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CDFI Fund Schedules Five Additional “Expanding CDFI Coverage in Underserved Areas” Webinarshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=188CDFI Fund Schedules Five Additional “Expanding CDFI Coverage in Underserved Areas” Webinars<p>Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the schedule of the next set of free webinars through the Capacity Building Initiative’s “Expanding CDFI Coverage in Underserved Areas” series. The webinars, provided by Opportunity Finance Network and its partners, will be held between January 2016 and April 2016.</p><p>The CDFI Fund launched the “Expanding CDFI Coverage in Underserved Areas” series to help fill the gaps in Community Development Financial Institution (CDFI) service coverage in underserved communities in the United States and its territories. The free webinars are designed to maximize CDFI industry participation in this important training. The webinars will expand upon training topics developed for in-person training sessions held during the summer of 2015, as well as new topical content on expansion developed by CDFI experts. </p><p>The five webinars are:</p><ul><li><p><b>Partnerships for Financial Capability</b> (Tuesday, January 26, 2016, 2 p.m. EST): Partnerships are often formed out of a common sense of purpose, but many fail to thrive. How can you build better partnerships? This webinar will describe five keys to success – convergent vision, complementary capacities, commitment, confidence, and coordination – and present a framework to help prospective partners to build more effective, dynamic, and durable relationships.</p></li><li><p><b>Exploring New Models for CDFI Coverage through Formation of New or Affiliated CDFIs</b> (Tuesday, February 9, 2016, 2 p.m. EST): This webinar presents options for structures CDFIs can consider when forming new or affiliated CDFIs. Not-for-profit and for-profit corporate structures are presented, as well as de novo, acquiring, and evolving formation strategies. The risk and return spectrum will help CDFIs understand the risk-return profile for different types of financing products offered by CDFIs from debt to equity.</p></li><li><p><b>Capitalization Strategies: Raising Debt and Equity for CDFIs</b> (Tuesday, February 23, 2016, 2 p.m. EST): Join us for a webinar on capitalization to explore various sources of capital available to CDFIs. In this webinar, you will learn to develop a plan to access the sources of capital appropriate for your CDFI.</p></li><li><p><b>Customer Acquisition</b> (Tuesday, March 22, 2016, 2 p.m. EDT): New market challenges, increased competition, demand for diversified products, and more selective customers all make it even more imperative to reach and retain the customers your organization needs to grow. Learn how to identify and reach your most important customers. </p></li><li><p><b>Fundraising Strategies for your CDFI</b> (Tuesday, April 5, 2016, 2 p.m. EDT): Join us for a webinar focusing on raising operating capital for your CDFI. We will provide several perspectives from the industry on fundraising during this session. Included in the discussion will be how to find funders, how to build relationships with your funders, and how to effectively tell your organization’s story. </p></li></ul><p>Future webinar opportunities will be posted as they are confirmed to the “Expanding CDFI Coverage in Underserved Areas” <a title="https://www.cdfifund.gov/programs-training/training-ta/Pages/expanding-cdfi-coverage.aspx" href="/programs-training/training-ta/Pages/BuildingNativeII.aspx" target="_blank">webpage</a>. Webinars will be recorded and made available on the CDFI Fund’s Resource Bank later in 2016.</p><p><b>Registration</b></p><p>The “Expanding CDFI Coverage in Underserved Areas” webinars are free and open to the general public, but advanced registration is required to access the live presentations. Registration may be completed up until the start time listed for each individual session. </p><p><a title="http://ofn.org/expanding-cdfi-coverage-underserved-areas#Technical-Assistance-Webinars" href="http://ofn.org/expanding-cdfi-coverage-underserved-areas#Technical-Assistance-Webinars" target="_blank">Click here to register</a>.</p><p>To learn more about “Expanding CDFI Coverage in Underserved Areas” series and the other training series available under the Capacity Building Initiative, please visit <a title="www.cdfifund.gov/cbi" href="http://www.cdfifund.gov/cbi" target="_blank">www.cdfifund.gov/cbi</a>. </p> 2015-12-16T05:00:00ZUpdates188
