CDFI News

 

 

Request for Public Comment: Uses of Award Report Form for BEA Program, CDFI Program and NACA Program Award Recipientshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=361Request for Public Comment: Uses of Award Report Form for BEA Program, CDFI Program and NACA Program Award Recipients<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 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 (the CDFI Fund), the Department of the Treasury, is soliciting comments concerning the Uses of Awards Report Form, which is completed by the Bank Enterprise Award Program (<a href="/bea" target="_blank">BEA Program</a>) Recipients and the Community Development Financial Institutions Program (<a href="/cdfi" target="_blank">CDFI Program</a>) and Native American CDFI Assistance Program (<a href="/native" target="_blank">NACA Program</a>) Recipients.</p><p>The CDFI Fund is seeking to revise its Uses of Award Report Form to validate investments made in Persistent Poverty Counties (PPCs) by BEA Program award Recipients in compliance with the PPC Congressional Mandate. The CDFI Fund’s appropriation in the Consolidated Appropriations Act, 2019 (Public Law Number 116-6), enacted February 15, 2019, requires that at least 10 percent of BEA Program funds be used for Awards that support investments that serve populations living in PPCs. In order to meet this requirement, Applicants are required to indicate the minimum and maximum percentage of the Estimated BEA Program Award the Applicant will commit to deploying in PPCs.</p><p>A Persistent Poverty County is any county that has had 20 percent or more of its population living in poverty over the past 30 years, as measured by the 1990 and 2000 decennial census, and the 2011-2015 5-year data series available from the American Community Survey from the Census Bureau. A Recipient that made commitments to serve Persistent Poverty Counties is required to identify the portion of the total award amount used for BEA Qualified Activities in Persistent Poverty Counties.</p><p>A full list of specific questions can be found in the <a href="/Documents/Use%20of%20Award%20Report%20FR%202019-22574%20101719.pdf" target="_blank">Federal Register notice</a>. </p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via e-mail to Mia Sowell, Associate Program Manager, CDFI Fund, at <a href="mailto:cdfihelp@cdfi.treas.gov" target="_blank">cdfihelp@cdfi.treas.gov</a>; or via (202) 508-0083.</p><p><strong>Related Materials</strong>:</p><ul><li><p><a href="/Documents/Use%20of%20Award%20Report%20FR%202019-22574%20101719.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/Uses%20of%20Award%20Report%20Form%20for%20Comment.pdf" target="_blank">Uses of Award Report Form (Existing Format)</a></p></li><li><p><a href="/Documents/Use%20of%20Award%20Report%20(BEA_CDFI_NACA)%20-%20Revise.pdf" target="_blank">For Comment: Uses of Award Report Form</a></p></li></ul>2019-10-17T04:00:00ZUpdates361
Request for Public Comment: FY 2020-2022 Bank Enterprise Award Program Applicationhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=360Request for Public Comment: FY 2020-2022 Bank Enterprise Award Program 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 (PRA) of 1995, 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 Bank Enterprise Award Program (BEA Program) Application, for the fiscal year (FY) 2020-FY 2022 funding rounds (hereafter, the Application or Applications).</p><p>The purpose of the BEA Program is to provide an incentive to Federal Deposit Insurance Corporation-insured (FDIC-insured) depository institutions to increase their lending, investment, and financial services to residents and businesses located in economically distressed communities, and provide assistance to Community Development Financial Institutions (CDFIs) through grants, stock purchases, loans, deposits, and other forms of financial and technical assistance. </p><p>The CDFI Fund will make awards through the BEA Program to FDIC-insured depository institutions, based upon such institutions’ demonstrated increase of qualified activities, as reported in the Application. The Application will solicit information concerning: applicants’ eligibility to participate in the BEA Program; the increase in total dollar value of applicants’ qualified activities; impact of qualified activities; and appropriate supporting documentation. The questions that the Application contains, and the information generated thereby, will enable the CDFI Fund to evaluate applicants’ activities and determine the extent of applicants’ eligibility for BEA Program awards.