Healthy Food Financing Initiative Fact Sheet (English / CDFIs and emerging CDFIs . Program Regulations: The regulations governing the CDFI Program are found at 12 CFR parts 1805 and 1815 (the Regulations), and are used by the CDFI Fund to govern, in general, the NACA Program, setting forth evaluation criteria and other program requirements. Immediate public guidance from Treasury is needed to make it clear to lenders that 501(c)3 nonprofit loan funds are eligible to borrow under the PPP. An Investment Area will be deemed to have significant unmet needs for loans or Equity Investments if a narrative analysis provided by the entity demonstrates a pattern of unmet needs for Financial Products or Financial Services within such area. An important component of the CDFI Fund's authority is the certification of entities as Community Development Financial Institutions (CDFIs), which permits such entities to have access to financial assistance through the Community Development Financial Institutions Program (CDFI Program) and other CDFI Fund programs, including the CDFI Bond Guarantee Program. (4) Development Services. 1391). (c) Records and Review. The revised Interim Rule includes revisions necessary to implement the Uniform Administrative Requirements, Cost Principles, … The Uniform Requirements combine grant-related Office of Management and Budget guidance circulars — reducing the administrative burden for award recipients and reducing the risk of waste, fraud, and abuse of Federal financial assistance — and establish financial, administrative, procurement, and program management standards for Federal award-making agencies, including the CDFI … The CDFI Program offers both CDFI Fund Submission for OMB Review: Institution-Level Report; Transaction-Level Report; IRS Compliance Questions March 12, 2004. Targeted Population shall mean individuals, or an identifiable group of individuals, who are Low-Income persons or lack adequate access to Financial Products or Financial Services in the entity's Target Market. CDFI Certification Process Gives Credit Unions Unfair Free Pass: ABA The ABA calls into question "credit unions that are committed to the development of … (A) General. CDFI Fund Issues Revised CDFI Program Regulations CDFI Fund Opens FY 2015 Funding Round for CDFI Program and NACA Program CDFI Fund Releases Two Independent Reports on the CDFI Program CDFI Fund Seeks Public Comment on the CDFI Program and NACA Program Application FY 2015 CDFI Program and NACA Program Application Frequently Asked Questions Important Update for FY 2015 CDFI Program … (ii) For the sole purpose of participating as an Eligible CDFI in the CDFI Bond Guarantee Program (see 12 CFR1808), an Affiliate of a Controlling CDFI may be deemed to meet the financing entity requirement of this section by relying on the CDFI Fund's determination that the Controlling CDFI has met said requirement; provided, however, that the CDFI Fund reserves the right, in its sole discretion, to set additional parameters and restrictions on such, which parameters and restrictions shall be set forth in the applicable Notice of Guarantee Availability for a CDFI Bond Guarantee Program application round. An entity may serve the members of a Targeted Population directly or indirectly or through borrowers or investees that directly serve such members. August 31, 2015. Footnote 2. The CDFI Fund intends to consider the feedback received through this RFI as it develops the SDLP, including program criteria, award characteristics, application requirements, evaluation criteria, compliance and reporting, and other areas of input. FA awards are made in the form of equity investments, loans, deposits, or grants, and the CDFI is required to match its FA award Subject to the remainder of this paragraph (B), an Investment Area shall consist of a geographic unit that is a county (or equivalent area), minor civil division that is a unit of local government, incorporated place, census tract, or Indian Reservation. Both Financial and Technical Assistance awards empower CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of the communities they serve. Technical Assistance awards to CDFIs. The CDFI Fund and the legal concept of CDFIs were established by the Riegle Community Development and Regulatory Improvement Act of 1994. BACKGROUND AND PURPOSE . This regulatory action conforms to the financial reporting requirements for non-profit awardees to the statutory provisions governing the CDFI Program. Technical Assistance grants are offered to CDFIs and Certifiable CDFIs (see eligibility below) to build their organizational capacity. The purpose of software vendor testing is to establish that AMIS can receive and process the transaction level report (TLR) submitted by a vendor's application software package. In determining whether an entity has such a primary mission, the CDFI Fund will consider whether the activities of the entity are purposefully directed toward improving the social and/or economic conditions of underserved people (which may include Low-Income persons or persons who lack adequate access to capital and/or Financial Services) and/or residents of economically distressed communities (which may include Investment Areas). to the CDFI Fund. (2) Demonstrate compliance with the requirements of this part and the Bond Documents; (3) Evaluate the impact of the CDFI Bond Guarantee Program; (4) Ensure the Qualified Issuer meets the performance standards over the life of the facilities; and (5) Accomplish such other purposes that the CDFI Fund may deem appropriate. (Authorizing Statute). All businesses must apply through an eligible CDFI and meet the program requirements which, at a minimum, include: Be physically located, certified to do business, and generate at least 51% of their revenues in Pennsylvania; Have annual revenue of $1 million or less prior to the impact of COVID-19 For more detailed information, please refer to the Notice of Funds Availability (NOFA) and visit the A CDFI shall not be an agency or instrumentality of the United States, or any State or political subdivision thereof. The regulations governing the NACA Program are found at 12 CFR A CDFI must serve a Target Market by virtue of serving one or more Investment Areas and/or Targeted Populations. them in the NMTC Program Allocation