CDFI News

 

 

New Capacity Building Initiative Training Focuses on Native CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=129New Capacity Building Initiative Training Focuses on Native CDFIs<p class="body"> The Community Development Financial Institutions Fund (CDFI Fund) announced today that it will launch a new Capacity Building Initiative training and technical assistance series, <i>Building Native CDFIs’ Sustainability and Impact</i>, later this year. The series, presented by NeighborWorks America, will provide specialized training and technical assistance to Native Community Development Financial Institutions (Native CDFIs) in order to foster their growth and sustainability, and to enhance their ability to deliver financial services and financial products to Native American, Alaskan Native, and Native Hawaiian communities (Native Communities). </p><p class="body"> “Supporting Native CDFIs across the country has been a priority for our organization since the creation of the Native Initiatives in 2001,” said Acting CDFI Fund Director Dennis Nolan. “This new training series is a unique opportunity for these important financial institutions, who are often serving highly economically distressed and rural areas, to receive individualized support to bolster their own growth and capacity to serve their communities.” </p><p class="body"> This Capacity Building Initiative series will provide a wide range of specialized training, technical assistance, and peer learning opportunities designed to meet the unique needs of Native CDFIs at all stages of growth. Multifaceted group training and individualized technical assistance will be tailored to meet the specific needs of each participating Native CDFI. Examples of assistance that can be provided include developing lending policies and procedures; improving compliance practices; strengthening board governance practices; pursuing expansion strategies; or exploring capitalization strategies such as loan portfolio sales or how to participate in New Markets Tax Credit financing deals. </p><p class="body"> All certified Native CDFIs are eligible to participate in this training and technical assistance series and may elect a combination of services that best suit their needs. Emerging Native CDFIs are eligible to participate on a case-by-case basis, with more information to be provided on the CDFI Fund’s website in the near future. NeighborWorks will partner with Seven Sisters Community Development Group to implement the series. </p><p class="body"> The CDFI Fund will post upcoming training opportunities to its website, <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>, in the coming months. The CDFI Fund will also post to its website a virtual Resource Bank containing curricula and informational materials from the series. </p><p class="body"> For more information about the Capacity Building Initiative, please view the <a href="/docs/factsheets/CDFI_CBI.pdf" target="_blank">Fact Sheet</a> or visit <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>. </p><p class="body"> <b>About the CDFI Fund</b> </p><p class="body"> 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 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 $40 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $525 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. 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="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About NeighborWorks America</b> </p><p class="body"> NeighborWorks America has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $22.5 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals. More information about NeighborWorks America can be found at <a href="http://www.neighborworks.org/" target="_blank">www.neighborworks.org</a>. </p>2014-10-09T04:00:00ZUpdates129
CDFI Fund Releases Application Demand for 2014 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=130CDFI Fund Releases Application Demand for 2014 Round of NMTC Program<p class="body"> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 263 applications under the 2014 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program encourages economic development in low-income and distressed communities by making tax credits available to Community Development Entities (CDEs) for targeted investments in eligible areas. </p><p class="body"> The CDEs that applied under the 2014 round are headquartered in 44 states, the District of Columbia, Guam and Puerto Rico. The applicants requested an aggregate total of $19.9 billion in NMTC allocation authority. The Notice of Allocation Authority makes up to $5 billion in tax credit allocation authority available for the 2014 round, pending Congressional authorization. </p><p class="body"> The NMTC Program was established by Congress in December of 2000 and permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in CDEs. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn 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 class="body"> Through the first eleven rounds of the NMTC Program, the CDFI Fund has made 836 awards totaling $40 billion in tax credit allocation authority. This $40 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 class="body"> For more information about the NMTC Program, visit the CDFI Fund’s web site at <a href="/programs-training/Programs/new-markets-tax-credit/Pages/default.aspx">www.cdfifund.gov/nmtc</a>. </p>2014-10-07T04:00:00ZUpdates130