</p><p>The CDFI Fund is seeking: (a) specific input on the BEA Program Application; and (b) general input on other BEA Program-related topics and considerations. Commentators should ensure that their comments are clearly labeled in order to distinguish those related to: (a) the BEA Program Application or, (b) other BEA Program-related topics and considerations. The (existing) Application may be obtained on the BEA Program page of the CDFI Fund’s website at <a href="/programs-training/Programs/bank_enterprise_award/Pages/apply-step.aspx#step1" target="_blank">https://www.cdfifund.gov/programs-training/Programs/bank_enterprise_award/Pages/apply-step.aspx#step1.</a></p><p>Comments concerning the Application 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 capital or start-up costs and costs of operation, maintenance, and purchase of services required to provide information. </p><p>Comments are also invited on a wide-range of other BEA Program-related topics and considerations. For example, the CDFI Fund asks for comment on whether it should:</p><ul><li><p>require Applicants to report on their safety and soundness by requesting that they provide information on their most recent independent audit, their most recent Community Reinvestment Act (CRA) Rating, and information on any enforcement actions; </p></li><li><p>add other types of loans, investments or service activities not currently considered BEA Program Qualified Activities; </p></li><li><p>collect additional information on the impact of program related investments;</p></li><li><p>collect basic information on the affordability of financial products reported to the CDFI Fund in the BEA Program Application for award consideration; and</p></li><li><p>make changes to how awards are prioritized included prioritizing awards to Applicants that invested in Persistent Poverty Counties during the Assessment Period.</p></li></ul><p>A complete list of questions regarding the BEA Program Application, as well as BEA Program-topics is provided for review and comment in the <a href="/Documents/BEA%20Application%202020%20FR%202019-22377.pdf" target="_blank">Federal Register </a>notice.</p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Mia Sowell, BEA Program Associate Program Manager, CDFI Fund, at <a href="mailto:bea@cdfi.treas.gov">bea@cdfi.treas.gov</a> or Service Request in the Award Management Information System. For the Service Request, select “BEA Application” for the record type.</p><p><b>Related Materials</b></p><ul><li><p><a href="/Documents/BEA%20Application%202020%20FR%202019-22377.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/Microsoft%20Word%20-%20FY%202020%20Bank%20Enterprise%20Award%20Program%20Application-508%20Compliant.pdf" target="_blank">For Comment: FY 2020-2022 BEA Program Application</a><br></p></li></ul> 2019-10-15T04:00:00ZUpdates360
Treasury Guarantees $100 Million in CDFI Bond Fundinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=359Treasury Guarantees $100 Million in CDFI Bond Funding<p> <i>Over $1.6 Billion Guaranteed for Projects in Distressed Communities since Establishment of Program</i></p><p> <b>Washington, DC</b> – U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today the approval of a $100 million guarantee under the Community Development Financial Institutions (CDFI) Bond Guarantee Program. The guarantee will be issued on behalf of three Eligible CDFIs under the fiscal year (FY) 2019 round of the program. Over $1.6 billion has now been guaranteed since the inception of the CDFI Bond Guarantee Program, which provides long-term, fixed-rate capital for projects in low-income urban, rural, and Native communities.</p><p>“The CDFI Bond Guarantee Program provides long-term capital critical to CDFIs’ work in developing high-impact community development initiatives,” said CDFI Fund Director Jodie Harris. “CDFIs utilize this innovative program to finance a range of large-scale projects in distressed areas and have included, among other things, affordable housing, charter schools, community and manufacturing facilities, as well as health care centers.”</p><p>The Opportunity Finance Network will issue $100 million in bonds on behalf of the following three Eligible CDFIs:</p><ul><li><p>Community Loan Fund of New Jersey, Inc., headquartered in New Brunswick, NJ, will receive a $25 million bond loan to finance rental housing, charter schools, daycare centers, not-for-profit organizations, small businesses and commercial real estate in low-income and underserved areas in New Jersey.</p></li><li><p>Federation of Appalachian Housing Enterprises, Inc., headquartered in Berea, KY, will receive a $20 million bond loan to finance affordable rental housing, healthcare facilities, senior living facilities, not-for-profit organizations, small businesses and commercial real estate in the greater Appalachian region.</p></li><li><p>Greater Minnesota Housing Fund, headquartered in St. Paul, MN, will receive a $55 million bond loan to finance affordable rental housing projects in Minnesota’s underserved communities.