The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.
Uses and Use Restrictions
Through the CDFI Bond Guarantee Program, the U. S. Department of the Treasury will provide a 100 percent guarantee on the principal and interest of Bonds issued by Qualified Issuers.
No guarantee amount may be less than $100,000,000, provided the total of all such guarantees in any one fiscal year may not exceed $1 billion (subject to appropriations).
By legislative design, the CDFI Bond Guarantee Program is a zero subsidy credit program.
In accordance with Federal credit policy, the Federal Financing Bank will purchase Bonds issued by Qualified Issuers.
The maximum maturity of the bonds is 30 years and the bonds are taxable.
Qualified Issuers will lend the bond proceeds to Eligible CDFIs.
The loans to Eligible CDFIs must be used for Eligible Community or Economic Development Purposes.
Bond and Bond Loan rates and terms will vary.
The Act defines Eligible CDFIs and authorizes the CDFI Fund to determine which entities may serve as Qualified Issuers.
Eligible CDFIs must use the Bond Proceeds for Eligible Community and Economic Development Purposes. This may include, but is not limited to, lending activities in low-income communities and underserved rural areas such as: multi-family housing projects, charter schools, and municipal and community entity lending, among others.
Eligible CDFIs must be certified by the CDFI Fund. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Preapplication coordination is not applicable.
An environmental impact assessment is required for this program.
This program is excluded from coverage under E.O.
This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Application procedures will be set forth in the CDFI Bond Guarantee Program regulations, the applicable Notice of Guarantee Availability (NOGA), and application materials.
The CDFI Fund reviews applications and authorizes the provision of Guarantees based on an established merit-based review process, set forth in the CDFI Bond Guarantee Program regulations, NOGA, and application materials.
Contact the headquarters or regional office, as appropriate, for application deadlines.
The Small Business Jobs Act of 2010, Section 1134, 1703, Public Law 111-240.
Range of Approval/Disapproval Time
> 180 Days.
There is no right to appeal CDFI Fund decisions.
Formula and Matching Requirements
Statutory formulas are not applicable to this program.
Matching requirements are not applicable to this program.
This program does not have MOE requirements.
Length and Time Phasing of Assistance
The CDFI Bond Guarantee Program is authorized through the end of fiscal year 2014. Guaranteed Bonds may have terms up to 30 years. See the following for information on how assistance is awarded/released: Procedures for Bond Loan disbursements are set forth in the CDFI Bond Guarantee Program regulations and the NOGA.
Post Assistance Requirements
Reporting is required of Qualified Issuers and Eligible CDFIs regarding the use of Bond and Bond Loan proceeds.
No cash reports are required.
Progress reports are required.
Expenditure reports may be required.
Performance monitoring is required.
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
Record keeping will be required.
(Guaranteed/Insured Loans) FY 12 $0; FY 13 est $500,000; and FY 14 est $500,000
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Program regulations (12 CFR 1808)
Regional or Local Office
Lisa M. Jones 1801 L Street, N.W., 6th Floor, Washington, District of Columbia 20036 Email: firstname.lastname@example.org Phone: 202-653-0323 Fax: 202-508-0034
Criteria for Selecting Proposals
The application review and evaluation process is merit-based and based on established standard operating procedures, which may include interviews and/or site visits.