Application, Internal Revenue Code (IRC) § 45D or the IRS NMTC regulations. Financial Assistance and The letter states: "The CDFI Fund also understands that the emergency nature of loans provided under the PPP may have It looks like your browser does not have JavaScript enabled. CDFI Bond Guarantee Program Secondary Loan Requirements. (2) A group of contiguous geographic units that together meet one of the criteria in paragraph (b)(3)(ii)(D) of this section, provided that the combined population residing within individual geographic units not meeting any such criteria does not exceed 15 percent of the total population of the entire Investment Area. DEQ’s risk management and creditworthiness measures protect the perpetuity of the CWSRF loan program by ensuring the CDFI’s ability to repay DEQ. (B) Serving Targeted Populations. Other SBA Options . FA awards are made in the form of equity investments, loans, deposits, or grants, and the CDFI is required to match its FA award This requirement enables CDFIs to multiply the impact of federal investment to meet the demand for affordable financial products in economically distressed communities. concept for the Capital Magnet Fund Program was based on the CDFI Program and regulations should closely follow the guidance of this program where ever possible. An entity may demonstrate that it meets this requirement if it is a(n): (A) Depository Institution Holding Company; (B) Insured Depository Institution, Insured Credit Union, or State-Insured Credit Union; or. (a) General. Healthy Food Financing Initiative - Financial Assistance awards are also offered for CDFIs that are interested in expanding their healthy food financing activities. An entity applying for CDFI certification must demonstrate that it meets this requirement. Immediate public guidance from Treasury is needed to make it clear to lenders that 501(c)3 nonprofit loan funds are eligible to borrow under the PPP. Credit unions will learn how to complete and submit a Participation Form during one of the program intake periods. § 1805.201 Certification as a Community Development Financial Institution. Vendor Testing Opportunities: The CDFI Fund welcomes CDFIs, CDEs, and software developers to test their software against AMIS requirements. The CDFI Fund will review a CDFI's certification status from time to time, as deemed appropriate by the CDFI Fund, to ensure that it meets the certification requirements of this section, as well as review its organizational capacity, lending activity, community impacts, and such other information that the CDFI Fund deems appropriate. Español) and our L. 103– 325, 12 U.S.C. The regulatory change requires CDFI Program awardees that are non-profit organizations to provide audited financial statements within 180 days after the end of the awardee’s fiscal year end. A person actually or potentially affected by the Community Development Financial Institutions (CDFI) Program, the Bank Enterprise Award (BEA) Program, and/or the New Markets Tax Credit (NMTC) Program may request a legal interpretation of provisions of statutes, regulations, guidances, agreements, or other documents related to said program (s) by writing to the Office of Legal Counsel, CDFI Fund, U.S. The purpose of the CDFI Bond Guarantee Program is to support CDFI lending by providing Guarantees for Bonds issued for Eligible Community or Economic Development Purposes, as … U.S. Department of the Treasury Community Development Financial Institutions Fund, Building Native CDFIs’ Sustainability and Impact II, Access for All: Expanding CDFI Impact in the Disability Community, Download CDFI Program Fact Sheet (English) ›, Download CDFI Program Fact Sheet (Español) ›, CDFI Certification Application Process page. Borrowers Borrowers of CDFI banks include individuals, businesses of all sizes, nonprofit community organizations, and real estate developers. 4701 et seq.) However, geographic units in Metropolitan Areas that are used to comprise an Investment Area shall be limited to census tracts, and Indian Reservations. The CDFI Fund mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. 3. and products in distressed communities, and technical assistance for . (Authorizing Statute). Community Development Financial Institutions Fund CDFIs and emerging CDFIs . (i) General. Español). The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. TRAINING RESOURCES The CDFI Fund launched the Capacity Building Initiative (CBI) in 2014 to expand technical assistance and training opportunities for CDFIs. The Community Development Financial Institutions (CDFI) Fund today announced an update to the certification requirements for applicants of a CDFI program or Native American CDFI Assistance (NACA) program financial assistance award.Beginning with the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the … FY 2017 CDFI Program: Technical Assistance . CDFIs that are selected to receive a Financial Assistance award may also receive a Healthy Food Financing Initiative award to expand their healthy food financing activities. The CDFI Fund, in its sole discretion, shall determine whether an entity has satisfied the requirements of this paragraph. Link to CDFI Certification Requirements. CDFI loan funds may also take a subordinate position when lending in partnership with traditional banks. Each Qualified Issuer Application will be evaluated by the CDFI Fund and, if acceptable, the applicant will be designated as a Qualified Issuer, at the sole discretion of the CDFI Fund. (A) General. General Information: (202) 622-2000 Fax: (202) 622-6415 Hours: Mon-Fri 8:00am - 5:00pm Electronic Code of Federal Regulations (e-CFR), CHAPTER XVIII - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY, PART 1805 - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM. The CDFI Fund, in its sole discretion, shall have the right to decertify a certified entity after a determination that the eligibility requirements of paragraph (b) of this section or § 1805.200(b) are no longer met. Please turn on JavaScript and try again. Through the CDFI Program, the CDFI Fund uses Federal … E:\FR\FM\18FEN1.SGM 18FEN1 8343 Federal Register / Vol. underwriting Secondary Borrowers must also be consistent with the CDFI Bond Gua rantee Program’s interim regulations: 1. 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