CDFI News

 

 

New Markets Tax Credit Program Compliance Report Releasedhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=265New Markets Tax Credit Program Compliance Report Released<p> <b>Washington –</b> A new, independent report on the federal New Markets Tax Credit Program (NMTC Program) was released today by Summit Consulting LLC (Summit). The Compliance Review of New Markets Tax Credit Program report (the NMTC Report) was commissioned by the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund). It examines whether the recipients of New Markets Tax Credits (NMTCs) have complied with NMTC Program requirements, and whether the recipients’ NMTC investment activities have aligned with the objectives of the NMTC Program, among other questions.</p><p>“The report released today demonstrates that New Markets Tax Credits are being used as Congress intended: to attract private investment into projects in economically distressed communities,” said Annie Donovan, Director of the CDFI Fund. “It also documents the ways that Community Development Entities (CDEs) that utilize the program are meeting and generally exceeding NMTC Program requirements.”</p><p>In addition, the NMTC Report addresses questions and recommendations posed by the Government Accountability Office (GAO) regarding the distribution of benefits among the NMTC Program’s stakeholders, investors’ rates of return, and the role that other public investments play in NMTC investments. The NMTC Report has four main sections, each examining a different topic and presenting the results of Summit’s quantitative analysis and its key findings and recommendations. Among the report’s key findings for each of the four sections are:</p><ol><li><p>CDE Compliance with NMTC Allocation Agreements</p><ul><li><p>All projects reviewed by Summit comply with the corresponding Allocation Agreement.</p></li><li><p>CDEs often go beyond compliance requirements, providing more flexible capital and investing in more highly distressed areas than the NMTC Program requires.</p></li></ul></li><li><p>Distribution of Overall NMTC Program Benefits</p><ul><li><p>The flexible financing provided by CDEs reduces the net cost of capital for borrowers.</p></li><li><p>Fees and other charges do not appear to significantly affect the cost of capital for low-income community businesses.</p></li><li><p>Investor returns appear to be driven more by a market for tax credits than by specific project risks, with median investor returns for the sample of 9.1 percent.</p></li></ul></li><li><p>Degree of Public Investment in NMTC Transactions</p><ul><li><p>In its evaluation of the depth of public investment in NMTC projects utilizing two methodologies it developed, Summit found that approximately two-thirds of the projects reviewed received public funding commensurate with financing gaps or industry benchmarks for capitalization rates.</p></li><li><p>Summit’s analysis of the remaining one-third of the projects revealed that projects located in highly distressed areas may need more public funding to attract private investment, to enhance community benefits, or to support initial project operating costs.</p></li></ul></li><li><p>CDE Best Practices </p><ul><li><p>Many CDEs use a rigorous project selection process that includes a “but-for” analysis, community benefit considerations, and advisory board involvement.</p></li></ul></li></ol><p> <b>Related Links:</b></p><ul><li><p> <a href="/Documents/Summit%20-%20Compliance%20Review%20of%20New%20Markets%20Tax%20Credit%20Program%20-%20August%20Date%20-%20508%20Compliant.pdf" target="_blank">Compliance Review of New Markets Tax Credit Program – Full Report</a></p></li></ul><p>For more information about the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a> or view the CDFI Fund’s <a href="/Documents/CDFI_Brochure%20Updated%20Mar2017.pdf" target="_blank">Fact Sheet</a>.</p>2017-08-01T04:00:00ZPress Releases265
Treasury Announces $7 Billion Allocation of New Markets Tax Creditshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=234Treasury Announces $7 Billion Allocation of New Markets Tax Credits<p> <i>Largest single round in the history of the New Markets Tax Credit Program will spur economic, community development in nation’s distressed and low-income communities</i></p><p> <b>WASHINGTON</b>–Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that 120 organizations nationwide will receive a total of $7 billion in New Markets Tax Credit awards. This is the largest single award round since the New Markets Tax Credit Program was created in 2001.</p><p>“The CDFI Fund programs, including the New Markets Tax Credit, address the needs and concerns of working Americans and help build an economy that delivers results that they can see,” said Treasury Secretary Jacob J. Lew. “By attracting private business and development to distressed communities, this tax credit spurs economic growth, creates jobs, and brings new services and opportunities where they are most needed.”