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Update for 2016 CDFI Bond Guarantee Program Applicants: Application Workshops and Deadlineshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=194Update for 2016 CDFI Bond Guarantee Program Applicants: Application Workshops and Deadlines<p>To prepare potential applicants for the fiscal year (FY) 2016 round of the CDFI Bond Guarantee Program, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has announced that it will conduct three (3) workshops for potential applicants. As the workshops will discuss the alternative financing structure for the program, the CDFI Fund is also extending the CDFI Certification Application deadline for the FY 2016 round.</p><p><b><br>FY 2016 CDFI Bond Guarantee Program Application Workshops </b></p><p>The workshops will be held on February 16 – February 18, 2016 in Washington, D.C.; March 2, 2016 in San Francisco, California; and March 4, 2016 in Dallas, Texas. </p><p>The workshops will expand the CDFI industry’s knowledge of the CDFI Bond Guarantee Program and will provide information about the application process, including the review and evaluation of applications. One day in Washington, D.C. will also be dedicated to the certification, capitalization, and structuring requirements for Qualified Issuers that wish to use an <em>alternative financing structure </em>during the FY 2016 round of the program.</p><p>Days one and two of the Washington, D.C. session will cover the general program requirements and the application review process, and will provide participants with the ability to hear directly from approved Qualified Issuers. Day three of the Washington, D.C. session will cover the requirements for an alternative financing structure and will allow for a discussion of the structure and technical assistance. </p><p>The one day sessions in San Francisco, California and Dallas, Texas will cover the general program requirements (including the alternative financing structure) and the application review process, and will include dedicated time for application technical assistance. </p><p>Participants may register for one or all of the sessions, although it’s highly encouraged that participants interested in the alternative financing structure attend day three in Washington, D.C. Attendees at all sessions will have the opportunity to ask questions and receive clarification about the topics covered in the workshop.</p><p>Prospective program participants and certified CDFIs are strongly encouraged to attend the workshops. In addition, the CDFI Fund encourages the participation of community development trade groups and associations and others interested in community economic development finance.</p><p>The CDFI Fund has more information about the FY 2016 round, including important due dates and deadlines, on the CDFI Fund’s <a href="/programs-training/Programs/cdfi-bond/Pages/apply-step.aspx#step2">website</a>.</p><p><b><br>CDFI Certification Application Deadline Extension</b></p><p>The CDFI Fund is extending the CDFI Certification Application Deadline from February 12, 2016 to <b>March 4, 2016</b> for the FY 2016 round of the CDFI Bond Guarantee Program. This extension is to provide an opportunity for interested parties to learn more about participating in the program using an alternative financing structure, which will be discussed in detail at the application workshops. </p><p><b><br>CDFI Bond Guarantee Program Application Workshops</b></p><p>Registration is required. The workshops are free of charge, however, due to limited space, registration will be honored on a first come, first served basis. Up to 100 participants may attend each day of the workshop. Sessions will include a lunch break from approximately 12:15 p.m. to 1:30 p.m.; lunch will not be provided. <strong>Registration for all of the workshops closes at 5 p.m. EDT on February 11, 2016.</strong></p><p><b><br>Workshop 1: Washington, D.C. – Three Day Session</b></p><p><i>Day 1, February 16, 2016:</i> Introduction to the CDFI Bond Guarantee Program, General Recourse-Secured Structure, and Application Overview</p><p><i>Day 2, February 17, 2016:</i> Introduction to the CDFI Bond Guarantee Program, General Recourse-Secured Structure, Case Study, and Qualified Issuer Presentations</p><p><i>Day 3, February 18, 2016:</i> Alternative Financing Structure Requirements </p><p><i>Location:</i> CDFI Fund Headquarters, 1801 L Street, NW, Washington, DC 20036</p><p><b><br>Workshop 2: San Francisco, California – One Day Session</b></p><p><i>March 2, 2016:</i> Introduction to the CDFI Bond Guarantee Program, General Recourse-Secured Structure, Alternative Financing Structure, Application Overview, and Technical Assistance </p><p><i>Location:</i> Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, California 94105</p><p><b><br>Workshop 3: Dallas, Texas – One Day Session</b></p><p><i>March 4, 2016:</i> Introduction to the CDFI Bond Guarantee Program, General Recourse-Secured Structure, Alternative Financing Structure, Application Overview, and Technical Assistance </p><p><i>Location:</i> Federal Reserve Bank of Dallas, 2200 North Pearl Street, Dallas, Texas 75201</p><p><b><br><a href="http://www.cvent.com/d/8fqqdz" target="_blank">Registration for all workshops is available here</a></b> and on the CDFI Fund’s website at <a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a>, under Step 2: How to Apply.