CDFI News

 

 

In Pursuit of Innovation: A Webinar Opportunityhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=219In Pursuit of Innovation: A Webinar Opportunity<p>Last November, the Community Development Financial Institutions Fund (CDFI Fund) <a href="/news-events/news/Pages/news-detail.aspx?NewsID=185&Category=Updates" target="_blank">announced</a> that the Association for Enterprise Opportunity (AEO) was the winner of its 2015 Innovation Challenge. AEO proposed an innovative way of partnering Community Development Financial Institutions (CDFIs) with small businesses in low-income areas that need investment.</p><p>AEO’s proposed solution is a screening and assessment tool that will match small business owners that have been declined by traditional lenders with CDFIs that may be able to assist them. Since winning the Challenge, AEO has been using design thinking strategies and spending lots of time with CDFIs and bank partners to make sure the platform -- which they have named Project CUE, for Connecting Underserved Entrepreneurs -- addresses their needs. </p><p>In this special webinar opportunity, AEO’s team will review what they have learned to-date, describe the services and software they are developing, and answer questions about their solution. CDFI Fund Director Annie Donovan will also provide remarks about the CDFI Fund’s priorities in pursuing innovative solutions to community development problems in low-income and distressed communities. </p><p> <b>2015 Innovation Challenge Update Webinar</b></p><p>Tuesday, July 19, 2016<br> 1:00 p.m. EDT<br> Moderated by Tammy Halevy, Senior Vice President for New Initiatives, AEO</p><p> <a href="https://attendee.gotowebinar.com/register/5476436895921418243" target="_blank">Register to attend the webinar here.</a> </p><p>Registration may be completed up to the start time of the webinar on July 19. </p><p>Learn more about AEO’s recent work by reading their <a href="http://www.aeoworks.org/index.php/site/page/category/blog/" target="_blank">blog series</a>. Visit <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a> to learn more about the CDFI Fund and its programs. </p>2016-06-28T04:00:00ZUpdates219
CDFI Fund Opens FY 2016 CDFI Prize Competitionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=218CDFI Fund Opens FY 2016 CDFI Prize Competition<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is calling for interested Community Development Financial Institutions (CDFIs) or CDFI partners to submit ideas for the fiscal year (FY) 2016 CDFI Prize Competition. Up to $1 million is available for awards through the competition. </p><p>While CDFIs nationwide have made great strides to increase financial services, lending, and investment in low-income communities, there is much more work to be done. The FY 2016 CDFI Prize Competition aims to recognize and promote ideas that remove barriers to accessing capital in rural areas, especially areas of persistent poverty. </p><p>“Rural America has unique challenges when it comes to attracting investment capital and providing financial services,” said CDFI Fund Director Annie Donovan. “The CDFI Fund is committed to finding and supporting breakthrough solutions to seemingly intractable problems. I look forward to submissions for our first Prize Competition, and know that CDFIs will come up with innovative approaches to improving access to capital for rural communities, especially those experiencing persistent poverty.” </p><p>The FY 2016 CDFI Prize Competition, run through<a href="https://www.challenge.gov/challenge/2016-cdfi-fund-prize-competition/" target="_blank"> the Challenge.gov website</a>, is designed to encourage innovative approaches to building the capacity of CDFIs. Specifically, the prize competition will reward selected applicants with monetary prizes for proposing innovative ideas and approaches to increasing CDFI investment and access to capital in underserved rural areas. </p><p>Applicants must be a certified CDFI, a collaboration of CDFIs, or a non-CDFI partnering with a certified CDFI. The CDFI Fund envisions there will be two types of ideas or strategies submitted:</p><ol><li><p>An innovative idea or strategy, implemented within the past two years, that helped increase CDFI investments and access to capital in underserved rural areas; or </p></li><li><p>An innovative idea or strategy that has not yet been implemented, but is reasonably expected to increase CDFI investments and access to capital in underserved rural areas.</p></li></ol><p>​The CDFI Fund may select multiple applicants to receive prizes totaling up to $1 million. Judges may also select entries for Honorable Mention based on the judging criteria in order to highlight and promote success stories and best practices. </p><p>FY 2016 Prize Competition submissions are due by <strong>July 29, 2016</strong>. Submissions will be accepted <strong>only</strong> through <a href="http://www.challenge.gov/" target="_blank">Challenge.gov</a>, a website created for federal prize and challenge competitions. To learn how to submit ideas, and the full requirements for applying, please visit the <a href="http://www.challenge.gov/" target="_blank">Challenge.gov</a> website or <a href="https://www.challenge.gov/challenge/2016-cdfi-fund-prize-competition/" target="_blank">follow the link here</a>. </p><p>To learn more about the CDFI Fund, please visit <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p>2016-06-16T04:00:00ZUpdates218