</p></li></ul><p>Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need—low-cost capital to spur economic growth and jump start community revitalization. Under the program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue guaranteed bonds worth a minimum of $100 million. The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to invest in distressed communities. For more information on the CDFI Bond Guarantee Program, visit the CDFI Fund website at <a href="/bond" target="_blank">www.cdfifund.gov/bond</a>. <br></p><p> <b>About the CDFI Fund</b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.3 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the BEA Program. In addition, the CDFI Fund has allocated $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, guaranteed $1.61 billion in bonds through the CDFI Bond Guarantee Program, and awarded more than $434 million through the Capital Magnet Fund. </p><p>To learn more about the CDFI Fund and its programs, please view the Fact Sheet or visit the CDFI Fund's website at <a href="/" target="_blank">www.cdfifund.gov</a>.</p>2019-10-08T04:00:00ZPress Releases359
Update for CY 2019 NMTC Program Applicants https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=358Update for CY 2019 NMTC Program Applicants <p>The Community Development Financial Institutions Fund (CDFI Fund) has posted on its website: an updated NMTC Program Allocation Application Frequently Asked Questions (FAQs) document; a revised 2019 NMTC Program Allocation Application; and a pre-recorded webinar demonstrating the application submission process in AMIS.</p><p>The updates to these documents are provided in response to specific questions raised during two conference calls hosted on September 12 and 16, 2019, as well as help desk emails and AMIS Service Requests. The updated FAQs document also includes a list of the updates made to the CY 2019 NMTC Program Allocation Application. Please note that all updated guidance information in the FAQs document is highlighted in yellow.</p><p>The updated documents and pre-recorded webinar can be found on the CDFI Fund’s website at <a href="/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>.<br></p><p>Additional questions may be directed to 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>. In submitting your questions, please provide specific details to help us provide timely responses.</p><p>Please keep in mind that the deadline for questions concerning the CY 2019 NMTC application is 5:00 p.m. ET on October 24, 2019.</p><p>For more information about the CDFI Fund and its programs, please visit <a href="/" target="_blank">www.cdfifund.gov</a>.<br></p> 2019-10-03T04:00:00ZUpdates358
CDFI Fund Releases Application Demand for FY 2019 Round of Capital Magnet Fundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=357CDFI Fund Releases Application Demand for FY 2019 Round of Capital Magnet Fund<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the application data for the fiscal year (FY) 2019 round of its Capital Magnet Fund program. A total of 113 organizations submitted applications requesting more than $522 million in funding. The applicants propose to serve 49 states, the District of Columbia, and Puerto Rico. In total, 58% of the applicants are certified Community Development Financial Institutions (CDFIs), and the remaining 42% of the applicants are non-profit affordable housing organizations. <br></p><p>Through the Capital Magnet Fund, the CDFI Fund competitively awards funds to 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. The Capital Magnet Fund aims to attract private capital to economically distressed communities, including underserved rural areas. Funding for the Capital Magnet Fund comes from allocations made by the Government-Sponsored Enterprises Fannie Mae and Freddie Mac and varies from year to year. Approximately $131 million is available for awards for the FY 2019 round.</p><p>The FY 2019 application period closed on August 26, 2019. The CDFI Fund currently expects to announce the awards in early 2020. For more information about the Capital Magnet Fund, visit the CDFI Fund’s website at www.cdfifund.gov/cmf.<br></p> 2019-10-02T04:00:00ZUpdates357
CDFI Fund Launches New Training for CDFIs Interested in Reaching Individuals with Disabilitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=349CDFI Fund Launches New Training for CDFIs Interested in Reaching Individuals with Disabilities<p>The Community Development Financial Institutions Fund (CDFI Fund) is proud to present a new Capacity Building Initiative training series for CDFIs interested in expanding their financial services and products to reach individuals with disabilities. The "Access for All: Expanding CDFI Impact in the Disability Community" training will provide a series of workshops, webinars, and individualized technical assistance for CDFIs beginning in October 2019. </p><p>Through the "<a href="/programs-training/training-ta/Pages/AccessforAll.aspx" target="_blank">Access for All</a>" training series, the CDFI Fund will endeavor to increase the number of CDFIs serving individuals with disabilities and, ultimately, increase the impact and reach of CDFIs in the disability community. The training will be provided by BCT Partners in partnership with a team of disability and CDFI experts. </p><p> <strong>What is the training?