Continuing to Celebrate 20 Years of the CDFI Fundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=98Continuing to Celebrate 20 Years of the CDFI Fund<p> <em>Yesterday, Treasury celebrated the 20 year anniversary of the creation of the CDFI Fund. Learn more about our impact over the last two decades, and watch archived video of the event, below.</em> </p><p> <strong>White House Blog</strong> -- Jonathan Greenblatt, Special Assistant to the President and Director of the Office of Social Innovation and Civic Participation in the Domestic Policy Council, has written a post commemorating the CDFI Fund. Read the <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=130SNWSOUA151QLERDJ157HOJLXR78NWUGQE237FKM175EFKPMBJ64CMJDSX1WARPRIOO51XYUHPLD230UGTVDIS4SMALKXPX59SGSYVF223PA209IGMT79M148LWT240KAK173QMCGG176IT228BOVVEGHD198WSLCE21CELKB131TTI195SHQG107BOBHEN226OI187OOTDK11OSFCQ233IMUYTK88IHJ109F44QEE218HIEQ16UT22FPKG209RJJDD235UBPYOA138PJIF11NXOUX189CLLVWBNE125AQTDHC28OOPRKH218YNFN208QNYOD92SNWSOUA195QLERDJ178HOJLXR42NWUGQE19FKM161EFKPMBJ39CMJDSX228WARPRIOO23XYUHPLD5UGTVDIS191SMALKXPX167SGSYVF202PA224GEKS124L238JU99HIYJLP216AEFE22RUY187UTCEG162O29RKBCMAD153IYGS43GLQFPF135AMAFCL170&destination=130OG151PNRB157MNR78BO237HKTXRI175GF64AEH1DCLFH51P230SR4DOJ59LO223HBB209SYNWN79IOIHENLW148TWUBJ240TUAM173Q176PRCGBOOO228OIFJX198EMOP21WMBS131LVQMSX195OJCOBH107FOHJV226PMUSFO187F11JK233DDINKY88OAK109CRV44VXQNQGMM218VWSGNKC16TERUBH22XQLXJJ209OVPQEQWT235CN138KGEKSALF11USHI189JLPKAEFE125RUY28UTCEG218O208RKBCMAD92IYGS195GLQFPF178AMAFCL42OG19PNRB161MNR39BO228HKTXRI23GF5AEH191DCLFH167P202SR224DOJ124LO238HBB99SYNWN216IOIHENLW22TWUBJ187TUAM162Q29PRCGBOOO153OIFJX43EMOP135WMBS170" target="_blank">full post</a> on the White House's website. </p><p> <strong>Treasury Press Release</strong> -- View Treasury's press release about the event, including the news of the most recent $200 million bond guarantee under the CDFI Bond Guarantee Program, <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=130LVQMSX151OJCOBH157FOHJV78PMUSFO237F175JK64DDINKY1OAK51CRV230VXQNQGMM4VWSGNKC56TERUBH197XQLXJJ221OVPQEQWT90CN130KGEKSALF237USHI176JLPKAEFE188RUY185UTCEG196O84RKBCMAD146IYGS131GLQFPF109AMAFCL191OG188PNRB20MNR245BO18HKTXRI33GF123AEH132DCLFH85P71SR140DOJ245LO202HBB86SYNWN232IOIHENLW63TWUBJ64TUAM197Q146PRCGBOOO20OIFJX214EMOP178WMBS42LVQMSX18OJCOBH183FOHJV121PMUSFO167F46JK2DDINKY172OAK171CRV215VXQNQGMM168VWSGNKC59TERUBH225XQLXJJ62OVPQEQWT131CN78KGEKSALF248USHI226JLPKAEFE21RUY158UTCEG50O154&destination=130RKBCMAD151IYGS157GLQFPF78AMAFCL237OG175PNRB64MNR1BO51HKTXRI230GF4AEH56DCLFH197P221SR90DOJ130LO237HBB176SYNWN188IOIHENLW185TWUBJ196TUAM84Q146PRCGBOOO131OIFJX109EMOP191WMBS188LVQMSX20OJCOBH245FOHJV18PMUSFO33F123JK132DDINKY85OAK71CRV140VXQNQGMM245VWSGNKC202TERUBH86XQLXJJ232OVPQEQWT63CN64KGEKSALF197USHI146JLPKAEFE20RUY214UTCEG178O42RKBCMAD18IYGS183GLQFPF121AMAFCL167OG46PNRB2MNR172BO171HKTXRI215GF168AEH59DCLFH225P62SR131DOJ78LO248HBB226SYNWN21IOIHENLW158TWUBJ50TUAM154" target="_blank">here</a>. </p><p> <strong>Archived Webcast</strong> -- View the full webcast of the event, featuring Secretary Lew, former Secretary Rubin, Deputy Secretary Raskin, Treasurer Rios, and other distinguished speakers <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=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&destination=130O151RKBCMAD157IYGS78GLQFPF237AMAFCL175OG64PNRB2MNR54BO244HKTXRI75GF63AEH153DCLFH193P84SR131DOJ243LO161HBB164SYNWN228IOIHENLW215TWUBJ21TUAM135Q195PRCGBOOO112OIFJX226EMOP174WMBS2LVQMSX228OJCOBH92FOHJV35PMUSFO109F158JK14DDINKY114OAK146CRV187VXQNQGMM195VWSGNKC11TERUBH187XQLXJJ126OVPQEQWT1CN208KGEKSALF216USHI70JLPKAEFE222RUY178UTCEG42O85RKBCMAD176IYGS60GLQFPF188AMAFCL70OG84PNRB254MNR175BO150HKTXRI229GF55AEH186DCLFH105P212SR78DOJ247LO248HBB17SYNWN143IOIHENLW33TWUBJ214TUAM224Q115PRCGBOOO243OIFJX208" target="_blank">here</a>. </p> <p> <strong>Share Your Experience</strong> Continue to share your stories and pictures on Twitter with <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=130EMOP151WMBS157LVQMSX78OJCOBH164FOHJV186PMUSFO64F89JK48DDINKY230OAK67CRV56VXQNQGMM195VWSGNKC221TERUBH73XQLXJJ223OVPQEQWT251CN173KGEKSALF168USHI184JLPKAEFE214RUY72UTCEG144O222RKBCMAD120IYGS172GLQFPF170AMAFCL18OG244PNRB70&destination=130WXDPMBC151UFJESQ157QSMPSB78OVQRO164P186DT64YTPVC89SMMAEL48IXKSYSRP230WIAFIGMT67GGLWNCK56D195QMCYA221BTOTJVPW73AVJWNFDW223CXF251BBUO173N168AQYRTH184A214GFOBNOOT72DOPSXVK144CMURND222IHJ120X172Q170WFHJEQYU18EFPEG244RCJDV70" target="_blank">@USTreasury</a>, using #CDFIFund20. </p>2014-10-02T04:00:00ZPress Releases98
