CDFI News

 

 

Request for Public Comment: Allocation and Qualified Equity Investment Tracking Systemhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=366Request for Public Comment: Allocation and Qualified Equity Investment Tracking System<p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Allocation and Qualified Equity Investment (AQEI) Tracking System.</p><p>The Department of the Treasury, through the CDFI Fund, administers the NMTC Program, which provides an incentive to investors in the form of tax credits over seven years and stimulates the provision of private investment capital that, in turn, facilitates economic and community development in low-income communities. In order to qualify for an allocation of NMTC authority, an entity must be certified as a qualified Community Development Entity and submit an allocation application to the CDFI Fund. Upon receipt of such applications, the CDFI Fund conducts a competitive review process to evaluate applications for the receipt of NMTC allocations. Entities selected to receive an NMTC allocation must enter into an Allocation Agreement with the CDFI Fund. The Allocation Agreement contains the terms and conditions, including all reporting requirements, associated with the receipt of a NMTC allocation. The CDFI Fund requires each Allocatee to use an electronic data collection and submission system, known as the Allocation and Qualified Equity Investment (AQEI) Tracking System, to report on the information related to its receipt of a Qualified Equity Investment.</p><p>The previous name for this data collection system was the Allocation Tracking System (ATS). The CDFI Fund developed the AQEI Tracking System to, among other things: (1) enhance the Allocatee’s ability to report to the CDFI Fund timely information regarding the issuance of its Qualified Equity Investments; (2) enhance the CDFI Fund’s ability to monitor the issuance of Qualified Equity Investments to ensure that no Allocatee exceeds its allocation authority and to ensure that Qualified Equity Investments are issued within the timeframes required by the Allocation Agreement and IRC §45D; and (3) provide the CDFI Fund with basic investor data that can be aggregated and analyzed in connection with NMTC Program evaluation efforts.</p><p>Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has 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 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 must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Tanya McInnis, Certification, Compliance Monitoring and Evaluation (CCME) Program Manager, CDFI Fund, at ccme@cdfi.treas.gov.</p><p><b>Related Materials:</b></p><ul><li><p><a href="/Documents/AQEI%20PRA%20Federal%20Register%20notice%2026DEC2019.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/Information%20Collection%20-%20New%20Markets%20Tax%20Credit%20Program%20Allocation%20and%20QEI%20Tracking%20System%20-%20CLEAN.pdf" target="_blank">For Public Comment: AQEI Tracking System Data Points</a><br></p></li><li><p><a href="/Documents/Allocation-QEI%20Tracking%20User%20Guide,%20August%202019.pdf" target="_blank">For Reference Only: AQEI Tracking System Guidance Manual</a></p></li></ul> 2019-12-23T05:00:00ZUpdates366
Request for Public Comment: Community Development Entity Certification Applicationhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=367Request for Public Comment: Community Development Entity Certification Application<p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Community Development Entity (CDE) Certification Application.</p><p>The Department of the Treasury, through the CDFI Fund, administers the NMTC Program, which provides an incentive to investors in the form of tax credits over seven years, expected to stimulate the provision of private investment capital that, in turn, will facilitate economic and community development in low-income communities.</p><p>In order to qualify for an allocation of tax credits through the NMTC Program, an entity must be certified as a CDE and submit an allocation application to the CDFI Fund. Nonprofit entities and for-profit entities may be certified as CDEs by the CDFI Fund. In order to be certified as a CDE, an entity must be a domestic corporation or partnership, that: (1) has a primary mission of serving or providing investment capital for low-income communities or low-income persons; and (2) maintains accountability to residents of low-income communities through their representation on any governing or advisory board of the entity.</p><p>Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the CDFI Fund, including whether the information shall have practical utility; (b) the accuracy of the CDFI Fund’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 to provide information.</p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Tanya McInnis, Certification, Compliance Monitoring and Evaluation (CCME) Program Manager, CDFI Fund, at ccme@cdfi.treas.gov.</p><p><b>Related Materials:</b></p><ul><li><p><a href="/Documents/CDE%20Application%20PRA%20Federal%20Register%20notice%2026DEC2019.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/1559-0014%20-%20New%20Markets%20Tax%20Credit%20Program%20Community%20Development%20Entity%20Certification%20Application%20-%20CLEAN.pdf" target="_blank">For Comment: CDE Certification Application</a><br></p></li><li><p><a href="/Documents/AMIS%20CDE%20Certification%20Application%20Guidance_2018%20Final.pdf" target="_blank">For Reference Only: CDE Certification Application Submission Guidance</a></p></li></ul> 2019-12-23T05:00:00ZUpdates367
