CDFI News

 

 

Request for Public Comment: Capital Magnet Fund Application and Annual Performance Reporthttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=405Request for Public Comment: Capital Magnet Fund Application and Annual Performance Report<p>The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the Capital Magnet Fund (CMF) Application and the CMF Annual Performance Report (CMF Performance Report).</p><p>The Capital Magnet Fund was established through the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289) or HERA, as a competitive grant program administered by the CDFI Fund. Through CMF, the CDFI Fund provides financial assistance grants to Certified Community Development Financial Institutions (CDFIs) and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities.</p><p>CMF Award Recipients are selected through a competitive process involving a careful review of their Application for program funding. The Application requires the submission of quantitative data and narrative responses for three parts: (1) Business and Leveraging Strategy, (2) Community Impact, and (3) Organizational Capacity. The Award selection process is defined in the Notice of Funding Availability (NOFA) for each funding round.</p><p>In addition, the CMF Award Recipients are required to submit the CMF Annual Performance Report. The information collected in the CMF Performance Report is reviewed to ensure the Award Recipient’s compliance with its Performance Goals and contractual obligations, as well as the overall performance of the program. Data collected through the CMF Performance Report consists of three categories of data: (1) mandatory data points, (2) conditionally required data points based on project characteristics, financing type or other condition, and (3) optional data points.</p><p>The CDFI Fund has posted the proposed CMF Application and CMF Performance Report to its website here for public review. Comments are invited on all aspects of the information collections, but commentators may wish to pay particular attention to the series of questions in the Request for Public Comment notice that focus on specific aspects of the CMF Application, the Application evaluation process, and the CMF Performance Report. These questions cover topics such as the impact of the program; how different eligible entities should apply for the program; High Opportunity Areas and Areas of Economic Distress; rental and homeownership housing; Economic Development Activities; Application service areas for the program; and other important elements of the program’s Application and compliance requirements.</p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Daniel Aiello, Program Manager, Capital Magnet Fund, CDFI Fund, at <a href="mailto:CMF@cdfi.treas.gov">CMF@cdfi.treas.gov</a>.</p><p>Related Materials:<br></p><ul><li> <a href="https://www.federalregister.gov/documents/2020/12/30/2020-28757/notice-of-information-collection-and-request-for-public-comment" target="_blank">Federal Register Notice</a></li><li> <a href="/Documents/CMFApplicationTemplateCMFPRARenewal%20from%20MT%20OneCT%2012212020_508%20Compliant.pdf">For Comment: Capital Magnet Fund Application</a></li><li> <a href="/Documents/CMFPerformanceReportDataPointsCMFPRARenewal%20final%20from%20MT%20OneCT%2012212020_508%20Compliant.xlsx">For Comment: Capital Magnet Fund Annual Performance Report</a> </li></ul> <br>2020-12-30T05:00:00ZUpdates405
CDFI Fund Seeks Public Comment on NMTC Program Allocation Applicationhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=404CDFI Fund Seeks Public Comment on NMTC Program Allocation Application<p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Allocation Application. The request for comment was published today in the Federal Register.</p><p>The U.S. Department of the Treasury, through the CDFI Fund, Internal Revenue Service, and the Office of Tax Policy, administers the NMTC Program. In order to claim the New Markets Tax Credit, taxpayers make Qualified Equity Investments (QEIs) in Community Development Entities (CDEs) and substantially all of the QEI proceeds must, in turn, be used by the CDE to provide investments in businesses and real estate developments in low-income communities and other purposes authorized under the statute.</p><p>The application under review is part of the award selection process for the allocation of tax credit authority to CDEs. The Allocation Application has five main sections: Business strategy – Community Outcomes; Management Capacity; Capitalization Strategy; and Information Regarding Previous Awards – in addition to an Applicant Information section and various tables.