</strong></p><p>Organizations that participate in the "Access for All: Expanding CDFI Impact in the Disability Community" series will have access to the following:<br></p><ul style="list-style-type:disc;"><li> <strong>Regional in-person workshops</strong> that bring together CDFIs for knowledge sharing, skill building, and practical action planning (with scholarships available for travel and lodging costs). <span style="text-decoration:underline;"> <strong>For more information on workshop topics; scholarships; and registration information for the first in-person workshop</strong></span><span style="text-decoration:underline;"> </span> <span style="text-decoration:underline;"> <strong>in New Orleans, LA (November 6-7, 2019),</strong></span><span style="text-decoration:underline;"> </span><a href="https://accessforall.info/" target="_blank"><span style="text-decoration:underline;"><strong>click here</strong></span></a><span style="text-decoration:underline;"></span><strong>.</strong></li><li> <strong>Webinars</strong> on a variety of topics related to understanding and meeting the unique needs of individuals with disabilities. <br></li><li> <strong>Peer-to-peer learning opportunities.</strong></li><li> <strong>Individualized technical assistance</strong>, focused on addressing your organization's specific capacity-building needs regarding serving individuals with disabilities.</li></ul><p> <strong>Who can join? </strong></p><p>Eligible participants include:</p><ul><li>Certified CDFIs; and</li><li>Non-certified organizations that have previously received a Community Development Financial Institutions Program or Native American CDFI Assistance Program Technical Assistance award.</li></ul><p> <strong>How do I learn more? </strong></p><p>To learn more, ask questions, or to register for upcoming workshops, please visit the training website <a href="https://accessforall.info/" target="_blank">here</a>. BCT Partners will continue to release updated information about this training series. <br></p><p> <strong>About the Capacity Building Initiative</strong></p><p>The CDFI Fund's Capacity Building Initiative offers a variety of training and direct technical assistance opportunities to CDFIs looking to strengthen their organizations and, ultimately, serve distressed communities in new and innovative ways. The training programs offered through the Capacity Building Initiative target key issues affecting CDFIs and support the development of tailored capacity building plans to meet the unique needs of individual organizations. With these educational and support tools, the CDFI Fund is building the capacity of CDFIs, empowering them to grow, to achieve organizational sustainability, and to contribute to the revitalization of their communities.</p><p> <strong>About BCT Partners</strong></p><p>BCT Partners is a national, multi-disciplinary consulting firm that delivers a full range of research, consulting, training, technology, and analytics services. BCT is a minority-owned and operated, Federal 8(a) joint venture, small disadvantaged business enterprise and one of the leading firms in the country with expertise in the following markets: housing and community development, economic development, workforce development, children and families, health, pharmaceuticals and life sciences, education, and energy.<br></p>2019-09-30T04:00:00ZUpdates349
U.S. Treasury Announces FY 2019 CDFI Program and NACA Program Technical Assistance Awards https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=356U.S. Treasury Announces FY 2019 CDFI Program and NACA Program Technical Assistance Awards <p> <b>Washington</b> - The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 73 organizations more than $9.16 million in awards today. The fiscal year (FY) 2019 Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) Technical Assistance Awards will allow certified Community Development Financial Institutions (CDFIs) and emerging CDFIs to build their capacity to provide services to low-income and underserved people and communities across America. </p><p>“For 25 years, the CDFI Fund’s Technical Assistance awards have helped CDFIs grow their organizations and better their capacity to provide financial products and services in low-income communities,” said CDFI Fund Director Jodie Harris. “The FY 2019 CDFI Program and NACA Program Technical Assistance recipients will continue that work in communities across the country, including 28 states and Puerto Rico.”