Treasury Guarantees Additional $200 Million in Bond Funding for Nationwide Community and Economic Development Projectshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=99Treasury Guarantees Additional $200 Million in Bond Funding for Nationwide Community and Economic Development Projects<p> Building upon its <a href="/Documents/US_Treasury_Provides_$325_Million_in_Bond_Guarantees_for_Investments_in_Underserved_Communities.pdf" target="_blank">August announcement</a> that $325 million in bonds had been guaranteed to support economic development opportunities across the country, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that an additional four bonds totaling $200 million were guaranteed in fiscal year (FY) 2014, bringing the total guaranteed to date to $525 million. All of the bond proceeds, provided through the Community Development Financial Institutions Bond Guarantee Program (CDFI Bond Guarantee Program), will provide long-term, fixed rate capital for projects in low-income and underserved communities. </p><p class="body"> The FY 2014 program participants include institutions with a strong presence in the community development finance industry that share an equal commitment to financing a wide range of job-creating and community-building projects. Four Eligible CDFIs received bond loans from the Community Reinvestment Fund, as Qualified Issuer. They are: </p><p></p><ul><li> <strong>Capital Impact Partners</strong>, headquartered in Arlington, VA, received a $55 million bond loan to finance healthcare facilities, senior living and long-term care facilities, affordable housing units, charter schools, commercial real estate projects and not-for-profit organizations. Although Capital Impact Partners is headquartered in Arlington, the company plans to invest nationally.</li><li> <strong>IFF</strong>, headquartered in Chicago, IL, received a $25 million bond loan to finance affordable housing units and charter school facilities. IFF’s investments primarily will be made in the Midwest.</li><li> <strong>Low Income Investment Fund</strong>, headquartered in San Francisco, CA, received a $65 million bond loan to finance senior living and long-term care facilities, commercial real estate projects, healthcare facilities, charter schools, affordable housing units and daycare centers. Low Income Investment Fund serves low-income neighborhoods throughout the U.S.</li><li> <strong>The Reinvestment Fund</strong>, headquartered in Philadelphia, PA, received a $55 million bond loan to finance commercial real estate projects, healthcare facilities, charter schools, affordable housing units, and daycare centers. The Reinvestment Fund’s investments primarily will be made in the mid-Atlantic.</li></ul><p> The CDFI Bond Guarantee Program was created through the enactment of the Small Business Jobs Act of 2010. Since the law’s passage, Treasury has guaranteed bonds for over half of a billion dollars, through two rounds of the CDFI Bond Guarantee Program, for investment in the nation’s most underserved rural and urban areas. To date, the program’s portfolio has grown to include to a cross sector of CDFIs that are at the cutting edge of community development finance. While participants are allowed up to five years to fully deploy bond loan funds, it’s anticipated that borrowers in the FY 2014 round will completely commit their capital to community development projects by the end of calendar year 2016. This means new jobs, new community and neighborhood facilities, and enhanced economic opportunities for Americans who need it most. </p><p> The CDFI Bond Guarantee Program terminated on September 30, 2014. The President’s Fiscal Year 2015 budget proposes to extend the program, subject to reauthorization by Congress. </p><p> <strong>The CDFI Fund</strong> </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 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 $40 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $525 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://cdfifund.gov/">www.cdfifund.gov</a>. </p><p> <strong>About the CDFI Bond Guarantee Program</strong> </p><p> The CDFI Bond Guarantee Program provides CDFIs with access to significant capital by providing guarantees of bonds. With long-term credit at below-market interest rates, the CDFI Bond Guarantee Program is a groundbreaking effort to accelerate community economic growth and development. The bonds are fully guaranteed by the Treasury Secretary at no cost to the taxpayer and bond loans must be repaid by the CDFI borrower. </p> <p> <span class="ms-rteBackColor-4">For more information about the CDFI Bond Guarantee Program, please view the </span><a href="/Documents/CDFI_BOND.pdf" target="_blank"><span class="ms-rteBackColor-4">Fact Sheet</span></a><span class="ms-rteBackColor-4"> or visit the CDFI Fund’s website at </span><a href="http://cdfifund.gov/bond"><span class="ms-rteBackColor-4">www.cdfifund.gov/bond</span></a><span class="ms-rteBackColor-4">. </span></p>2014-10-02T04:00:00ZPress Releases99
