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CDFI Fund Announces New Native Initiatives Workshop Serieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=58CDFI Fund Announces New Native Initiatives Workshop Series<p><em>​Workshops to Explore Economic Development Opportunities for Native Communities</em></p><p><strong>Washington, DC</strong>- Today the Community Development Financial Institutions Fund (CDFI Fund) launched its new "Economic Development Strategies in Indian Country" workshop series. Co-sponsored with the Federal Reserve Bank of San Francisco, Seattle Branch, the workshops are being conducted to promote economic development in Native communities across the country. Participants will learn about resources available for Native economic development initiatives from the federal government and regional programs.<br></p><p>"We are excited about this opportunity to partner with the Federal Reserve Bank to build upon our Native Initiatives efforts," said CDFI Fund Director Donna Gambrell. "We are always exploring ways to help our nation's distressed communities during the current economic recovery. We must remember the unique challenges our communities face, especially in Native areas across the nation. These workshops will help participants identify new ways to stimulate and revitalize their Native economic and community development programs."</p><p>The CDFI Fund and Federal Reserve staff will facilitate day-long workshops, featuring various federal agencies and industry experts. Participants will be able to attend seminars on designing successful economic development strategies while networking with regional practitioners and local support organizations. Five cities will host the workshops - Albuquerque, Anchorage, Sacramento, Oklahoma City and Seattle.</p><p>"The "Economic Development Strategies in Indian Country" workshops are part of our overall plan to help ensure that economic opportunities are equally available throughout the nation, including Indian Country," said Scott Turner, Vice President and Community Affairs Officer of the Community Development Department, Federal Reserve Bank of San Francisco. "After holding over 100 meetings on reservations within the 12th District, we understand the many difficulties confronting tribes and their members. We are proud to join with the CDFI Fund on this initiative and look forward to learning how we can support efforts to promote community and economic development in Indian Country."</p><p>For more information about the series as well as to register for a specific workshop, please visit: <a target="_blank" href="http://www.frbsf.org/community/resources/events.html">http://www.frbsf.org/community/resources/events.html</a><br></p><p>2010 Economic Development Strategies in Indian Country Workshop Schedule</p><ul><li>June 30, 2010: Oklahoma City, Oklahoma</li><li>July 28, 2010: Sacramento, California</li><li>August 17, 2010: Seattle, Washington</li><li>August 19, 2010: Anchorage, Alaska</li><li>September 16, 2010: Albuquerque, New Mexico</li></ul><p><strong>About the Native Initiatives</strong></p><p>The CDFI Fund's Native Initiatives work to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native communities. This is achieved through two principle initiatives: 1) a funding program – the NACA Program – targeted to increasing the number and capacity of existing or new Native CDFIs, and 2) a complementary series of training programs, called “Expanding Native Opportunities,” that seeks to foster the development of new Native CDFIs, strengthen the operational capacity of existing Native CDFIs, and guide Native CDFIs in the creation of important financial education and asset building programs for their communities.</p><p><strong>About the CDFI Fund</strong><br></p><p>Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.</p><p>For more information on the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.</p><p>About the Federal Reserve Bank of San Francisco, Seattle Branch<br></p><p>The Federal Reserve's Community Development Department gives financial institutions, community based organizations and government entities the tools they need to effectively address community development issues affecting low- and moderate-income individuals and communities.</p>2010-05-28T04:00:00ZPress Releases58
CDFI Fund Receives 230 Applications Requesting More Than $1 Billionhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=116CDFI Fund Receives 230 Applications Requesting More Than $1 Billion<p class="body"><i>Over 49 States Represented in Capital Magnet Fund Applications</i></p> <p class="body"><a href="/news_events/photos/2009/Gambrell-2009-12-11.GIF" target="_blank"></a><b>Washington, DC</b>- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 230 applications for the fiscal year (FY) 2010 funding round of the Capital Magnet Fund. The applications came from organizations serving 49 states, the District of Columbia, and Puerto Rico, requesting more than $1 billion in grants that would leverage an estimated $23.38 billion in eligible projects. </p><p class="body">"The strength of the applicant pool is very impressive for the inaugural round of the Capital Magnet Fund,” said CDFI Fund Director Donna J. Gambrell. “The financial crisis has created a tremendous amount of need for quality, affordable housing and this new program will provide critically important financing for construction, rehabilitation, and preservation of affordable housing for low-income persons and in areas of high housing need.” </p><p class="body">The CDFI Fund published a Notice of Funds Availability in the Federal Register on March 4, 2010, announcing that it was making $80 million available for the FY 2010 funding round. The deadline for applications was April 15, 2010. The 230 applications received included 119 from nonprofit housing corporations and 16 public housing authorities. In addition, 99 certified CDFIs applied for funding. The CDFI Fund will review the applications through the summer and expects to announce the awards by the end of September. </p><p class="body">The applications are being evaluated through a merit-based qualitative review process to identify those applicants most likely to have the greatest impact. The characteristics of the applicant pool include:</p><p class="body"><b><i>Overview</i></b></p><ul><li>230 applicants applied, requesting an aggregate total of $1,039,312,136 to fund projects with projected eligible project costs of $23,383,468,555.