</p><p>More information about the CDFI Program and NACA Program Technical Assistance Awards is below. </p><p> <b>FY 2019 CDFI Program Technical Assistance Awards</b></p><p>The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and underserved communities lacking adequate access to affordable financial products and services. Technical Assistance awards provide seed capital that enables uncertified organizations to successfully secure certification as a CDFI. Award Recipients often use the funds to analyze which products and services are appropriate for their target markets, develop lending policies and procedures, and build staff lending capacity. More established CDFIs also use Technical Assistance awards to provide new products, to serve current target markets in new ways, or to enhance the efficiency of their operations.</p><p>For FY 2019, 60 organizations received more than $7.24 million in CDFI Program Technical Assistance Awards. The maximum award amount available was $125,000. A full list of the award recipients can be found below. </p><p> <b>FY 2019 NACA Program Technical Assistance Awards </b></p><p>The NACA Program facilitates the creation and advancement of Native CDFIs. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities, and reflect a diversity of institutions in various stages of development, including: organizations in the early planning stages of CDFI formation; tribal entities working to certify an existing lending program; and established Native CDFIs in need of further capacity building assistance.</p><p>For FY 2019, 13 organizations received more than $1.92 million in NACA Program Technical Assistance Awards. The maximum award amount available was $150,000. A full list of the award recipients can be found below. </p><p>The CDFI Fund also provides Financial Assistance Awards through the CDFI Program and NACA Program to further expand and support the financing activities of CDFIs. The CDFI Fund anticipates announcing the FY 2019 Financial Assistance Awards later in calendar year 2019.</p><p>To learn more about the CDFI Fund and its programs, please visit www.cdfifund.gov. Additional information about the CDFI Program is available at www.cdfifund.gov/cdfi, and the NACA Program at www.cdfifund.gov/native. </p><p> <b>Related Materials</b></p><ul><li><p> <a href="/Documents/FY%202019%20CDFI%20NACA%20TA%20Award%20List%20for%20Website%20091619.pdf" target="_blank">List of FY 2019 CDFI Program and NACA Program Technical Assistance Award Recipients</a></p></li><li><p><a href="/Documents/5.%20Technical%20Assistance%20Application%20Evaluation%20Process.pdf" target="_blank">FY 2019 Technical Assistance Awards Evaluation Process</a></p></li></ul>2019-09-19T04:00:00ZPress Releases356
CDFI Fund Awards $25 Million to Banks that Increased Investments in Severely Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=355CDFI Fund Awards $25 Million to Banks that Increased Investments in Severely Distressed Communities<p>​<em>Over Half Billion Dollars has now been awarded through the Bank Enterprise Awards Program</em></p><p> <strong>Washington, DC</strong> – Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced over $25.2 million in awards to 113 banks, through the fiscal year (FY) 2019 round of the Bank Enterprise Award Program (BEA Program), for increasing investments to communities across the nation experiencing severe economic distress. The CDFI Fund <a href="/news-events/Pages/news-detail.aspx?NewsID=350&Category=Updates">received 117 applications</a> requesting over $150 million in FY 2019 BEA Program round funding. </p><p>The BEA Program provides monetary awards to FDIC-insured depository institutions that have demonstrated increased investments in Community Development Financial Institutions (CDFIs) or in their own lending, investing, or service activities in the most economically distressed communities. Awards are then reinvested in these distressed communities, which helps accelerate the growth of businesses, creation of jobs, development of affordable housing, and availability of financial services.</p><p>"Established as part of the CDFI Fund 25 years ago, the BEA Program has successfully incentivized increased bank investment and lending activity in our nation's most economically distressed communities," said CDFI Fund Director Jodie Harris. "With today's announcement, more than $520 million has now been awarded to banks that have elevated their investments, lending and service activities in the nation's most distressed communities—those where at least 30 percent live at or below the national poverty level and possess an unemployment rate at least 1.5 times the national average—as well as to certified CDFIs."</p><p>Collectively, during the one-year assessment period, the 113 depository institutions receiving an FY 2019 BEA Program award increased: </p><ul><li><p>loans and investments in distressed communities by nearly $362.2 million; </p></li><li><p>loans, deposits, and technical assistance to CDFIs by $26.5 million; and</p></li><li><p>the provision of financial services in distressed communities by $36.1 million.