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Treasury Guarantees $327 Million in Bond Funding for Projects in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=178Treasury Guarantees $327 Million in Bond Funding for Projects in Low-Income Communities<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that an additional nine bond loans, totaling $327 million, were guaranteed in fiscal year (FY) 2015, bringing the total guaranteed to date to $852 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>“I am very pleased to recognize the CDFIs that are creating new partnerships and innovative ways to fully utilize the CDFI Bond Guarantee Program,” said CDFI Fund Director Annie Donovan. “The program is reaching diverse organizations and communities across the country, allowing us to greatly expand access to financing for low-income areas nationwide.” </p><p>The CDFIs that participate in the CDFI Bond Guarantee Program are at the cutting edge of community development finance. The FY 2015 program participants share an equal commitment to financing a wide range of job-creating and community-building projects in urban, rural, and Native American communities. </p><p>Three Bonds were issued on behalf of 9 Eligible CDFIs as follows: </p><ul><li><p> <b>Community Reinvestment Fund, USA</b> issued a $100 million bond on behalf of <b>Raza Development Fund.</b> Raza Development Fund is headquartered in Phoenix, Arizona and is the largest CDFI serving the Latino population on a national basis. Raza Development Fund plans to finance senior living and long-term care facilities, daycare centers, healthcare facilities, rental housing, not-for-profit organizations, and charter schools.</p></li><li><p> <b>Opportunity Finance Network</b> issued a $100 million bond on behalf of <b>Clearinghouse CDFI.</b> Clearinghouse CDFI is headquartered in Lake Forest, California and is the first non-depository CDFI to receive a public rating from Standard and Poor’s. Originally approved in FY 2013, Clearinghouse CDFI is the first entity to receive multiple bond loans under the program. Clearinghouse CDFI has expanded its lending from California to Arizona and Native American communities, and will continue to serve the rental housing and commercial real estate market.</p></li><li><p> <b>Opportunity Finance Network</b> also issued a $127 million bond on behalf of seven Eligible CDFIs serving urban, rural, and Native American communities in the most diverse application approved thus far in the CDFI Bond Guarantee Program. This bond issue includes the following CDFIs:</p></li><ul><li><p> <b>Bridgeway Capital</b>, headquartered in Pittsburgh, Pennsylvania, will provide financing to small businesses, commercial real estate, and not-for-profit organizations in Western Pennsylvania using its $15 million bond loan.</p></li><li><p> <b>Chicago Community Loan Fund</b>, headquartered in Chicago, Illinois, will provide financing to commercial real estate, rental housing, not-for-profit organizations, and charter schools in low-income and underserved areas in Chicago using its $28 million bond loan.</p></li><li><p> <b>Citizens Potawatomi Community Development Corporation</b>, headquartered in Shawnee, Oklahoma, is the first Native CDFI to participate in the CDFI Bond Guarantee Program and will provide financing for large scale commercial real estate projects in the Citizens Potawatomi Nation using its $16 million bond loan.</p></li><li><p> <b>Community Loan Fund of New Jersey</b>, headquartered in New Brunswick, New Jersey, will provide financing for rental housing and charter schools in low-income and underserved areas in New Jersey using its $28 million bond loan.</p></li><li><p> <b>Community Ventures Corporation</b>, headquartered in Lexington, Kentucky, will provide financing to small business and commercial real estate in Kentucky using its $15 million bond loan.</p></li><li><p> <b>Federation of Appalachian Housing Enterprises</b>, headquartered in Berea, Kentucky, will provide financing for rental housing in the greater Appalachian region using its $15 million bond loan.</p></li><li><p> <b>Kentucky Highlands Investment Corporation</b>, headquartered in London, Kentucky, will provide financing to small businesses and commercial real estate in Kentucky using its $10 million bond loan.</p></li></ul></ul><p>The CDFI Bond Guarantee Program was created through the enactment of the Small Business Jobs Act of 2010. In the three rounds of the CDFI Bond Guarantee Program completed to date, Treasury has guaranteed bonds for $852 million dollars for investment in the nation’s most underserved rural and urban areas. While participants are allowed up to five years to fully deploy bond loan funds, it’s anticipated that borrowers in the FY 2015 round will completely commit their capital to community development projects by the end of calendar year 2018. 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 was extended until September 30, 2015. The President’s Fiscal Year 2016 budget proposes to extend the program, subject to reauthorization by Congress.</p><p>To learn more about the CDFI Fund and its programs, please view the <a href="/Documents/CDFI_Brochure.pdf">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="/">www.cdfifund.gov</a>. For more information about the CDFI Bond Guarantee Program, please view the <a href="/Documents/CDFI_BOND.pdf">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="/bond">www.cdfifund.gov/bond</a>.</p> 2015-09-29T04:00:00ZPress Releases178