CDFI Fund Releases Summary Report and Public Data for NMTC Program for FYs 2003-2017https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=364CDFI Fund Releases Summary Report and Public Data for NMTC Program for FYs 2003-2017<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations to submit an annual report detailing how they invested Qualified Equity Investment (QEI) proceeds in low-income communities. These reports must be submitted to the CDFI Fund by the CDEs, along with their audited financial statements, within six months after the end of their fiscal year.</p><p>The Summary Report categorizes all investments utilizing the North American Industry Classification System (NAICS), which is the standard used by Federal statistical agencies to classify businesses. Analysis of NAICS data shows that nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services (see slides 8-12).</p><p>Further, the Summary Report documents: the geographic distribution of NMTC investments by region (slides 13-16); the extent that CDEs go beyond the minimum statutory distress requirements of the NMTC Program by committing to serve areas of higher distress, rural areas or targeted populations (slides 17-20); and that CDEs leverage the NMTC to offer financing with flexible or non-traditional rates and terms (slides 21-22).</p><p><b>Related Links:</b></p><ul><li><p><a href="/Documents/2019%20NMTC%20Public%20Data%20Release_FY_17-comments%20incorporated_BL%20Edits%20incorporated_Final.pdf" target="_blank">NMTC Public Data Release: 2003-2017 Summary Report</a><br></p></li><li><p><a href="/Documents/2019%20NMTC%20Public%20Data%20Release_FY_17.xlsx" target="_blank">NMTC Public Data Release: 2003-2017 Data File</a><br></p></li></ul><p><b>About the NMTC Program</b></p><p>The NMTC Program enables economically distressed communities to leverage private investment capital by providing investors with a federal tax credit. All NMTC investments must meet statutory qualifications for their investors to be able to claim the tax credit. The vast majority of NMTC investments are made within statutorily defined “Low-Income Communities.” Low-Income Communities are census tracts with a poverty rate of 20 percent or greater, or a median family income at or below 80 percent of the applicable area median family income. In addition to investments located in Low-Income Communities, investments can qualify for NMTCs by using other statutory provisions designed to target certain areas or populations, including provisions for Rural Counties, and Low-Income Targeted Populations.</p><p>Through the first 15 application rounds of the NMTC Program, the CDFI Fund has made 1,178 awards, allocating a total of $57.5 billion in tax credit authority to CDEs through a competitive application process. This $57.5 billion includes $3 billion in Recovery Act allocations and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.</p><p>To learn more about the NMTC Program, visit the NMTC Program webpage on the CDFI Fund’s website at <a href="/nmtc" target="_blank">www.cdfifund.gov/nmtc. </a></p> 2019-11-25T05:00:00ZUpdates364
CDFI Fund Releases Application Demand for 2019 Round of NMTC Program https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=365CDFI Fund Releases Application Demand for 2019 Round of NMTC Program <p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 206 applications under the 2019 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas. </p><p>The CDEs that applied under the 2019 round are headquartered in 44 states, the District of Columbia, and Puerto Rico. These applicants requested an aggregate total of $14.7 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2019 round. </p><p>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% of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund. </p><p>Through the first fifteen rounds of the NMTC Program, the CDFI Fund has made 1,178 awards totaling $57.5 billion in tax credit allocation authority. This $57.5 billion includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. </p><p>For more information about the NMTC Program, visit the CDFI Fund’s website at <a href="/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>. </p> 2019-11-25T05:00:00ZUpdates365
Thinking About 2020: CDFI and NACA Program Pre-Application Webinarhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=363Thinking About 2020: CDFI and NACA Program Pre-Application Webinar<p>As 2019 comes to a close, now is a great time to start thinking about preparing your organization for a fiscal year (FY) 2020 Community Development Financial Institutions Program (CDFI Program) or Native American CDFI Assistance Program (NACA Program) Application. The Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to open the FY 2020 Financial Assistance and Technical Assistance application round in early 2020. </p><p>There are steps your organization can take now to get ready to apply. Join CDFI Fund staff for an informational pre-application webinar on Wednesday, December 18, 2019, to learn more. Topics covered will include setting up your critical SAM.gov and Grants.gov accounts, adjusting your organizational profile in the Awards Management Information System (AMIS), and other ways your organization can prepare in advance for the FY 2020 application round. </p><p> <b>CDFI and NACA Program Pre-Application Webinar</b></p><p>Advance registration is not required to participate in the webinar. Please access the webinar, using the link provided below, at least five minutes prior to the beginning of the webinar. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at the CDFI Fund at 202-653-0300.<br></p><p>Viewing this webinar requires the use of WebEx. To download the Webex Meetings Desktop Application, please see the instructions on the <a href="https://www.mymeetings.com/netconferencing/WBS33.6.4_Plug-Ins_11-27-2018.php" target="_blank">WebEx Downloads webpage</a>.<br></p><p> <b>Date:</b> Wednesday, December 18, 2019</p><p> <b>Time:</b> 2:00 p.m. – 4:00 p.m. Eastern Time</p><p> <b>Access Details:</b><br> </p><ul><li>Call-In: 1-888-390-2955</li><li>Webinar Access: <a href="https://www.mymeetings.com/nc/join/" target="_blank">https://www.mymeetings.com/nc/join/</a>  </li><li>Conference Number: PWXW9724499</li><li>Audience Passcode: 3578890<br></li></ul><p></p><p>To learn more about the CDFI Program, visit <a href="/cdfi" target="_blank">www.cdfifund.gov/cdfi</a>. More information about the NACA Program can be found at <a href="/native" target="_blank">www.cdfifund.gov/native</a>.  <br></p>2019-11-21T05:00:00ZUpdates363
U.S. Treasury Awards More Than $188 Million to Support CDFI Investment in Low-Income and Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=362U.S. Treasury Awards More Than $188 Million to Support CDFI Investment in Low-Income and Distressed Communities<p>​<strong>Washington </strong>- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) awarded 284 Community Development Financial Institutions (CDFIs) $188.7 million in Financial Assistance (FA) awards today. The awards, through the fiscal year (FY) 2019 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.</p><p>"I am proud to announce the FY 2019 CDFI Program and NACA Program awards," said CDFI Fund Director Jodie Harris. "I am especially pleased that almost half of the awarded organizations have chosen to provide services in areas of persistent poverty, which will lead to significant impact for residents in some of the most distressed communities nationwide."    </p><p>FA awards include the Base Financial Assistance (Base-FA) award and the following awards that are provided as a supplement to the Base-FA award: Healthy Food Financing Initiative-Financial Assistance (HFFI-FA), Persistent Poverty Counties-Financial Assistance (PPC-FA), and Disability Funds-Financial Assistance (DF-FA).</p><p> <strong>CDFI Program Financial Assistance Awards</strong></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. For the FY 2019 CDFI Program round, the CDFI Fund awarded $132 million in Base-FA awards to 261 organizations in 45 states, the District of Columbia, and Puerto Rico. The CDFI Fund also awarded $18.2 million in PPC-FA awards to 125 CDFIs specifically to serve Persistent Poverty Counties nationwide.</p><p>In addition, the CDFI Fund awarded $22 million in HFFI-FA awards to 14 CDFIs. The Healthy Food Financing Initiative is a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. The CDFI Fund also awarded $3 million in DF-FA awards to 16 CDFIs; DF-FA is a supplemental program designed to help CDFIs finance projects and services to assist individuals with disabilities.<br></p><p> <strong>NACA Program Financial Assistance Awards</strong></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>The CDFI Fund awarded $12 million in FY 2019 NACA Program Base-FA awards to 23 organizations in 11 states. Eleven Native CDFIs also received $1.5 million in PPC-FA awards. </p><p>The CDFI Fund also provides Technical Assistance awards to CDFIs and emerging CDFIs through the CDFI Program and NACA Program. The FY 2019 Technical Assistance Awards <a href="/news-events/news/Pages/news-detail.aspx?NewsID=356&Category=Press%20Releases">were announced on September 19, 2019</a>. View more information about all of the FY 2019 CDFI Program and NACA Program awards below.   </p><p> <strong>FY 2019 CDFI Program and NACA Program Award Resources </strong></p><ul><li><a href="/Documents/Final%202019%20CDFI%20FA%20TA%20Award%20Book%20111319.pdf" target="_blank">FY 2019 CDFI Program Award Book</a><br></li><li><a href="/Documents/Final%202019%20NACA%20Award%20Book%20111319.pdf" target="_blank">FY 2019 NACA Program Award Book </a><br></li><li><a href="/Documents/Base%20Financial%20Assistance%20(Base-FA)%20Application%20Evaluation%20Process_111919.pdf" target="_blank">CDFI Program and NACA Program Financial Assistance Application Evaluation Process</a><br></li><li><a href="/Documents/FY%202019%20Technical%20Assistance%20Application%20Evaluation%20Process.pdf" target="_blank">CDFI Program and NACA Program Technical Assistance Application Evaluation Process</a><br></li></ul><p> <strong>About the CDFI Fund </strong></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.4 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award 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. To learn more about the CDFI Fund and its programs, please visit the CDFI Fund's website at <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.<br></p>2019-11-19T05:00:00ZPress Releases362
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

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