CDFI News

 

 

Application Reminders and Updates for FY 2020 Capital Magnet Fund Applicantshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=383Application Reminders and Updates for FY 2020 Capital Magnet Fund Applicants<p>As a reminder for fiscal year (FY) 2020 Capital Magnet Fund applicants, the deadline for online submission of the SF-424 Mandatory through Grants.gov for this year's funding round is <strong>June 26, 2020</strong> at 11:59 p.m. Eastern Time (ET). The deadline for online submission of the rest of the application materials through the CDFI Fund's Awards Management Information System (AMIS) is <strong>July 27, 2020</strong> at 5:00 p.m. ET. Please review the Notice of Funding Availability (NOFA) for more detailed information. </p><p> <strong>Webinar and Guidance Information</strong></p><p>The CDFI Fund is conducting a webinar on June 23, 2020 to provide a walkthrough of the AMIS application. Please view the <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx">Step 2: Apply</a> page of the Capital Magnet Fund website for the webinar access information. Advance registration is not required to participate.</p><p>The recordings of two previous application webinars, for Financing Entity and Affordable Housing Developer/Manager applicants, and all of the guidance and  application materials for the FY 2020 application round, are also available on the CDFI Fund's website at <a href="http://www.cdfifund.gov/cmf">www.cdfifund.gov/cmf</a> under <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx#step2"> <strong>How to Apply Step 2: Apply</strong></a>. </p><p>The CDFI Fund will continue to update the Application Materials section of the Capital Magnet Fund webpage. Keep an eye on the CDFI Fund's website for updates.</p><p> <strong>Application Questions</strong></p><p>The CDFI Fund will answer questions about the FY 2020 application until 5:00 p.m. ET on <strong>July 23, 2020</strong>.  Contact the CDFI Fund's Help Desk by submitting a Service Request through your AMIS account; by e-mail to <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a>; or by phone to (202) 653-0421 (please note this is not a toll free number). </p><p>To learn more about the CDFI Fund and its programs, please visit <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.cdfifund.gov_&d=DwMFaQ&c=Tuerg-yNTgVjZ4qfQI_XUAo-m_1Vz9aewAZbk-XJGzU&r=B0nfcGTYMJiyCp3IkClHGBM6C4FH2RrjMrB1JRKGJsM&m=Z9YqKLgLMwBrA4R_x945IpXlK3YrgXQYQk78KWuBzrA&s=ZnUi5N36SItdcNust1ky9uVxll1J5JNq1NWUROrmW_I&e=">www.cdfifund.gov</a>. </p><p> <br> </p>2020-06-22T04:00:00ZUpdates383
CDFI Fund Releases Application Demand for FY 2020 Round of CDFI Program and NACA Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=382CDFI Fund Releases Application Demand for FY 2020 Round of CDFI Program and NACA Program<p>The fiscal year (FY) 2020 application round for the Community Development Financial Institutions Fund's (CDFI Fund) Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) closed on April 30, 2020. 588 organizations from across the country requested a total of $535.4 million in awards.</p><p>Specifically:*</p><ul><li><p>337 organizations requested $337.9 million in CDFI Program Base-Financial Assistance (Base-FA) awards. </p></li><li><p>153 organizations requested $19.1 million in CDFI Program Technical Assistance (TA) awards.</p></li><li><p>30 organizations requested $23.5 million in NACA Program Base-FA awards.</p></li><li><p>28 organizations requested $4.1 million in NACA Program TA awards.</p></li><li><p>191 organizations requested $55.9 million in Persistent Poverty County-Financial Assistance (PPC-FA) awards (CDFI Program and NACA Program combined).</p></li><li><p>24 organizations requested $10.4 million in Disability Funds-Financial Assistance (DF-FA) awards (CDFI Program and NACA Program combined).</p></li><li><p>28 organizations requested $84.6 million in Healthy Food Financing Initiative- Financial Assistance (HFFI-FA) awards (CDFI Program and NACA Program combined).</p></li></ul><p>Pursuant to the Consolidated Appropriations Act, 2020 (PL 116-93), Congress appropriated $199.5 million for the CDFI Fund to support the following programs:</p><ul> <li><p>$140.9 million in CDFI Program Base-FA and TA awards. </p></li><li><p>$14 million in NACA Program Base-FA and TA awards. </p></li><li><p>$19.6 million in PPC-FA awards (CDFI Program and NACA Program combined).</p></li><li><p>$3 million for DF-FA awards (CDFI Program and NACA Program combined).</p></li><li><p>$22 million for HFFI-FA awards (CDFI Program and NACA Program combined).</p></li></ul><p>Nationwide, the FY 2020 CDFI Program and NACA Program applicants are headquartered in 48 states and the District of Columbia. In addition, the CDFI Program received 38 applications from organizations headquartered in the U.S. Territory of Puerto Rico.</p><p></p><p>For more information about these programs, please visit the CDFI Fund’s website at www.cdfifund.gov/cdfi or www.cdfifund.gov/native.</p> <br> <p>* Since organizations may apply for more than one type of award, the number of applications by program exceeds the total number of applicants.</p> <br>2020-06-11T04:00:00ZUpdates382
CDFI Fund Seeks Comments on CDFI Equity Investment Award Policyhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=381CDFI Fund Seeks Comments on CDFI Equity Investment Award Policy<p>​The Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) requests comments from the public to gain a better understanding of how Community Development Financial Institutions (CDFIs) treat equity investments in their organizations to help inform policy decisions regarding the CDFI Fund's management and oversight of its investment portfolio.</p><p>Through the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program), the CDFI Fund provides Financial Assistance (FA) awards in variety of forms, including equity investments. The CDFI Fund is working to provide more context and clarity regarding policies and procedures related to equity investments it provides in two specific areas: compliance remedies and cure periods for CDFIs noncompliant with the CDFI Fund's existing control restrictions and the adoption of an exit strategy for new equity investment awards.<br></p><p>Though this Request for Information (RFI), the CDFI Fund is seeking feedback on specific questions related to the CDFI Fund's general control restrictions, investment exit strategy, as well as general questions on CDFI equity.<br></p><p>In order to be considered, all comments must be submitted in writing by 30 days after the date of publication of the Federal Register notice to Tanya McInnis, Certification, Compliance Monitoring and Evaluation (CCME) Program Manager, CDFI Fund, at <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a>. <br></p><p><strong>Related Materials:</strong></p><p><a href="https://www.federalregister.gov/documents/2020/06/08/2020-12339/community-development-financial-institutions-fund-request-for-information">Federal Register Notice</a><br></p>2020-06-08T04:00:00ZUpdates381
