CDFI News

 

 

New Capacity Building Initiative Training Focuses on Native CDFIshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=129New Capacity Building Initiative Training Focuses on Native CDFIs<p class="body"> The Community Development Financial Institutions Fund (CDFI Fund) announced today that it will launch a new Capacity Building Initiative training and technical assistance series, <i>Building Native CDFIs’ Sustainability and Impact</i>, later this year. The series, presented by NeighborWorks America, will provide specialized training and technical assistance to Native Community Development Financial Institutions (Native CDFIs) in order to foster their growth and sustainability, and to enhance their ability to deliver financial services and financial products to Native American, Alaskan Native, and Native Hawaiian communities (Native Communities). </p><p class="body"> “Supporting Native CDFIs across the country has been a priority for our organization since the creation of the Native Initiatives in 2001,” said Acting CDFI Fund Director Dennis Nolan. “This new training series is a unique opportunity for these important financial institutions, who are often serving highly economically distressed and rural areas, to receive individualized support to bolster their own growth and capacity to serve their communities.” </p><p class="body"> This Capacity Building Initiative series will provide a wide range of specialized training, technical assistance, and peer learning opportunities designed to meet the unique needs of Native CDFIs at all stages of growth. Multifaceted group training and individualized technical assistance will be tailored to meet the specific needs of each participating Native CDFI. Examples of assistance that can be provided include developing lending policies and procedures; improving compliance practices; strengthening board governance practices; pursuing expansion strategies; or exploring capitalization strategies such as loan portfolio sales or how to participate in New Markets Tax Credit financing deals. </p><p class="body"> All certified Native CDFIs are eligible to participate in this training and technical assistance series and may elect a combination of services that best suit their needs. Emerging Native CDFIs are eligible to participate on a case-by-case basis, with more information to be provided on the CDFI Fund’s website in the near future. NeighborWorks will partner with Seven Sisters Community Development Group to implement the series. </p><p class="body"> The CDFI Fund will post upcoming training opportunities to its website, <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</a>, in the coming months. The CDFI Fund will also post to its website a virtual Resource Bank containing curricula and informational materials from the series. </p><p class="body"> For more information about the Capacity Building Initiative, please view the <a href="/docs/factsheets/CDFI_CBI.pdf" target="_blank">Fact Sheet</a> or visit <a href="/programs-training/training-ta/Pages/default.aspx">www.cdfifund.gov/cbi</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 more than $2 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 allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $525 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. To learn more about the CDFI Fund and its programs, please view the <a href="/Documents/CDFI_Brochure.pdf" target="_blank">Fact Sheet</a> or visit the CDFI Fund’s website at <a href="/">www.cdfifund.gov</a>. </p><p class="body"> <b>About NeighborWorks America</b> </p><p class="body"> NeighborWorks America has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $22.5 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals. More information about NeighborWorks America can be found at <a href="http://www.neighborworks.org/" target="_blank">www.neighborworks.org</a>. </p>2014-10-09T04:00:00ZUpdates129