</p></li></ul><p>In total, the $25.2 million awarded under the FY 2019 round of the BEA Program will be reinvested into these economically distressed communities, as well as CDFIs, thereby generating further economic opportunity.</p><p>Of the 113 depository institutions awarded funding, 81 have committed to deploying approximately $3.7 million, or 14.8% of total FY 2019 appropriated funds, in Persistent Poverty Counties which exceeds the Congressional mandate of 10%.  </p><p> <strong>Related Materials</strong></p><ul><li><p> <a href="/Documents/2019%20BEA%20Award%20Book%20FINAL.pdf" target="_blank">FY 2019 BEA Program Award Book</a></p></li></ul><ul><li><p> <a href="/Documents/CDFI%20Partners%20List%20for%20Award%20Book%20-%20508%20Compliant.pdf" target="_blank">FY 2019 BEA Program Award Recipient Partnerships with CDFIs</a></p></li></ul><p> <strong>About the CDFI Fund</strong></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $3.3 billion to CDFIs, community development organizations, and financial institutions through: the BEA Program; the Capital Magnet Fund, the Community Development Financial Institutions Program, including the Healthy Food Financing Initiative; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program.  In addition, the CDFI Fund has allocated $57.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.51 billion through the CDFI Bond Guarantee Program.</p><p>To learn more about the CDFI Fund and its programs, please visit the CDFI Fund's website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>. </p>2019-09-17T04:00:00ZPress Releases355
Important Update: CDFI Fund Changes Certification Requirements for CDFI Program, NACA Program Financial Assistance Applicantshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=354Important Update: CDFI Fund Changes Certification Requirements for CDFI Program, NACA Program Financial Assistance Applicants<p>On March 8, 2019, the CDFI Fund issued a <a href="/news-events/news/Pages/news-detail.aspx?NewsID=339&Category=Updates" target="_blank">Request for Public Comment </a>on the fiscal year (FY) 2020-2022 Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) Application. After reviewing the comments received, the CDFI Fund has decided to proceed with updating the certification requirements to apply for a CDFI Program or NACA Program Financial Assistance award.</p><p><b>The Change </b></p><p>Beginning with the FY 2020 application round, all CDFI Program and NACA Program Financial Assistance applicants <b>must be certified CDFIs as of the date the Notice of Funds Availability (NOFA) is published in the Federal Register.</b> This means that the CDFI Fund will no longer process funding applications and CDFI certification applications simultaneously for CDFI Program and NACA Program Financial Assistance award round applicants. Any organization that is not a certified CDFI as of the date the NOFA is published in the Federal Register that applies for a CDFI Program or NACA Program Financial Assistance award will be found ineligible for that funding round.</p><p><b>My organization is currently not certified. What do I need to do?</b></p><p>This change only affects your organization if you are currently not certified and you are planning to apply for a CDFI Program or NACA Program Financial Assistance award for the FY 2020 funding round. </p><p>The CDFI Fund strongly recommends that any non-certified organization that wishes to apply for a FY 2020 Financial Assistance award submit a <a href="/programs-training/certification/cdfi/Pages/default.aspx" target="_blank">CDFI Certification application </a>as soon as possible. The CDFI Fund is tentatively planning to publish the NOFA for the FY 2020 CDFI Program and NACA Program application round in early 2020, and <a href="/impact/Pages/BlogDetail.aspx?BlogID=72" target="_blank">it may take up to 90 days to process your organization’s CDFI Certification application</a>. </p><p>As a reminder, non-certified organizations are still eligible to apply for Technical Assistance awards. </p><p><b>My organization is a certified CDFI. Do I need to do anything?</b></p><p>If your organization is currently certified, there are steps you should take to make sure your certification remains in good standing. All certified CDFIs are required to submit the Annual Certification and Data Collection Report in order to maintain their certification status. The report submission deadline is based upon your organization’s fiscal year end date. View the <a href="/programs-training/certification/cdfi/Pages/reporting-step.aspx#step2" target="_blank">CDFI Certification website </a>for more information.</p><p><b>Is there anything else I can do now to prepare to apply for a FY 2020 CDFI Program or NACA Program award?