CDFI Fund Opens FY 2020 Capital Magnet Fund Funding Roundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=379CDFI Fund Opens FY 2020 Capital Magnet Fund Funding Round<p>​The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened today the fiscal year (FY) 2020 funding round for the Capital Magnet Fund. </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, as well as related economic development and community service facilities. The objective is 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. The CDFI Fund plans to provide up to $173.8 million in awards for the FY 2020 round.  </p><p>Capital Magnet Fund awardees are able to utilize these funds for financing activities such as affordable housing funds, economic development funds, loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees.  Recipients are required to leverage private and public funds to finance affordable housing and economic development activities that yield a minimum ratio of 10:1.  </p><p><strong>Application Materials</strong></p><p>The FY 2020 Capital Magnet Fund Notice of Funds Availability (NOFA), application, application instructions, and related guidance can be found on the CDFI Fund's website at <a href="http://www.cdfifund.gov/cmf">www.cdfifund.gov/cmf</a> under How to Apply Step 2: Apply. The application process consists of two parts: submitting the SF-424 Mandatory form through Grants.gov, and submitting the rest of the application through the CDFI Fund's Awards Management Information System (AMIS).   </p><p><strong>Required Application Systems</strong></p><p>All applicants must be registered and have active accounts in <a href="http://www.sam.gov/">SAM.gov</a>, <a href="https://www.grants.gov/">Grants.gov</a>, and <a href="https://amis.cdfifund.gov/s/AMISHome">AMIS</a> to apply for funding by the applicable deadlines or their application will be considered ineligible.  Organizations should either create these accounts if they don't already exist or confirm that their existing accounts are up-to-date and active as soon as possible in order to avoid potential application submission problems. </p><p>Both new and repeat applicants should allow ample time to complete the entire registration and submission process well in advance of the application deadlines. Registration guidance is provided on each website. Please review each system's requirements carefully. Detailed information is available in the FY 2020 NOFA.</p><p><strong>Deadlines</strong></p><ul><li>The deadline for submission of the SF-424 is <strong>11:59 p.m. Eastern Time (ET) on June 26, 2020</strong>. All applicants must submit their SF-424 electronically through Grants.gov.  The CDFI Fund strongly encourages all materials to be submitted through Grants.gov at least three days before the deadline.</li><li>The deadline for creating an organizational account in AMIS is <strong>11:59 p.m. ET on July 2, 2020</strong>.</li><li>The CDFI Fund will stop taking questions about the application at <strong>5:00 p.m. ET on July 23, 2020</strong>.  </li><li>The deadline for submission of the Capital Magnet Fund application materials through the CDFI Fund's Award Management Information System (AMIS) is <strong>5:00 p.m. ET on July 27, 2020</strong>. The CDFI Fund strongly encourages all materials to be submitted through AMIS at least three days before the deadline.</li></ul><p>Please see the FY 2020 NOFA for applicant eligibility requirements and the steps for submitting all parts of the Capital Magnet Fund application.</p><p><strong>Learn About Applying to the Capital Magnet Fund </strong></p><p>The CDFI Fund is conducting three live webinars to inform applicants about the FY 2020 Capital Magnet Fund application. The first two webinars will provide an overview of the application for certified CDFIs and for non-profit affordable housing organizations; the third will provide a walkthrough of the AMIS application. Please view the <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx">Step 2: Apply</a> page of the Capital Magnet Fund website for the dates, times, and access information for each webinar. Advance registration is not required to participate in the webinars.</p><p><strong>Questions</strong></p><p>For more information on the Capital Magnet Fund, please submit a Service Request through AMIS, or contact the CDFI Fund's Help Desk by e-mailing <a href="mailto:cmf@cdfi.treas.gov">cmf@cdfi.treas.gov</a> or by calling (202) 653-0421. The CDFI Fund will stop responding to questions about the FY 2020 award round at 5:00 p.m. ET on July 23, 2020.  </p><p>To learn more about the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.<br></p><p><br></p>2020-05-28T04:00:00ZUpdates379
