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CDFI Fund Opens FY 2017 Funding Round of BEA Program https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=273CDFI Fund Opens FY 2017 Funding Round of BEA Program <p>Today the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2017 application round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund’s website in anticipation the publication of the FY 2017 Notice of Funds Availability (NOFA) in today's Federal Register. The FY 2017 NOFA makes up to $23 million available in awards to eligible Federal Deposit Insurance Corporation (FDIC)-insured banks. </p><p>Through the BEA Program, the CDFI Fund provides monetary awards to FDIC-insured depository institutions that successfully demonstrate an increase in their investments in Community Development Financial Institutions (CDFIs) or in their own lending, investing, or service activities in distressed communities. Distressed communities are defined as those where at least 30 percent of residents earn an income that is less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate. </p><p><b>BEA Program Overview </b></p><p>The BEA Program provides formula-based grants to applicants for increasing Qualified Activities from a Baseline Period to a later Assessment Period. There are three categories of Qualified Activities:</p><ul><li><p>CDFI Related Activities: Equity Investments, Grants, Equity-Like Loans, Loans, Deposits, and/or Technical Assistance provided to certified CDFIs.</p></li><li><p>Distressed Community Financing Activities: Direct lending or investment in the form of Affordable Home Loans, Affordable Housing Development Loans or Investments, Home Improvement Loans, Education Loans, Small Business Loans or Investments, Small Dollar Consumer Loans, or Commercial Real Estate Development Loans or Investments provided to residents or businesses located in distressed communities.</p></li><li><p>Service Activities: Financial products and services, such as checking accounts, savings accounts, check cashing, financial counseling, Individual Development Accounts, or youth savings accounts provided to residents of distressed communities. </p></li></ul><p>Full definitions of the Qualified Activities may be found in the BEA Program Regulations (Interim Rule). </p><p>There are limited changes to the FY 2017 BEA Program from the prior funding year. The changes include: a Congressional mandate that at least 10 percent of the CDFI Fund’s FY 2017 appropriations be directed to counties that meet the criteria for “Persistent Poverty” designation; increasing the percentage for the CDFI Equity Investments sub-category to be 18 percent for CDFIs and non-CDFIs, aligning it with the maximum percentage given for CDFI Support Activities sub-category; the review and selection process impacted by Persistent Poverty Counties mandate; and reporting requirements for award recipients who made commitments to serve Persistent Poverty Counties. </p><p><b>Deadlines</b></p><p>Please reference the FY 2017 NOFA and application instructions for detailed information regarding the following application deadlines:</p><ul><li><p>Part I of the application must be submitted through Grants.gov by 11:59 p.m. EST on November 16, 2017.</p></li><li><p>Part II of the application must be submitted through the CDFI Fund’s Award Management Information System, or AMIS, by 5:00 p.m. EST on November 30, 2017. </p></li></ul><p><b>Application Materials </b></p><p>In addition to being available through Grants.gov, the FY 2017 NOFA and a paper version of the application and instructions are available on the CDFI Fund's website, www.cdfifund.gov/bea. The electronic version of the application in AMIS will be released in approximately two to three weeks.</p><p><b>Webinars </b></p><p>The CDFI Fund will be conducting two webinars to discuss the FY 2017 BEA Program funding round. These webinars will also include question and answer sessions. Full information can be found on the CDFI Fund's website at <a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a> under Step 1: Apply. </p><p>For those unable to participate in the webinars, the presentation materials will be posted on the CDFI Fund’s website subsequent to the webinar dates.</p><p><b>Questions</b></p><p>For more information on the BEA Program, please visit the BEA webpage of the CDFI Fund’s website: <a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a>. For questions regarding the BEA Program, please contact the CDFI Fund Help Desk at (202) 653-0421 or via email at <a href="mailto:cdfihelp@cdfi.treas.gov">cdfihelp@cdfi.treas.gov</a>.  The CDFI Fund will not answer questions about the FY 2017 round after 5:00 p.m. EST on November 28, 2017.</p> 2017-09-29T04:00:00ZUpdates273