</b></p><p>Yes. If you are applying for a Financial Assistance or a Technical Assistance award, you should make sure that you have your organization’s correct DUNS and EIN numbers, and that your SAM.gov and Grants.gov accounts are active and accurate. The steps to set up these accounts can be time consuming, and past applicants have been found ineligible for not finalizing these accounts by the CDFI Fund’s program application deadlines. The CDFI Fund does not manage those systems, and is unable to assist organizations having difficulty processing those accounts. </p><p>For detailed information about steps you can take now, please review last year’s <a href="/impact/Pages/BlogDetail.aspx?BlogID=61">Getting Ready to Apply </a>blog post, which is still relevant for the upcoming FY 2020 round. Registering in SAM.gov and Grants.gov is not dependent upon a specific CDFI Fund application round being open, and can be done at any time. </p><p><b>I have questions about my certification status. Who can I talk to?</b></p><p>If you are unsure about your organization’s certification status, or if you have any other questions, please reach out to the Certification, Compliance Monitoring and Evaluation team via an AMIS Service Request; by e-mail to <a href="mailto:ccme@cdfi.treas.gov" target="_blank">ccme@cdfi.treas.gov</a>; or by phone to (202) 653-0423. Please note this is not a toll free number.</p><p>The Certification team also holds monthly conference calls to address questions about applying for, and maintaining, CDFI certification. <a href="/Lists/CDFI%20Events/View.aspx">View the schedule of upcoming calls here</a>.</p><p>To learn more about the CDFI Program and NACA Program, please visit <a href="http://www.cdfifund.gov/cdfi" target="_blank">www.cdfifund.gov/cdfi</a> and <a href="http://www.cdfifund.gov/native" target="_blank">www.cdfifund.gov/native</a>.  </p>2019-09-10T04:00:00ZUpdates354
CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=352CDFI Fund Opens CY 2019 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 Notice of Allocation Availability (NOAA) for the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2019 round. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register on September 6, 2019.</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 percent of the investment in a CDE and is claimed over a seven-year credit allowance period. </p><p>The CDFI Fund has made 1,178 awards—totaling $57.5 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 webpage, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, or in the program's <a href="file:///C:/Users/AllisonC/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/PDPLP0NJ/CDFI%20Fund%20Opens%20CY%202018%20Round%20of%20New%20Markets%20Tax%20Credit%20Program" target="_blank">fact sheet</a>. </p><p><strong>Significant Updates</strong></p><p>The CDFI Fund has reinstituted the prior QEI Issuance Requirements for the CY 2019 round. Prior-year NMTC Allocatees will be subject to minimum thresholds for QEI issuance and closing of Qualified Low Income Community Investments (QLICIs) with respect to their prior-year allocations. See Section III.A.3.a. of this NOAA for additional details.</p><p><strong>Important Deadlines </strong></p><ul><li>CDE Certification Application: September 23, 2019</li><li>NMTC AMIS Application Submission:  October 28, 2019</li><li>QEI Issuance and QLICI Requirements Deadline: January 31, 2020</li></ul><p>Please refer to the NOAA for more details about these and other deadlines. </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" target="_blank">www.cdfifund.gov/nmtc</a> under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx" target="_blank">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" target="_blank">www.cdfifund.gov/cde</a> under <a href="/programs-training/certification/cde/Pages/apply-step.aspx#step1" target="_blank">How to Apply Step 1: Apply</a>. </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 posted presentations for potential applicants 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>. </p><p>In addition to the detailed information that is available through the NOAA, NMTC Allocation Application, NMTC Allocation Application Frequently Asked Questions, 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 the CDFI Fund's Award Management Information System known as AMIS.  Please see below for the dates and times for each call.</p><p><em>NMTC Application Conference Calls </em></p><ul><li>Thursday, September 12, 2019 at 1:00 p.m. ET</li><li>Monday, September 16, 2019 at 2:00 p.m. ET</li></ul><p>The dial-in number and passcodes are the same for both calls. The dial-in number is <strong>1-888-324-3810</strong>  and the passcode is <strong>6986823</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.</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.</p><p>Learn more about the CDFI Fund and its programs at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.<br></p>2019-09-04T04:00:00ZUpdates352

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