Update to NMTC Certification, Compliance, and Monitoring FAQs https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=187Update to NMTC Certification, Compliance, and Monitoring FAQs <p>The Community Development Financial Institutions Fund (CDFI Fund) has provided an updated Frequently Asked Questions (FAQ) document for NMTC compliance on its website. This document supersedes the December 2014 and October 2015 publications of the FAQ document by adding, revising, or updating select questions from these earlier editions. Updated guidance includes:</p><ul><li><p>Clarifying guidance on the use of QLICI proceeds to repay incurred cost associated with monetized asset owned or controlled by a QALICB or an Affiliate of a QALICB; </p></li><li><p>Clarifying guidance on monitoring compliance with the unrelated entity requirement in Section 3.2(d) of the allocation agreement as it applies to the CY2015 NMTC Application;</p></li><li><p>Restrictions on the use of QLICI proceeds to directly or indirectly reimburse expenditures incurred by a QALICB or Project Sponsor as it applies to the CY2015 NMTC Application;</p></li><li><p>Defining activities that “support health related services” as it relates to QLICIs in federally designated medically underserved areas;</p></li><li><p>Monitoring “Innovative Investments” for the purpose of meeting Section 3.2(l) of the allocation agreement;</p></li><li><p>Updated links to resources relating to Areas of Higher Distress;</p></li><li><p>Revision to the definition of Real Estate QALICB versus Non-Real Estate QALICB for purposes of the allocation agreement.</p></li></ul><p>The updated FAQ document may found on the New Markets Tax Credit Program <a title="https://www.cdfifund.gov/programs-training/Programs/new-markets-tax-credit/Pages/compliance-step.aspx#step5" href="/programs-training/Programs/new-markets-tax-credit/Pages/compliance-step.aspx#step5" target="_blank">Compliance</a> page of the CDFI Fund’s website. Questions may be directed to the Office of Certification, Compliance Monitoring and Evaluation at (202) 653-0423 or <a href="mailto:ccme@cdfi.treas.gov" target="_blank">ccme@cdfi.treas.gov</a>. </p><p>To learn more about the <a title="https://www.cdfifund.gov/nmtc" href="/nmtc" target="_blank">New Markets Tax Credit Program </a>or the CDFI Fund, please visit the CDFI Fund’s website at <a href="http://www.cdfifund/gov" target="_blank">www.cdfifund/gov</a>. </p> 2015-12-04T05:00:00ZUpdates187
CDFI Fund Announces Winner of the Innovation Challengehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=185CDFI Fund Announces Winner of the Innovation Challenge<p>Today, the Community Development Financial Institutions Fund (CDFI Fund) announced the winner of its 2015 Innovation Challenge. The winner, Association for Enterprise Opportunity (AEO), has been awarded a one-year contract to test an innovative way of partnering Community Development Financial Institutions (CDFIs) with small businesses in low-income areas that need investment. </p><p>“I am very proud to announce the winner of our Innovation Challenge, Association for Enterprise Opportunity,” said CDFI Fund Director Annie Donovan. “This is the first time the CDFI Fund has awarded a contract specifically to experiment with new tools to expand the reach of CDFIs nationwide. I am excited to see both what we will learn over this next year and how we’ll be able to apply those lessons to our future support of CDFIs.” </p><p>The CDFI Fund created the Innovation Challenge to seek new ways to expand or increase investments in underserved communities across the country, especially in rural areas. AEO won the Challenge with a proposal to develop a screening and assessment tool to match small businesses searching for loans from banks or online lenders with a CDFI that may be able to meet their needs when other lenders cannot.</p><p>Every business day, 8,000 requests for credit from small businesses are denied. Many small businesses that are unable to receive loans from a bank or online lender may be eligible for assistance from a CDFI. AEO’s tool will create a mechanism for small business lenders to refer potential borrowers to certified CDFIs. The tool will screen and sort the referrals and match them to partnering CDFIs, who will then review and assess the borrower’s profile and determine if they are a good fit for one of their loan products. The first cohort of CDFIs include: Access to Capital for Entrepreneurs (Georgia), the Intersect Fund (New Jersey), Justine PETERSEN (Missouri), and LIFT Fund (Texas). </p><p>The CDFI Fund will provide an update in 2016 on its lessons-learned from this initiative. The ultimate goal of the Innovation Challenge is to finance the development of a method, model, tool, or product that can be used by all CDFIs in the future. If the platform proves to be viable, it will be made available to any certified CDFI who wants to use it, expanding access to capital for small businesses operating in economically distressed areas.</p><p><b>About the CDFI Fund</b></p><p>The CDFI Fund invests in and builds the capacity of community-based, private, for-profit and non-profit financial institutions with a primary mission of community development in economically distressed communities. These institutions – certified by the CDFI Fund as Community Development Financial Institutions or CDFIs – are able to respond to gaps in local markets that traditional financial institutions are not adequately serving. CDFIs provide critically needed capital, credit and other financial products in addition to technical assistance to community residents and businesses, service providers, and developers working to meet community needs. The CDFI Fund's vision is an America in which all people have adequate access to affordable capital, credit and financial services.