CDFI Fund Announces Nearly $18 Million in Awards for Lending and Investments in Low-Income and Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=97CDFI Fund Announces Nearly $18 Million in Awards for Lending and Investments in Low-Income and Distressed Communities<p> <strong>Washington, DC</strong> – Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced awards totaling nearly $17.9 million to 69 FDIC-insured depository institutions for serving economically distressed communities across the nation. The awards are being made through the fiscal year (FY) 2014 round of the Bank Enterprise Award Program (BEA Program). The activities that qualify these institutions for BEA Program awards occur in census tracts 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. </p><p> Collectively, during the one-year assessment period, these 69 depository institutions increased their loans and investments in distressed communities by $472.1 million; increased their loans, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by $43.8 million; increased their equity and equity-like loans and grants to CDFIs by $4.7 million; and increased the provision of financial services in distressed communities by $50.9 million. </p><p> Since 2009, BEA Program awardees that received an award of $50,000 or more are required to invest an amount equal to the award in eligible activities in distressed communities and report on the use of the award. Most recently, the FY 2012 awardees reported on the use of their awards to the CDFI Fund. Collectively, 34.1 percent of their award dollars were invested in affordable housing projects; 33.7 percent were invested in small business loans; and 17.2 percent of the FY 2012 awards were invested in commercial real estate projects—with the remainder of that year’s awards being used for CDFI grants and loans and financial and community services. The $17.9 million awarded under the FY 2014 round of the BEA Program today will also be re-invested into distressed communities and CDFIs. </p><p> The FY 2014 BEA Program awardees were selected after a comprehensive review of 98 applications received by the CDFI Fund from FDIC-insured depository institutions across the nation that requested more than $211 million in funding under the FY 2014 round. The amount requested by the applicants in the FY 2014 BEA Program round represents a 132 percent increase over the prior year. </p><p> <strong>2014 BEA Program Award Resources</strong> </p><p></p><ul><li>BEA Program Award Book: <a href="/Documents/2014%20BEA%20Award%20Book.pdf" target="_blank">Learn key facts and statistics about the full group of awardees</a>.</li><li><span class="ms-rteBackColor-4">Searchable Award Database: </span><a href="http://cdfifund.gov/awardees/db/index.asp"><span class="ms-rteBackColor-4">View the profiles of individual awardees</span></a><span class="ms-rteBackColor-4">.</span></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 with at least 30% of their residents having incomes less than the national poverty level and 1.5 times the unemployment rate. The BEA awards help offset some of the risk associated with investing in these distressed communities and provide an incentive to invest. The greater the loan increase, the greater the award. Since its inception in 1994, the BEA Program has awarded grants totaling approximately $411 million. </p><p> <span class="ms-rteBackColor-4">For more information about the BEA Program, please view the </span><a href="/Documents/CDFI_BEA.pdf" target="_blank"><span class="ms-rteBackColor-4">Fact Sheet</span></a><span class="ms-rteBackColor-4"> or visit the CDFI Fund’s website at </span><a href="http://cdfifund.gov/bea"><span class="ms-rteBackColor-4">www.cdfifund.gov/bea</span></a>. </p><p> <strong>About the CDFI Fund</strong> </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 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 $40 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $325 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://cdfifund.gov/">www.cdfifund.gov</a>. </p>2014-09-18T04:00:00ZPress Releases97
