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U.S. Treasury Awards $20.1 Million in Awards to Banks for Work in Economically Distressed Communities Nationwidehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=26U.S. Treasury Awards $20.1 Million in Awards to Banks for Work in Economically Distressed Communities Nationwide<ul><li> <a href="/Documents/2008%20BEA%20Program%20Overview.pdf" target="_blank">2008 BEA Overview of Awardees</a></li><li> <a href="/Documents/2008%20BEA%20Program%20Award%20List.pdf" target="_blank">2008 BEA List of Awardees</a></li><li> <a href="/Documents/2008%20BEA%20Program%20Award%20Profiles.pdf" target="_blank">2008 BEA Profiles of Awardees</a></li><li> <a href="/Documents/2008%20BEA%20Program%20Booklet.pdf" target="_blank">2008 BEA Award Booklet</a></li></ul><p> <strong>Chicago, IL</strong> - Director Donna J. Gambrell, of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, visited Chicago, Illinois today to announce awards totaling $20.1 million for 52 depository institutions serving economically distressed communities across the nation. The awards are being made through the fiscal year 2008 round of the Bank Enterprise Award (BEA) Program.</p><p>"The BEA Program recognizes the key role played by depository institutions in community development lending and investing," said CDFI Fund Director Gambrell. "Today we recognize 52 banks from across the nation that have increased their community development activities in distressed communities."</p><p>Treasury held the national award announcement at the Federal Reserve Bank of Chicago as the site for the national award announcement to not only highlight the eleven Chicago-based awardees, but to focus on the fact that nine of the eleven are minority depository institutions actively working in some of Chicago’s most economically distressed communities.</p><p>The awardees were selected after a competitive review of 60 applications received by the CDFI Fund from institutions across the nation that requested more than $49 million in funding under the fiscal year 2008 round of the BEA Program.</p> <br> <strong>About the BEA Program</strong><br> <p>The BEA Program was enacted to provide an incentive to FDIC-insured banks and thrifts to increase either their level of support to certified community development financial institutions (CDFIs); increase their provision of loans, investments and financial services in distressed communities, such as opening new savings accounts, providing mortgages or investing in local small businesses; or both. CDFIs are specialized community-based financial institutions that are able to respond to gaps that exist in their local markets.</p><p>Through the BEA Program, the CDFI Fund recognizes the key role played by mainstream depository institutions -- banks and thrifts -- in promoting community revitalization through the provision of essential financial services, credit, and investment capital. The BEA Program complements the community development activities of banks and thrifts by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities. Providing monetary awards for increasing community development activities leverages the CDFI Fund's dollars and puts more capital to work in distressed communities throughout the nation.</p><p> For more information on the BEA Program, visit the <a href="/programs-training/Programs/bank_enterprise_award">BEA Program webpage</a>.</p>2008-09-15T04:00:00ZPress Releases26
U.S. Treasury Official and Congressman Phil English Participate in Workshop to Increase New Markets Tax Credit Investments in Northwestern PAhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=25U.S. Treasury Official and Congressman Phil English Participate in Workshop to Increase New Markets Tax Credit Investments in Northwestern PA<p>​<strong>Erie, PA</strong> - Today, the Director of the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund Donna J. Gambrell was in Erie, Pennsylvania to participate with Congressman Phil English in a New Markets Tax Credit (NMTC) workshop. The workshop was held in the H.O. Hirt Auditorium at the Erie County Public Library.</p><p>"To see successful NMTC investments come to fruition requires strong collaboration, partnerships and leadership," said Director Gambrell. "I applaud Congressman English for his continued support of the NMTC Program and his efforts to bring NMTC investments to the rural communities here in Northwestern PA."</p><p>The workshop brought together federal, state, and local government officials, developers, lenders, investors, and representatives of Community Development Entities, to address the various issues needed to increase NMTC investments in Northwestern Pennsylvania.</p><p>"The new market tax credit has emerged as a powerful financing tool for economic development in communities fighting to attract and retain good paying jobs at a local level," said Congressman English, a senior member on the House Ways and Means Committee, which has jurisdiction over tax policy. "Continued use of this program will allow us to increase access to capital for communities, just like Erie, and bolster our region's economic growth and stimulate job creation."</p><p><strong>About the NMTC Program</strong></p><p>The NMTC Program, established by Congress in December of 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in investment vehicles known as Community Development Entities (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>Through the first five rounds of the NMTC Program, the CDFI Fund made 294 awards totaling $16 billion in tax credit allocation authority. The CDFI Fund anticipates awarding another $3.5 billion of allocation authority to CDEs in the fall of 2008. The NMTC Program is currently set to expire in 2008, but President Bush has asked Congress to extend the Program with a $3.5 billion authorization for 2009.