</p><p>Secretary Lew announced the 2015-2016 awards at Educare DC, an innovative, state-of-the-art preschool offering early childhood educational programs in the Parkside Kenilworth community in Northeast DC. Educare DC benefited from an NMTC investment provided to DC Housing Enterprises in 2009.</p><p>The 120 organizations awarded today are headquartered in 36 states, the District of Columbia, and Puerto Rico. The scope of this NMTC award round means that more communities across the nation will have access to investments for local jobs, community facilities, and safe and affordable housing. It is estimated that more than $1.4 billion in New Markets Tax Credit investments will be made in non-metropolitan counties. The number of minority-owned or controlled organizations receiving awards also nearly tripled from the previous award round.</p><p>“For the past 15 years, we have seen how the New Markets Tax Credit program improves the quality of life and economic prospects for low-income Americans,” said CDFI Fund Director Annie Donovan. “The historic $7 billion in tax credits awarded through the 2015-2016 round will support many more community projects and businesses nationwide.” </p><p>Today’s awards bring the total amount awarded through the New Markets Tax Credit Program to $50.5 billion. Historically, NMTC awards have generated $8 of private investment for every dollar invested by the federal government. Since 2001, NMTCs have generated more than $42 billion in investments in low-income communities and businesses, resulting in the creation or retention of more than 500,000 jobs, and the construction or rehabilitation of more than 164 million square feet of commercial real estate. </p><p> <b>Related Documents</b></p><ul><li><p> <a href="/Documents/FINAL%202015%202016%20NMTC%20Award%20Book%20Nov2016.pdf" target="_blank">CY 2015-2016 NMTC Program Award Book</a></p></li><li><p> <a href="/Documents/2015-16%20NMTC%20Allocation%20Application%20Review%20Process%20and%20General%20Characteristics%20of%20a%20Highly%20Ranked%20Application%20for%20LEA.pdf" target="_blank">NMTC Program Awards Evaluation Process</a></p></li></ul><p> <b>About the New Markets Tax Credit Program</b></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 vehicles 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. </p><p>CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. The 120 organizations receiving awards were selected from a pool of 238 applicants that requested approximately $17.6 billion in allocation authority. </p><p>To learn more about the New Markets Tax Credit Program, please view the program <a href="/Documents/NMTC%20Fact%20Sheet_Jan2016v2.pdf" target="_blank">Fact Sheet </a>or visit <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>.  </p><p> <b>About the CDFI Fund</b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $1.1 billion has been guaranteed in bonds 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%20Jan2016.pdf" target="_blank">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.</p>2016-11-17T05:00:00ZPress Releases234
Treasury Guarantees $265 Million in Bond Funding for Projects in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=232Treasury Guarantees $265 Million in Bond Funding for Projects in Low-Income Communities<p><strong>Washington, DC</strong>—the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that two bonds, totaling $265 million, were issued on behalf of four CDFIs in fiscal year (FY) 2016. A total of $1.11 billion has 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>“Reaching the $1 billion mark in program commitments demonstrates how valuable the CDFI Bond Guarantee Program has become to communities in need of access to long-term capital,” said CDFI Fund Director Annie Donovan. “CDFIs are proving to be adept at utilizing this important financing tool.”</p><p>The FY 2016 program participants include:</p><ul><li><p><b>Community Reinvestment Fund, USA</b> issued a $165 million bond on behalf of three Eligible CDFIs:</p><ul><li><p><i>Capital Impact Partners,</i> headquartered in Arlington, VA, received a $40 million bond loan to finance licensed senior living and long-term care facilities, commercial real estate, rental housing, healthcare facilities, and charter schools.</p></li><li><p><i>Low Income Investment Fund</i>, headquartered in San Francisco, CA, received a $50 million bond loan to finance daycare centers, licensed senior living and long term care facilities, commercial real estate, rental housing, healthcare facilities, and charter schools.</p></li><li><p><i>The Reinvestment Fund</i>, headquartered in Philadelphia, PA, received a $75 million bond loan to finance small businesses, daycare centers, commercial real estate, rental housing, and healthcare facilities.</p></li></ul></li><li><p><b>Bank of America</b> issued a $100 million bond on behalf of <i>Self-Help Ventures Fund.</i> Self-Help Ventures Fund is headquartered in Durham, NC, and will use the bond loan to finance commercial real estate and charter schools.</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 bonds worth a minimum of $100 million in total. The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to reignite the economies of distressed communities. </p><p>The program enables CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, daycare or healthcare centers, and rural infrastructure projects. </p><p><b>About the CDFI Fund </b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $1.1 billion has been guaranteed in bonds 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%20Jan2016.pdf" target="_blank">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p> 2016-09-28T04:00:00ZPress Releases232