New Capacity Building Initiative Training Focuses on Underserved Areashttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=142New Capacity Building Initiative Training Focuses on Underserved Areas<p class="body"> The Community Development Financial Institutions Fund (CDFI Fund) announced today that it will launch a new Capacity Building Initiative training and technical assistance series, <i>Expanding CDFI Coverage in Underserved Areas</i>, later this year. The series, presented by Opportunity Finance Network (OFN), will provide specialized training and technical assistance to Community Development Financial Institutions (CDFIs) to extend their reach into certain underserved communities in the United States that currently lack a CDFI presence. </p><p class="body"> “Through the past twenty years of helping to create and expand the capacity of CDFIs, the CDFI Fund has seen how vital these organizations can be in low-income communities,” said Acting CDFI Fund Director, Dennis Nolan. “By expanding the ability of CDFIs to have impact in areas currently lacking adequate financial services and lending opportunities, this training series will directly align with the CDFI Fund’s primary mission to increase economic opportunity and promote community development investments for underserved populations.” </p><p class="body"> The training component of the series will provide capacity building workshops structured to a CDFI’s organizational development status. Technical assistance offered through this initiative will be integrated closely to the content of the workshops and will be offered in various formats, including peer cohort formats, webinars, one-on-one technical assistance, and advanced support sessions for CDFIs with specialized and continuing needs. OFN will collaborate with key CDFI industry partners for the delivery of the training and technical assistance. </p><p class="body"> The CDFI Fund will post upcoming training opportunities to its website, <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>, in the coming months. The CDFI Fund will also post to its website a virtual Resource Bank containing curricula and informational materials from the series. </p><p class="body"> For more information about the Capacity Building Initiative or the CDFI Fund’s other programs, please visit <a href="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About the CDFI Fund</b> </p><p class="body"> Since its creation in 1994, the CDFI Fund has awarded more than $1.9 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 $40 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $325 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. 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="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About Opportunity Finance Network (OFN)</b> </p><p class="body"> OFN, the leading network of private financial institutions, creates growth that is good for communities, investors, individuals, and the economy. Members of OFN are community development financial institutions (CDFIs) that deliver responsible lending to help low-wealth and low-income communities join the economic mainstream. Through 2012, OFN’s Network originated more than $33.3 billion in financing in urban, rural, and Native communities, and financed development/rehab of 960,000 housing units, started or expanded nearly 94,000 business and microenterprises, and helped create or maintain nearly 600,000 jobs. More information is available at: <a href="/Lists/CDFI%20News/www.opportunityfinance.net" target="_blank">www.opportunityfinance.net</a>. </p>2014-09-08T04:00:00ZUpdates142
U.S. Treasury Awards More Than $195 Million To Organizations Serving Low-Income and Native Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=96U.S. Treasury Awards More Than $195 Million To Organizations Serving Low-Income and Native Communities<p> <strong>Washington, DC</strong> – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today announced $3.5 billion in New Markets Tax Credit awards aimed at revitalizing low-income communities and increasing economic opportunity nationwide. A total of 87 organizations (Allocatees) across the country will receive tax credit allocation authority under the calendar year 2013 round of the New Markets Tax Credit Program. </p><p> “The New Markets Tax Credit Program creates jobs and critical investments in low-income neighborhoods and rural communities across the nation,” said Amias Gerety, Acting Assistant Secretary for Financial Institutions. “Often the New Markets Tax Credit is the most critical piece of the puzzle when trying to finance important economic development projects across the country. Its ability to attract private-sector capital into some of the most economically distressed and underserved communities is a hallmark of this important economic development program.” </p><p> The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in vehicles known as Community Development Entities. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The Community Development Entities in turn use the capital raised to make investments in low-income communities. </p><p> “Over $31.1 billion of New Markets Tax Credit transactions have been reported from the program’s inception through the end of fiscal year 2012, and over 74 percent of these were made in severely distressed communities, surpassing even the program’s requirements,” said Dennis Nolan, Acting Director of the Community Development Financial Institutions Fund. “The New Markets Tax Credit Program is clearly targeting economic development in communities that critically need financing to help create new businesses, affordable housing and jobs.” </p><p> Community Development Entities must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. The 87 organizations receiving awards were selected from a pool of 310 applicants that requested over $25.9 billion in allocation authority. They are headquartered in 32 different states and the District of Columbia, and they have identified principal service areas that will cover nearly every state in the country and the District of Columbia. </p><p> <strong>2013 New Markets Tax Credit Program Award Resources</strong> </p><ul><li> <a href="/Documents/2013_NMTC_Program_Award_Book_06052014.pdf" target="_blank">Award Book</a>: View award list and learn key facts and statistics about the Allocatees</li><li> <a href="http://cdfifund.gov/awardees/db/index.asp" target="_blank">Searchable Award Database</a>: View the profiles of individual Allocatees</li><li><span class="ms-rteBackColor-4"> </span><a href="http://cdfifund.gov/impact_we_make/nmtc_state_reports.asp" target="_blank"><span class="ms-rteBackColor-4">States Served Map</span></a><span class="ms-rteBackColor-4">: Explore the potential service areas of recent Allocatees</span></li></ul> <p> <strong>About the New Markets Tax Credit Program</strong> </p><p> The New Markets Tax Credit Program was established by Congress in December 2000 to help economically distressed communities attract private investment capital by providing investors with a Federal tax credit. Investments made through the New Markets Tax Credit Program are used to finance businesses and real estate projects to breathe new life into neglected, underserved low-income communities. Since inception, New Markets Tax Credit Program investments have created an estimated 561,873 new jobs and supported the construction of 22.0 million feet of manufacturing space, 71.8 million square feet of office space, and 55.2 million square feet of retail space. As these communities develop, they become more attractive to investors, creating a ripple effect that spurs more investment. </p><p> <span class="ms-rteBackColor-4">For more information about the New Markets Tax Credit Program, please view the </span><a href="/Documents/CDFI_NMTC.pdf" target="_blank"><span class="ms-rteBackColor-4">Fact Sheet</span></a><span class="ms-rteBackColor-4"> or visit the CDFI Fund’s website at </span><a href="http://cdfifund.gov/nmtc"><span class="ms-rteBackColor-4">www.cdfifund.gov/nmtc</span></a><span class="ms-rteBackColor-4">. </span></p><p class="body"> <strong>About the CDFI Fund</strong> </p><p class="body"> Since its creation in 1994, the CDFI Fund has awarded more than $1.9 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 $40 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $325 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please view the <a target="_blank" href="/Documents/CDFI_Brochure.pdf">Fact Sheet</a> or visit the CDFI Fund’s website at <a href="http://cdfifund.gov/index.asp">www.cdfifund.gov</a>. </p><p class="body"> <strong>About the CDFI Program</strong> </p><p class="body"> Through the Community Development Financial Institutions Program (CDFI Program), the CDFI Fund invests in and builds the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and contribute to the revitalization of their communities. By providing financial and technical assistance awards, the CDFI Program helps CDFIs expand their services and build their technical capacity. Although investment decisions are made at the local level by CDFIs, the CDFI Program creates opportunity in America’s underserved communities by providing access to affordable financial products and services. Since the program was started in 1994, organizations have received more than $1.4 billion in assistance. For more information about the <span class="ms-rteBackColor-4">CDFI Program, please view the </span><a target="_blank" href="/Documents/CDFI_CDFI01232013.pdf"><span class="ms-rteBackColor-4">Fact Sheet</span></a><span class="ms-rteBackColor-4"> or visit the CDFI Fund’s website at </span><a href="http://cdfifund.gov/cdfi"><span class="ms-rteBackColor-4">www.cdfifund.gov/cdfi</span></a><span class="ms-rteBackColor-4">. </span></p><p><br></p>2014-08-26T04:00:00ZPress Releases96