New Native CDFI Resource Bank Now Availablehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=380New Native CDFI Resource Bank Now Available<p>A new Resource Bank for the CDFI Fund’s “Building Native CDFIs’ Sustainability and Impact II (BNCSI II)” Capacity Building Initiative training is now available <a href="/programs-training/training-ta/Pages/resource-bank.aspx?Name=Building%20Native%20CDFIs%E2%80%99%20Sustainability%20and%20Impact%20II" target="_blank">on the CDFI Fund’s website</a>.</p><p>For more than ten years, the CDFI Fund has used targeted training and technical assistance to build the capacity of the Native CDFI industry. To meet the needs of today's Native CDFIs, the CDFI Fund partnered with ICF Incorporated, LLC and First Nations Oweesta Corporation to deliver a comprehensive technical assistance training platform for the Native CDFI industry. The BNCSI II training consisted of in-person workshops and webinars, individualized technical assistance, site visits, and learning cadres.</p><p>Resources from the training series, including the training presentations, recordings of the webinars, and useful links and references, are available in the <a href="/programs-training/training-ta/Pages/default.aspx" target="_blank">Training and Technical Assistance</a> section of the CDFI Fund’s website. <a href="/programs-training/training-ta/Pages/resource-bank.aspx?Name=Building%20Native%20CDFIs%E2%80%99%20Sustainability%20and%20Impact%20II" target="_blank">View the new Resource Bank here</a>. </p><p>To learn more about the CDFI Fund’s programs and initiatives, please visit our website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>. </p> 2020-05-27T04:00:00ZUpdates380
Request for Public Comment on CDFI Certification Application and Reporting Toolshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=378Request for Public Comment on CDFI Certification Application and Reporting Tools<p> <i>Supporting CDFI Growth and Innovation through New Certification Application and Reporting Procedures</i></p><p>At the Community Development Financial Institutions Fund (CDFI Fund), we value the important work that Certified Community Development Financial Institutions (CDFIs) do. We know that CDFIs are being asked to do more than ever before in delivering capital and credit to families, businesses and communities across the nation. And we want to continue to support CDFIs the best way that we can, evolving our policies where possible to meet the modern needs of CDFIs.</p><p>That’s why we’ve been working for the past several years to update our CDFI Certification Application and reporting requirements, which I am pleased to be able to share with you today. Specifically, we are making available for your comment and feedback new forms and reports that will be used to certify, evaluate, and recertify CDFIs. You can view the Requests for Public Comment on the new CDFI Certification Application and reporting forms on the CDFI Fund’s website <a href="/programs-training/certification/cdfi/Pages/CertificationPRA.aspx" target="_blank">here</a>. </p><p>To help make sense of the reporting and Certification changes that are being proposed, the CDFI Fund has developed a <a href="/programs-training/certification/cdfi/Pages/CertificationPRA.aspx">dedicated page</a> on its website where you can access the proposed Application, reporting forms, and explanatory materials, as well as information on how to submit comments. I have also provided additional background information below. </p><p>We are keeping the public comment period open for 90 days, instead of the standard 60, to give organizations more flexibility to respond to this request while balancing the many other pressing needs facing all of us today. Comments must be submitted by <strong>August 5, 2020</strong> to be considered by the CDFI Fund.</p><p>Please read on to preview some of the changes we are proposing.</p><p> <b>Revisions to CDFI Certification Application</b></p><p>In 2017, the CDFI Fund initiated a review of its CDFI Certification policies and procedures. This review was conducted to ensure that our practices continue to reflect and represent the evolving nature of CDFIs, as well as to safeguard government resources. As part of this process, the CDFI Fund <a href="/news-events/news/Pages/news-detail.aspx?NewsID=237&Category=Updates" target="_blank">requested public input</a> on various aspects of CDFI Certification. The proposed Certification Application and reporting forms consider that feedback and reflect the CDFI Fund’s strategic priorities. In making these revisions, the CDFI Fund has maintained the following five policy objectives:</p><ol><li><p>Continue to foster a diversity of CDFI types, activities, and geographies;<br></p></li><li><p>Support the growth and reach of CDFIs, especially as it relates to their ability to innovate and take advantage of new technologies;</p></li><li><p>Protect the CDFI brand; </p></li><li><p>Minimize burden on CDFIs while improving data quality and collection methods; and</p></li><li><p>Promote efficiency for CDFI Fund staff in rendering CDFI Certification determinations.</p></li></ol><p>I think it is important to emphasize that the criteria for becoming a CDFI was established by the <a href="/Documents/BILLS-103hr3474enr.pdf" target="_blank">Riegle Community Development and Regulatory Improvement Act </a>more than 25 years ago, and nothing the CDFI Fund is proposing alters these underlying tenets. However, the way in which the CDFI Fund implements these requirements into the CDFI Certification Application have been refined, and, in some cases, revamped. </p><p>For example, one proposal is the elimination of geographic restrictions on most Target Markets. CDFIs are currently required to draw a map around their Target Markets and when we measure organizations’ adherence to the Target Market test, only that activity that falls inside that defined geographic area is counted. If a CDFI engages in activity outside of its approved area—even if it’s investing in activity that would otherwise qualify as an eligible Target Market activity—we don’t count it. We have heard from many that this inhibits CDFI growth. Eliminating this constraint should empower all CDFIs to serve their designated Target Markets at whatever level they are capable, without concern it will adversely impact their Certification.</p><p>Another proposal would be a change to the way in which we evaluate an organization’s Primary Mission. The Riegle Act requires a CDFI to have a “primary mission of promoting community development,” which means community development finance is at the core of an organization’s activities and that those activities are purposefully directed toward improving the social and economic conditions of underserved people and communities.