U.S. Treasury Awards $185 Million for Community Development in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=231U.S. Treasury Awards $185 Million for Community Development in Low-Income Communities<p> <i>Funds Support CDFI Investment and Revitalization Activity in Distressed Urban, Rural and Native Communities</i></p><p> <b>Washington-</b>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 196 Community Development Financial Institutions (CDFIs) $185.7 million in grants and loans today. The awards, through the fiscal year (FY) 2016 rounds of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs and Native CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.</p><p>“With today’s awards, the CDFI Fund has crossed the $2 billion threshold in collective investments to CDFIs and Native CDFIs through the CDFI and NACA Programs,” said CDFI Fund Director Annie Donovan. “This milestone underscores the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities.”</p><p>For the FY 2016 CDFI Program round, the CDFI Fund awarded $170.2 million in Financial Assistance and Technical Assistance to 158 organizations in 48 states, including the District of Columbia. This also includes $22 million awarded to nine CDFIs through the Healthy Food Financing Initiative Financial Assistance awards (HFFI-FA). A total of 457 applications were received requesting more than $675 million under this round of the CDFI program. </p><p>The CDFI Fund awarded $15.5 million in FY 2016 NACA Program Financial Assistance and Technical Assistance to 38 organizations. 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 (Native 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. A total of 61 applications were received requesting $38 million for the FY 2016 round, which was the CDFI Fund’s 15th round of funding with awards specifically for Native Communities. </p><p>View the full lists of FY 2016 CDFI Program and NACA Program awardees below. Additional information about the awardees will be released on the CDFI Fund’s website in the coming days. The CDFI Fund anticipates opening the FY 2017 round of the programs in early 2017. </p><p> <b>2016 CDFI Program and NACA Program Award Resources </b></p><ul><li><p>CDFI Program Award List: <a href="/Documents/FY%202016%20CDFI%20Program%20Award%20List.pdf" target="_blank">View the full group of awardees</a></p></li></ul><ul><li><p>NACA Program Award List: <a href="/Documents/FY%202016%20NACA%20Program%20Award%20List.pdf" target="_blank">View the full group of awardees</a> </p></li><li><p>CDFI Program and NACA Program Application Evaluation Process: <a href="/Documents/FY2016%20CDFI%20and%20NACA%20Application%20Evaluation%20Process%20Document.pdf" target="_blank">Learn how the awards were determined</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 $2.2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds 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%20Jan2016.pdf" target="_blank">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p>2016-09-27T04:00:00ZPress Releases231
CDFI Fund Announces Winners of the 2016 CDFI Prize Competitionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=230CDFI Fund Announces Winners of the 2016 CDFI Prize Competition<p>Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is pleased to announce the winners of its <a href="/news-events/news/Pages/news-detail.aspx?NewsID=218&Category=Updates"> 2016 CDFI Prize Competition</a>. Eight organizations will receive an aggregate total of $1 million to reward innovative ideas and approaches to increasing CDFI investment and access to capital in underserved rural areas, particularly those characterized by persistent poverty. </p><p>“The CDFI Fund is excited to showcase and support Prize winners that are working across the breadth of underserved rural communities to develop breakthrough solutions to attracting capital investment and enhancing credit access,” said CDFI Fund Director Annie Donovan. “These are areas in deep need of innovations that combat persistent poverty, and we laud the entrepreneurial efforts of this year’s Prize Competition applicants.”