</p><p><b>About the Association for Enterprise Opportunity</b></p><p>Association for Enterprise Opportunity (AEO) is the national trade association for U.S. microbusiness and microfinance. AEO’s Alliance represents a broad and diverse membership network that has helped millions of entrepreneurs contribute to economic growth while supporting themselves, their families and their communities. AEO is working to change the way that capital and services flow to America’s underserved entrepreneurs—on Main Street and beyond—so they can start, grow and hire.</p> 2015-11-23T05:00:00ZUpdates185
2015 NMTC Program Electronic Application Now Available https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=1842015 NMTC Program Electronic Application Now Available <p>The electronic application for the 2015 round of the New Markets Tax Credit Program (NMTC Program) is available for applicants through their <a href="http://amis.cdfifund.gov/" target="_blank">Awards Management Information System (AMIS) accounts</a>.</p><p>The Community Development Financial Institutions Fund (CDFI Fund) published the Notice of Allocation Availability for the 2015 round in the Federal Register on October 21, 2015. Community Development Entities (CDE) interested in applying for New Markets Tax Credit allocation authority under the 2015 round have until <b>5:00 pm Eastern Standard Time (EST), on December 16, 2015</b> to submit their application. </p><p>Application instructions, including navigating through AMIS, may be found on the NMTC Program website, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>.  The CDFI Fund strongly recommends that the instructions and application timelines are reviewed closely <b>by both first-time and repeat applicants</b> and that applicants give themselves adequate time to submit their applications using the new system. Only electronic applications submitted through the CDFI Fund’s online portal will be considered. </p><p> <b>Reminder about Key Deadlines</b> </p><p>Per the 2015 Notice of Allocation Availability, the deadlines for the NMTC Program are as follows: </p><ul><li><p>Online Submission of Allocation Application: December 16, 2015 </p></li><li><p>Online Submission of Allocation Application Attachments: December 18, 2015 </p></li><li><p>Date by which prior-year Allocatees must issue the requisite percentage of QEIs: January 29, 2016 </p></li></ul><p> <b>Questions</b></p><p> <b>Applicants should be aware that the CDFI Fund will stop responding to questions about the electronic application at 5:00 p.m. EST on December 14, 2015.</b> If you have questions, please contact the CDFI Fund through the Service Request feature in AMIS or by reaching out to our Help Desk at (202) 653-0421 or <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a>.   </p><p>All application materials, including frequently asked questions and application presentations, are available at <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>. </p>2015-11-09T05:00:00ZUpdates184
"Building Native CDFIs' Sustainability and Impact" Training Webinarhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=183"Building Native CDFIs' Sustainability and Impact" Training Webinar<p>Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the details of an upcoming webinar that will be provided as part of the Capacity Building Initiative’s “Building Native CDFIs’ Sustainability and Impact” training series. </p><p>The “Is a CDFI Credit Union Right for Your Native Community?” webinar will be held on November 19, 2015. Participants will learn what makes a credit union unique and hear about key considerations to assist with their decision making process. The webinar will provide an overview of the start-up process, focusing on common challenges, resources, and how a credit union might impact the operations of an existing CDFI loan fund serving the Native community. Throughout the webinar, representatives from two Native credit unions – Lakota Federal Credit Union and Northern Eagle Federal Credit Union – will share their experiences and perspectives. Representatives of the National Credit Union Administration will also be available to assist with questions.</p><p>The CDFI Fund launched the “Building Native CDFIs’ Sustainability and Impact” series to 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. The CDFI Fund will provide additional information about two other upcoming webinar opportunities for this series, as well as additional in-person training events, as they are confirmed.</p><p> <b>Registration</b></p><p>The webinar is free and open to the general public, but advanced registration is required to access the presentation. Registration may be completed up until the start time listed for the session. <a href="https://nw.webex.com/mw3000/mywebex/default.do?siteurl=nw&service=7" target="_blank">Click here to register</a>.</p><p>To learn more about “Building Native CDFIs’ Sustainability and Impact” series and the other training series available under the Capacity Building Initiative, please visit <a href="http://www.cdfifund.gov/cbi" target="_blank">www.cdfifund.gov/cbi</a>. </p>2015-11-02T05:00:00ZUpdates183
