Under this program, awards are issued to selected applicants that: (1) Invest
in or otherwise support Community Development Financial Institutions; (2)
Increase lending and investment activities within Distressed Communities;
and/or (3) Increase the provision of certain services and technical assistance
within Distressed Communities. Awards are based upon a percentage of the
increases in qualifying activities that are carried out by the applicant
between an established Baseline Period and Assessment Period. This information
is announced in the annual notice of funds availability published in the
Federal Register. No award under this program will be issued if the applicant
has: an application pending under the Community Development Financial
Institutions (CDFI) Program, received assistance under the CDFI Program within
the preceding 12-month period, or ever received assistance under the CDFI
Program for the same activities for which it is seeking a Bank Enterprise
Award. Only banks or savings associations the deposits of which are issued by
the Federal Deposit Insurance Corporation may apply for an award under this
program.
ELIGIBILITY REQUIREMENTS:
Applicant Eligibility: Profit Organization and Other
Private Institution/Organization in the form of insured depository
institutions.
Beneficiary Eligibility: Profit Organization and
Other Private Institution/Organization in the form of insured depository
institutions.
Credentials/Documentation: An applicant must
submit a copy of its certificate of insurance issued by the Federal Deposit
Insurance Corporation.
APPLICATION AND AWARD PROCESS:
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 Bank Enterprise Award 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
Institutions Fund.
Deadlines: The annual Notice of Funds
Availability published in the Federal Register announces deadline dates for
submission of applications for this program. Deadline dates generally range
from 30 to 90 days subsequent to the notice publication.
Range of Approval/Disapproval Time: Generally, 9
to 12 months.
Appeals: None.
Renewals: None.
ASSISTANCE CONSIDERATIONS:
Formula and Matching Requirements: None.
Length and Time Phasing of Assistance: Awards are
issued on a percentage reimbursement basis for selected and approved activity
increases under this program.
POST ASSISTANCE REQUIREMENTS:
Reports: The schedule of reports is arranged during
the pre-award negotiation stage.
Audits: Costs incurred for awards issued as part
of this program are subject to audit in accordance with the award terms and
conditions.
Records: Award recipients must maintain records
to substantiate all award costs incurred and to assure that all performance
measures are met. Records will be retained in accordance with the provisions
of 12 CFR Part 1806 and OMB Circular No. A-110.
FINANCIAL INFORMATION:
Account Identification: 20-1881-0-1-451.
Obligations: (Grants) FY 01 $30,000,000; FY 02
est $35,000,000; and FY 03 est $40,000,000.
Range and Average of Financial Assistance: $1,100
to $2,500,000; Average: $72,875.
PROGRAM ACCOMPLISHMENTS:
For fiscal year 2001, 205 awards were issued.
REGULATIONS, GUIDELINES, AND LITERATURE:
12 CFR Part 1806, Revised Interim Rule, published in the December 5, 1997
issue of the Federal Register. Bank Enterprise Award Program Application
Package.
INFORMATION CONTACTS:
Regional or Local Office: Not applicable.
Headquarters Office: U.S. Department of Treasury,
Community Development Financial Institutions Fund, 601 13th Street, NW., Suite
200 South, Washington, DC, 20005. ATTN: Awards Manager. Telephone: (202)
622-8662. Fax: (202) 622-7754.
Web Site Address: http://www.treas.gov/cdfi/bearogram
EXAMPLES OF FUNDED PROJECTS:
The Bank Enterprise Award recipients issued more than
$58 million in new loans to finance multi-family housing in distressed
communities around the nation. In addition, recipients made available nearly
$83 million for new loans, investments, financial services and technical
assistance in economically distressed communities.
CRITERIA FOR SELECTING PROPOSALS:
Award recipients are selected based upon a priority
ranking of qualified activities. Qualified activities include, in order of
importance, the following: (1) Community Development Financial Institution
Related Activities; and, (2) Development and Service Activities.