</p><p>Winners of the 2016 CDFI Fund Prize Competition were selected based on their submission of innovative proposals that: (1) identify and promote new ideas and practices for implementation by CDFIs that serve rural areas, and/or (2) create value during and after the competition by encouraging CDFIs serving rural areas to develop new skills or practices that may have beneficial effects on the communities they serve. </p><p>From the 60 applications submitted for consideration, four winners were selected and an additional four applications were provided with honorable mentions. Winners and honorable mentions were selected from among the top applications by a panel of judges with a diverse array of experience in serving the capital and credit needs of rural communities. 2016 CDFI Prize Competition awardees include: </p><p> <b>Winners</b></p><ul><li><p> <b>1st Place:</b> Virginia Community Capital—$300,000</p></li><li><p> <b>1st Place:</b> National Federation of Community Development Credit Unions—$300,000</p></li><li><p> <b>2nd Place:</b> First Nations Oweesta—$200,000</p></li><li><p> <b>3rd Place:</b> Community Ventures—$100,000</p></li></ul><p> <b>Honorable Mentions</b></p><ul><li><p>Appalachian Community Federal Credit Union—$25,000</p></li><li><p>Community Development Corporation of Brownsville—$25,000</p></li><li><p>Craft3—$25,000</p></li><li><p>Hope Credit Union—$25,000</p></li></ul><p>View more details on the 2016 CDFI Prize Competition winners below. </p> <br> <h3>2016 CDFI Fund Prize Competition Awardee Summaries</h3> <br> <p> <b>1st Place Winner: Virginia Community Capital—$300,000</b> To address a lack of banking or financial knowledge and expertise among foundations that are interested in impact investing, VCC has created a social enterprise called Direct Investing for Good, a service providing fund aggregation, underwriting, investment servicing, and monitoring/tracking services to foundations so they can invest directly in CDFIs or co-invest with local CDFIs in community development projects. VCC intends to pilot the proposal to serve nine foundations that are members of the Appalachian Funders Network (AFN) and eventually scale the program to include all 80 members of the AFN to increase access to new capital for CDFIs and rural communities throughout Appalachia. </p><p> <b>1st Place Winner: National Federation of Community Development Credit Unions (Federation)—$300,000</b></p><p>To enable CDFI credit unions to extend their reach and provide access to secure, affordable financial services and products in underserved rural communities, the Federation is building CU Impact—“the first and only core system created specifically for CDFIs.” CU Impact will enable CDFI credit unions to interact with customers through smart phones as well as share standardized products and services designed for low-income communities with other credit unions enrolled in the system. The initiative will be piloted with Red River Mill Federal Credit Union and Shreveport Federal Credit Union, two CDFIs serving persistent poverty counties in Louisiana and Mississippi, and the Federation anticipates expanding to 30 CDFI credit unions within five years.</p><p> <b>2nd Place Winner: First Nations Oweesta—$200,000</b></p><p>To address the lack of experience and staff resources among many Native CDFIs to collect and analyze data, First Nations Oweesta has begun developing Opportunities Through Impact System (OTIS), an impact tracking platform designed specifically for Native CDFIs. The goal of the OTIS platform is to provide the technological resources—combined with the technical assistance of First Nations Oweesta—to help Native CDFIs demonstrate their impact in their communities. The initiative will be piloted with five Native CDFIs serving American Indian, Alaska Native, and Native Hawaiian communities.</p><p> <b>3rd Place Winner: Community Ventures—$100,000</b></p><p>Community Ventures proposes to create a “Build Appalachia” community facilities loan fund, an innovative new capitalization approach to attack the loss of coal-related jobs in Central Appalachia. The loan fund will target academic programs designed to prepare Appalachian residents who have lost jobs in the coal industry for new careers in high-paying, economically stable sectors, especially the healthcare sector. Much of the Central Appalachian region is medically underserved, and there is a strong demand for qualified professionals. The loan fund will also address a lack of lending capital in the region for non-business essential community facilities.</p><p> <b>Honorable Mention: Appalachian Community Federal Credit Union (ACFCU)—$25,000</b></p><p>Through new technology and innovative products and services, ACFCU is protecting underserved communities in eastern Kentucky from predatory lenders while providing access to banking services to remote customers. To reach those customers who lack proximity to a credit union branch, ACFCU will be installing three Virtual Teller Machines (VTMs) – ATM-like machines with a video screen and microphone that allow the customer to video chat with a credit union employee – in strategic locations in rural eastern Kentucky. In addition, the credit union has developed “myMoneyTrackSolutions,” a “stair step” series of services and products that can build credit, consolidate debt, and provide affordable alternatives to predatory loan products. </p><p> <b>Honorable Mention: Community Development Corporation of Brownsville (CDCB)—$25,000</b></p><p>Working with the CDFI Rio Grande Valley Multibank, CDCB has created a loan program to address the lack of access to both safe and affordable housing and financing in rural and colonia areas of South Texas. The loan program provides a phased financing and construction solution that meets the immediate housing needs of residents and can ‘grow’ or expand as the family’s financial situation improves and/or as their housing size needs increase.