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
The CDFI Fund awards grants to eligible organizations to provide financial education and counseling services to: (1) increase the financial knowledge and decision making capabilities of prospective homebuyers; (2) assist prospective homebuyers to develop monthly budgets, build personal savings, finance or plan for major purchases, reduce their debt, improve their financial stability, and set and reach their financial goals; (3) help prospective homebuyers to improve their credit scores by understanding the relationship between their credit histories and their credit scores; and (4) educate prospective homebuyers about the options available to build savings for short- and long-term goals.
Each awardee enters into an assistance agreement that specifies the terms and conditions related to expenditures (including eligible uses) of the grant funds, requires compliance with performance goals, and requires reporting on performance outcomes.
Applicants must be 1) certified in accordance with section 106(e)(1) of the Housing and Urban Development Act of 1968 (12 U.S.C.
1701x(e)); or 2) certified by the Office of Financial Education of the Department of the Treasury.
In addition, such organizations must be able to demonstrate that they meet minimum threshold requirements with respect to their experience and ability to provide financial education and counseling services which result in documented positive behavioral changes.
Low-income, moderate-income and low-wealth individuals who are prospective homebuyers.
An applicant must provide information necessary to establish that it is an eligible organization in order to apply for assistance. This information is included as part of the application materials. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Preapplication coordination is not applicable.
Environmental impact information is not 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. This program is excluded from coverage under OMB Circular No. A-110. Each applicant must complete an application package. The CDFI Fund provides the application package format.
The CDFI Fund reviews applications and makes awards based on an established awards set forth in the Notice of Funding Availability (NOFA) and application materials.
Contact the headquarters or regional office, as appropriate, for application deadlines.
Section 1132(c) of The Housing and Economic Recovery Act of 2008 Public Law 110-289.
Range of Approval/Disapproval Time
The NOFA, is published in the Federal Register, announces the deadlines for submission of applications. Application deadlines are from 30 to 60 days subsequent to the NOFA publication date. Award approval/disapproval determinations may be made within 180 days after the application deadline.
Formula and Matching Requirements
Statutory formulas are not applicable to this program.
Matching requirements are not applicable to this program.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Awardees must use all funds within three years. Method of awarding/releasing assistance: lump sum.
Post Assistance Requirements
Program Reports provide the explanation of noncompliance with a statement addressing the failure to achieve program goals.
No cash reports are required.
Progress Reports cover the following areas: Institutional Performance Reporting; Transactional Performance Reporting; and the utilization of the award funds for Financial and/or Technical assistance.
Expenditure Reports are included in the SF-425 - Expenditure of Financial Assistance Report.
Performance Monitoring is accomplished with the financial review of Audited Financial Statements; and the OMB Circular A-133 Single Audit findings.
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.
Award recipients must 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 applicable OMB guidance and the terms of the assistance agreement.
(Project Grants) FY 09 $0; FY 10 est $6,150,000; FY 11 est $0 - During FY 2010, the CDFI Fund anticipates making awards to five awardees, $400,000 each, including the FY 2009 appropriation; the CDFI Fund anticipates making awards up to five awardees, totaling $1,000,000 and one award of $3,150,000 to an organization in Hawaii, utilizing the FY 2010 appropriation.
Range and Average of Financial Assistance
During FY 2010, the CDFI Fund anticipates making awards to five awardees, $400,000 each, including the FY 2009 appropriation; the CDFI Fund anticipates making awards up to five awardees, totaling $1,000,000 and one award of $3,150,000 to an organization in Hawaii, utilizing the FY 2010 appropriation.
Regulations, Guidelines, and Literature
FEC Pilot Program NOFA; FEC Pilot Program Application. Website: www.cdfifund.gov.
Regional or Local Office
Jodie Harris, 601 Thirteenth Street, NW, Suite 200 South, Washington, District of Columbia 20005 Email: email@example.com Phone: (202) 622-4499 Fax: (202) 622-7754.
Criteria for Selecting Proposals
Applicants will be evaluated based upon: (1) the quality of their implementation strategy; (2) the proposed impacts, including potential for program replication; (3) the organizational capacity; (4) the strategy for the proposed uses of funds and (5) other factors set forth in the NOFA and application materials.
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