Treasury Guarantees $245 Million in Bond Funding for Projects in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=272Treasury Guarantees $245 Million in Bond Funding for Projects in Low-Income Communities<p> <b>Washington, DC—</b>U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that Treasury issued two guarantees totaling $245 million under the Community Development Financial Institutions (CDFI) Bond Guarantee Program. The guarantees were issued on behalf of nine Eligible CDFIs under the fiscal year (FY) 2017 round of the program. Over $1.36 billion has been guaranteed since the inception of the CDFI Bond Guarantee Program, which provides long-term, fixed-rate capital for projects in low-income urban, rural, and Native communities.</p><p>“The CDFI Bond Guarantee Program is an effective tool for connecting distressed communities to the investment capital they need to grow and prosper. I am excited to announce the 2017 program participants,” said Director Donovan. </p><p>The FY 2017 program participants include:</p><p> <b>Community Reinvestment Fund, USA</b> issued a $100 million bond on behalf of Aura Mortgage Advisors, LLC (Aura), an affiliate of Boston Community Capital and part of its Stabilizing Urban Neighborhoods (SUN) Initiative. SUN helps low-income families facing foreclosure repurchase their homes with fixed rate mortgages they can afford, stabilizing families and communities.</p><p> <b>Opportunity Finance Network</b> issued $145 million in bonds on behalf of the following eight Eligible CDFIs:</p><ul><li><p>Building Hope, headquartered in Washington, DC, received a $25 million bond loan to finance charter schools in low-income communities.</p></li><li><p>Coastal Enterprises, Inc., headquartered in Brunswick, ME, received a $20 million bond loan to finance community and small business solar power generation projects that impact low income communities across the country, including rural communities.</p></li><li><p>Community First Fund, headquartered in Lancaster, PA, received a $10 million bond loan to provide financing for commercial real estate, not-for-profit organizations and affordable housing in underserved urban and rural communities. </p></li><li><p>Florida Community Loan Fund, headquartered in Orlando, FL, received a $30 million bond loan to finance affordable rental housing and commercial real estate projects in low-income communities. </p></li><li><p>Greater Minnesota Housing Fund, headquartered in St. Paul, MN, received a $10 million bond loan to finance affordable rental housing projects in Minnesota’s underserved communities. </p></li><li><p>Homewise, Inc., headquartered in Santa Fe, NM, received a $15 million bond loan to finance or refinance affordable single-family mortgages.</p></li><li><p>Housing Trust Silicon Valley, headquartered in San Jose, CA, received a $25 million bond loan to expand investment in and access to affordable multifamily rental housing.</p></li><li><p>Impact Seven, headquartered in Rice Lake, WI, received a $10 million bond loan to finance affordable rental housing, senior living facilities, small businesses, and commercial real estate projects.</p></li></ul><p>Established by the Small Business Jobs Act of 2010, the CDFI Bond Guarantee Program responds to a critical market need—low-cost capital to spur economic growth and jump start community revitalization. Under the program, Qualified Issuers (CDFIs or their designees) apply to the CDFI Fund for authorization to issue guaranteed bonds worth a minimum of $100 million in total. The bonds provide CDFIs with access to substantial long-term, fixed-rate capital to reignite the economies of distressed communities. </p><p>The program enables CDFIs to execute large-scale projects, including the development of commercial real estate, housing units, charter schools, daycare or healthcare centers, and rural infrastructure projects, among other asset classes. As of August 31, 2017, $505 million in bond proceeds has been disbursed in 16 states and the District of Columbia.</p><p>For the first time, a private foundation provided a guarantee in support of an Eligible CDFI’s Bond Loan application, demonstrating strong collaboration between the public and private sector. The Kresge Foundation’s limited payment guarantee to Aura Mortgage Advisors showcases how CDFIs and foundations can leverage social investments to extend their impact through the CDFI Bond Guarantee Program. The Kresge Foundation has a $350 million commitment to social investing through 2020, including $150 million in guarantees.</p><p> <b>About the CDFI Fund </b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.3 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the BEA Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, guaranteed $1.36 billion in bonds through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund. </p><p>To learn more about the CDFI Fund and its programs, please view the <a href="/Documents/CDFI_Brochure%20Updated%20Mar2017.pdf" target="_blank">Fact Sheet </a>or visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>. </p>2017-09-27T04:00:00ZPress Releases272