</p><p><b><br>Questions</b></p><p>Questions about the workshops can be directed to the CDFI Fund’s CDFI Bond Guarantee Program Help Desk at <a href="mailto:bgp@cdfi.treas.gov">bgp@cdfi.treas.gov</a> or (202) 653-0421, option 5. Learn more about the CDFI Bond Guarantee Program at <a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a> or by viewing the program’s <a href="/Documents/CDFI7205_FS_BOND_updatedJan2016.pdf" target="_blank">fact sheet</a>.</p> 2016-01-29T05:00:00ZUpdates194
Save the Date: Upcoming FY 2016 CDFI Program and NACA Program Application Release and Application Workshopshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=192Save the Date: Upcoming FY 2016 CDFI Program and NACA Program Application Release and Application Workshops<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to release the Notice of Funds Availability (NOFA) and applications for the FY 2016 Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program) in mid- to late February 2016.</p><p>These programs provide awards to build the capacity of financial institutions serving low-income communities. The CDFI Fund will provide further information about the NOFAs and how to apply in the coming weeks. Potential applicants should be aware that the FY 2016 CDFI Program and NACA Program narrative questions and financial inputs will largely reflect the FY 2015 application; however, the FY 2016 application will be entirely web-based within the CDFI Fund’s Award Management Information System (AMIS) and Grants.gov. More information about AMIS, including frequently asked questions, is available at <a href="https://amis.cdfifund.gov/">https://amis.cdfifund.gov/</a>.  </p><p>To help potential applicants better understand the CDFI Program and NACA Program and how to apply for funding, the CDFI Fund is planning to conduct a number of application workshops across the country: </p><p> <b>Tentative Schedule for FY 2016 CDFI Program and NACA Program Application Workshops </b></p> <ul><li><p>Minneapolis, MN – February 24, 2016 at the Federal Reserve Bank of Minneapolis </p></li><li><p>Washington, DC – March 8, 2016 at the CDFI Fund’s headquarters </p></li><li><p>Atlanta, GA – March 21, 2016 at the Federal Reserve Bank of Atlanta</p></li></ul><p>Registration information for these in-person application workshops and other planned application support events will be available on the CDFI Fund’s website after the NOFA and applications are released. Sign up to receive notifications for the CDFI Program and NACA Program NOFAs and application release, along with other CDFI Fund updates, <a href="https://service.govdelivery.com/accounts/USTREASCDFI/subscriber/new" target="_blank">here</a>. </p><p>To learn more about the CDFI Program, please visit <a href="http://www.cdfifund.gov/cdfi">www.cdfifund.gov/cdfi</a>. Information about the NACA Program may be found at <a href="http://www.cdfifund.gov/native">www.cdfifund.gov/native</a>.  </p>2016-01-26T05:00:00ZUpdates192
CDFI Fund Releases Application Demand for 2015 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=193CDFI Fund Releases Application Demand for 2015 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 238 applications under the 2015 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program encourages economic development in low-income and distressed communities by making tax credits available to Community Development Entities (CDEs) for targeted investments in eligible areas. </p><p>The CDEs that applied under the 2015 round are headquartered in 43 states, the District of Columbia, Puerto Rico, and Guam. The applicants requested an aggregate total of $17.6 billion in NMTC allocation authority, five times the $3.5 billion in authority available for the 2015 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 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund. </p><p>Through the first twelve rounds of the NMTC Program, the CDFI Fund has made 912 awards totaling $43.5 billion in tax credit allocation authority. This $43.5 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 web site at <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>.  </p> 2016-01-25T05:00:00ZUpdates193