AMIS is Here!https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=177AMIS is Here!<p>The CDFI Fund’s Awards Management Information System (AMIS) is now available! AMIS is an enterprise-wide business system that will replace the myCDFIFund portal. AMIS is a modern platform that will eventually support all CDFI Fund programs through each phase of the programs’ life cycle, including certification, program awards and allocations, data analysis, and reporting.</p><p>The CDFI Fund is transitioning to AMIS in several stages beginning today through the fall of 2016. Currently available in AMIS is the Community Development Entity (CDE) Certification application, which replaces the former paper-based process. In addition, organizations and users must manage their profiles using AMIS.</p><p> <b>CDE Certification Application</b></p><p>How is the New Markets Tax Credit community impacted by today’s AMIS enhancements? AMIS is now the preferred option for submission of CDE applications for businesses and subsidiaries. It will be the only option shortly. The CDFI Fund will continue to accept paper CDE certification application postmarked on or before October 15, 2015. Organizations that submit paper applications after that date will be required to refile their applications through AMIS.</p><p>To assist potential applicants with this transition, the CDFI Fund has developed two AMIS navigation training manuals: "Getting Started – Navigating AMIS" and “CDE Certification Application Submission.” These training manuals, and all other AMIS training manuals, can be found on our AMIS page at <a href="https://amis.cdfifund.gov/" target="_blank">amis.cdfifund.gov</a>. The CDFI Fund will issue additional CDE Certification Application guidance within the next month.</p><p>For specific questions about applying for CDE certification that cannot be answered through materials available on the CDFI Fund’s website, please contact the CCME Helpdesk at <a href="mailto:ccme@cdfi.treas.gov" target="_blank">ccme@cdfi.treas.gov</a> or at (202) 653-0423.</p><p> <b>Organizational Profiles</b></p><p>Organizations and individual users must now manage their profiles using AMIS. myCDFIFund is no longer available for managing profiles. Please view the AMIS Frequently Asked Questions and training materials available at <a href="https://amis.cdfifund.gov/" target="_blank">amis.cdfifund.gov </a>to learn more. Organizations are strongly encouraged to keep their profile information up to date. </p><p> <b>New Help Tool</b></p><p>Do you need additional help? Through AMIS, the CDFI Fund is providing a new way to request assistance with technical problems, amendment requests, and program questions. The “Service Request” function in AMIS allows you to interact with the CDFI Fund directly from your account. By using a Service Request, the CDFI Fund will be able to efficiently track and manage your requests and questions.</p><p>Learn how to submit a service request in the “Getting Started – Navigating AMIS” training document, which can be found on our AMIS page at <a href="https://amis.cdfifund.gov/" target="_blank">amis.cdifund.gov</a>. You can also call the Help Desk phone number – (202) 653-0421 – to speak to a member of our staff; however, we urge you to give Service Request a try! </p><p>More information about AMIS is available at <a href="https://amis.cdfifund.gov/" target="_blank">amis.cdfifund.gov</a>. To learn more about the CDFI Fund’s programs, please visit <a href="/" target="_blank">www.cdfifund.gov</a>. </p>2015-09-28T04:00:00ZUpdates177
CDFI Fund Releases “Expanding CDFI Coverage in Underserved Areas” Webinar Schedulehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=176CDFI Fund Releases “Expanding CDFI Coverage in Underserved Areas” Webinar Schedule<p>Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the schedule of the first five free webinars that will be provided as part of the Capacity Building Initiative’s “Expanding CDFI Coverage in Underserved Areas” series. The webinars will be held between October 2015 and January 2016.</p><p>The CDFI Fund launched the “Expanding CDFI Coverage in Underserved Areas” series to fill the gaps in Community Development Financial Institution (CDFI) service coverage in underserved communities in the United States and its territories. The free webinars are designed to maximize CDFI industry participation in this important training. The webinars will cover training topics developed for in-person training sessions held during the summer of 2015, as well as topical content developed by CDFI experts. </p><p> The first five webinars are:</p><ul><li><p> <b>Expansion Strategies for Growth, Part One: Operational Efficiencies</b> (Tuesday, October 6, 2015, 2 p.m. EDT): In Part One of Expansion Strategies for Growth, our expert will present operational strategy tools including the “Business Model Canvas,” the “Lending Life Cycle”, and “Process Mapping.” This webinar will reinvigorate your organization’s thinking about the importance of focusing on the customer, defining your organization’s value proposition, and identifying areas for operational efficiency.