CDFI Fund Website Service Outage Notification https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=181CDFI Fund Website Service Outage Notification <p>The CDFI Fund will be performing planned system maintenance next weekend. As a result, <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a> will be unavailable beginning 10 p.m. Eastern Time Friday, November 6 through 6 a.m. Eastern Time Saturday, November 7, 2015. During this time, the Awards Management Information System (AMIS) can still be accessed by visiting <a href="http://amis.cdfifund.gov/" target="_blank">http://amis.cdfifund.gov</a> directly. </p><p>Please contact the IT Help Desk at (202) 653-0300 or <a href="mailto:IThelpdesk@cdfi.treas.gov">IThelpdesk@cdfi.treas.gov</a> prior to the outage date if you have any questions or require more information. We apologize for any inconvenience that this may cause, and appreciate your patience and cooperation. </p>2015-10-30T04:00:00ZUpdates181
Update for CY 2015 NMTC Program Applicantshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=182Update for CY 2015 NMTC Program Applicants<p>The Community Development Financial Institutions Fund (CDFI Fund) has provided supplemental guidance to potential calendar year (CY) 2015 New Markets Tax Credit Program (NMTC Program) applicants by updating the <a href="/Documents/NMTC%20Compliance%20Monitoring%20FAQs%20-%20(Updated%20December%202015).pdf" target="_blank">NMTC Compliance Monitoring Frequently Asked Questions </a>document on its website. </p><p>The update is to provide additional guidance regarding the use of Qualified Low-Income Community Investments proceeds to pay a debt or equity provider to monetize an asset as addressed in Question 44 of the document, and to clarify the guidance’s applicability to the CY 2015 NMTC Program application round. </p><p>The document may be viewed on the New Markets Tax Credit (NMTC) Program page, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, under How to Apply Step 5: Compliance and Reporting. Additional questions may be directed to the CDFI Fund’s Help Desk at <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a> or (202) 653-0421. Please keep in mind that the deadline for any phone calls or emails to the CDFI Fund with questions concerning the application is <b>5:00 p.m. EST on December 14, 2015. </b> </p><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>. </p>2015-10-30T04:00:00ZUpdates182
CDFI Fund Opens CY 2015 Round of New Markets Tax Credit Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=180CDFI Fund Opens CY 2015 Round of New Markets Tax Credit Program<p>The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the <a href="/Documents/NOAA%2015%20-%20correct%20signature.pdf" target="_blank">Notice of Allocation Availability (NOAA)</a> for the calendar year (CY) 2015 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $5 billion in tax credit allocation authority available for the CY 2015 round, pending Congressional authorization. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register later this week. </p><p>The New Markets Tax Credit spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make qualified equity investments in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into projects and businesses in low-income communities. The credit provided to the investor totals 39 percent of the investment in a CDE and is claimed over a seven-year credit allowance period. </p><p>The CDFI Fund has made 912 awards—totaling $43.5 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 <a href="/nmtc" target="_blank">website</a> or in the program’s <a href="/Documents/CDFI_NMTC.pdf" target="_blank">fact sheet</a>. </p><p> <b>Important Deadlines </b></p><ul><li><p>CDE Certification Application: November 6, 2015 </p></li><li><p>NMTC Electronic Application submission: December 16, 2015 </p></li><li><p>Prior Allocatees' Issuance of Qualified Equity Investments: January 29, 2016 </p></li></ul><p>Please refer to the NOAA for more details about these and other deadlines. </p><p> <b>Application Materials </b></p><ul><li><p>NMTC application materials and resources are available at <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a> under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx#step2">How to Apply Step 2: Apply</a>. </p></li><li><p>CDE Certification application resources are available at <a href="http://www.cdfifund.gov/cde" target="_blank">www.cdfifund.gov/cde</a> under <a href="/programs-training/certification/cde/Pages/apply-step.aspx#step1">How to Apply Step 1: Apply</a>. </p></li></ul><p> <b>Learn About Applying and Compliance for the