Treasury, NCUA Partner to Increase Opportunities for Low-Income Credit Unionshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=191Treasury, NCUA Partner to Increase Opportunities for Low-Income Credit Unions<p><b>Alexandria, VA – </b>The National Credit Union Administration and the U.S. Treasury Department’s Community Development Financial Institutions Fund today signed an agreement that will streamline the application process for low-income credit unions to become certified as Community Development Financial Institutions.</p><p>Credit unions that obtain CDFI certification can access training and competitive award programs provided by the CDFI Fund, and these resources can aid these institutions’ capacity to provide underserved communities with access to safe and affordable financial services. </p><p>“This Memorandum of Understanding opens up enormous possibilities for credit unions,” NCUA Board Chairman Debbie Matz said. “By facilitating the CDFI application process and, ultimately, increasing the number of certified CDFI credit unions, we’re laying the foundation for greater access to affordable financial services and more investment in local communities. This will help credit unions better serve members and communities that have been difficult to reach, and that will help more people build wealth and more secure financial futures for themselves and their families.”</p><p>“CDFIs nationwide are making a real difference in low-income communities by providing consumers with safe and affordable financial services and by providing neighborhood businesses with access to capital,” CDFI Fund Director Annie Donovan said. “Many low-income credit unions are already performing this important work, but need more support. By partnering with NCUA to increase the number of credit unions certified as CDFIs, we will not only expand access to the CDFI Fund’s programs but also reach more unbanked and underbanked individuals.”</p><p>“We’re looking forward to helping more credit unions become certified as Community Development Financial Institutions,” said William Myers, Director of NCUA’s Office of Small Credit Union Initiatives. “We’re going to be able to help credit unions save time and money in the certification process and bring more recognition to what credit unions do so well.”</p><p>Today’s action launches a plan with a goal of doubling the number of certified CDFI credit unions by the end of 2016. Increasing the number of certified CDFI credit unions could significantly expand funding that can be used to offer financial services to underbanked low-income individuals and make investments in local businesses, affordable housing, and community facilities.</p><p>There are currently 295 credit unions certified as CDFIs. The majority of these also hold NCUA’s low-income credit union designation.</p><p><b>About NCUA</b></p><p>NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 102 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.</p><p><b>About the CDFI Fund</b></p><p>The CDFI Fund was created for the purpose of promoting economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs). Since its creation, the CDFI Fund has awarded over $2 billion to community development organizations and financial institutions; has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $43.5 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone; and has guaranteed $852 million in bonds.</p> 2016-01-21T05:00:00ZPress Releases191
Bank Regulatory Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conferencehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=190Bank Regulatory Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conference<p>The federal bank regulatory agencies, the Federal Reserve Bank of San Francisco, and the Community Development Financial Institutions Fund will host the 2016 National Interagency Community Reinvestment Conference in Los Angeles from February 8 to 10.</p><p> This biennial conference offers participants from around the country the opportunity to learn about the Community Reinvestment Act (CRA) and to discuss best practices and emerging challenges in community development.</p><p> The conference agenda includes keynote presentations by Thomas J. Curry, Comptroller of the Currency; Martin J. Gruenberg, Chairman of the Federal Deposit Insurance Corporation; Amias Gerety, Acting Assistant Secretary for Financial Institutions of the U.S. Department of Treasury; John C. Williams, President of the Federal Reserve Bank of San Francisco; and Annie Donovan, Director, Community Development Financial Institutions Fund. </p><p>The 2016 program will feature discussions regarding innovations in community development policies and practice, CRA examination training, and community development tours of Los Angeles. </p><p>For the full agenda and to register for the conference, please visit <a href="http://www.frbsf.org/community-development/events/2016/february/2016-national-interagency-community-reinvestment-conference/" target="_blank">http://www.frbsf.org/community-development/events/2016/february/2016-national-interagency-community-reinvestment-conference/</a>. </p><p> <span style="text-decoration:underline;">Media Contacts</span>: </p><table class="table table-striped table-condensed bottom-margin "><tbody><tr><td>Federal Reserve  </td><td> Susan Stawick</td><td>(202) 452-2955</td></tr><tr><td>CDFI Fund </td><td> Dan Cruz</td><td>(202) 622-0054</td></tr><tr><td></td><td> Kimberly Beauman </td><td> (202) 653-0360</td></tr><tr><td>FDIC</td><td> LaJaun Williams-Young   </td><td>(202) 898-3876</td></tr><tr><td>OCC</td><td> Stephanie Collins</td><td>(202) 649-6870</td></tr></tbody></table><p> </p>2016-01-06T05:00:00ZUpdates190
