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CDFI Fund Approves Stonehenge Community Development, LLC as Qualified Issuer for CDFI Bond Guarantee Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=131CDFI Fund Approves Stonehenge Community Development, LLC as Qualified Issuer for CDFI Bond Guarantee Program<p class="body"> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it has selected Stonehenge Community Development, LLC (Stonehenge) as a Qualified Issuer for the CDFI Bond Guarantee Program. If the Department of the Treasury approves a Guarantee Application submitted by Stonehenge, Stonehenge would be approved to issue bonds, guaranteed by the Secretary of the Treasury, and make bond loans to Eligible Community Development Financial Institutions (Eligible CDFIs) for investments in low-income and distressed communities across the country. Stonehenge joins four other Qualified Issuers that have been approved by the CDFI Fund: Wisconsin Housing and Economic Development Authority, Community Reinvestment Fund, Opportunity Finance Network, and Bank of America CDFI Funding Corporation, a wholly owned subsidiary of Bank of America, N.A. </p><p class="body"> The U.S. Congress authorized the Secretary of the Treasury to guarantee up to $750 million in bonds through the CDFI Bond Guarantee Program in fiscal year (FY) 2014. The CDFI Fund, the administrator of the CDFI Bond Guarantee Program, published the program’s FY 2014 Notice of Guarantee Availability in the <a href="/Documents/NOGA%202014%20FINAL%20SIGNED.pdf" target="_blank">Federal Register</a> on May 13, 2014. Qualified Issuer Applications are due on June 23, 2014, and Guarantee Applications are due on June 30, 2014. More information about the CDFI Bond Guarantee Program, and the FY 2014 application, may be found on the CDFI Fund’s website at <a href="/programs-training/Programs/cdfi-bond/Pages/default.aspx">www.cdfifund.gov/bond</a>.  </p><p class="body"> <b>About the CDFI Fund</b> </p><p class="body"> Since its creation in 1994, the CDFI Fund has awarded over $1.9 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $40 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program, and has approved the term sheets and the execution of agreements to guarantee $325 million in bonds through the CDFI Bond Guarantee Program. Learn more about the CDFI Fund and its programs at <a href="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About the CDFI Bond Guarantee Program</b> </p><p class="body"> The CDFI Bond Guarantee Program was authorized through the Small Business Jobs Act of 2010. The program provides Eligible CDFIs with access to long-term capital by providing guarantees of bonds issued by Qualified Issuers. With long-term credit currently at below-market interest rates, the CDFI Bond Guarantee Program is a groundbreaking effort to accelerate community economic growth and development. Bonds, including principal, interest and call premiums, will be 100 percent guaranteed by the Secretary of the Treasury. The Federal Financing Bank will be the sole purchaser of bonds issued under the CDFI Bond Guarantee Program. For more information, please visit <a href="/programs-training/Programs/cdfi-bond/Pages/default.aspx">www.cdfifund.gov/bond</a>. </p><p class="body"> <b>About Stonehenge Community Development</b> </p><p class="body"> Stonehenge’s primary mission is to invest capital in low- income communities. To execute its investment strategy, Stonehenge actively participates in federal and state economic and development programs, and works closely with community leaders and organizations to deploy capital in projects that maximize community revitalization and economic impact. Stonehenge predominately invests in businesses and community service non-profits throughout the United States that are located in highly distressed census tracts and have a significant positive impact to local minority communities. Stonehenge has made investments in enterprises in a broad array of job-creating industries located in economically distressed areas, including manufacturing, health care, and education. As a Qualified Issuer, Stonehenge seeks to expand its community development investment platform by working with established CDFIs to support the deployment of capital into businesses and non-profits in underserved communities. </p>2014-06-12T04:00:00ZUpdates131
Financing Community Health Centers Training Materials Now Available in Virtual Resource Bankhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=153Financing Community Health Centers Training Materials Now Available in Virtual Resource Bank<p class="body"> Today, the Community Development Financial Institutions Fund (CDFI Fund) added new reference materials to its Capacity Building Initiative website in support of the "Financing Community Health Centers" training series. The Resource Bank supplements the series, which builds the capacity of Community Development Financial Institutions (CDFIs) to successfully finance and provide services to community health centers in underserved communities. </p><p class="body"> The <a href="/what_we_do/Financing_Community_Health_Centers_Resource_Bank.asp">"Financing Community Health Centers Resource Bank"</a> includes training materials as well as additional resources and tools for CDFIs looking to explore financing community health centers and learn from previous organizations' experiences. The topics covered include: the role of community health centers in low-income communities, primary credit needs of community health centers, financial and operational metrics and trends, underwriting, and development services, among others. In the coming months, the Resource Bank will be expanded to include the series' webinar materials. </p><p class="body"> To view the Resource Bank, and to learn more about the "Financing Community Health Centers" training series, as well as the other series available under the Capacity Building Initiative, please visit <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>. </p><p class="body"> Learn more about the Capacity Building Initiative at <a href="/">www.cdfifund.gov</a> or by viewing the CDFI Fund's <a href="/Documents/CDFI_CBI.pdf" target="_blank">fact sheet</a>. </p>2014-06-11T04:00:00ZUpdates153