</p><p>The way the CDFI Fund has measured an organization’s Primary Mission has been to look at board approved organizational documents, mission statement, and a brief narrative statement. But the CDFI Fund should dig deeper and evaluate how a CDFI’s Primary Mission is evidenced in its strategy and products. We are proposing that the CDFI Fund use a more rigorous approach and examine alignment between an organization’s mission, its strategy, and its products.</p><p> <b>Annual Certification and Data Collection Report & Certification Transaction Level Report</b></p><p>To coincide with the revisions outlined in the CDFI Certification Application, the CDFI Fund has also proposed changes to the Annual Certification and Data Collection Report (ACR). As you may be aware, Certified CDFIs are required to submit ACRs on an annual basis to <a href="/programs-training/certification/cdfi/Pages/reporting-step.aspx#step2" target="_blank">verify</a> that they continue to meet CDFI Certification requirements.</p><p>The CDFI Fund is proposing revisions to the existing ACR to align with the changes being proposed to the CDFI Certification Application. This will ensure that existing CDFIs are being held to the same evaluation, benchmarks, and review criteria as newly Certified CDFIs. </p><p>The existing ACR will be streamlined and improved, and will still be mandatory for all Certified CDFIs to complete annually. However, many of the existing data collection questions in the ACR will be standardized through the introduction of the new Certification Transaction Level Report (CTLR) as described below. </p><p>The CTLR is a proposed requirement for CDFI Certification Applicants and those Certified CDFIs that are not current CDFI Program or NACA Program Financial Assistance (FA) Recipients. It provides the CDFI Fund a way to examine the degree to which CDFIs are serving distressed and underserved populations. It would collect a complete year of loan and investment origination data for new CDFI Certification Applicants, as well as for Certified CDFIs that are not current FA Award Recipients (those recipients already submit the more extensive Transaction Level Report as part of their award commitments). The CTLR will create a more data-driven, quantitative evaluation of Certified CDFIs and CDFI Certification Applicants, and automate key validation processes.</p><p>Together, these three applications and forms—the CDFI Certification Application, ACR, and CTLR—will provide the CDFI Fund the ability to better track, measure, and adapt to the ever-evolving CDFI universe. And for the first time, the combined information collected would allow the CDFI Fund to paint a complete picture of the impact and activity of the Certified CDFI community. Having a greater sense of the CDFI industry will serve to build awareness; illustrate and evaluate the comprehensive effects of CDFIs in distressed communities; better assess and target financing gaps and needs; as well as aid in attracting new sources of capital. We also hope that CDFIs will be able to use the data collected by the CDFI Fund to assist in their own planning and strategy development.</p><p>While we believe the changes proposed for CDFI Certification position the CDFI industry for growth and innovation, input from CDFI practitioners and the public is still critically important to this process. We urge you to take time to consider these revisions and provide us your thoughts. </p><p>Please view all of the documents currently available for public comment, and information for how to submit your thoughts on these changes, <a href="/programs-training/certification/cdfi/Pages/CertificationPRA.aspx" target="_blank">here</a>. </p><p>Thank you in advance for your critical feedback,<br></p><p> <br> </p><p></p><p>Director Jodie L. Harris<br> CDFI Fund Director</p> 2020-05-06T04:00:00ZUpdates378
CDFI Fund Extends Application Deadline for FY 2020 CDFI Program and NACA Program Funding Roundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=377CDFI Fund Extends Application Deadline for FY 2020 CDFI Program and NACA Program Funding Round<p>The Community Development Financial Institutions Fund (CDFI Fund) <strong>will extend</strong> the upcoming application deadlines for the fiscal year (FY) 2020 funding round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). The CDFI Fund is releasing the updated deadlines in anticipation of the publication of an Amended Notice of Funds Availability (NOFA) in the Federal Register on April 13, 2020.</p><p>The new deadlines are:</p><ul><li><p> <strong>April 28, 2020 at 5:00 p.m. ET</strong>: the last day to contact CDFI Program and NACA Program staff with questions about the application (previously April 17, 2020)</p></li><li><p> <strong>April 30, 2020 at 5:00 p.m. ET</strong>: the last day to contact the CDFI Fund’s IT Help Desk with any technical problems with the Awards Management Information System (AMIS) (previously April 21, 2020)</p></li><li><p> <strong>April 30, 2020 at 11:59 p.m. ET</strong>: the last day to submit a complete FY 2020 CDFI Program or NACA Program Financial Assistance or Technical Assistance Application through AMIS (previously April 21, 2020)</p></li></ul><p>The CDFI Fund is providing this short-term extension to allow organizations additional time to prepare their applications amidst the immediate impacts of COVID-19 on their normal business operations. All other deadlines and requirements in the FY 2020 CDFI Program and NACA Program NOFAs as previously published on February 21, 2020, remain in effect and unchanged. The deadline to submit the SF-424 via Grants.gov to request assistance through the FY 2020 application round was March 23, 2020. </p><p>The CDFI Fund continues to encourage all FY 2020 applicants to submit their AMIS applications as soon as possible to ensure a successful application submission.