</p><p> <b>Honorable Mention: Craft3—$25,000</b></p><p>With widespread need to finance the replacement of failing septic systems in rural areas in Washington State, Craft3 is maximizing the reach of their Clean Water Loan product, previously implemented on the county level, through a new regional strategy. By standardizing their loan program and offering it at a regional level, they are able to enable scale, streamline county-level reporting, and create a single-administering entity. The regional approach also allows on-site sewage systems professionals who work in multiple counties to discuss the same financing option with potential borrowers regardless of physical location.</p><p> <b>Honorable Mention: Hope Credit Union—$25,000</b></p><p>To address the lack of access to capital in rural areas, Hope Credit Union has developed a strategy of taking over donated bank branches in persistent poverty counties and offering products and services appropriate to the community. HOPE’s strategy combines the donated physical infrastructure with its own robust products and services, user friendly mobile technology, and a clear commitment to community development to attract previously unbanked and underbanked rural residents into the financial mainstream.</p><p> <i>About the CDFI Fund</i></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds 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.pdf"> Fact Sheet </a>or visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.  </p>2016-09-23T04:00:00ZPress Releases230
U.S. Treasury Announces Over $90 Million in Awards for Affordable Housinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=228U.S. Treasury Announces Over $90 Million in Awards for Affordable Housing<p> <i>Over $900 Million in Private Sector Investment to be Leveraged by Capital Magnet Awards</i></p><p>The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 32 organizations nearly $91.5 million in grants today for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal year 2016 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>“Affordable housing remains out of reach for far too many Americans," said Antonio Weiss, Counselor to Treasury Secretary Jacob J. Lew. “This funding will enable organizations across the country‎ to expand access to affordable housing and help meet the critical needs of thousands of families.”</p><p>The 32 awardees will collectively serve 37 states and the District of Columbia. Nine of these awardees will invest 50 percent or more of their awards in non-metropolitan areas. Of the 32 awardees, 23 are Community Development Financial Institutions (CDFIs) and nine are non-profit housing organizations. The 32 awardees were selected after a merit-based competitive review of applications submitted from 125 organizations for awards in this round of the Capital Magnet Fund. </p><p>"The impact of this program will be tremendous,” said CDFI Fund Director Annie Donovan. “The program requires recipients to leverage $10 of housing and economic development investments for every $1 of federal funds meaning today’s awards will support over $900 million of investment in low-income communities.” </p><p> <b>2016 Capital Magnet Fund Award Resources</b></p><ul><li><p> <a href="/Documents/FINAL%202016%20CMF%20Award%20Book%20091916.pdf" target="_blank">Capital Magnet Fund Award Book</a></p></li><li><p> <a href="/Documents/FY2016%20Capital%20Magnet%20Fund%20Program%20Application%20Evaluation%20Process_9-13-2016.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 more than $2 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds 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.pdf" target="_blank">Fact Sheet </a>or 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 view the <a href="/Documents/CMF%20Fact%20Sheet_JAN2016.pdf" target="_blank">Program Fact Sheet </a>or visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/cmf" target="_blank">www.cdfifund.gov/cmf</a>.  </p>2016-09-22T04:00:00ZPress Releases228