</p><p>Please note that comments are being requested on changes to be made to the calendar year (CY) 2021 Allocation Application. Specifically, comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; and (e) estimates of costs required to provide the requested information including capital or start-up costs, costs of operation, maintenance costs, and costs to purchase any additional services.</p><p>An NMTC Allocation Application Template is provided online (link below) to aid the public in providing comments requested by this Notice, and presents the questions that will comprise the CY 2021 NMTC Allocation Application, including substantive revisions relative to the existing NMTC Allocation Application. These proposed substantive revisions relative to the existing NMTC Allocation Application are highlighted in yellow in the NMTC Allocation Application Template.</p><p>All comments must be received by March 1, 2021 and must be submitted in writing and sent to Christopher Allison, NMTC Program Manager, Community Development Financial Institutions Fund, by e-mail to nmtc@cdfi.treas.gov.</p><p>For more information about the NMTC Program, please visit <a href="/nmtc">www.cdfifund.gov/nmtc</a>, or view our factsheet.</p><p>Related Documents</p><ul><li> <a href="https://www.federalregister.gov/documents/2020/12/29/2020-28649/community-development-financial-institutions-fund-notice-and-request-for-public-comment" target="_blank">Federal Register Notice</a><br></li><li> <a href="/Documents/NMTC%20Allocation%20Application%20PRA-508C.pdf">For Comment: NMTC Allocation Application Template</a></li></ul> <br>2020-12-29T05:00:00ZUpdates404
CDFI Fund Update: Revised ACR Guidance Information now Availablehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=403CDFI Fund Update: Revised ACR Guidance Information now Available<p>The Community Development Financial Institutions Fund (CDFI Fund) has released updated information for Certified Community Development Financial Institutions (CDFIs) regarding the Annual Certification and Data Collection Report (ACR).</p><p>The ACR, which must be completed by all Certified CDFIs on annual basis, allows the CDFI Fund to assess CDFIs’ compliance with Certification guidelines and collect data that provides insights into the CDFI industry.</p><p>The CDFI Fund has updated the supporting information for the ACR to reflect how to address Paycheck Protection Program (PPP) activity within and outside of Target Market(s); how to report changes to Target Market(s) after viewing what is shown in the AMIS Target Market page; and how regulator call report data will be used to pre-populate select financial data fields for certain regulated entities.</p><p>The revised information includes: an updated Frequently Asked Questions document; a glossary of ACR terms; instructions for completing the ACR; the ACR Award Management Information System (AMIS) training manual; and a pre-recorded webinar. These updates can be accessed at <a href="/cdficert">www.cdfifund.gov/cdficert</a> under <a href="/programs-training/certification/cdfi/Pages/reporting-step.aspx#step2">How to Apply Step 2: Reporting</a>.</p><p>For questions regarding CDFI Certification or program compliance requirements, please contact the CDFI Fund by e-mail to ccme@cdfi.treas.gov; via an AMIS Service Request; or by phone at (202) 653-0423. <br></p><br>2020-12-17T05:00:00ZUpdates403
CDFI Fund Releases Application Demand for 2020 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=402CDFI Fund Releases Application Demand for 2020 Round of NMTC Program<p>​The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 208 applications under the 2020 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas.</p><p>The CDEs that applied under the 2020 round are headquartered in 44 states, the District of Columbia, and Puerto Rico. These applicants requested an aggregate total of $15.1 billion in NMTC allocation authority, over three times the $5.0 billion in authority available for the 2020 round.</p><p>Created by Congress in December of 2000, the NMTC Program permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in CDEs. The investor is provided a tax credit that equals 39% of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund.</p><p>Through the first sixteen rounds of the NMTC Program, the CDFI Fund has made 1,254 awards totaling $61 billion in tax credit allocation authority. This $61 billion includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.</p><p>For more information about the NMTC Program, visit the CDFI Fund's website at <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>. <br></p><p> <br> </p><br>2020-12-09T05:00:00ZUpdates402