</p><p> <b>Updated Guidance Materials</b></p><p>All of the guidance and application materials for the FY 2020 application round are available on the CDFI Fund’s at <a href="/cdfi" target="_blank">www.cdfifund.gov/cdfi</a> and <a href="/native" target="_blank">www.cdfifund.gov/native</a> under <b>How to Apply Step 2: Apply</b>. The following materials have been added or updated on the CDFI Fund’s website recently:</p><ul><li><p>FY 2020 CDFI Program Amended Notice of Funds Availability (NOFA) – Added April 8, 2020</p></li><li><p>FY 2020 NACA Program Amended Notice of Funds Availability (NOFA) – Added April 8, 2020</p></li><li><p>FY 2020 CDFI & NACA Program Application Overview – Updated April 8, 2020</p></li><li><p>FY 2020 CDFI & NACA Program Financial Assistance (FA) Application Guidance – Updated April 8, 2020</p></li><li><p>FY 2020 CDFI & NACA Program Technical Assistance (TA) Application Guidance – Updated April 8, 2020</p></li><li><p>FY 2020 CDFI & NACA Program DF-FA Application Guidance – Updated April 8, 2020</p></li><li><p>FY 2020 CDFI & NACA Program HFFI-FA Application Guidance – Updated April 8, 2020</p></li><li><p>Frequently Asked Questions – Updated April 8, 2020</p></li></ul><p> <b>Questions</b></p><p>If you have a question about the application process, you can contact the CDFI Fund’s Help Desk by submitting a Service Request through your AMIS account; by e-mail to <a href="mailto:cdfihelp@cdfi.treas.gov" target="_blank">cdfihelp@cdfi.treas.gov</a>; or by phone to (202) 653-0421 (please note this is not a toll free number). </p><p>The CDFI Fund will be answering questions about the FY 2020 application until 5:00 p.m. ET on April 28, 2020. After that time, application questions received via Help Desk calls, Help Desk e-mails, and Service Requests will not be answered. Technical support for AMIS will not be available after 5:00 p.m. ET on April 30, 2020.</p><p>To learn more about the CDFI Fund and its programs, please visit <a href="/" target="_blank">www.cdfifund.gov</a>. </p>2020-04-08T04:00:00ZUpdates377
FY 2020 Funding Round of BEA Program is Now Openhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=376FY 2020 Funding Round of BEA Program is Now Open<p>​Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2020 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the <a href="/programs-training/Programs/bank_enterprise_award/Pages/default.aspx">BEA Program page of the CDFI Fund's website</a> in anticipation of the publication of the FY 2020 Notice of Funds Availability (NOFA) in the Federal Register on April 3, 2020. The FY 2020 BEA Program NOFA states that up to $25 million is available in awards to eligible Federal Deposit Insurance Corporation (FDIC)-insured depository institutions.</p><p>Through the BEA Program, the CDFI Fund provides monetary awards to FDIC-insured banks and thrifts that successfully demonstrate an increase in their investments in Community Development Financial Institutions (CDFIs) or in their own lending, investing, or service activities in the most economically distressed communities. Distressed communities are defined as those where at least 30% of residents earn an income that is less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.</p><p> <strong>BEA Program Overview </strong></p><p>The BEA Program provides formula-based grants to successful applicants for increasing Qualified Activities from one period, known as the Baseline Period, to a later period, known as the Assessment Period. There are three categories of Qualified Activities:</p><ul><li>CDFI Related Activities: Equity Investments, Grants, Equity-Like Loans, Loans, Deposits, and/or Technical Assistance provided to Certified CDFIs. </li><li>Distressed Community Financing Activities: Direct lending or investment in the form of Affordable Housing Loans, Affordable Housing Development Loans and Project Investments, Commercial Real Estate Loans and related Project Investments, Education Loans, Home Improvement Loans, Small Business Loans and Project Investments, or Small Dollar Consumer Loans provided to residents or businesses located in distressed communities. </li><li>Service Activities: Financial products and services, such as checking accounts, savings accounts, check cashing, financial counseling, Individual Development Accounts, or youth savings accounts provided to residents of distressed communities; as well as opening new branches or ATM machines in distressed communities. </li></ul><p>Full definitions of the Qualified Activities may be found in the <a href="/Documents/BEA%20Interim%20Rule%20PRA%20FR%202016-18694.pdf">BEA Program Regulations</a> which are posted on the CDFI Fund's website.</p><p> <strong>What's New This Round</strong></p><p>There is only one substantive change to the FY 2020 BEA Program from the prior funding year:</p><p>The CDFI Fund's appropriation legislation—the Consolidated Appropriations Act of 2020 (Public Law Number 116-93)—requires that at least 10% of BEA Program Awards be used for projects that serve populations living in Persistent Poverty Counties<sup>1</sup><sup></sup> (PPCs).  Please note that the Consolidated Appropriations Act of 2020 expanded the definition of PPCs to include territories and possessions of the United States (US) based on the Island Areas Decennial Censuses or equivalent data of the Bureau of the Census.  BEA Program applicants should note that only Qualified Activity transactions that occur in areas determined by the CDFI Fund to be BEA qualified Distressed Communities will count towards a BEA Award PPC Commitment. The CDFI Fund has updated the <a href="/Documents/BEA%20ACS_2015_V12-3.17.2020.xlsb">BEA Program Eligibility Data spreadsheet</a> to reflect the BEA Qualified Distressed Community Determination for census tracts located in the US territories and possessions, and the overall PPC designation of these areas. </p><p> <strong>Deadlines </strong></p><p>Please reference the FY 2020 BEA Program NOFA and BEA Program Application Instructions for detailed information regarding all relevant deadlines for the FY 2020 BEA Program funding round. As a highlight:</p><ul><li>Part I of the FY 2020 BEA Program Application must be submitted through Grants.gov by 11:59 p.m. Eastern Time (ET) on May 4, 2020. </li><li>Part II of the FY 2020 BEA Program Application:</li><ul><li>Applicants are required to enter, edit, or delete all transactions and addresses in the CDFI Fund's Award Management Information System (AMIS) by 5:00 p.m. ET on June 1, 2020.