Annual CIIS Public Data Release on CDFI Program Recipient Reporting https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=271Annual CIIS Public Data Release on CDFI Program Recipient Reporting <p>The Community Development Financial Institutions Fund (CDFI Fund) released today 13 years of data provided by Community Development Financial Institutions (CDFIs) through its data collection system, the Community Investment Impact System (CIIS). The data collected covers fiscal years (FY) 2003 through 2015.</p><p>The release contains Institution Level Report (ILR) data on 823 CDFIs that have reported to CIIS. These CDFIs have provided information on their operations, financial status, and impact in their communities. A previous data release in 2016 consisted of ILR data on 777 CDFIs that had reported to CIIS from FY 2003 through 2014.</p><p>The CDFI Fund also released Transaction Level Report (TLR) data detailing how CDFIs provide loans and investments in low-income communities. The data file includes the features and location of over 450,000 individual loans and investments totaling more than $34 billion made by 433 CDFIs. A previous data release in 2016 consisted of TLR data on 401 CDFIs that had reported to CIIS from FY 2003 through 2014.</p><p> <b>Data Background</b></p><p>As part of compliance requirements, award recipients under the Community Development Financial Institutions Program (CDFI Program) are required to submit information to CIIS within six months after the close of their fiscal year. This includes both the ILR and TLR. The ILR release includes a total of 203 variables and 3,759 observations describing CDFIs’ profiles such as the demographic and geographic areas that a CDFI served, staffing levels, financial status, and services and training provided. </p><p>The TLR release includes a total of 50 variables and 464,931 observations detailing CDFIs’ financing activities in an area, including loan or investment structure and location. All ILR and TLR data released to the public are masked to protect the identity of individual CDFIs. </p><p> <b>2017 CDFI Program CIIS Data Release (Data Reported Through FY 2015):</b></p><ul><li><p> <a href="/Documents/CDFI%20Performance%20Data%20Snapshot_Approval.pdf" target="_blank">2017 CDFI Program and NACA Program Data Release Snapshot Presentation</a></p></li><li><p><a href="/Documents/FY%202015%20Data,%20Documentation,%20Instructions.zip" target="_blank">2017 CDFI Program and NACA Program Data Release Data, Documentation, and Instructions (.zip)</a></p></li> </ul> 2017-09-26T04:00:00ZUpdates271
CDFI Fund Releases Summary Report and Public Data for NMTC Program for Years 2003-2015https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=270CDFI Fund Releases Summary Report and Public Data for NMTC Program for Years 2003-2015<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2015. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations to submit an annual report detailing how they invested Qualified Equity Investment (QEI) proceeds in low-income communities. These reports must be submitted to the CDFI Fund by the CDEs, along with their audited financial statements, within six months after the end of their fiscal year.</p><p>For the first time, the Summary Report being released today categorizes all investments utilizing the North American Industry Classification System (NAICS), which is the standard used by Federal statistical agencies to classify businesses. Analysis of NAICS data shows that over 68 percent of NMTC investments made through 2015 have been concentrated in single/mixed-use real estate, health care and social services, manufacturing, and education (see slides 8-12).