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.
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.
For FY 2007, 69 awards were made for the FA and TA CDFI program.
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.
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.
Private nonprofit institutions/organizations, other private institutions/organizations, profit organizations. Awards to eligible applicants under this program provide financial and /or technical assistance 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.
An applicant shall provide information necessary to establish that it is, or will be, a Community Development Financial Institution.
Aplication and Award Process
This program is excluded from coverage under E.O.
12372 and OMB Circular No.
Each applicant must complete a Community Development Financial Institutions application package which includes the submission of a Comprehensive Business Plan.
Applications are reviewed and awardees are selected by the Community Development Financial Institutions Fund.
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.
Public Law 103-325, 12 U.S.C. 4701 et. seq.
Range of Approval/Disapproval Time
Generally, approximately 6 months from submission of application.
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 3 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
The type and schedule of reports is specified in the Notice of Funding Availability and in the agreement governing the award.
See the Notice of Funding Availability.
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.
(Grants) FY 07 $27,386,573; FY 08 est $55,250,000; and FY 09 est $55,250,000.
Range and Average of Financial Assistance
(FY 2007 data) $45,045 to $960,000; $396,906.
Regulations, Guidelines, and Literature
12 CFR Part 1805, Notice of Funding Availability. Community Development Financial Institutions Program Application. Website: www.cdfifund.gov.
Regional or Local Office
Program Office Contact: Ms. Ruth Jaure, Program Manager, Community Development Financial Institution Fund, 601 13th Street, NW., Suite 200 South, Washington, DC 20005. Telephone: (202) 622-9156, Fax: (202) 622-7754. Awards Office Contact: Ms. Ayisa Crowe, Awards Manager, Community Development Financial Institution Fund, 601 13th Street, NW., Suite 200 South, Washington, DC 20005. Telephone: (202) 622-8691, Fax (202) 622-6453.
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.