Learn More About “Pay for Success” and CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=217Learn More About “Pay for Success” and CDFIs<p>The Nonprofit Finance Fund (NFF), a certified Community Development Financial Institution (CDFI), will host a webinar on June 22, 2016 to explore the various roles that CDFIs have played in the first ten Pay for Success (PFS) projects to launch in the United States. The webinar will also address common questions that CDFIs have about getting involved in future projects. </p><p>The session will assume a basic familiarity with PFS and will cover a wide variety of topics, including: how to identify opportunities, what CDFIs can bring to a project beyond investment capital, what internal process and policy adjustments might be necessary to take the next step, how to assess financing terms and deal structures, and what has prevented more CDFIs from participating so far. </p><p>CDFI Fund Director Annie Donovan will provide introductory remarks. David Streim from Nonprofit Finance Fund will present the webinar, sharing his experiences leading NFF’s Pay for Success investing. There will be time following the presentation for attendees to share their thoughts and questions, so active participation is encouraged.</p><p><b>Pay for Success Webinar</b></p><p>Wednesday, June 22, 2016<br> 2:00 p.m. – 3:00 p.m. EDT</p><p>Dial-In: 1-888-972-9924<br> Passcode: 1914114</p><p>At the time of the webinar, please join by <a href="https://www.mymeetings.com/nc/join.php?i=PWXW8623023&p=1914114&t=c" target="_blank">clicking this link </a>or by visiting <a href="https://www.mymeetings.com/nc/join/" target="_blank">https://www.mymeetings.com/nc/join/</a> and entering the conference number, PWXW8623023, and passcode, 1914114. </p><p>Advance registration is not required to view the webinar. This webinar requires the installation of <a href="https://www.mymeetings.com/netconferencing/webex_plugin_Sep2014.php" target="_blank">WebEx Event Manager</a>. If you are unable to install the webinar software, you may still listen in by dialing the conference call information listed above. </p><p>To learn more about the Nonprofit Finance Fund and Pay for Success, please visit <a href="http://www.nonprofitfinancefund.org/pay-for-success" target="_blank">http://www.nonprofitfinancefund.org/pay-for-success</a>. More information about the CDFI Fund and its programs may be found at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p> 2016-06-06T04:00:00ZUpdates217
CDFI Fund Seeks Public Comment on Capital Magnet Fund Application and Reportinghttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=215CDFI Fund Seeks Public Comment on Capital Magnet Fund Application and Reporting<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 Capital Magnet Fund Application (hereafter, the Application) and comments concerning reporting and record retention requirements of the Capital Magnet Fund Annual Report (hereafter, Annual Report).</p><p>Through the Capital Magnet Fund, the CDFI Fund administers a competitive application process to make financial assistance grants to certified Community Development Financial Institutions (CDFIs) and qualified Nonprofit Organizations that have the development or management of affordable housing as one of their principal purposes. Capital Magnet Fund awards must be used to attract private financing for and increase investment in affordable housing and economic development activities in underserved and low-income areas. </p><p>Capital Magnet Fund award recipients will be competitively selected after a careful review of their Applications for program funding. The Application requires the submission of information about the applicant’s track record, proposed pipeline, as well as data and narrative strategies for four main sections: Business Strategy, Leveraging Strategy, Community Impact, and Organizational Capacity. </p><p>In addition, the Capital Magnet Fund award recipients will enter into Assistance Agreements with the CDFI Fund that set forth certain required terms and conditions of the award, including reporting and data collection requirements. The Assistance Agreement requires the collection of Annual Reports that are used to collect information for compliance monitoring and program evaluation purposes. This information is reviewed to ensure the award recipient’s compliance with its performance goals and contractual obligations as well as the overall performance of the program.