CDFI Fund Releases Application Demand for 2014 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=130CDFI Fund Releases Application Demand for 2014 Round of NMTC Program<p class="body"> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 263 applications under the 2014 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 class="body"> The CDEs that applied under the 2014 round are headquartered in 44 states, the District of Columbia, Guam and Puerto Rico. The applicants requested an aggregate total of $19.9 billion in NMTC allocation authority. The Notice of Allocation Authority makes up to $5 billion in tax credit allocation authority available for the 2014 round, pending Congressional authorization. </p><p class="body"> 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 class="body"> Through the first eleven rounds of the NMTC Program, the CDFI Fund has made 836 awards totaling $40 billion in tax credit allocation authority. This $40 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 class="body"> For more information about the NMTC Program, visit the CDFI Fund’s web site at <a href="/programs-training/Programs/new-markets-tax-credit/Pages/default.aspx">www.cdfifund.gov/nmtc</a>. </p>2014-10-07T04:00:00ZUpdates130
Continuing to Celebrate 20 Years of the CDFI Fundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=98Continuing to Celebrate 20 Years of the CDFI Fund<p> <em>Yesterday, Treasury celebrated the 20 year anniversary of the creation of the CDFI Fund. Learn more about our impact over the last two decades, and watch archived video of the event, below.</em> </p><p> <strong>White House Blog</strong> -- Jonathan Greenblatt, Special Assistant to the President and Director of the Office of Social Innovation and Civic Participation in the Domestic Policy Council, has written a post commemorating the CDFI Fund. Read the <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=130SNWSOUA151QLERDJ157HOJLXR78NWUGQE237FKM175EFKPMBJ64CMJDSX1WARPRIOO51XYUHPLD230UGTVDIS4SMALKXPX59SGSYVF223PA209IGMT79M148LWT240KAK173QMCGG176IT228BOVVEGHD198WSLCE21CELKB131TTI195SHQG107BOBHEN226OI187OOTDK11OSFCQ233IMUYTK88IHJ109F44QEE218HIEQ16UT22FPKG209RJJDD235UBPYOA138PJIF11NXOUX189CLLVWBNE125AQTDHC28OOPRKH218YNFN208QNYOD92SNWSOUA195QLERDJ178HOJLXR42NWUGQE19FKM161EFKPMBJ39CMJDSX228WARPRIOO23XYUHPLD5UGTVDIS191SMALKXPX167SGSYVF202PA224GEKS124L238JU99HIYJLP216AEFE22RUY187UTCEG162O29RKBCMAD153IYGS43GLQFPF135AMAFCL170&destination=130OG151PNRB157MNR78BO237HKTXRI175GF64AEH1DCLFH51P230SR4DOJ59LO223HBB209SYNWN79IOIHENLW148TWUBJ240TUAM173Q176PRCGBOOO228OIFJX198EMOP21WMBS131LVQMSX195OJCOBH107FOHJV226PMUSFO187F11JK233DDINKY88OAK109CRV44VXQNQGMM218VWSGNKC16TERUBH22XQLXJJ209OVPQEQWT235CN138KGEKSALF11USHI189JLPKAEFE125RUY28UTCEG218O208RKBCMAD92IYGS195GLQFPF178AMAFCL42OG19PNRB161MNR39BO228HKTXRI23GF5AEH191DCLFH167P202SR224DOJ124LO238HBB99SYNWN216IOIHENLW22TWUBJ187TUAM162Q29PRCGBOOO153OIFJX43EMOP135WMBS170" target="_blank">full post</a> on the White House's website. </p><p> <strong>Treasury Press Release</strong> -- View Treasury's press release about the event, including the news of the most recent $200 million bond guarantee under the CDFI Bond Guarantee