|CDFI Fund Approves Additional Qualified Issuer for FY 2014 Round of CDFI Bond Guarantee Program||https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=132||CDFI Fund Approves Additional Qualified Issuer for FY 2014 Round of 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 the Wisconsin Housing and Economic Development Authority (WHEDA) as a Qualified Issuer under the fiscal year (FY) 2014 round of the CDFI Bond Guarantee Program. Upon Treasury's approval of a Guarantee Application, WHEDA may issue bonds and make bond loans to Eligible Community Development Financial Institutions (Eligible CDFIs) for investments in low-income and distressed communities across the country. WHEDA joins a pool of three other Qualified Issuers that were previously approved under the FY 2013 round of the CDFI Bond Guarantee Program: Community Reinvestment Fund, Opportunity Finance Network, and TriSail Funding Corporation, a wholly owned subsidiary of Bank of America, N.A.
The U.S. Congress authorized Treasury to guarantee up to $750 million in bonds through the CDFI Bond Guarantee Program in 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">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/cdfi-bond/Pages/default.aspx">www.cdfifund.gov/bond</a>.
<b>About the CDFI Fund</b>
Since its creation in 1994, the CDFI Fund has awarded over $1.8 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 $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at <a href="/">www.cdfifund.gov</a>.
<b>About the CDFI Bond Guarantee Program</b>
The CDFI Bond Guarantee Program was enacted 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 will be 100 percent guaranteed by the Department of the Treasury, including principal, interest, and call premiums. 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/cdfi-bond/Pages/default.aspx">www.cdfifund.gov/bond</a>.
WHEDA is a public body corporate and politic created in 1972 by the Wisconsin Legislature that provides lowâ€cost financing for housing, small business and agricultural development. WHEDA's mission is to provide housing and economic development financing for low income and underserved communities in Wisconsin. WHEDA reports that since 1972 it has financed more than 68,000 affordable rental units, helped more than 110,000 families purchase their first homes, and made more than 29,000 small business and agricultural loan guarantees.