</p><p>The CDFI Fund is requesting public comment on the data and information collection for both the Application and the Annual Report. The CDFI Fund has outlined detailed questions for public response in the Federal Register notice. </p><p>All comments must be received by 60 days after the date of publication of the Federal Register notice, and must be submitted in writing to Marcia Sigal, CMF Program Manager, Community Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue, NW, Washington, DC. 20220; by e-mail to cmf@cdfi.treas.gov; or by facsimile to (202) 508-0084. Please note that this is not a toll free number.</p><p><b>Related Documents</b></p><ul><li><p><a href="/Documents/CMF%20App%20Report%20FR%202016-13122.pdf">View Related Federal Register Notice</a></p></li><li><p><a href="/Documents/FY2016%20CMF%20Application%20Instructions_Final_Updated%203.23.2016.pdf">For Comment: Capital Magnet Fund Application</a></p></li><li><p><a href="/programs-training/Programs/cmf/Pages/compliance-step.aspx#step5">For Comment: Capital Magnet Fund Annual Report Forms</a></p></li></ul> 2016-06-03T04:00:00ZUpdates215
CDFI Fund Seeks Public Comment on CDFI Bond Guarantee Program Materials https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=216CDFI Fund Seeks Public Comment on CDFI Bond Guarantee Program Materials <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, Pub. L. No. 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 Secondary Loan Commitment Form and Certification Form for the CDFI Bond Guarantee Program. The request for comment was published today in the Federal Register. </p><p>The purpose of the CDFI Bond Guarantee Program is to support Community Development Financial Institution (CDFI) lending by providing Guarantees for Bonds issued by Qualified Issuers as part of a Bond Issue for Eligible Community or Economic Development Purposes. The CDFI Bond Guarantee Program provides CDFIs with a new source of long-term capital and furthers the mission of the CDFI Fund to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States. </p><p>In compliance with OMB Circular A–129 and the CDFI Bond Guarantee Program’s interim rule (12 CFR 1808), the CDFI Bond Guarantee Program will collect all necessary information to monitor compliance, manage the portfolio effectively, and track progress towards policy goals and statutory and regulatory requirements. The proposed Secondary Loan Commitment Form and Certification Form will add significantly to the U.S. Department of the Treasury’s review and impact analysis on the current and proposed use of Bond Proceeds in underserved communities and support the CDFI Fund in proactively managing regulatory compliance.</p><p>Comments are invited on all aspects of the information collections, but the CDFI Fund specifically requests comments concerning the following questions:</p><ol><li><p>Does the proposed Secondary Loan Commitment Form and Certification Form provide clarity on the expectations for meeting the requirements contained in 12 CFR Part 1808.307(b)? </p></li><li><p>Is there additional information or guidance that the CDFI Fund can provide to clarify the commitment test review process?</p></li><li><p>Does the proposed Secondary Loan Commitment Form and Certification Form contain the appropriate data points to ensure that Eligible CDFIs have executed Secondary Loan documents (in the form of promissory notes) with Secondary Borrowers as follows: (1) not later than 12 months after the Bond Issue Date, Secondary Loan documents representing at least 50 percent of such Eligible CDFI’s Bond Loan proceeds allocated for Secondary Loans; and 2) not later than 24 months after the Bond Issue Date, Secondary Loan documents representing 100 percent of such Eligible CDFI’s Bond Loan proceeds allocated for Secondary Loans?</p></li></ol><p>All comments must be received by no later than 60 days after the date of publication of the Federal Register notice and must be submitted in writing to Lisa Jones, CDFI Bond Guarantee Program Manager, by e-mail at <a href="mailto:bgp@cdfi.treas.gov">bgp@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>.  </p><p><b>Related Documents</b></p><ul><li><p><a href="/Documents/BGP%20FR%202016-13123.pdf">View Related Federal Register Notice</a> </p></li><li><p><a href="/Documents/Supporting%20Document%20-%20CDFI%20Bond%20Guarantee%20Program%20Secondary%20Loan%20Commitment%20Form.xlsx">For Comment: Secondary Loan Commitment Form</a> </p></li><li><p><a href="/Documents/Supporting%20Document%20-%20Certification%20of%20Secondary%20Loan%20Commitment%20Form.docx">For Comment: Certification of Secondary Loan Commitment Form</a></p></li></ul> 2016-06-03T04:00:00ZUpdates216

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