CDFI Fund's Lisa Jones Wins Service To America Medalhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=229CDFI Fund's Lisa Jones Wins Service To America Medal<p> <i>Ceremony Honoring Ms. Jones and Other Outstanding Federal Workers Tonight</i></p><p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is extremely proud to share with you that Lisa M. Jones will receive one of eight Samuel J. Heyman Service to America Medals for her pioneering work to launch the CDFI Bond Guarantee Program. </p><p>The Service to America Medals – also known as “the Sammies” – are highly respected awards presented by the non-profit, non-partisan Partnership for Public Service after a rigorous selection process. Often called “the Oscars of government service,” the Sammies are one of the most prestigious awards honoring our nation’s civil servants. Ms. Jones was one of 32 exceptional federal employees named as finalists for the 2016 Sammies. </p><p>The CDFI Bond Guarantee Program is a government innovation that injects new and substantial investment into our nation’s most distressed low-income communities. The program makes long-term, low-cost capital available to Community Development Financial Institutions (CDFIs) at no cost to taxpayers. As a result of the $852 million in bonds Treasury has issued since 2013, CDFIs have financed small businesses, affordable rental housing, day care centers, senior living facilities, charter schools, and health care facilities.</p><p>“The CDFI Bond Guarantee Program is a game changer for the CDFI industry,” said CDFI Fund Director Annie Donovan. “The program is a gateway to the capital markets for CDFIs, who are proving that low-income communities are credit-worthy. In the not-too-distant future, we expect the CDFIs who use this program to be attractive to a larger universe of institutional investors as bridges between distressed communities and the capital markets.”</p><p>The 32 Sammie finalists competed for eight medals in the following categories: Science and Environment; Homeland Security and Law Enforcement; National Security and International Affairs; Citizen Services; Management Excellence; and the Federal Employee of the Year. Ms. Jones is the Service to America medal winner in the Citizen Services category.</p><p>The 2016 Service to America medal winners will be honored tonight, September 20, 2016, at an award ceremony in Washington, D.C. Watch the ceremony live at <a href="http://www.servicetoamericamedals.org/" target="_blank">www.servicetoamericamedals.org</a>.  </p><p> <b>Related Links:</b></p><ul><li><p><a href="http://servicetoamericamedals.org/honorees/view_profile.php?profile=452" target="_blank">Sammie Profile for Lisa Jones</a></p></li><li><p> <a href="https://ourpublicservice.org/publications/viewcontentdetails.php?id=1299" target="_blank">Partnership for Public Service’s press release</a></p></li><li><p> <a href="http://servicetoamericamedals.org/" target="_blank">Samuel J. Heyman Service to America Medals website</a></p></li><li><p> <a href="/bond" target="_blank">CDFI Bond Guarantee Program webpage</a></p></li></ul>2016-09-20T04:00:00ZPress Releases229
“Access to Capital and Credit in Native Communities” Report Releasedhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=214“Access to Capital and Credit in Native Communities” Report Released<h3>New report focuses on changes over the last 15 years and opportunities moving forward</h3><p> <b>May 23, 2016</b></p><p>A new independent report on access to capital and credit in American Indian, Alaska Native, and Native Hawaiian communities (Native Communities) was released today by the Native Nations Institute. The Access to Capital and Credit in Native Communities Report (the Report), commissioned by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund), examines recent successes in the effort to improve access to capital and credit in Native Communities as well as what can be done to build on that success. The CDFI Fund commissioned the Report as a follow-up to its 2001 Native American Lending Study, which analyzed access to capital and financial services in Native Communities, identified barriers to access, and provided options to address the barriers. </p><p>“The lack of access to capital and credit has been a significant constraint on economic development in Native Communities,” said Annie Donovan, Director of the CDFI Fund. “While the Native American Lending Study focused on status of and barriers to accessing capital, the Access to Capital and Credit in Native Communities Report focuses on what has changed over the last 15 years, and on what opportunities exist to increase the provision of financial services and access to capital in Native Communities.”</p><p>One of the successes examined in the Report is the critical role of Community Development Financial Institutions that serve Native Communities (Native CDFIs), and how, thanks to the growth and reach of Native CDFIs, many Native Community residents who want to buy a home, start a business, or take control of their finances have better options today than they did when the CDFI Fund first examined the issue in 2001. It also discusses the role of the CDFI Fund’s programs for Native CDFIs, which have been a critical source of technical assistance and training in addition to capital. </p><p>The Report also examines:</p><ul><li><p>The growth and success in financial education programs, especially with Native-specific curriculums;</p></li><li><p>The need to expand Native entrepreneurship to help Native Communities’ economies flourish;</p></li><li><p>The current housing situation in Native Communities, the flow of housing finance and other systemic factors;</p></li><li><p>The need for capital and credit for tribal governments and tribal enterprises for development of basic infrastructure and other community amenities such as health care centers; </p></li><li><p>The impact tribal legal infrastructure has on business and economic development in Native Communities; and </p></li><li><p>Strategies Native Communities can adopt to improve access to capital and credit.