury Guarantees $150 Million in CDFI Bond Funding<p><i>Since Inception, Over $1.5 Billion Guaranteed for Projects in Low-Income Communities</i></p><p> <strong>Washington, DC – </strong>U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today the issuance of a $150 million guarantee under the Community Development Financial Institutions (CDFI) Bond Guarantee Program. The guarantee was issued to the Community Reinvestment Fund, USA (CRF) on behalf of Clearinghouse Community Development Financial Institution (Clearinghouse) which is headquartered in Lake Forest, California. </p><p>To date, over $1.51 billion has been guaranteed since the inception of the program, which provides long-term, fixed-rate capital for projects in low-income urban, rural, and Native communities. </p><p> "With six rounds of bond issuances now under our belt, we are seeing the significant impact the CDFI Bond Guarantee Program is having in communities across the country," said CDFI Fund Director Annie Donovan.  "From community facilities on Native lands, to housing for people with disabilities, to financing small businesses in both big cities and small towns across America –this program is creating real impact in places where it is needed most."</p><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.  </p><p>The program enables CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, small businesses, daycare or healthcare centers, and rural infrastructure projects, among other asset classes. </p><p> <strong>About the CDFI Fund</strong></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 $54 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, guaranteed $1.512 billion in bonds through the CDFI Bond Guarantee Program, and awarded more than $291 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="http://www.cdfifund.gov/"> <span style="text-decoration:underline;">www.cdfifund.gov</span></a></p>2018-09-18T04:00:00ZPress Releases322
CDFI Fund Announces Nearly $22.8 Million in Bank Enterprise Awards for Increased Investment in Highly Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=307CDFI Fund Announces Nearly $22.8 Million in Bank Enterprise Awards for Increased Investment in Highly Distressed Communities<p></p><p><strong>Washington</strong> – Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced nearly $22.8 million in awards to 113 banks for increasing investments benefiting economically distressed communities across the nation. The awards were made through the fiscal year (FY) 2017 round of the Bank Enterprise Award Program (BEA Program).  The BEA Program is a performance-based grant program that provides monetary awards to FDIC-insured depository institutions that successfully demonstrate an increase in their investments in mission-driven lenders known as Community Development Financial Institutions (CDFIs), or in their own lending, investing, or service activities in highly distressed communities.</p><p>"These banks have not just increased their lending in economically distressed communities," said CDFI Fund Director Annie Donovan.  "They are lending in the <em>most highly distressed</em> communities 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. I applaud their efforts to generate economic activity in some of the most underserved parts of the country."</p><p>Collectively, during the one-year assessment period, these 113 depository institutions increased their loans and investments in distressed communities by $470.4 million; increased their loans, deposits, and technical assistance to CDFIs by $18.6 million; increased the provision of financial services in distressed communities by $7.3 million; and increased their equity and equity-like loans and grants to CDFIs by $2.5 million.  </p><p>Furthering this impact, the nearly $22.8 million awarded today will be <em>re-invested</em> into highly distressed communities as well as CDFIs.  Of the 113 depository institutions awarded, 76 have committed to deploying approximately $3.73 million, or 16.4 percent of award dollars, in Persistent Poverty Counties exceeding the Congressional mandate of 10 percent.  The FY 2017 BEA Program award recipients were selected after a comprehensive review of 119 applications requesting $131.7 million in funding.  </p><p><strong>Related Materials</strong></p><ul style="list-style-type:disc;"><li><a href="/Documents/FINAL%20for%20WEBSITE%20-%202017%20BEA%20Award%20Book_062218%20v4.pdf">FY 2017 BEA Program Award Book</a></li><li><a href="/awards/state-awards/Pages/default.aspx">Searchable Awards Database</a></li></ul><p><strong>About the BEA Program </strong></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 to communities 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 BEA Program awards help offset some of the risks and/or costs associated with investing in these highly distressed communities and provide an incentive to increase their investments. The greater the loan increase, the greater the award. Since its inception in 1994, the BEA Program has awarded grants totaling over $470 million.   <br><br>For more information about the BEA Program, please view the <a href="/Documents/CDFI7205_FS_BEA_updatedFeb2018.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><strong>About the CDFI Fund</strong></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program.  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 closed guaranteed bonds in the amount of $1.36 billion through the CDFI Bond Guarantee Program. </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="/Pages/default.aspx">www.cdfifund.gov</a>. </p>2018-06-27T04:00:00ZPress Releases307
U.S. Treasury Announces $120 Million in Awards for Affordable Housinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=293U.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>2018-03-16T04:00:00ZPress Releases293

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