CDFI Fund Releases Ten Years of Public Data on New Markets Tax Credit Investmentshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=143CDFI Fund Releases Ten Years of Public Data on New Markets Tax Credit Investments<p class="body"> Over $31.1 billion in New Markets Tax Credits (NMTC) investments have revitalized low-income communities nationwide in the past decade, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today. </p><p class="body"> The New Markets Tax Credit Program was established by Congress in December 2000 to help economically distressed communities attract private investment capital by providing investors with a Federal tax credit. Investments made through the New Markets Tax Credit Program are used to finance businesses and real estate projects in neglected, underserved low-income communities. </p><p class="body"> To maintain its practice of transparency, the CDFI Fund released a breakdown of all NMTC investments reported to the CDFI Fund through fiscal year (FY) 2012. The data release is available for use by academics, researchers, and the general public. More information about the data release can be found in the Summary Report and the full data file below. </p><p class="body"> Of the investments made: </p><ul><li>4,670 (57.9 percent) of the total number of NMTC investments, in the amount of $20,315,818,262 (65.3 percent), were in real estate development and leasing activities.</li><li>3,234 (40.1 percent) of the total number of NMTC investments in the amount of $10,224,240,295 (32.9 percent) were in operating businesses. A small fraction of investments in operating businesses, totaling $398,684, were in microenterprises.</li><li>156 (1.9 percent) of the total number of NMTC investments in the amount of $577,698,894 (1.9 percent) were investments in other financing purposes.</li></ul><p class="body"> The CDFI Fund has awarded in total $40 billion in NMTC Allocation Authority through calendar year 2013. Community Development Entities that receive NMTC Allocation Authority are required to report on the tax credits for seven years, and the time lag in reporting means that more recent awards are not accounted for in the public data release. </p><p class="body"> <b>NMTC Public Data Release: FY 2003—FY 2012</b> </p><p class="body"> Please note that all data are subject to change based upon subsequent reporting. </p><ul><li> <a href="/Documents/FY%202012%20NMTC%20Data%20Release%20Narrative.pdf" target="_blank">Summary Report</a></li><li> <a href="/Documents/FY%202013%20NMTC%20Public%20Data%20Release_Final.xls" target="_blank">Public Data File</a></li></ul><p class="body"> For more information about the New Markets Tax Credit Program, please visit <a href="/programs-training/Programs/new-markets-tax-credit/Pages/default.aspx">www.cdfifund.gov/nmtc</a>, or view the program’s <a href="/Documents/CDFI_NMTC.pdf" target="_blank">fact sheet</a>. Additional CDFI Fund data releases and reports can be found at <a href="/research-data/Pages/default1.aspx">www.cdfifund.gov/research</a>. </p>2014-07-24T04:00:00ZUpdates143
CDFI Fund Approves Stonehenge Community Development, LLC as Qualified Issuer for CDFI Bond Guarantee Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=131CDFI Fund Approves Stonehenge Community Development, LLC as Qualified Issuer for CDFI Bond Guarantee Program<p class="body"> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it has selected Stonehenge Community Development, LLC (Stonehenge) as a Qualified Issuer for the CDFI Bond Guarantee Program. If the Department of the Treasury approves a Guarantee Application submitted by Stonehenge, Stonehenge would be approved to issue bonds, guaranteed by the Secretary of the Treasury, and make bond loans to Eligible Community Development Financial Institutions (Eligible CDFIs) for investments in low-income and distressed communities across the country. Stonehenge joins four other Qualified Issuers that have been approved by the CDFI Fund: Wisconsin Housing and Economic Development Authority, Community Reinvestment Fund, Opportunity Finance Network, and Bank of America CDFI Funding Corporation, a wholly owned subsidiary of Bank of America, N.A. </p><p class="body"> The U.S. Congress authorized the Secretary of the Treasury to guarantee up to $750 million in bonds through the CDFI Bond Guarantee Program in fiscal year (FY) 2014. The CDFI Fund, the administrator of the CDFI Bond Guarantee Program, published the program’s FY 2014 Notice of Guarantee Availability in the <a href="/Documents/NOGA%202014%20FINAL%20SIGNED.pdf" target="_blank">Federal Register</a> on May 13, 2014. Qualified Issuer Applications are due on June 23, 2014, and Guarantee Applications are due on June 30, 2014. More information about the CDFI Bond Guarantee Program, and the FY 2014 application, may be found on the CDFI Fund’s website at <a href="/programs-training/Programs/cdfi-bond/Pages/default.aspx">www.cdfifund.gov/bond</a>.  </p><p class="body"> <b>About the CDFI Fund</b> </p><p class="body"> Since its creation in 1994, the CDFI Fund has awarded over $1.9 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 $40 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program, and has approved the term sheets and the execution of agreements to guarantee $325 million in bonds through the CDFI Bond Guarantee Program. Learn more about the CDFI Fund and its programs at <a href="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About the CDFI Bond Guarantee Program</b> </p><p class="body"> The CDFI Bond Guarantee Program was authorized through the Small Business Jobs Act of 2010. The program provides Eligible CDFIs with access to long-term capital by providing guarantees of bonds issued by Qualified Issuers. With long-term credit currently at below-market interest rates, the CDFI Bond Guarantee Program is a groundbreaking effort to accelerate community economic growth and development. Bonds, including principal, interest and call premiums, will be 100 percent guaranteed by the Secretary of the Treasury. The Federal Financing Bank will be the sole purchaser of bonds issued under the CDFI Bond Guarantee Program. For more information, please visit <a href="/programs-training/Programs/cdfi-bond/Pages/default.aspx">www.cdfifund.gov/bond</a>. </p><p class="body"> <b>About Stonehenge Community Development</b> </p><p class="body"> Stonehenge’s primary mission is to invest capital in low- income communities. To execute its investment strategy, Stonehenge actively participates in federal and state economic and development programs, and works closely with community leaders and organizations to deploy capital in projects that maximize community revitalization and economic impact. Stonehenge predominately invests in businesses and community service non-profits throughout the United States that are located in highly distressed census tracts and have a significant positive impact to local minority communities. Stonehenge has made investments in enterprises in a broad array of job-creating industries located in economically distressed areas, including manufacturing, health care, and education. As a Qualified Issuer, Stonehenge seeks to expand its community development investment platform by working with established CDFIs to support the deployment of capital into businesses and non-profits in underserved communities. </p>2014-06-12T04:00:00ZUpdates131
Financing Community Health Centers Training Materials Now Available in Virtual Resource Bankhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=153Financing Community Health Centers Training Materials Now Available in Virtual Resource Bank<p class="body"> Today, the Community Development Financial Institutions Fund (CDFI Fund) added new reference materials to its Capacity Building Initiative website in support of the "Financing Community Health Centers" training series. The Resource Bank supplements the series, which builds the capacity of Community Development Financial Institutions (CDFIs) to successfully finance and provide services to community health centers in underserved communities. </p><p class="body"> The <a href="/what_we_do/Financing_Community_Health_Centers_Resource_Bank.asp">"Financing Community Health Centers Resource Bank"</a> includes training materials as well as additional resources and tools for CDFIs looking to explore financing community health centers and learn from previous organizations' experiences. The topics covered include: the role of community health centers in low-income communities, primary credit needs of community health centers, financial and operational metrics and trends, underwriting, and development services, among others. In the coming months, the Resource Bank will be expanded to include the series' webinar materials. </p><p class="body"> To view the Resource Bank, and to learn more about the "Financing Community Health Centers" training series, as well as the other series available under the Capacity Building Initiative, please visit <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>. </p><p class="body"> Learn more about the Capacity Building Initiative at <a href="/">www.cdfifund.gov</a> or by viewing the CDFI Fund's <a href="/Documents/CDFI_CBI.pdf" target="_blank">fact sheet</a>. </p>2014-06-11T04:00:00ZUpdates153

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