</li><li>Applicants must sign and submit their electronic BEA Program Application in AMIS by 5:00 p.m. ET on June 3, 2020. </li></ul></ul><p> <strong>Application Materials </strong></p><p>In addition to being available through Grants.gov, the FY 2020 <a href="/Documents/1.%20FY%202020%20BEA%20Program%20Application%20-%20Notice%20of%20Funding%20Availability.pdf">BEA Program NOFA</a> and <a href="/Documents/2.%20FY%202020%20BEA%20Program%20Application%20-%20Application%20Instructions.pdf">BEA Program Application Instructions</a>, as well as other important guidance materials are available on the CDFI Fund's website at <a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a> under "Step 1: Apply." The electronic FY 2020 BEA Program Application is currently available in <a href="https://amis.cdfifund.gov/s/AMISHome">AMIS</a>.</p><p> <strong>Required Application Systems</strong></p><p>All applicants must be registered and have active accounts in SAM.gov, Grants.gov, and the CDFI Fund's AMIS to apply to the FY 2020 BEA Program funding round. Organizations should either create these accounts if they do not exist or confirm that their existing accounts are up-to-date as soon as possible in order to avoid potential application submission problems. The CDFI Fund provided an initial overview of the steps to register in SAM.gov, Grants.gov, and AMIS in a <a href="/impact/Pages/BlogDetail.aspx?BlogID=77">blog post</a> released on February 7, 2020. Additional information can be located in the FY 2020 BEA Program NOFA.<br></p><p>The <a href="/Pages/mapping-system.aspx">CDFI Fund Information Mapping System</a> has also been updated to include the BEA Qualified Distressed Community Determination for census tracts located in US territories and possessions, and the overall PPC designation of these areas.  Applicants should use CIMS to geocode all of their transactions.</p><p> <strong>Learn About Applying to the BEA Program </strong></p><p>The CDFI Fund is conducting two live webinars to provide applicants with an overview of the FY 2020 BEA Program application and a forum to ask questions. Advance registration is not required to participate in the webinars. Please access the webinars, using the links provided below, at least five minutes prior to the beginning of the webinar.</p><p>Viewing these webinars requires the use of WebEx. To download the WebEx Event manager, please see the instructions on the <a href="https://www.mymeetings.com/emeet/join/src/plugins_mm.php?lang=/en">WebEx Downloads webpage</a>.</p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:25%;"> <strong> </strong></td><td class="ms-rteTable-default" style="width:25%;"> <strong>Date and Time</strong></td><td class="ms-rteTable-default" style="width:25%;"> <strong>Conference Line</strong></td><td class="ms-rteTable-default" style="width:25%;"> <strong>Access Link</strong></td></tr><tr><td class="ms-rteTable-default">Webinar 1</td><td class="ms-rteTable-default">April 9, 2020<br> 2:30-3:30 PM ET</td><td class="ms-rteTable-default"><p>Call: <br>1-888-946-3510</p><p>Passcode: <br>5873501<br></p></td><td class="ms-rteTable-default"><p> <span style="text-decoration:underline;"><a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings">Access Webinar</a></span><br></p><p>Conference number:<br> PWXW1188317<br> Passcode:<br> 5873501</p></td></tr><tr><td class="ms-rteTable-default">Webinar 2</td><td class="ms-rteTable-default">April 10, 2020<br> 2:30-3:30 PM ET</td><td class="ms-rteTable-default"><p>Call: <br>1-888-847-6590</p><p>Passcode: <br>4828442</p></td><td class="ms-rteTable-default"> <span style="text-decoration:underline;"><a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings">Access Webinar</a><br></span><br> Conference number:<br> PWXW1152770<br> Passcode:<br> 4828442</td></tr></tbody></table><p> <br>The CDFI Fund has also provided a pre-recorded demonstration of the electronic BEA Program Application and an AMIS Training Manual for FY 2020 BEA Program Applicants on its website at <a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a> under "Step 1: Apply."</p><p> <strong>Questions </strong></p><p>For more information on the BEA Program, please visit the BEA Program webpage of the CDFI Fund's website: <a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a>. For questions regarding the BEA Program, please contact the CDFI Fund Help Desk at (202) 653-0421 or via email at <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a>. The CDFI Fund will not answer questions about the FY 2020 round of the BEA Program after 5:00 p.m. ET on June 1, 2020. </p><p> <br> </p><p> <sup>1 </sup>Persistent Poverty Counties are defined as 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 censuses, and the most recent series of 5-year data available from the American Community Survey from the Census Bureau.<br></p>2020-04-02T04:00:00ZUpdates376
Reminder: Use the 2011-2015 ACS Data to Validate Target Markets and Investment Areas in your ACRhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=375Reminder: Use the 2011-2015 ACS Data to Validate Target Markets and Investment Areas in your ACR<p>The Community Development Financial Institutions Fund (CDFI Fund) reminds Certified Community Development Financial Institutions (CDFIs) that have Annual Certification and Data Collection Reports (ACRs) coming <a href="/programs-training/certification/cdfi/Pages/reporting-step.aspx#step2" target="_blank">due</a> to ensure they are utilizing the U.S. Census Bureau's 2011-2015 American Community Survey (ACS) data to identify and verify their Target Markets.</p><p> <strong>Why must CDFIs use 2011-2015 ACS data?</strong></p><p>On October 1, 2018, the CDFI Fund <a href="/news-events/news/Pages/news-detail.aspx?NewsID=325&Category=Updates" target="_blank">announced</a> it had updated Investment Areas using the U.S. Census Bureau's 2011-2015 ACS data. However, new CDFI Certification applicants and those CDFIs reaffirming their Target Markets for the ACR were provided a one-year transition period to use either the 2006-2010 or 2011-2015 ACS data to identify or reaffirm their Investment Areas and Target Markets. This transition period expired October 1, 2019, CDFIs must now ensure they are using 2011-2015 ACS data to identify their Investment Areas and Target Markets.