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.
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 fiscal year 2007, 51 awards were issued.
Uses and Use Restrictions
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.
An award is based upon a percentage of the increase 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 insured by the Federal Deposit Insurance Corporation may apply for an award under this program.
Profit Organization and Other Private Institution/Organization in the form of insured depository institutions.
Profit Organization and Other Private Institution/Organization in the form of an insured depository institutions.
An applicant must provide Federal Deposit Insurance Corporation certificate number.
Aplication and Award Process
This program is excluded from coverage under E.O.
12372 and OMB Circular No.
Each applicant must complete a Bank Enterprise Award Application package.
Applications are reviewed and grant awardees are selected by the Community Development Financial Institutions Fund.
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.
Public Law 103-325, 12 U.S.C. 1834a; 12 U.S.C. 4713.
Range of Approval/Disapproval Time
Generally, 6 months.
Formula and Matching Requirements
Length and Time Phasing of Assistance
Awards are issued on a percentage basis for selected and approved activity increases under this program.
Post Assistance Requirements
The schedule of reports is arranged during the pre-award negotiation stage.
Costs incurred for awards issued as part of this program are subject to audit in accordance with the award terms and conditions.
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.
(Grants) FY 07 $11,167,711; FY 08 est $20,000,000; and FY 09 est $20,000,000.
Range and Average of Financial Assistance
$6,000 to $500,000; $218,971.
Regulations, Guidelines, and Literature
12 CFR Part 1806, Revised Interim Rule, published in the February 4, 2003 issue of the Federal Register. Bank Enterprise Award Program Application Package.
Regional or Local Office
Program Office Contact: Ms. Ruth Jaure, Program Manager, Community Development Financial Institutions Fund, 601 13th Street, N.W., 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 Institutions Fund, 601 13th Street, N.W., Suite 200 South, Washington, DC, 20005. Telephone: (202) 622-8691, Fax: (202) 622-6453.
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.
The Social Enterprise Law Association (SELA), founded by Bea Hinton and Thea Sebastian, is a student-led organization at Harvard Law School designed to connecting the rift between the private and public sectors, while offering a space for students to transform their ideas into initiatives by applying their newfound legal skills to build meaningful careers.