Program, <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=130LVQMSX151OJCOBH157FOHJV78PMUSFO237F175JK64DDINKY1OAK51CRV230VXQNQGMM4VWSGNKC56TERUBH197XQLXJJ221OVPQEQWT90CN130KGEKSALF237USHI176JLPKAEFE188RUY185UTCEG196O84RKBCMAD146IYGS131GLQFPF109AMAFCL191OG188PNRB20MNR245BO18HKTXRI33GF123AEH132DCLFH85P71SR140DOJ245LO202HBB86SYNWN232IOIHENLW63TWUBJ64TUAM197Q146PRCGBOOO20OIFJX214EMOP178WMBS42LVQMSX18OJCOBH183FOHJV121PMUSFO167F46JK2DDINKY172OAK171CRV215VXQNQGMM168VWSGNKC59TERUBH225XQLXJJ62OVPQEQWT131CN78KGEKSALF248USHI226JLPKAEFE21RUY158UTCEG50O154&destination=130RKBCMAD151IYGS157GLQFPF78AMAFCL237OG175PNRB64MNR1BO51HKTXRI230GF4AEH56DCLFH197P221SR90DOJ130LO237HBB176SYNWN188IOIHENLW185TWUBJ196TUAM84Q146PRCGBOOO131OIFJX109EMOP191WMBS188LVQMSX20OJCOBH245FOHJV18PMUSFO33F123JK132DDINKY85OAK71CRV140VXQNQGMM245VWSGNKC202TERUBH86XQLXJJ232OVPQEQWT63CN64KGEKSALF197USHI146JLPKAEFE20RUY214UTCEG178O42RKBCMAD18IYGS183GLQFPF121AMAFCL167OG46PNRB2MNR172BO171HKTXRI215GF168AEH59DCLFH225P62SR131DOJ78LO248HBB226SYNWN21IOIHENLW158TWUBJ50TUAM154" target="_blank">here</a>. </p><p> <strong>Archived Webcast</strong> -- View the full webcast of the event, featuring Secretary Lew, former Secretary Rubin, Deputy Secretary Raskin, Treasurer Rios, and other distinguished speakers <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=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&destination=130O151RKBCMAD157IYGS78GLQFPF237AMAFCL175OG64PNRB2MNR54BO244HKTXRI75GF63AEH153DCLFH193P84SR131DOJ243LO161HBB164SYNWN228IOIHENLW215TWUBJ21TUAM135Q195PRCGBOOO112OIFJX226EMOP174WMBS2LVQMSX228OJCOBH92FOHJV35PMUSFO109F158JK14DDINKY114OAK146CRV187VXQNQGMM195VWSGNKC11TERUBH187XQLXJJ126OVPQEQWT1CN208KGEKSALF216USHI70JLPKAEFE222RUY178UTCEG42O85RKBCMAD176IYGS60GLQFPF188AMAFCL70OG84PNRB254MNR175BO150HKTXRI229GF55AEH186DCLFH105P212SR78DOJ247LO248HBB17SYNWN143IOIHENLW33TWUBJ214TUAM224Q115PRCGBOOO243OIFJX208" target="_blank">here</a>. </p> <p> <strong>Share Your Experience</strong> Continue to share your stories and pictures on Twitter with <a href="http://cdfifund.gov/cdfi_links/fedRedirectGeneric.asp?name=130EMOP151WMBS157LVQMSX78OJCOBH164FOHJV186PMUSFO64F89JK48DDINKY230OAK67CRV56VXQNQGMM195VWSGNKC221TERUBH73XQLXJJ223OVPQEQWT251CN173KGEKSALF168USHI184JLPKAEFE214RUY72UTCEG144O222RKBCMAD120IYGS172GLQFPF170AMAFCL18OG244PNRB70&destination=130WXDPMBC151UFJESQ157QSMPSB78OVQRO164P186DT64YTPVC89SMMAEL48IXKSYSRP230WIAFIGMT67GGLWNCK56D195QMCYA221BTOTJVPW73AVJWNFDW223CXF251BBUO173N168AQYRTH184A214GFOBNOOT72DOPSXVK144CMURND222IHJ120X172Q170WFHJEQYU18EFPEG244RCJDV70" target="_blank">@USTreasury</a>, using #CDFIFund20. </p>2014-10-02T04:00:00ZPress Releases98
Treasury Guarantees Additional $200 Million in Bond Funding for Nationwide Community and Economic Development Projectshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=99Treasury Guarantees Additional $200 Million in Bond Funding for Nationwide Community and Economic Development Projects<p> Building upon its <a href="/Documents/US_Treasury_Provides_$325_Million_in_Bond_Guarantees_for_Investments_in_Underserved_Communities.pdf" target="_blank">August announcement</a> that $325 million in bonds had been guaranteed to support economic development opportunities across the country, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that an additional four bonds totaling $200 million were guaranteed in fiscal year (FY) 2014, bringing the total guaranteed to date to $525 million. All of the bond proceeds, provided through the Community Development Financial Institutions Bond Guarantee Program (CDFI Bond Guarantee Program), will provide long-term, fixed rate capital for projects in low-income and underserved communities. </p><p class="body"> The FY 2014 program participants include institutions with a strong presence in the community development finance industry that share an equal commitment to financing a wide range of job-creating and community-building projects. Four Eligible CDFIs received bond loans from the Community Reinvestment Fund, as Qualified Issuer. They are: </p><p></p><ul><li> <strong>Capital Impact Partners</strong>, headquartered in Arlington, VA, received a $55 million bond loan to finance healthcare facilities, senior living and long-term care facilities, affordable housing units, charter schools, commercial real estate projects and not-for-profit organizations. Although Capital Impact Partners is headquartered in Arlington, the company plans to invest nationally.