</li><li>On average, applicants proposed leveraging their awards by a factor of over 20 times their award request, far exceeding the target set by Congress of 10 times leveraging. The median leveraging multiplier was 14 times the award request.</li></ul><p class="body"><b><i>Institution Type</i></b></p><ul><li>119 are nonprofit housing organizations </li><li>99 are CDFI certified applicants </li><li>16 are public housing authorities </li><li>7 are Tribal entities</li></ul><p class="body"><b><i>Primary Market Served</i></b></p><ul><li>The applicants anticipate that 90 percent of the housing units financed with CMF will be affordable to families making at or below 80 percent of area median income, including 46 percent that will be affordable to families making at or below 50 percent of area median family income. </li><li>The applicants anticipate that 46 percent of the housing financed with CMF dollars will be located in areas characterized by high foreclosure rates and/or vacancy rates, as identified by the U.S. Department of Housing and Urban Development. </li></ul><p class="body"><b><i>Geographic Distribution</i></b></p><p class="body">Applications were received from organizations serving 46 states, the District of Columbia and Puerto Rico, identifying proposed housing projects in 49 states, the District of Columbia and Puerto Rico.</p><p class="body"><b><i>Proposed Activities</i></b></p><ul><li>45 percent propose predominantly new multifamily construction</li><li>15 percent propose predominantly single-family mortgage programs</li><li>14 percent propose predominantly multifamily rehabilitation</li><li>10 percent propose predominantly for single-family rehabilitation </li><li>8 percent propose predominantly for new single-family construction </li><li>8 percent propose predominantly for multifamily housing preservation projects</li></ul><p class="body">For more information on the CDFI Fund and its programs, please visit: <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a></p> 2010-05-19T04:00:00ZUpdates116
U.S. Treasury Awards $2 Million to Benefit Organizations Serving Prospective Homebuyershttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=57U.S. Treasury Awards $2 Million to Benefit Organizations Serving Prospective Homebuyers<p> <em>​Five Organizations to Receive Funding for Financial Education and Counseling Initiatives</em></p><p> <strong>Washington, DC-</strong> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the names of five organizations which will receive federal grants under the first round of the Financial Education and Counseling (FEC) Pilot Program.</p><p>The grants, totaling $2 million in award funding made possible through fiscal year (FY) 2009 Congressional appropriations, will provide organizations financial assistance to establish and expand financial education and counseling services for prospective homebuyers.</p><p>"In today’s difficult financial environment, it is an honor to be able to support organizations that are helping prospective homebuyers in tangible and effective ways," said CDFI Fund Director Donna J. Gambrell. "Financial education and counseling programs are empowering tools for the low-income and low-wealth individuals targeted by these organizations. The CDFI Fund is optimistic that our first FEC Pilot Program award round will provide a blue-print for further financial education initiatives of this kind."</p><p>The CDFI Fund implemented this program in collaboration with the Department of the Treasury’s Office of Financial Education and Financial Access. "Financial education and counseling can empower people to build better financial futures and make smarter financial choices. By focusing on behavioral change, this program promises to develop useful new models for effective financial education and counseling," said Deputy Assistant Secretary Michelle Greene.</p><p>Each of the award recipients will receive $400,000. The authorizing statute for the program stipulates that no more than five organizations receive awards per appropriation.</p><p>The FY 2009 FEC Pilot Program Award Recipients Are:</p> <ul><li>Boulder County Housing Authority, Boulder, CO</li><li>Consumer Credit Counseling Service of WNC, Asheville, NC</li><li>Mission Economic Development Agency, San Francisco, CA</li><li>New Hampshire Housing Finance Authority, Bedford, NH</li><li>Resources for Residents and Communities of Georgia, Inc., Atlanta, GA<br></li></ul><p> <strong>Related Links</strong></p><p>To view profiles of the FY 2009 FEC Pilot Program awardees, please <a href="/Documents/2010%20FEC%20Awardee%20Profiles%20Final.pdf" target="_blank">click here</a>.</p><p> <strong>About the Financial and Education Counseling Pilot Program</strong></p><p>The FEC Pilot Program was authorized pursuant to Section 1132 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289). Through the FEC Pilot Program, the CDFI Fund will identify successful methods of financial education and counseling services that result in positive behavioral change for financial empowerment, and establish program models for organizations to deliver effective financial education and counseling services to prospective homebuyers.</p><p>The FEC Pilot Program was appropriated $4.15 million in FY 2010, of which $3.15 million was set aside by Congress to be provided to an organization located in the State of Hawaii. The CDFI Fund anticipates opening the 2010 FEC Pilot Program application round within the next 30 days, and will solicit applications from organizations located in Hawaii to compete for the $3.15 million.</p><p> <strong>About the CDFI Fund</strong></p><p>Since its creation in 1994, the CDFI Fund has awarded almost $1.2 billion to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $26 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program.</p><p>For more information about the CDFI Fund, visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a><br></p>2010-05-17T04:00:00ZPress Releases57

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