</p><p> <strong>My organization is a Certified CDFI. What should we do?</strong></p><p>CDFIs should analyze their financing activity using the <a href="/Pages/mapping-system.aspx" target="_blank">CDFI Information Mapping System (CIMS)</a> and verify that a minimum of 60% of their financing activities are in eligible Target Market(s). In particular, CDFIs that have identified Investment Areas should analyze their activity to ensure it meets this threshold based on the 2011-2015 ACS data. As part of the mandatory ACR submission process, CDFIs will also need to indicate they have utilized the updated ACS data set to verify that their Target Market activity meets the 60% threshold. </p><p> <strong>My CDFI's Target Market activity now falls under 60%. What should I do?</strong></p><p>If after analyzing your CDFI's Target Market activity using the 2011-2015 ACS data it falls under the 60% threshold, review the Target Market(s) you have identified. Often, a CDFI may have selected Investment Areas that have now "graduated" from being distressed and are no longer eligible. If this is the case for your CDFI, a Target Market Modification form will need to be submitted to the CDFI Fund in the Awards Management Information System (AMIS). The Target Market Modification form will allow your CDFI to adjust its Target Markets by selecting eligible Investment Areas that will allow it to meet the 60% Target Market requirement. Information on submission of a Target Market Modification is available on the CDFI Fund website on the <a href="/programs-training/certification/cdfi/Pages/apply-step.aspx#step1" target="_blank">CDFI Certification page</a>. </p><p> <strong>Will the revised ACS data set require all CDFIs to submit Target Market modifications?</strong></p><p>No, the revised ACS data set will not require all CDFIs to submit Target Market modifications. </p><p>Certified CDFIs that have selected Investment Areas as their Target Market(s), specifically individual census tracts, are particularly susceptible to failing under the Target Market threshold under the 2011-2015 ACS data. More than 300 Certified CDFIs have Investment Areas using individually-selected Census tracts. The CDFI Fund encourages those CDFIs that have this type of Investment Area to closely review their Target Market data in CIMS. Submit a Target Market modification only if you are required to do so.</p><p> <strong>My organization recently received a Financial Assistance (FA) Award. How does this data update impact my Award?</strong></p><p>FA Recipients should review the terms of their Assistance Agreements. While Recipients may be able to satisfy the terms of their Assistance Agreements through activity in either a Target Market or Eligible Market, for purposes of CDFI Certification only qualified activity in an eligible Target Market of record counts towards the 60% threshold requirement.  For reporting purposes, Recipients should apply the 2011-2015 ACS data to all existing awards, as well as any future awards.</p><p>The CDFI Fund has provided an <a href="/Documents/CDFI%20Investment%20Areas%20potential%20FAQs%20FINAL%20100118.pdf" target="_blank">FAQ document</a> that contains information on the updated 2011-2015 ACS data for Investment Areas and Target Markets, as well as an <a href="/Documents/CDFI%20Investment%20Areas%20ACS%202011-2015.xlsb" target="_blank">Excel file</a> containing a list of eligible CDFI Investment Area Census tracts based on the 2011-2015 ACS. The documents may be found on the CDFI Fund's website at <a href="http://www.cdfifund.gov/research" target="_blank">www.cdfifund.gov/research</a> under Program Eligibility Guidance.  <br></p><p>If you have questions about annual compliance and certification reports, please contact your organization's Certification, Compliance Monitoring and Evaluation (CCME) Portfolio Manager directly or send a Service Request via your organization's AMIS account. You may also contact the CDFI Fund's Help Desk at <a href="mailto:ccme@cdfi.treas.gov">ccme@cdfi.treas.gov</a> or (202) 653-0421. For more information about the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.<br></p><br>2020-03-19T04:00:00ZUpdates375
CDFI Fund Opens Application Period for FY 2020 CDFI Bond Guarantee Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=374CDFI Fund Opens Application Period for FY 2020 CDFI Bond Guarantee Program<p>​Today, the U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2020 application period for the CDFI Bond Guarantee Program. A total of up to $500 million in guarantee authority is available to Eligible Community Development Financial Institutions (Eligible CDFIs) in FY 2020.</p><p>Through the CDFI Bond Guarantee Program, selected certified CDFIs or their designees issue bonds that are guaranteed by the Secretary of the Treasury and use the bond proceeds to extend credit to CDFIs for community development financing and long-term community investments. Authorized uses of the loans financed through the bond proceeds include a variety of financial activities, such as supporting commercial facilities that promote revitalization, community stability, and job creation/retention; housing that is principally affordable to low-income people; businesses that provide jobs for low-income people or are owned by low-income people; and community or economic development in low-income and underserved rural areas.</p><p>Bond Issues are a minimum of $100 million each. Multiple Eligible CDFIs may join a single $100 million Bond Issue provided that each Eligible CDFI participates at a minimum of $10 million.