</p></li></ul><p>In addition, the Native Nations Institute will soon release a companion to the Report – the Selected Review of Existing Data (the Data Review). The Data Review helped set the stage for the larger Report by collecting data regarding access to capital and credit in Native Communities – something that historically has been very difficult to obtain and verify – and presenting it to the public in a singular document. The Data Review will be made available on the CDFI Fund’s Native Initiatives webpage later this month.</p><p>The Report was published by the Native Nations Institute at The University of Arizona. It was funded by the U.S. Department of Treasury’s CDFI Fund, with additional support provided by the Morris K. and Stewart L. Udall Foundation.</p><p> <strong>Related Links</strong>: </p><ul><li><p> <a href="http://nni.arizona.edu/publications-resources/publications/papers/2016/access-capital-and-credit-native-communities" target="_blank">Access to Capital and Credit in Native Communities Report</a></p></li><li><p> <a href="/native" target="_blank">CDFI Fund's Native Initiatives</a></p></li></ul><p>For more information about the CDFI Fund and its programs, please visit www.cdfifund.gov.</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 CDFI Program, the Bank Enterprise Award Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $43.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $852 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. </p><p> <b>About the Native Nations Institute at The University of Arizona</b></p><p>The <a href="http://nni.arizona.edu/" target="_blank">Native Nations Institute </a>for Leadership, Management, and Policy (NNI) was founded in 2001 by The University of Arizona and the <a href="http://udallcenter.arizona.edu/" target="_blank">Morris K. Udall and Stewart L. Udall Foundation </a>as a self-determination, self-governance, and development resource for Native nations. NNI is the leading research, service, and outreach organization supporting nation-rebuilding efforts of Indigenous peoples in North America, and increasingly, around the world. NNI provides critical research and policy analysis information to Native nations, tribal citizens, Native organizations, and state and federal governments. NNI has worked with 43 percent of the Native nations in the continental United States—a total of 145 tribes in 22 of the 33 states where federally recognized tribes are located—providing education and tools that help them identify their priorities, assess their governing institutions, and strengthen their governments. </p>2016-05-23T04:00:00ZPress Releases214
CDFI Fund’s Lisa Jones Named As Finalist for Prestigious Service to America Medalhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=212CDFI Fund’s Lisa Jones Named As Finalist for Prestigious Service to America Medal<p>To coincide with Public Servant Recognition Week, the Partnership for Public Service today announced the 32 finalists for the <a title="http://servicetoamericamedals.org/" href="http://servicetoamericamedals.org/" target="_blank">Samuel J. Heyman Service to America Medals</a> which highlight excellence in the federal workforce. </p><p>The CDFI Fund is proud that <a title="http://servicetoamericamedals.org/honorees/view_profile.php?profile=452" href="http://servicetoamericamedals.org/honorees/view_profile.php?profile=452" target="_blank">Lisa M. Jones</a>, its CDFI Bond Guarantee Program Manager, is among the 32 exceptional federal employees named for her efforts to stand-up and direct this federal program. The <a title="/programs-training/Programs/cdfi-bond/Pages/default.aspx" href="/programs-training/Programs/cdfi-bond/Pages/default.aspx" target="_blank">CDFI Bond Guarantee Program</a> is a government innovation that is making long-term capital available to Community Development Financial Institutions (CDFIs) for the first time, and injecting new and substantial investment into our nation’s most distressed low-income communities. </p><p>In its fifteenth year, the Service to America Medals – also known as “the Sammies” – are highly respected awards with a vigorous selection process. Often called the “Oscars” of government service, the Sammies are known as some of the most prestigious awards to honor public servants. </p><p>The 32 finalists will compete for eight medals, one for each