On January 22, 2013, the Community Development Financial Institutions Fund (CDFI Fund) announced updates for the Bank Enterprise Award Program (BEA Program) eligibility criteria. The updated eligibility data released today for the BEA Program in tabular format is based on the U.S. Census Bureau's 2006-2010 American Community Survey and 2010 Bureau of Labor Statistics' Current Population Survey unemployment rates.
There will be a transition period to the updated eligibility data. For the fiscal year (FY) 2014 BEA Program funding round, applicants will have the choice to use either the legacy or updated eligibility data to determine if a transaction or activity occurred in a BEA Program "Qualified Distressed Community." The CDFI Fund will make both data sets (legacy and updated) available on the CDFI Fund's Community Investment Mapping System. Future applicants are advised that a full transition to the updated eligibility data will take place for the FY 2015 BEA Program funding round. Applicants applying in the FY 2015 BEA Program funding round will be required to use the updated eligibility data to determine if a transaction or activity occurred in a BEA Program "Qualified Distressed Community."
The BEA Program eligibility update is a part of a larger effort being undertaken by the CDFI Fund to ensure that the data used to determine the eligibility for its programs most accurately reflects current economic conditions and realities.
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