Preparing for the FY 2021 CDFI and NACA Program Application Roundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=401Preparing for the FY 2021 CDFI and NACA Program Application Round<p>​It's never too early to start getting ready for the next application round! The Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to open the fiscal year (FY) 2021 Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) application round in early 2021.</p><p>To help your organization get ready to apply for the upcoming round, join CDFI Fund staff for an informational pre-application webinar on <strong>Wednesday, December 2, 2020</strong>. Topics covered will include setting up your critical SAM.gov and Grants.gov accounts, adjusting your organizational profile in the Awards Management Information System (AMIS), and other ways your organization can prepare in advance for the FY 2021 application round.</p><p> <strong>CDFI Program and NACA Program Pre-Application Webinar</strong></p><p>Advance registration is not required to participate in the webinar. Please access the webinar, using the link provided below, at least five minutes prior to the beginning of the webinar. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at the CDFI Fund at 202-653-0300.</p><p>Viewing this webinar requires the use of WebEx. To download the Webex Meetings Desktop Application, please see the instructions on the <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.mymeetings.com_netconferencing_WBS33.6.4-5FPlug-2DIns-5F11-2D27-2D2018.php&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=B0nfcGTYMJiyCp3IkClHGBM6C4FH2RrjMrB1JRKGJsM&m=nsejZlK4-Wjg9AUNSZqNS2sjOVvHY_RUJ286lmTNFnw&s=QB9hJoqBOYDVoWgYw04Y8Aus9cS1Y5kVc3GKIKYSCDs&e=">WebEx Downloads webpage</a>.</p><p> <em>Date</em>: Wednesday, December 2, 2020</p><p> <em>Time</em>: 2:00 pm to 4:00 pm Eastern Time (ET)</p><p> <em>Access Details</em>:</p><ul style="list-style-type:disc;"><li> <strong>Call-In</strong>: 1 (800) 857-9693</li><li> <strong>Webinar Access</strong>: <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.mymeetings.com_nc_join_&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=Hik0JXO0xjuttFKEc44MK9aJ72flmcsWAgW2Vr7VF8w&m=kjcA6E5-FGNxCPG3U0_JmQzfIE1B0nCl8C8ERNzhpcY&s=KJ-n2spudQAThI4JcK74phUCJwWjGl_kOxRn4suvAE4&e=">https://www.mymeetings.com/nc/join/</a></li><li> <strong>Conference Number</strong>: PWXW1789327</li><li> <strong>Audience Passcode</strong>: 6183043</li></ul><p>To learn more about the CDFI Program, visit <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.cdfifund.gov_cdfi&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=B0nfcGTYMJiyCp3IkClHGBM6C4FH2RrjMrB1JRKGJsM&m=nsejZlK4-Wjg9AUNSZqNS2sjOVvHY_RUJ286lmTNFnw&s=ExQEhW0VS8kU87SFwYfybA6JwcFl4_WKEjOuQkkjB7E&e=">www.cdfifund.gov/cdfi</a>. More information about the NACA Program can be found at <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.cdfifund.gov_native&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=B0nfcGTYMJiyCp3IkClHGBM6C4FH2RrjMrB1JRKGJsM&m=nsejZlK4-Wjg9AUNSZqNS2sjOVvHY_RUJ286lmTNFnw&s=NupYxgQhvxOuc1jTXQOMyZj4uQFz6yzn8CRJJEL-QnE&e=">www.cdfifund.gov/native</a>.<br></p><p> <br> </p><br>2020-11-16T05:00:00ZUpdates401
CDFI Fund Releases 2019 ACR Summary Reporthttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=399CDFI Fund Releases 2019 ACR Summary Report<p>​The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) today released a summary snapshot report from the fiscal year (FY) 2019 Annual Certification and Data Collection Report (ACR) reporting cycle.<br></p><p>Community Development Financial Institutions (CDFIs) must submit an ACR on an annual basis within 90 days of the end of their organization's fiscal year. The ACR allows the CDFI Fund to annually assess CDFIs' compliance with Certification criteria and collect data that provides insights into the CDFI industry.<br></p><p>This annual snapshot of data from Certified CDFIs provides evidence of how CDFIs are providing Financial Products and Development Services to distressed communities and underserved populations while maintaining organizational safety and soundness. Key areas highlighted in the snapshot report include:</p><ul><li>CDFI composition, location and capacity;</li><li>Business line and financial product portfolio activity; </li><li>Clients served by CDFIs; and<br></li><li>CDFI balance sheet information.<br></li></ul><p><strong>Related Links:</strong></p><ul><li><a href="/Documents/ACR%20Public%20Report%20Final%2010292020%20508Compliant.pdf" target="_blank">ACR Public Data Release: FY 2019 Summary Snapshot Report</a><br></li></ul><p><br></p>2020-11-06T05:00:00ZUpdates399