of seven categories in addition to the Federal Employee of the Year medal. There is also a People’s Choice Award. Medal categories include Science and Environment; Homeland Security and Law Enforcement; National Security and International Affairs; Citizen Services; and Management Excellence. Ms. Jones is a finalist in the Citizen Services category. </p><p>The 2016 Finalists will be honored tomorrow, May 3, 2016, at a reception on Capitol Hill. The medal recipients will be announced on September 20, 2016 at an event in Washington, D.C. </p><p>Related Links: </p><p> <a title="http://ourpublicservice.org/publications/viewcontentdetails.php?id=1043" href="http://ourpublicservice.org/publications/viewcontentdetails.php?id=1043" target="_blank">Partnership for Public Service’s press release</a></p><p> <a title="http://servicetoamericamedals.org/" href="http://servicetoamericamedals.org/" target="_blank">Samuel J. Heyman Service to America Medals website</a></p><p> <a title="http://servicetoamericamedals.org/honorees/view_profile.php?profile=452" href="http://servicetoamericamedals.org/honorees/view_profile.php?profile=452" target="_blank">Lisa M. Jones’ Sammie profile</a></p><p> <a title="/programs-training/Programs/cdfi-bond/Pages/default.aspx" href="/programs-training/Programs/cdfi-bond/Pages/default.aspx" target="_blank">CDFI Bond Guarantee Program webpage</a></p> <a title="http://publicservicerecognitionweek.org/" href="http://publicservicerecognitionweek.org/" target="_blank">Public Service Recognition Week website</a>2016-05-03T04:00:00ZPress Releases212
Treasury, NCUA Partner to Increase Opportunities for Low-Income Credit Unionshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=191Treasury, NCUA Partner to Increase Opportunities for Low-Income Credit Unions<p><b>Alexandria, VA – </b>The National Credit Union Administration and the U.S. Treasury Department’s Community Development Financial Institutions Fund today signed an agreement that will streamline the application process for low-income credit unions to become certified as Community Development Financial Institutions.</p><p>Credit unions that obtain CDFI certification can access training and competitive award programs provided by the CDFI Fund, and these resources can aid these institutions’ capacity to provide underserved communities with access to safe and affordable financial services. </p><p>“This Memorandum of Understanding opens up enormous possibilities for credit unions,” NCUA Board Chairman Debbie Matz said. “By facilitating the CDFI application process and, ultimately, increasing the number of certified CDFI credit unions, we’re laying the foundation for greater access to affordable financial services and more investment in local communities. This will help credit unions better serve members and communities that have been difficult to reach, and that will help more people build wealth and more secure financial futures for themselves and their families.”</p><p>“CDFIs nationwide are making a real difference in low-income communities by providing consumers with safe and affordable financial services and by providing neighborhood businesses with access to capital,” CDFI Fund Director Annie Donovan said. “Many low-income credit unions are already performing this important work, but need more support. By partnering with NCUA to increase the number of credit unions certified as CDFIs, we will not only expand access to the CDFI Fund’s programs but also reach more unbanked and underbanked individuals.”</p><p>“We’re looking forward to helping more credit unions become certified as Community Development Financial Institutions,” said William Myers, Director of NCUA’s Office of Small Credit Union Initiatives. “We’re going to be able to help credit unions save time and money in the certification process and bring more recognition to what credit unions do so well.”</p><p>Today’s action launches a plan with a goal of doubling the number of certified CDFI credit unions by the end of 2016. Increasing the number of certified CDFI credit unions could significantly expand funding that can be used to offer financial services to underbanked low-income individuals and make investments in local businesses, affordable housing, and community facilities.</p><p>There are currently 295 credit unions certified as CDFIs. The majority of these also hold NCUA’s low-income credit union designation.</p><p><b>About NCUA</b></p><p>NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 102 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.</p><p><b>About the CDFI Fund</b></p><p>The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). Since its creation, the CDFI Fund has awarded over $2 billion to community development organizations and financial institutions; has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $43.5 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone; and has guaranteed $852 million in bonds.</p> 2016-01-21T05:00:00ZPress Releases191

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