</li><li> <strong>IFF</strong>, headquartered in Chicago, IL, received a $25 million bond loan to finance affordable housing units and charter school facilities. IFF’s investments primarily will be made in the Midwest.</li><li> <strong>Low Income Investment Fund</strong>, headquartered in San Francisco, CA, received a $65 million bond loan to finance senior living and long-term care facilities, commercial real estate projects, healthcare facilities, charter schools, affordable housing units and daycare centers. Low Income Investment Fund serves low-income neighborhoods throughout the U.S.</li><li> <strong>The Reinvestment Fund</strong>, headquartered in Philadelphia, PA, received a $55 million bond loan to finance commercial real estate projects, healthcare facilities, charter schools, affordable housing units, and daycare centers. The Reinvestment Fund’s investments primarily will be made in the mid-Atlantic.</li></ul><p> The CDFI Bond Guarantee Program was created through the enactment of the Small Business Jobs Act of 2010. Since the law’s passage, Treasury has guaranteed bonds for over half of a billion dollars, through two rounds of the CDFI Bond Guarantee Program, for investment in the nation’s most underserved rural and urban areas. To date, the program’s portfolio has grown to include to a cross sector of CDFIs that are at the cutting edge of community development finance. While participants are allowed up to five years to fully deploy bond loan funds, it’s anticipated that borrowers in the FY 2014 round will completely commit their capital to community development projects by the end of calendar year 2016. This means new jobs, new community and neighborhood facilities, and enhanced economic opportunities for Americans who need it most. </p><p> The CDFI Bond Guarantee Program terminated on September 30, 2014. The President’s Fiscal Year 2015 budget proposes to extend the program, subject to reauthorization by Congress. </p><p> <strong>The CDFI Fund</strong> </p><p> Since its creation in 1994, the CDFI Fund has awarded more than $2 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 allocation authority to Community Development Entities through the New Markets Tax Credit Program, and $525 million has been guaranteed in bonds through the CDFI Bond Guarantee Program. </p><p> To learn more about the CDFI Fund and its programs, please view the <a href="/Documents/CDFI_Brochure.pdf" target="_blank">Fact Sheet</a> or visit the CDFI Fund’s website at <a href="http://cdfifund.gov/">www.cdfifund.gov</a>. </p><p> <strong>About the CDFI Bond Guarantee Program</strong> </p><p> The CDFI Bond Guarantee Program provides CDFIs with access to significant capital by providing guarantees of bonds. With long-term credit at below-market interest rates, the CDFI Bond Guarantee Program is a groundbreaking effort to accelerate community economic growth and development. The bonds are fully guaranteed by the Treasury Secretary at no cost to the taxpayer and bond loans must be repaid by the CDFI borrower. </p> <p> <span class="ms-rteBackColor-4">For more information about the CDFI Bond Guarantee Program, please view the </span><a href="/Documents/CDFI_BOND.pdf" target="_blank"><span class="ms-rteBackColor-4">Fact Sheet</span></a><span class="ms-rteBackColor-4"> or visit the CDFI Fund’s website at </span><a href="http://cdfifund.gov/bond"><span class="ms-rteBackColor-4">www.cdfifund.gov/bond</span></a><span class="ms-rteBackColor-4">. </span></p>2014-10-02T04:00:00ZPress Releases99

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