</p><p><strong>About the CDFI Fund</strong></p><p>The CDFI Fund was created for the purpose of promoting economic and community development through investment in and assistance to community development financial institutions (CDFIs). The CDFI Fund’s role in promoting community and economic development was expanded in FY 2001 when the Secretary of the Treasury delegated to the CDFI Fund the responsibility of administering the New Markets Tax Credit (NMTC) Program.</p><p>Since its creation in 1994, the CDFI Fund has awarded $864 million to CDFIs, community development organizations and financial institutions through CDFI Program, the Bank Enterprise Award (BEA) Program, and the Native Initiatives. In addition, the CDFI Fund has allocated $16 billion in tax credit authority to community development entities (CDEs) through the NMTC Program.</p>2008-09-03T04:00:00ZPress Releases25
Departments of Treasury and Justice Address Economic Development in Indian Countryhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=24Departments of Treasury and Justice Address Economic Development in Indian Country<p>​<img src="/SiteCollectionImages/NewsImages/bandot.gif" alt="" style="margin:5px;width:255px;" /><br>CDFI Fund<br>Contact: Bill Luecht<br>(202) 622-8042<br><a href="http://www.cdfifund.gov/">WWW.CDFIFUND.GOV</a><br><br><img src="/SiteCollectionImages/NewsImages/bandoj.gif" alt="" style="margin:5px;" /><br>Office of Justice Programs<br>Contact: Sarah Matz<br>(202) 307-0703<br><a href="http://www.ojp.usdoj.gov/">WWW.OJP.USDOJ.GOV</a><br><br><strong>Washington, DC</strong> - The United States Departments of Treasury and Justice today announced a first-time partnership in strengthening and fostering economic development in Native American communities.</p><p>The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund is partnering with the U.S. Department of Justice’s Community Capacity Development Office (CCDO) to launch an Indian Economic Development Initiative. The Initiative will increase access to financing for existing businesses; create new businesses, increase housing opportunities; and strengthen legal infrastructure.</p><p>"This partnership is an excellent collaboration," said Donna Gambrell, the CDFI Fund’s Director. "It is through our training programs that the CDFI Fund can play a pivotal role in CCDO’s initiative in Native Communities. I’m very excited about this opportunity to leverage federal funds for such a worthwhile and crucial program. By combining our two initiatives, we have the potential to significantly change some of our nation’s most challenged communities."</p><p>The economic development projects will take place in the Leech Lake Band of Ojibwe Indian Community in Cass Lake, Minnesota, and Keweenaw Bay Indian Community of Baraga, Michigan. The sites will participate in community planning, commercial code development and business development. CCDO activities dovetail the CDFI Fund resources provided to Native organizations. CDFI technical assistance focuses on creating new Native CDFIs and strengthening the operational capacity of existing ones, including asset development activities for native individuals and families.</p><p>Both sites currently take part in CCDO’s Weed and Seed Program which aims to prevent, control, and reduce violent crime, drug abuse, and gang activity in high-crime communities across the United States. The Program uses a two-pronged approach – first, law enforcement agencies and prosecutors cooperate in ‘weeding out’ violent criminals and drug abusers; and second, public agencies and community-based private organizations collaborate to ‘seed’ much-needed human services, such as prevention, intervention, treatment, and neighborhood restoration programs.</p><p>"The Community Capacity Development Office is committed to fostering economic development as a means of improving the safety and health of tribal communities and all communities in which we work" said Director Dennis Greenhouse. "The ultimate outcomes of economic development in these native communities will be stronger tribal governments and more wealth in depressed communities."</p><p>The CDFI Fund’s Native Initiatives works to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native Communities. This is achieved by funding programs and providing a series of training programs to organizations working in Native areas. The CDFI Fund’s Native Initiatives also makes financial assistance awards to certified Native CDFIs and provides grants to Native organizations to help them build the capacity to become a certified Native CDFI. More information can be found at http://www.cdfifund.gov.</p><p>The Office of Justice Programs, headed by Acting Assistant Attorney General Jeffrey L. Sedgwick, provides federal leadership in developing the nation’s capacity to prevent and control crime, administer justice, and assist victims. OJP has five component bureaus: the Bureau of Justice Assistance; the Bureau of Justice Statistics; the National Institute of Justice; the Office of Juvenile Justice and Delinquency Prevention; and the Office for Victims of Crime. Additionally, OJP has two program offices: the Community Capacity Development Office, which incorporates the Weed and Seed strategy, and the Office of Sex Offender Sentencing, Monitoring, Apprehending, Registering, and Tracking (SMART). More information can be found at http://www.ojp.gov.</p>2008-09-02T04:00:00ZPress Releases24

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