</p></li><li><p> <b>Using Market Analysis for Expansion </b> (Tuesday, October 27, 2015, 2 p.m. EDT): Join us for a practitioner’s guide through the steps of a successful market analysis including defining the scope, developing the research methodology, and establishing timelines and a budget. Our expert will discuss the reasons and timing for conducting a market analysis and how to implement the findings of your completed market research report.</p></li><li><p> <b>Expansion Strategies for Growth, Part Two: Technology, People, Culture, and Leading Organizational Change </b> (Tuesday, November 17, 2015, 2 p.m. EST): Join us for Part Two of Expansion Strategies for Growth to dive into technology, people, culture, and leading organizational change. Our expert will highlight technology’s role in enabling expansion goals and improving the lending process for your customers. Content will also include best practices for aligning organizational culture, managing talent, and leading successful change.</p></li><li><p> <b>Marketing Strategy, Tactics, and Storytelling </b>(Tuesday, December 8, 2015, 2 p.m. EST): As your organization expands, it will need to market in order to amplify visibility, activate key audiences, and generate referrals. Develop market strategies and tactics to support your established or emerging CDFI in new product, customer segment, geographic market, and/or network expansion. Join us to hear from marketing experts on the six steps of marketing for CDFIs and the power of storytelling.</p></li><li><p> <b>Understanding CDFI Impact </b> (Tuesday, January 12, 2016, 2 p.m. EST): This webinar will help your CDFI align impact data collection with strategy and mission. Examples from CDFIs will demonstrate how to build an internal culture of impact data collection, identify processes to streamline data collection and reporting, and enhance skills to communicate your CDFI’s work. Impact data collection can help you understand your customers and how effectively you are serving your community. </p></li></ul><p>Future webinar opportunities will be posted as they are confirmed to the “Expanding CDFI Coverage in Underserved Areas” <a href="/programs-training/training-ta/Pages/minority-cde-nmtc.aspx" target="_blank">webpage</a>.</p><p> <b>Registration</b></p><p>The “Expanding CDFI Coverage in Underserved Areas” webinars are free and open to the general public, but advanced registration is required to access the presentation. Registration may be completed up until the start time listed for each individual session. <a href="http://ofn.org/expanding-cdfi-coverage-underserved-areas#Technical-Assistance-Webinars" target="_blank">Click here to register</a>.</p><p>To learn more about “Expanding CDFI Coverage in Underserved Areas” series and the other training series available under the Capacity Building Initiative, please visit <a href="/cbi" target="_blank">www.cdfifund.gov/cbi</a>.</p>2015-09-23T04:00:00ZUpdates176
CDFI Fund Announces $18 Million in Bank Enterprise Awards for Investment in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=175CDFI Fund Announces $18 Million in Bank Enterprise Awards for Investment in Low-Income Communities<p>Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $18.1 million in grant awards to 83 FDIC-insured financial institutions for serving economically distressed communities across the nation. These funds are awarded under the fiscal year (FY) 2015 round of the Bank Enterprise Award Program (BEA Program), and they will support economic development in census tract areas where at least 30 percent of the population lives at or below the national poverty level and where the unemployment rate is at least 1.5 times the national average. </p><p>“I commend the 2015 Bank Enterprise Awards recipients for increasing lending and providing vital financial services in low-income communities across the nation,” said CDFI Fund Director Annie Donovan. "Through both direct investment and by supporting Community Development Financial Institution partners, these institutions are making a real difference.” ​</p><p>Today’s awards will build on efforts to invest in underserved communities. Collectively, during the one-year assessment period, these 83 depository institutions increased their loans and investments in distressed communities by $313.4 million; increased their loans, deposits, and technical assistance to Community Development Financial Institutions (CDFIs) by $88.1 million; increased their equity and equity-like loans and grants to CDFIs by $4.1 million; and increased the provision of financial services in distressed communities by $7.5 million. </p><p> Since 2009, BEA Program award recipients have been required to invest an amount equal to the award in eligible activities in distressed communities. The $18.1 million awarded under the FY 2015 round of the BEA Program today will also be re-invested into distressed communities and CDFIs. </p><p> The FY 2015 BEA Program award recipients were selected after a comprehensive review of 103 applications received by the CDFI Fund from FDIC-insured depository institutions across the nation that requested more than $177 million in funding under the FY 2015 round. This is the largest number of BEA Program applicants since 2002. </p><p> <b>Related Materials</b></p><ul><li> <a href="/Documents/DRAFT%202015%20BEA%20Award%20Book%20091815%20v3.pdf">2015 BEA Program Award Book</a> - learn more details about this year's announcement</li><li> <a href="/awards/state-awards/Pages/default.aspx">Searchable Awards Database</a> - view the profiles of specific award recipients</li></ul>2015-09-21T04:00:00ZPress Releases175