CDFI Fund Opens Application Period for FY 2016 CDFI Bond Guarantee Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=186CDFI Fund Opens Application Period for FY 2016 CDFI Bond Guarantee Program<p> <i>Up to $750 Million in Bond Guarantee Authority Available</i></p><p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2016 application period for the CDFI Bond Guarantee Program. Application materials are available on the CDFI Fund’s website in anticipation of the publication of the <a title="https://app8.workplace.gov/Documents/NOGA%202016.pdf" href="/Documents/NOGA%202016.pdf" target="_blank">Notice of Guarantee Authority (NOGA)</a> in the Federal Register later this week. The NOGA makes up to $750 million in bond guarantee authority available to eligible Community Development Financial Institutions (CDFIs) in FY 2016.</p><p>Through the CDFI Bond Guarantee Program, selected certified CDFIs or their designees will issue bonds that are guaranteed by the Federal government and use the bond proceeds to extend capital for community development financing and for long-term community investments. Authorized uses of the loans financed through bond proceeds may 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>In FY 2016, the Secretary of the Treasury may guarantee bond issues having a minimum size of $100 million each, up to an aggregate total of $750 million. Multiple CDFIs may pool together in a single $100 million bond issuance provided that each eligible CDFI participates at a minimum of $10 million.</p><p> <b>Deadlines</b></p><p>Please reference the NOGA and application instructions for detailed information regarding the following application deadlines for consideration for FY 2016 bond guarantee authority.</p><ul><li><p>CDFI Certification Applications must be submitted through AMIS by 11:59 p.m. EDT on February 12, 2016. </p></li><li><p>Qualified Issuer Applications must be submitted through AMIS by 11:59 p.m. EDT on March 4, 2016.</p></li><li><p>Guarantee Applications must be submitted through AMIS by 11:59 p.m. EDT on March 18, 2016.</p> </li> <li><p>The last day the CDFI Fund will accept questions regarding the FY 2016 application period for the CDFI Bond Guarantee Program is March 9, 2016 at 11:59 p.m. EDT. All questions must be submitted electronically to the program office: <a href="mailto:bgp@cdfi.treas.gov" target="_blank">bgp@cdfi.treas.gov</a>.</p></li></ul><p>Qualified Issuer Applications and Guarantee Applications received in FY 2015 that were neither withdrawn nor declined in FY 2015 will be considered under the FY 2016 round.</p><p> <b>Application Materials</b></p><p>In addition to being available through AMIS, the FY 2016 NOGA and application materials are available via the CDFI Fund’s website, <a href="http://www.cdfifund.gov/bond" target="_blank">www.cdfifund.gov/bond</a>.</p><p> <b>Application Workshop</b></p><p>The CDFI Fund will conduct a two-day application workshop for potential applicants regarding the FY 2016 Qualified Issuer and Guarantee Application requirements. Specifically, the workshop will include an in-depth discussion of the financial structure of the program, including:</p><ul><li><p>Roles of the Qualified Issuer, Program Administrator, and Servicer;</p></li><li><p>Certification, capitalization, and structuring requirements of the Alternative Financing Structure;</p></li><li><p>Capital Distribution Plan requirements;</p></li><li><p>Eligible CDFI and Secondary Loan Requirements;</p></li><li><p>Costs of the CDFI Bond Guarantee Program;</p></li><li><p>Review processes for the Qualified Issuer and Guarantee Applications;</p></li><li><p>Reporting; and</p></li><li><p>Compliance-related activities.</p></li></ul><p>Attendees will have the opportunity to ask CDFI Fund staff questions and receive clarification about the topics discussed during each module.</p><p>The two-day application workshop will be held in February 2016 in Washington, DC, at the CDFI Fund’s office at 1801 L Street NW.</p><p>As the workshop is held in a secure federal building, registration is required. There is no registration fee; however, due to limited space, registration will be honored on a first come, first served basis. Up to 100 potential applicants may attend. The CDFI Fund will release information on how to register for the workshop soon.</p><p>For interested parties unable to attend the in-person application workshop, the presentation materials will be posted to the CDFI Fund’s website, <a href="http://www.cdfifund.gov/bond" target="_blank">www.cdfifund.gov/bond</a>.</p><p> <b>Questions</b></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" target="_blank">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" target="_blank">www.cdfifund.gov/bond</a>, or email the CDFI Fund’s Help Desk at <a href="mailto:bgp@cdfi.treas.gov" target="_blank">bgp@cdfi.treas.gov</a>.</p>2016-01-05T05:00:00ZUpdates186

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