NMTC Program </b></p><p>To provide more information about the NMTC Program and the application process, the CDFI Fund has posted presentations for potential applicants on the NMTC Program page, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx#step2" target="_blank">How to Apply Step 2: Apply</a>. </p><p>In addition to the detailed information that is available through the NOAA, NMTC application, and presentations, the CDFI Fund will conduct two one-hour conference calls to answer application questions. Please see below for the dates and times for each call. No presentations will be given during the calls; only questions from participants will be addressed. </p><p> <i>NMTC Application Conference Calls</i></p><ul><li><p>Tuesday, October 27, 2015, 2:00 p.m. EDT </p></li><li><p>Thursday, October 29, 2015, 3:30 p.m. EDT </p></li></ul><p>The dial-in number and passcodes are the same for both calls. The dial-in number is <i>1-888-469-1239</i> and the pass code is <i>5561021.</i> No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Michael Jones at 202-653-0300 no later than 48 hours before the conference calls begin.</p><p> <i>NMTC Certification, Compliance Monitoring, and Evaluation Frequently Asked Questions</i></p><p>To provide additional resources for applicants, an updated Frequently Asked Questions (FAQ) document for NMTC certification, compliance monitoring, and evaluation questions is now available on the CDFI Fund’s website. Updated guidance includes information on the use of Qualified Equity Investment and Qualified Low-Income Community Investment proceeds; defining activities that “support health related services;” “Innovative Investments;” and a revision to the definitions of Real Estate Qualified Active Low-Income Community Businesses (QALICBs) versus Non-Real Estate QALICBs. The FAQ document may be viewed on the New Markets Tax Credit (NMTC) Program page, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/compliance-step.aspx#step5" target="_blank">How to Apply Step 5: Compliance and Reporting</a>. </p><p> <b>Questions</b> </p><p>For more information on the NMTC application or certification as a CDE, please contact the CDFI Fund’s Help Desk at <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a> or 202-653-0421. </p><p>Learn more about the CDFI Fund and its programs at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.   </p>2015-10-21T04:00:00ZUpdates180
CDFI Fund Selects Contractor for NMTC Program Workshop and Technical Assistance Traininghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=179CDFI Fund Selects Contractor for NMTC Program Workshop and Technical Assistance Training<p>The Community Development Financial Institutions Fund (CDFI Fund) has selected a contractor to provide group training and individual technical assistance to certified Community Development Entities (CDEs) that meet the CDFI Fund’s definition of a Minority CDE. The training will inform Minority CDEs on how they can participate in the New Markets Tax Credit Program (NMTC Program). </p><p>The CDFI Fund awarded the contract to National Community Investment Fund (NCIF), a certified Community Development Financial Institution and CDE that has more than ten years’ experience with the NMTC Program. As an organization, NCIF invests capital in institutions, primarily banks, that increase access to responsible financial products and services in underserved communities. NCIF was selected based on the strength of its experienced staff, as well as the involvement of subject matter experts who will bring extensive NMTC experience and needs assessment capabilities to the trainings.</p><p>The new training workshops will target certified CDEs that are minority-controlled not-for-profit entities, minority-owned for-profit entities, or Minority Depository Institutions (MDIs). Training participants will be able to discuss with experienced practitioners the various ways of participating in the NMTC Program, whether as an investor, an allocatee, a leverage lender, a direct lender to a qualified business, or a secondary CDE. </p><p>In addition, CDEs that have completed the training curriculum will have the opportunity to receive customized technical assistance based upon their operational priorities.</p><p>The CDFI Fund and NCIF will release more details about how to apply for the training and workshop dates and locations as they are finalized in the coming months. To learn more about the NMTC Program, please visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a> or view the <a href="/programs-training/Programs/new-markets-tax-credit/Pages/default.aspx" target="_blank">program’s fact sheet</a>.</p>2015-10-06T04:00:00ZUpdates179