</p><p>Further, the Summary Report documents: the broad geographic distribution of NMTC investments by region (slides 13-16); the extent that CDEs go beyond the minimum statutory distress requirements of the NMTC Program by committing to serve areas of higher distress (slides 17-20); and that CDEs leverage the NMTC to offer financing with flexible or non-traditional rates and terms (slides 21-22). </p><p><b>Related Links:</b></p><ul><li><p><a href="/Documents/NMTC%20Public%20Data%20Release_cleared_508_comp_final_v4.pdf" target="_blank">NMTC Public Data Release: 2003-2015 Summary Report</a></p></li><li><p><a href="/Documents/FY%202017%20NMTC%20Public%20Data%20Release_v2.xlsx" target="_blank">NMTC Public Data Release: 2003-2015 Data File</a></p></li></ul><p><b>About the NMTC Program</b></p><p>The NMTC Program enables economically distressed communities to leverage private investment capital by providing investors with a federal tax credit. All NMTC investments must meet statutory qualifications for their investors to be able to claim the tax credit. The vast majority of NMTC investments are made within statutorily defined “Low-Income Communities.” Low-Income Communities are census tracts with a poverty rate of 20 percent or greater, or a median family income at or below 80 percent of the applicable area median family income. In addition to investments located in Low-Income Communities, investments can qualify for NMTCs by using other statutory provisions designed to target certain areas or populations, including provisions for Rural Counties, and Low-Income Targeted Populations.</p><p>Through the first 13 application rounds of the NMTC Program, the CDFI Fund has made 1,032 awards, allocating a total of $50.5 billion in tax credit authority to CDEs through a competitive application process. This $50.5 billion includes $3 billion in Recovery Act allocations and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.</p><p>To learn more about the NMTC Program, please view the Fact Sheet or visit the NMTC Program webpage on the CDFI Fund’s website at www.cdfifund.gov/nmtc. </p>2017-09-25T04:00:00ZUpdates270
U.S. Treasury Awards $208 Million for Investment Nationwide in Low-Income Communitieshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=269U.S. Treasury Awards $208 Million for Investment Nationwide in Low-Income Communities<p><i>Funds Support Community Development and Revitalization Activity in Distressed Rural, Urban, and Native Communities</i></p><p><b>Washington -</b> The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $208.7 million in awards today. The awards, through the fiscal year (FY) 2017 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.</p><p>“We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities. We are especially proud that one-third of the awardees have committed to investing in Persistent Poverty Counties.”</p><p>For the FY 2017 CDFI Program round, the CDFI Fund awarded $171.1 million in Financial Assistance and Technical Assistance to 265 organizations in 46 states and the District of Columbia. The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services. In addition, the CDFI Fund awarded $22 million to 13 CDFIs through the Healthy Food Financing Initiative Financial Assistance awards (HFFI-FA), a supplemental program designed to encourage investments in businesses that provide healthy food options for communities. For the FY 2017 round, the CDFI Fund received applications from 434 eligible organizations requesting more than $567 million through the CDFI Program and more than $112 million through the Healthy Food Financing Initiative. </p><p>The CDFI Fund also awarded $15.6 million in FY 2017 NACA Program Financial Assistance and Technical Assistance to 38 organizations in 21 states. The program facilitates the creation and advancement of Native CDFIs. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities, and reflect a diversity of institutions in various stages of development, including: organizations in the early planning stages of CDFI formation; tribal entities working to certify an existing lending program; and established Native CDFIs in need of further capacity building assistance. The CDFI Fund received 56 applications requesting $33 million for the FY 2017 round. </p><p>View more information about the FY 2017 CDFI Program and NACA Program awardees below. </p><p><b>2017 CDFI Program and NACA Program Award Resources </b></p><ul><li><p><a href="/Documents/FINAL%202017%20CDFI%20Award%20Book%20091817_for%20web.pdf" target="_blank">FY 2017 CDFI Program Award Book</a></p></li><li><p><a href="/Documents/FINAL%202017%20NACA%20Award%20Book%20091817_for%20web.pdf" target="_blank">FY 2017 NACA Program Award Book</a> </p></li><li><p><a href="/Documents/FY17%20Financial%20Assistance%20Evaluation%20Process%20Cleared%203.24.17.pdf" target="_blank">CDFI Program and NACA Program Financial Assistance Application Evaluation Process</a></p></li><li><p><a href="/Documents/FY17%20Technical%20Assistance%20Evaluation%20Process%20Cleared%203.24.17v2.pdf" target="_blank">CDFI Program and NACA Program Technical Assistance Application Evaluation Process</a></p></li></ul><p><b>About the CDFI Fund </b></p><p>Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund.</p><p>To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p> 2017-09-19T04:00:00ZPress Releases269

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