Learn about AmeriCorps and the Economic Mobility Corpshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=398Learn about AmeriCorps and the Economic Mobility Corps<p>​<em>Mark your calendar for upcoming webinars!</em></p><p>AmeriCorps and the Community Development Financial Institutions Fund (CDFI Fund) will be hosting two live webinars to provide Community Development Financial Institutions (CDFIs) and other community development organizations with information on the new <a href="/news-events/Pages/news-detail.aspx?NewsID=397&Category=Updates" target="_blank">Economic Mobility Corps</a> and applying for an AmeriCorps grant.<br></p><p>The first webinar will provide a general overview of AmeriCorps, how to participate in the AmeriCorps State and National Direct program, as well as requirements of being an AmeriCorps grant recipient. The second webinar will provide information specifically on the Economic Mobility Corps and how to apply for an Economic Mobility Corps award.<br></p><p>Advance registration is not required to participate in the webinars. Access the webinars by clicking the below links at least five minutes before the webinars begin. Viewing these webinars requires the use of WebEx. To download the WebEx Event Manager, see the instructions on Verizon's <a href="https://www.mymeetings.com/emeet/join/src/plugins_mm.php?lang=/en" target="_blank">WebEx Downloads page</a>.<br><br></p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:25%;"> <strong>Webinar Topic</strong></td><td class="ms-rteTable-default" style="width:25%;"> <strong>Date & Time</strong></td><td class="ms-rteTable-default" style="width:25%;"> <strong>Conference Line</strong></td><td class="ms-rteTable-default" style="width:25%;"> <strong>Access Line</strong></td></tr><tr><td class="ms-rteTable-default"> <strong>AmeriCorps 101</strong></td><td class="ms-rteTable-default">October 29, 2020<br> 2:00-3:00 pm ET</td><td class="ms-rteTable-default">Call: 888-390-1047<br> Passcode: 1989619</td><td class="ms-rteTable-default"> <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.mymeetings.com_nc_join.php-3Fi-3DPWXW1767820-26p-3D1989619-26t-3Dc&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=YTD5oodqtG8EcmeDv93E9m4p6wg54lt_w9s8q51wX3g&m=aZiBNJKvW_c4oPb6ciysbFtbBQdiczPS5vzfmw69uQ0&s=s8y6lcFKAHOX-xH_Zc8t8N3jUEEQ_c8Uf2VLzjwfK8g&e=" target="_blank">Access Webinar</a><br> Conference #:<br> PWXW1767820<br> Passcode: 1989619</td></tr><tr><td class="ms-rteTable-default"> <strong>About the Economic Mobility Corps</strong></td><td class="ms-rteTable-default">November 5, 2020<br> 2:00-3:00 pm ET</td><td class="ms-rteTable-default">Call: 888-730-9139<br> Passcode: 9422424</td><td class="ms-rteTable-default"> <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.mymeetings.com_nc_join.php-3Fi-3DPWXW1767831-26p-3D9422424-26t-3Dc&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=YTD5oodqtG8EcmeDv93E9m4p6wg54lt_w9s8q51wX3g&m=eWTlHiLGE38H4ls_pj0ra-Xf0dvCl3uKVqlT21IbeKU&s=NZTjwTdLiTGqNvoKfteIa89cDrkxfQ33Sj79oXQfWPg&e=" target="_blank">Access Webinar</a><br> Conference #: PWXW1767831<br> Passcode: 9422424</td></tr></tbody></table><p> </p><p>To learn more about the Economic Mobility Corps and how to apply, access the fiscal year 2021 AmeriCorps State and National Direct Grant <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf" target="_blank">Notice of Funding Opportunity (NOFO)</a> released by AmeriCorps in September. Additional information is available on the AmeriCorps website at <a href="https://americorps.gov/" target="_blank">https://americorps.gov/</a>. Information about the CDFI Fund and CDFIs is available on the CDFI Fund website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.<br></p><br>2020-10-23T04:00:00ZUpdates398