Treasury Guarantees $327 Million in Bond Funding for Projects in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=178Treasury Guarantees $327 Million in Bond Funding for Projects in Low-Income Communities<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that an additional nine bond loans, totaling $327 million, were guaranteed in fiscal year (FY) 2015, bringing the total guaranteed to date to $852 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>“I am very pleased to recognize the CDFIs that are creating new partnerships and innovative ways to fully utilize the CDFI Bond Guarantee Program,” said CDFI Fund Director Annie Donovan. “The program is reaching diverse organizations and communities across the country, allowing us to greatly expand access to financing for low-income areas nationwide.” </p><p>The CDFIs that participate in the CDFI Bond Guarantee Program are at the cutting edge of community development finance. The FY 2015 program participants share an equal commitment to financing a wide range of job-creating and community-building projects in urban, rural, and Native American communities. </p><p>Three Bonds were issued on behalf of 9 Eligible CDFIs as follows: </p><ul><li><p> <b>Community Reinvestment Fund, USA</b> issued a $100 million bond on behalf of <b>Raza Development Fund.</b> Raza Development Fund is headquartered in Phoenix, Arizona and is the largest CDFI serving the Latino population on a national basis. Raza Development Fund plans to finance senior living and long-term care facilities, daycare centers, healthcare facilities, rental housing, not-for-profit organizations, and charter schools.</p></li><li><p> <b>Opportunity Finance Network</b> issued a $100 million bond on behalf of <b>Clearinghouse CDFI.</b> Clearinghouse CDFI is headquartered in Lake Forest, California and is the first non-depository CDFI to receive a public rating from Standard and Poor’s. Originally approved in FY 2013, Clearinghouse CDFI is the first entity to receive multiple bond loans under the program. Clearinghouse CDFI has expanded its lending from California to Arizona and Native American communities, and will continue to serve the rental housing and commercial real estate market.</p></li><li><p> <b>Opportunity Finance Network</b> also issued a $127 million bond on behalf of seven Eligible CDFIs serving urban, rural, and Native American communities in the most diverse application approved thus far in the CDFI Bond Guarantee Program. This bond issue includes the following CDFIs:</p></li><ul><li><p> <b>Bridgeway Capital</b>, headquartered in Pittsburgh, Pennsylvania, will provide financing to small businesses, commercial real estate, and not-for-profit organizations in Western Pennsylvania using its $15 million bond loan.</p></li><li><p> <b>Chicago Community Loan Fund</b>, headquartered in Chicago, Illinois, will provide financing to commercial real estate, rental housing, not-for-profit organizations, and charter schools in low-income and underserved areas in Chicago using its $28 million bond loan.</p></li><li><p> <b>Citizens Potawatomi Community Development Corporation</b>, headquartered in Shawnee, Oklahoma, is the first Native CDFI to participate in the CDFI Bond Guarantee Program and will provide financing for large scale commercial real estate projects in the Citizens Potawatomi Nation using its $16 million bond loan.</p></li><li><p> <b>Community Loan Fund of New Jersey</b>, headquartered in New Brunswick, New Jersey, will provide financing for rental housing and charter schools in low-income and underserved areas in New Jersey using its $28 million bond loan.</p></li><li><p> <b>Community Ventures Corporation</b>, headquartered in Lexington, Kentucky, will provide financing to small business and commercial real estate in Kentucky using its $15 million bond loan.</p></li><li><p> <b>Federation of Appalachian Housing Enterprises</b>, headquartered in Berea, Kentucky, will provide financing for rental housing in the greater Appalachian region using its $15 million bond loan.</p></li><li><p> <b>Kentucky Highlands Investment Corporation</b>, headquartered in London, Kentucky, will provide financing to small businesses and commercial real estate in Kentucky using its $10 million bond loan.</p></li></ul></ul><p>The CDFI Bond Guarantee Program was created through the enactment of the Small Business Jobs Act of 2010. In the three rounds of the CDFI Bond Guarantee Program completed to date, Treasury has guaranteed bonds for $852 million dollars for investment in the nation’s most underserved rural and urban areas. While participants are allowed up to five years to fully deploy bond loan funds, it’s anticipated that borrowers in the FY 2015 round will completely commit their capital to community development projects by the end of calendar year 2018. 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 was extended until September 30, 2015. The President’s Fiscal Year 2016 budget proposes to extend the program, subject to reauthorization by Congress.</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="/">www.cdfifund.gov</a>. For more information about the CDFI Bond Guarantee Program, please view the <a href="/Documents/CDFI_BOND.pdf">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="/bond">www.cdfifund.gov/bond</a>.</p> 2015-09-29T04:00:00ZPress Releases178

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