U.S. Treasury Awards More Than $200 Million to CDFIs to Spur Economic Growth in Low-Income Urban, Rural, and Native Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=172U.S. Treasury Awards More Than $200 Million to CDFIs to Spur Economic Growth in Low-Income Urban, Rural, and Native Communities<p> <i>Awards through the CDFI Program and NACA Program support CDFI lending and investment nationwide</i> </p><p>September 10, 2015</p><p> <b>Washington-</b> The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) awarded 195 Community Development Financial Institutions (CDFIs) $202 million in grants and loans today through the latest rounds of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program). This announcement caps the 20th anniversary celebration of the creation of the CDFI Fund and the CDFI Program.</p><p>“Today’s awards highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country,” said CDFI Fund Director Annie Donovan. “These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nation as a whole.”</p><p>In 1996, 31 CDFIs received the very first CDFI Program awards with $35.5 million from the CDFI Fund. Today, the CDFI Fund announced $182.3 million in Financial Assistance and Technical Assistance awards to 152 organizations, including 28 first-time awardees, through the Fiscal Year (FY) 2015 round of the CDFI Program. In addition, $22 million was awarded to 11 organizations through the Healthy Food Financing Initiative. A total of 374 applications were received requesting more than $439 million under this round of the program.</p><p>The CDFI Program invests in and builds the capacity of community credit unions, banks, loan funds, and other financial institutions serving rural and urban communities across the nation that lack adequate access to affordable financial products and services. Through the first 20 rounds of this program, the CDFI Fund has awarded more than $1.5 billion, helping build a nationwide network of more than 950 CDFIs located in every state, all focused on economically empowering the communities they serve. </p><p>In addition, the NACA Program awarded $19.6 million in Financial Assistance and Technical Assistance to 43 organizations, including seven new NACA Program awardees. The program is designed to encourage the creation and strengthening of Native CDFIs. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities (Native Communities), and reflect a diversity of institutions in various stages of development – from organizations in the early planning stages of creating a CDFI, to tribal entities working to certify an existing lending program, to established CDFIs in need of further capacity building assistance. A total of 60 applications were received requesting more than $37.5 million for the FY 2015 round, which was the CDFI Fund’s 14th round of funding with awards specifically for Native Communities. With $19.6 million in awards CDFI Fund significantly increased the funding awarded to CDFIs serving Native Communities this round, up from $12.2 million last year.</p><p>Additional information about the FY 2015 rounds of the CDFI and NACA Programs, including the full award list and key highlights, can be found through the Award Book links below and on the CDFI Fund’s website at <a href="http://www.cdfifund.gov/cdfi">www.cdfifund.gov/cdfi</a> or at <a href="http://www.cdfifund.gov/native">www.cdfifund.gov/native</a>. </p><p>The CDFI Fund anticipates opening the FY 2016 round of the programs in early 2016. </p><p> <b>2015 CDFI Program and NACA Program Award Resources</b> </p><ul><li> <b>CDFI Program Award Book:</b> <a href="/Documents/2015%20CDFI%20Program%20Award%20Book%20090915vfinal.pdf" target="_blank">Learn key facts and statistics about the full group of awardees</a>. </li><li> <b>CDFI Program Application Evaluation Process:</b> <a href="/Documents/FY%2015%20CDFI%20Application%20Evaluation%20Process%20Document.pdf" target="_blank">Learn how the awards were determined</a>. </li><li> <b>NACA Program Award Book:</b> <a href="/Documents/2015%20NACA%20Book%20090915vfinal.pdf" target="_blank">Learn key facts and statistics about the full group of awardees</a>. </li><li> <b>NACA Program Application Evaluation Process:</b> <a href="/Documents/FY%2015%20NACA%20Application%20Evaluation%20Process%20Document.pdf" target="_blank">Learn how the awards were determined</a>. </li><li> <b>Searchable Awards Database:</b> <a href="/awards/state-awards/Pages/default.aspx" target="_blank">View the profiles of individual awardees from both programs</a>. </li></ul><p> <b>About the CDFI Fund </b></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 NACA Program, the Bank Enterprise Award Program, the Capital Magnet Fund, and the Financial Education and Counseling Pilot Program. In addition, the CDFI Fund has allocated $43.5 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="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p>2015-09-10T04:00:00ZPress Releases172

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