The purpose of this program is to promote economic
revitalization and community development through investment in and assistance
to community development financial institutions.
TYPES OF ASSISTANCE:
Project Grants. Place Cursor Here for Definition
USES AND USE RESTRICTIONS:
Awards under this program are issued to provide financial and/or technical
assistance that enhance the awardee's ability to make loans or development
investments and to provide development services that will promote economic
revitalization and community development. Each awardee is required to enter
into an assistance agreement that requires the awardee to comply with
performance goals and abide by other terms and conditions pertinent to
assistance received under this program. No awards may be issued to Federal
Government agencies, departments or instrumentalities. No awards may be issued
to any State or local government or any agency or instrumentality thereof.
ELIGIBILITY REQUIREMENTS:
Applicant Eligibility: Private nonprofit
institutions/organizations, other private institutions/organizations, profit
organizations. Only Community Development Financial Institutions or entities
that provide information necessary for the awarding agency to certify the
applicant organization as a Community Development Financial Institution or is
seeking to become a CDFI, are eligible to apply for this program.
Beneficiary Eligibility: Private nonprofit
institutions/organizations, other private institutions/organizations, profit
organizations. Awards to eligible applicants under this program provide
financial and /or technical assistance to select applicants in order to
enhance their ability to make loans and development investments and provide
development services that benefit a designated investment area(s), targeted
population(s), or both.
Credentials/Documentation: An applicant shall
provide information necessary to establish that it is, or will be, a Community
Development Financial Institution.
Pre-application Coordination: None. This program is
excluded from coverage under E.O. 12372 and OMB Circular No. A-102.
Application Procedure: Each applicant must
complete a Community Development Financial Institutions application package.
This program follows OMB Circular No. A-110 guidance.
Award Procedure: Applications are reviewed and
grant awardees are selected by the Community Development Financial Institution
Fund.
Deadlines: Annual notice of funds availability,
published in the Federal Register, announces deadline dates for submission of
applications. Deadline dates generally range from 30 to 90 days subsequent to
the notice publication date.
Range of Approval/Disapproval Time: Generally, 9
to 12 months from submission of application.
Appeals: None.
Renewals: None.
ASSISTANCE CONSIDERATIONS:
Formula and Matching Requirements: All awards of
financial assistance shall be matched by the recipient on a one dollar to one
dollar basis using funds from sources other than the Federal government. Also
matching funds must be at least comparable in form (e.g., equity investments,
deposits, credit union shares, loans or grants).
Length and Time Phasing of Assistance: Generally,
awards may be issued up to a 5 year maximum. Disbursement of funds may be
provided in a lump sum or over the life of the award depending on the terms
and conditions established at time of award issuance.
POST ASSISTANCE REQUIREMENTS:
Reports: The type and schedule of reports is
arranged at the time of award negotiations.
Audits: Costs incurred are subject to audits
throughout the award period subject to the award terms and conditions. In
accordance with the provisions of OMB Circular No. A-133 (Revised, June 24,
1997), nonfederal entities that expend financial assistance of $300,000 or
more in Federal awards will have a single or a program-specific audit
conducted for that year. Nonfederal entities that expend less than $300,000 a
year in Federal awards are exempt from Federal audit requirements for that
year, except as noted in OMB Circular No. A-133.
Records: Award recipients are expected to
maintain records to substantiate total costs incurred and to assure that all
performance measures were met. Records must be retained in accordance with the
provisions of OMB Circular No. A-110.
FINANCIAL INFORMATION:
Account Identification: 20-1881-0-1-451.
Obligations: (Grants) FY 01 $69,000,000; FY 02
est $73,500,000; and FY 03 est $70,000,000.
Range and Average of Financial Assistance:
$78,500 to $3,200,000; Average: $797,902.
12 CFR Part 1805, Revised Interim Rule, August 14, 2000. Community Development
Financial Institutions Program Application Kit.
INFORMATION CONTACTS:
Regional or Local Office: Not applicable.
Headquarters Office: Ms. Donna Prokop, Awards
Manager, Community Development Financial Institution Fund, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005. Telephone: (202) 622-9853, Fax:
(202) 622-7754.
Web Site Address: http://www.treas.gov/cdfi
EXAMPLES OF FUNDED PROJECTS:
One award of $1,500,000, along with required matching funds, was issued to
retain and expand manufacturing companies and other businesses that employ
low-income resident of a city empowerment zone. Another award, with matching
funds, is providing funding so that loans can be originated to assist in
working to restore or establish small business development and affordable
housing opportunities in targeted population areas.
CRITERIA FOR SELECTING PROPOSALS:
Evaluation factors include: (1) Financial strength and organizational capacity
of applicant organization, (2) External resources or matching fund
commitment/ability to obtain commitments, (3) Community Impact (The community
need for award and activities to be executed), (4) Community Partnerships
(Ability to carry out activities and work effectively), and (5) Other factors
deemed appropriate under this program and published in the notice of funds
availability.