Apply Now for $1.9 Million in Economic Mobility Corps Funding https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=397Apply Now for $1.9 Million in Economic Mobility Corps Funding <p>​<em>AmeriCorps Providing Awards to Place National Service Members in CDFIs</em></p><p><strong>What is the Economic Mobility Corps?</strong></p><p>The Economic Mobility Corps (EMC) is a joint initiative of the Community Development Financial Institutions Fund (CDFI Fund) and <a href="https://americorps.gov/">AmeriCorps</a> that places full-time <a href="https://www.nationalservice.gov/programs/americorps/americorps-programs/americorps-state-national">national service</a> members in Certified Community Development Financial Institutions (CDFIs) to enhance their capacity to provide financial literacy, financial planning, budgeting, saving, and other financial counseling activities. Economic Mobility Corps members placed in Certified CDFIs will receive training on the principles of financial counseling and financial literacy and assist CDFIs in promoting access to capital and credit in distressed and underserved areas. A total of $1.9 million is available for awards to EMC recipients.</p><p><strong>What organizations are eligible to participate in the Economic Mobility Corps?</strong></p><p>Organizations that meet AmeriCorps' State and National Direct Grant program eligibility criteria are able to apply for an EMC award, include CDFIs and other financial institutions, Indian Tribes, institutions of higher learning, state and local governments, and nonprofit organizations. An organization does not need to be a Certified CDFI to apply for an EMC award. However, recipients must use EMC awards to fund the placement of AmeriCorps service members in Certified CDFIs. Preference will be given to EMC applicants that intend to enroll veterans as AmeriCorps members and applicants that plan to serve rural areas. </p><p><strong>How can my organization apply to participate in the Economic Mobility Corps?</strong></p><p>Organizations that are interested in applying for funds to participate in EMC should review the fiscal year (FY) 2021 AmeriCorps State and National Direct Grant <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">Notice of Funding Opportunity (NOFO)</a> released by AmeriCorps in September. Organizations must apply for an AmeriCorps State and National Direct Grant in order to participate in EMC. Applications are due to CNCS by 5:00 p.m. Eastern Time on Wednesday, January 6, 2021. Successful applicants will be notified by CNCS by mid-May 2021.</p><p>An organization can apply to EMC as either a National Direct Applicant—if it intends to place AmeriCorps service members at CDFIs in more than one state—or a Single-State Applicant. Single-State Applicants must apply through a State and Territory Service Commission. Additional details, including information on eligibility, cost-sharing, application submission, registration with the System for Award Management (SAM), and more is available in the <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a>.</p><p><strong>How many total service members will be funded through the Economic Mobility Corps?</strong></p><p>Awards are available to fund up to a total of 61 full-time AmeriCorps service members a year for two years. Living allowances must be provided to service members of Economic Mobility Corps that work full-time. EMC service members are also eligible to earn a Segal AmeriCorps Education Award from the National Service Trust that members can use to pay for higher education expenses or apply to qualified student loans. The <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a> contains detailed information on service member living allowance requirements and other benefits.</p><p><strong>What kind of activities will AmeriCorps Members perform as part of the Economic Mobility Corps?</strong></p><p>EMC members will perform a variety activities that support the work and mission of CDFIs. In particular, participating EMC members will enhance CDFIs' abilities to promote, market, and deliver financial counseling and financial planning services and programs. The <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a> contains an EMC position description outlining the duties service members would perform. </p><p><strong>Where can I find more information about the Economic Mobility Corps, AmeriCorps and the CDFI Fund?</strong></p><p>Those organizations interested in applying for an EMC award should carefully review the AmeriCorps State and National Grant <a href="https://www.nationalservice.gov/sites/default/files/documents/ASN_FY2021_NOFO_FINAL_508.pdf">NOFO</a>. Additional information is available on the AmeriCorps website at <a href="https://americorps.gov/">https://americorps.gov/</a>. Information about the CDFI Fund and CDFIs is available on the CDFI Fund website at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p><p><strong>Who do I contact with questions about the Economic Mobility Corps? </strong></p><p>If you have a question about the Economic Mobility Corps, call (202) 606-7508 or email americorpsgrants@cns.gov. AmeriCorps offers live text chat at <a href="http://www.nationalservice.gov/contact-us">www.NationalService.gov/contact-us</a>. </p>2020-10-05T04:00:00ZUpdates397