Treasury Announces $3.5 Billion in New Markets Tax Credit Awards to Revitalize Low-Income and Distressed Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=95Treasury Announces $3.5 Billion in New Markets Tax Credit Awards to Revitalize Low-Income and Distressed Communities<p> <strong>Washington, DC</strong> – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today announced $3.5 billion in New Markets Tax Credit awards aimed at revitalizing low-income communities and increasing economic opportunity nationwide. A total of 87 organizations (Allocatees) across the country will receive tax credit allocation authority under the calendar year 2013 round of the New Markets Tax Credit Program. </p><p> “The New Markets Tax Credit Program creates jobs and critical investments in low-income neighborhoods and rural communities across the nation,” said Amias Gerety, Acting Assistant Secretary for Financial Institutions. “Often the New Markets Tax Credit is the most critical piece of the puzzle when trying to finance important economic development projects across the country. Its ability to attract private-sector capital into some of the most economically distressed and underserved communities is a hallmark of this important economic development program.” </p><p> The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in vehicles known as Community Development Entities. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The Community Development Entities in turn use the capital raised to make investments in low-income communities. </p><p> “Over $31.1 billion of New Markets Tax Credit transactions have been reported from the program’s inception through the end of fiscal year 2012, and over 74 percent of these were made in severely distressed communities, surpassing even the program’s requirements,” said Dennis Nolan, Acting Director of the Community Development Financial Institutions Fund. “The New Markets Tax Credit Program is clearly targeting economic development in communities that critically need financing to help create new businesses, affordable housing and jobs.” </p><p> Community Development Entities must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. The 87 organizations receiving awards were selected from a pool of 310 applicants that requested over $25.9 billion in allocation authority. They are headquartered in 32 different states and the District of Columbia, and they have identified principal service areas that will cover nearly every state in the country and the District of Columbia. </p><p> <strong>2013 New Markets Tax Credit Program Award Resources</strong> </p><ul><li> <a href="/Documents/2013_NMTC_Program_Award_Book_06052014.pdf" target="_blank">Award Book</a>: View award list and learn key facts and statistics about the Allocatees</li><li> <a href="http://cdfifund.gov/awardees/db/index.asp" target="_blank">Searchable Award Database</a>: View the profiles of individual Allocatees</li><li><span class="ms-rteBackColor-4"> </span><a href="http://cdfifund.gov/impact_we_make/nmtc_state_reports.asp" target="_blank"><span class="ms-rteBackColor-4">States Served Map</span></a><span class="ms-rteBackColor-4">: Explore the potential service areas of recent Allocatees</span></li></ul> <p> <strong>About the New Markets Tax Credit Program</strong> </p><p> The New Markets Tax Credit Program was established by Congress in December 2000 to help economically distressed communities attract private investment capital by providing investors with a Federal tax credit. Investments made through the New Markets Tax Credit Program are used to finance businesses and real estate projects to breathe new life into neglected, underserved low-income communities. Since inception, New Markets Tax Credit Program investments have created an estimated 561,873 new jobs and supported the construction of 22.0 million feet of manufacturing space, 71.8 million square feet of office space, and 55.2 million square feet of retail space. As these communities develop, they become more attractive to investors, creating a ripple effect that spurs more investment. </p><p> For more information about the New Markets Tax Credit Program, please view the <a href="http://cdfifund.gov/docs/factsheets/CDFI_NMTC.pdf" target="_blank">Fact Sheet</a> or visit the CDFI Fund’s website at <a href="http://cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>. </p><p> <strong>About the CDFI Fund</strong> </p><p> Since its creation in 1994, the CDFI Fund has awarded over $1.9 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $40 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program, and has approved the term sheets and the execution of agreements to guarantee $325 million in bonds through the CDFI Bond Guarantee Program. Learn more about the CDFI Fund and its programs at <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p>2014-06-06T04:00:00ZPress Releases95

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