</p><p> <strong>What's New This Round</strong></p><p>The types of community revitalization activities that may be supported through the program were expanded, and the program's collateral requirements have changed. </p><ul><li><p>Loans funding new construction are now eligible Secondary Loans when collateralized by a Principal Loss Collateral Provision under terms and conditions approved by the CDFI Fund. Previously, the Bond Loan Proceeds could only be used to support the renovation or expansion of existing structures. This change will allow participating Eligible CDFIs to support a much broader scope of construction activities in distressed and underserved areas. </p></li><li><p>Charter school loans that have a U.S. Department of Education credit enhancement are now eligible to be pledged as Secondary Loans to the CDFI Bond Guarantee Program. </p></li><li><p>The total collateralization for each Bond Loan must now range between 111% and 120%. The collateralization requirements for the CDFI to Financing Entity asset class utilizing pooled tertiary loans, or Bond Loans utilizing the Alternative Financial Structure remain unchanged.<br></p></li></ul><p>More detailed information about these changes can be found in the <a href="/Documents/20200311_Federal%20Register%20Notice%20FY%202020%20CDFI%20BGP%20NOGA_RMO%20comments%20CDFI%20Response%20CLEAN%20FINAL.pdf" target="_blank">FY 2020 Notice of Guarantee Availability (NOGA)</a>.<br></p><p> <strong>Application Materials</strong></p><p>In anticipation of the publication of the NOGA in the Federal Register tomorrow, application materials are available on the CDFI Fund's website at <a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a> under the 'How To Apply' section by clicking <a href="/programs-training/Programs/cdfi-bond/Pages/apply-step.aspx#step2">Step 2: Apply</a>. Application materials must be submitted through the CDFI Fund's Award Management Information System (AMIS).</p><p>Please note that descriptions of certain requirements for application documentation were modified to reflect the new requirements for FY 2020.</p><p> <strong>Deadlines</strong></p><p>Please reference the NOGA and application instructions for detailed information regarding the following application deadlines.</p><ul><li>CDFI Certification Applications must be submitted through AMIS by 11:59 p.m. EST on April 6, 2020.<br> <br></li><li>Qualified Issuer Applications must be submitted through AMIS by 11:59 p.m. EST on May 11, 2020.<br> <br></li><li>Guarantee Applications must be submitted through AMIS by 11:59 p.m. EST on May 18, 2020.<br> <br></li><li>The last day the CDFI Fund will accept questions regarding the FY 2020 application period for the CDFI Bond Guarantee Program is May 4, 2020, at 11:59 p.m. EST. All questions must be submitted electronically to the program office at bgp@cdfi.treas.gov. </li></ul><p>Qualified Issuer Applications and Guarantee Applications received in FY 2019 that were neither withdrawn nor declined in FY 2019 will be considered under the FY 2020 authority.</p><p> <strong>Learn About Applying to the CDFI Bond Guarantee Program</strong></p><p>Due to recent developments related to the spread of COVID-19, the CDFI Fund will not conduct an in-person, two-day application workshop.  To ensure potential Qualified Issuer and Guarantee applicants have the information needed to consider whether to apply this round, the CDFI Fund will provide two different virtual learning opportunities.</p><p>First, the CDFI Fund will conduct two consecutive, two-hour webinars that will highlight the most important information from the presentation used during the customary workshop. Each webinar will last two hours, the last 30 minutes of which will be reserved for Q&A. The CDFI Fund will post the presentation in advance of the webinar, and no registration is needed.</p><p>Second, the CDFI Fund will also hold two conference calls to answer any questions that may arise after the webinars.  There will be one conference call for potential Qualified Issuer applicants and another for potential Guarantee applicants.  The details for both are below. </p><p> <strong>Webinars Details</strong></p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:25%;"> </td><td class="ms-rteTable-default" style="width:25%;">Date and Time</td><td class="ms-rteTable-default" style="width:25%;">Conference Line</td><td class="ms-rteTable-default" style="width:25%;">Access Link</td></tr><tr><td class="ms-rteTable-default">Webinar 101</td><td class="ms-rteTable-default">March 26, 2020<br> 1:00-3:00 PM ET</td><td class="ms-rteTable-default"><p>Call: <br>1-888-324-0239</p><p>Passcode: <br>4349543</p></td><td class="ms-rteTable-default"><p> <a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings">Access Webinar</a></p><p>Conference number:<br> PWXW1005091<br> Passcode:<br> 4349543</p></td></tr><tr><td class="ms-rteTable-default">Webinar 102</td><td class="ms-rteTable-default">March 26, 2020<br> 1:00-3:00 PM ET</td><td class="ms-rteTable-default"><p>Call: <br>1-888-324-0239</p><p>Passcode: <br>4349543</p></td><td class="ms-rteTable-default"> <a href="https://www.mymeetings.com/emeet/join/index.jsp?customHeader=mymeetings">Access Webinar</a><br> Conference number:<br> PWXW1005099<br> Passcode:<br> 4349543</td></tr></tbody></table><p> <br>Viewing these webinars requires the use of WebEx. To download the WebEx Event Manager, see the instructions on the Verizon's <a href="https://www.mymeetings.com/emeet/join/src/plugins_mm.php?lang=/en">WebEx Downloads page</a>.</p><p> <strong>Conference Calls Details</strong></p><ul><li>Thursday, April 2, 2020 at 1:00-2:30 pm ET – Qualified Issuer Applicants<br> <br></li><li>Friday, April 3, 2020 at 1:00-2:30 pm ET – Guarantee Applicants<br> <br></li></ul><p>The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-324-0239 and the pass code is 4349543. No prior registration is necessary. </p><p> <strong>Reasonable Accommodations</strong></p><p>Requests for reasonable accommodations under section 504 of the Rehabilitation Act for either the webinars or conference calls 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>Inquiries regarding legal documents related to the CDFI Bond Guarantee Program should be directed to the CDFI Fund's Office of Legal Counsel via email at <a href="mailto:legal@cdfi.treas.gov">legal@cdfi.treas.gov</a>. </p><p>For more information about the CDFI Bond Guarantee Program, please visit <a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a>, or email the CDFI Fund's Help Desk at <a href="mailto:bgp@cdfi.treas.gov">bgp@cdfi.treas.gov</a>. <br></p>2020-03-18T04:00:00ZUpdates374

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