CDFI Certification, ACR, and CTLR FAQs Now Availablehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=395CDFI Certification, ACR, and CTLR FAQs Now Available<p>​<em>FAQs Provide Clarification on Proposed CDFI Certification and Data Collections </em></p><p>In May, the Community Development Financial Institutions Fund (CDFI Fund) <a href="/news-events/Pages/news-detail.aspx?NewsID=378&Category=Updates">released</a> for public comment proposed changes to the Community Development Financial Institution (CDFI) Certification Application and the Annual Certification and Data Collection Report (ACR), as well as a new CDFI Transaction Level Report (CTLR). Comments on the proposed Application and reports are <a href="/news-events/news/Pages/news-detail.aspx?NewsID=387&Category=Updates" target="_blank">due by November 5, 2020</a>. </p><p>The CDFI Fund has compiled frequently asked questions (FAQ) about the terms and procedures contained in the proposed CDFI Certification Application, ACR, and CTLR. The <a href="/Documents/CDFI%20Certification%20Public%20Comment%20FAQ%2009242020.pdf" target="_blank">FAQ document</a> is now available for viewing on the CDFI Fund website, and can be accessed on the <a href="/programs-training/certification/cdfi/Pages/CertificationPRA.aspx" target="_blank">CDFI Certification, ACR, & CTLR Comment Resources webpage</a> and via the links below.</p><p>The CDFI Fund will continue to collect requests <em>for clarification only</em> of the terms and procedures contained in the proposed CDFI Certification Application, ACR, and CTLR. Requests will be reviewed by CDFI Fund staff for inclusion in any future updates to the FAQ document.</p><ul><li><em>Requests for clarification regarding the CDFI Certification Application</em> should be submitted to: Tanya McInnis, Program Manager for the Office of Certification, Compliance Monitoring and Evaluation, CDFI Fund, at <a href="mailto:ccme@cdfi.treas.gov">ccme@cdfi.treas.gov</a>.</li></ul><ul><li><em>Requests for clarification regarding the ACR and CTLR</em> should be submitted to: Greg Bischak, Financial Strategies and Research Program Manager, CDFI Fund, at <a href="mailto:CDFI-FinancialStrategiesandResearch@cdfi.treas.gov">CDFI-FinancialStrategiesandResearch@cdfi.treas.gov</a>.</li></ul><p><strong>Related Information:</strong></p><ul><li><a href="/Documents/CDFI%20Certification%20Public%20Comment%20FAQ%2009242020.pdf" target="_blank">Frequently Asked Questions: Proposed CDFI Certification Application, ACR and CTLR</a></li><li><a href="/programs-training/certification/cdfi/Pages/CertificationPRA.aspx" target="_blank">CDFI Certification, ACR, & CTLR Comment Resources Page</a></li></ul>2020-09-24T04:00:00ZUpdates395
CDFI Fund Opens CY 2020 Round of New Markets Tax Credit Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=393CDFI Fund Opens CY 2020 Round of New Markets Tax Credit Program<p>​<em>Increased Allocation of $5 Billion to be made Available this Round</em></p><p>The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2020 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund is providing the NOAA on its website in anticipation of its publication in the Federal Register on September 23, 2020.<br></p><p>Pursuant to the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (Public Law 116-94), the NOAA makes up to $5.0 billion in tax credit allocation authority available for the CY 2020 round, an increase of $1.5 billion more than the $3.5 billion in New Market Tax Credits (NMTCs) initially authorized for allocation in CY 2019. <br></p><p>The NMTC Program spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make Qualified Equity Investments (QEIs) in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into businesses in low-income communities. The credit provided to the investor totals 39% of the investment in a CDE and is claimed over a seven-year credit allowance period. <br></p><p>The CDFI Fund has made 1,254 awards—totaling $61 billion in tax credit allocation authority—to CDEs through the NMTC Program since the program's inception. More information about the NMTC Program can be found on the program's webpage, <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>, or in the program's fact sheet. <br></p><p><strong>Significant Updates</strong></p><p>The CDFI Fund is implementing several changes to the NMTC Program in the CY 2020 NOAA, which include:</p><ul><li><strong>Prior QEI Issuance Requirements: </strong>Prior-year NMTC Allocatees will be subject to revised minimum thresholds for QEI issuance and closing of Qualified Low-Income Community Investment (QLICIs) with respect to their prior-year NMTC Allocations.  <br></li></ul><ul><li><strong>CY 2020 Application Registration</strong>: CY 2020 Round Applicants are required to complete and save an Application Registration in the CDFI Fund's Awards Management Information System (AMIS) by a specified deadline in order to submit the CY 2020 Allocation Application. Applicants that do not complete the Application Registration by the specified deadline, will not be able submit a CY 2020 Round Allocation Application in AMIS.<br></li></ul><p>The CDFI Fund has developed specific guidance addressing industry requests and inquiries related to compliance and reporting requirements during the COVID-19 pandemic, and has included this information in updated NMTC Application Frequently Asked Question (FAQ) and NMTC Compliance FAQ documents. The updated FAQ documents can be accessed at:</p><ul><li><strong><a href="/Documents/CY%202020%20NTMC%20Program%20Application%20FAQ%20FINAL%2017SEPT2020.pdf" target="_blank">NMTC Application FAQs</a></strong></li><li><strong></strong><a href="/Documents/NMTC%20Compliance%20Monitoring%20FAQ%2016SEPT2020%20FINAL.pdf" target="_blank"><strong>NMTC Compliance </strong><strong>FAQs</strong></a></li></ul><p><strong>Important CY 2020 Deadlines </strong></p><ul><li><strong>CDE Certification Application</strong>: October 6, 2020</li><li><strong>NMTC Application Registration in AMIS</strong>: October 9, 2020</li><li><strong>NMTC Allocation Application in AMIS</strong>:  November 16, 2020</li><li><strong>QEI Issuance and QLICI Requirements</strong>: January 15, 2021<br></li></ul><p>Please refer to the NOAA for more details about these and other deadlines. <br></p><p><strong>Application Materials </strong></p><ul><li>NMTC application materials and resources, including a link to the application, are available at <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a> under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx">How to Apply Step 2: Apply</a>.</li><li>CDE Certification application materials and resources are available at <a href="http://www.cdfifund.gov/cde">www.cdfifund.gov/cde</a>  under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/cde-certification-step.aspx#step1">How to Apply Step 1: Certification</a>. <br></li></ul><p><strong>Learn About Applying to the NMTC Program </strong></p><p>To provide more information about the NMTC Program and the application process, the CDFI Fund has made available pre-recorded webinars demonstrating: 1) the electronic application's features and the submission process in AMIS; and 2) the process for completing the Application Registration process in AMIS. The webinars can be access on the NMTC Program page, <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>, under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx">How to Apply Step 2: Apply</a>. <br></p><p>In addition to the detailed information that is available through the NOAA, NMTC Allocation Application, NMTC Allocation Application FAQ, and presentations, the CDFI Fund will conduct two one-hour conference calls to answer application questions.  Participants will be able to ask questions directly on the calls, or they may submit questions for consideration at least one business day in advance via a service request in AMIS. Please see below for the dates and times for each call.<br></p><p><em>NMTC Application Conference Calls </em></p><ul><li>Tuesday, September 29, 2020 at 2:00 pm Eastern Time</li><li>Thursday, October 1, 2020 at 1:00 pm Eastern Time<br></li></ul><p>The dial-in number and passcodes are the same for both calls. <strong>The dial-in number is 1-888-455-1591 and the passcode is 2907994.</strong> No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at 202-653-0300 no later than 48 hours before the conference calls begin.<br></p><p><strong>Questions</strong></p><p>For more information on the NMTC application or certification as a CDE, please contact the CDFI Fund's Help Desk by submitting a service request in AMIS or by telephone at 202-653-0421.<br></p><p>Learn more about the CDFI Fund and its programs at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.<br></p>2020-09-22T04:00:00ZUpdates393

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