[Federal Register: February 4, 2003 (Volume 68, Number 23)]
[Notices]
[Page 5727-5731]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04fe03-136]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability (NOFA) Inviting Applications for the
Bank Enterprise Award Program
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury.
ACTION: Notice of Funds Availability (NOFA) inviting applications for
the FY 2003 and 2004 funding rounds of the Bank Enterprise Award (BEA)
Program.
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SUMMARY: This NOFA is issued in connection with the Fiscal Year 2003
and 2004 funding rounds of the BEA Program. Through the BEA Program,
the Community Development Financial Institutions Fund (the Fund)
encourages insured depository institutions to increase their levels of
loans, investments, services, and technical assistance within
distressed communities and financial assistance to Community
Development Financial Institutions (CDFIs) through grants, stock
purchases, loans, deposits, and other forms of financial and technical
assistance.
Subject to funding availability, the Fund expects that it may award
approximately $17 million for FY 2003 awards, and approximately $8
million for FY 2004 awards, in appropriated funds under this BEA
Program combined FY 2003-2004 NOFA. The Fund reserves the right to
award in excess of said funds under this NOFA, provided that the
appropriated funds are available and the Fund deems it appropriate.
Under this NOFA, the Fund anticipates a maximum award amount of $1.5
million per applicant. However, the Fund, in its sole discretion,
reserves the right to award amounts in excess of the anticipated
maximum award amount if the Fund deems it appropriate. Further, the
Fund reserves the right to fund, in whole or in part, any, all, or none
of the applications submitted in response to this NOFA. The Fund
reserves the right to re-allocate funds from the amount that is
anticipated to be available under this NOFA to other Fund programs,
particularly if the Fund determines that the number of awards made
under this NOFA is fewer than projected.
The interim rule governing the BEA Program (12 CFR part 1806),
revised and published in this issue of the Federal Register, provides
guidance on evaluation criteria and other requirements of the BEA
Program. Detailed application content requirements are found in the
application related to this NOFA. The Preamble to the Fund's NOFAs,
published in this issue of the Federal Register also specifies other
program information, including eligibility requirements, for each of
the Fund's programs. The Fund encourages applicants to review the
revised interim rule and the Preamble to the NOFAs; in addition, all of
the application content requirements and the evaluation criteria set
forth in the revised interim rule are set forth in the application.
DATES: Following the publication of this NOFA, the Fund will make the
FY 2003-2004 BEA Program application materials available on its Web
site at http://www.cdfifund.gov. The Fund will send application
materials to applicants that are unable to download them from the Web
site. To have application materials sent to you, contact the Fund by
telephone at (202) 622-6350; by e-mail at cdfihelp@cdfi.treas.gov; or
by facsimile at (202) 622-7754. These are not toll free numbers.
BEA Program awards are based on increases in Qualified Activities
from a Baseline Period to an Assessment Period. For the FY 2003-2004
funding round, applicants may elect to apply for an award based on a 6-
month Baseline and Assessment Period or a 12-month Baseline and
Assessment Period. The deadline for receipt of all application
materials for the 6-month option is 5 p.m. ET on July 17, 2003. The
deadline for receipt of all application materials for the 12-month
option is 5 p.m. ET on February 25, 2004. Applicants may only submit an
application for either the 6-month option or the 12-month option, but
not both. Applications received after 5 p.m. ET on the applicable date
will be rejected and returned to the sender.
In order to expedite application review, applicants must submit a
specific section of the application, the Report of Transactions form,
electronically (via e-mail) per the instructions provided on the Fund's
website, by 5 p.m. ET on July 17, 2003 (for the 6-month option) or by 5
p.m. ET on February 25, 2004 (for the 12-month option). Reports of
Transactions that are submitted after said date and time will not be
accepted for consideration and will be returned to the sender. If an
applicant is unable to submit the Report of Transactions via e-mail, it
must notify the Fund by 5 p.m. ET April 30, 2003 (for the 6-month
option) or 5 p.m. ET on October 31, 2003 (for the 12-month option) to
make alternative arrangements. Applications sent by facsimile or e-mail
will not be accepted (except as provided above).
Any entity that is planning to participate in the BEA Program
either as an applicant or as a CDFI Partner, and that is seeking
certification as a CDFI (as described in 12 CFR 1805.200), is strongly
encouraged to submit the Application for Certification (the contents of
which are described in 12 CFR 1805.201(b)(1) through (6)), no later
than the following dates prior to the end of the applicable Assessment
Period: April 15, 2003 for the 6-month option and October 15, 2003 for
the 12-month option. If an entity fails to submit such application by
the applicable deadline, the Fund may not have sufficient time to
timely complete a certification review for the purpose of the current
funding round of the BEA Program. With respect to all requests for
certification, the Fund reserves the right to request clarifying or
technical information after reviewing certification materials submitted
as described in 12 CFR 1805.201(b)(1) through (6). If the entity
seeking certification does not respond to such requests in a timely
manner, the Fund may not have sufficient time to complete a
certification review for the purposes of the current funding round of
the BEA Program.
For the 6-month option, any CDFI whose certification is due to
expire between January 1, 2003 and June 30, 2003 must submit a re-
certification application by May 30, 2003 in order to continue to
qualify as a CDFI Partner. For the 12-month option, any CDFI whose
certification is due to expire between July 1, 2003 and December 31,
2003 must submit a re-certification application by November 28, 2003 in
order to continue to qualify as a CDFI Partner.
ADDRESSES: Applications in paper form must be sent to: CDFI Fund Awards
Manager, Bureau of Public Debt--Franchising, 200 Third Street, Room
211, Parkersburg, WV 26101. The telephone number to be used in
conjunction with overnight mailings to this address is (304) 480-5450.
Applications will not be accepted in the Fund's offices in Washington,
DC. Applications received in the Fund's offices will be rejected and
returned to the sender. Applicants must submit completed Reports of
Transactions either:
(i) online to bea@cdfi.treas.gov; or
(ii) in paper form to the address stated above, by the applicable
deadline.
FOR FURTHER INFORMATION CONTACT: If you have any questions about the
programmatic requirements for the BEA Program, or if you have questions
or problems with the e-mail submission of the Report of Transactions
form, contact
[[Page 5728]]
the Fund's Depository Institutions Manager. If you have questions
regarding administrative requirements, contact the Fund's Awards
Manager. The Depository Institutions Manager and the Awards Manager may
be reached by e-mail at cdfihelp@cdfi.treas.gov, by telephone at (202)
622-6355, by facsimile at (202) 622-7754, or by mail at CDFI Fund, 601
13th Street, NW., Suite 200 South, Washington, DC 20005. These are not
toll free numbers. Allow at least one to two weeks from the date the
Fund receives a request for receipt of the application. Applications
and other information regarding the Fund and its programs may be
downloaded and printed from the Fund's Web site at http://www.cdfifund.gov
.
SUPPLEMENTARY INFORMATION:
I. Eligibility
The legislation that authorizes the BEA Program specifies that
eligible applicants for the BEA Program must be Insured Depository
Institutions, as defined in 12 U.S.C. 1813(c)(2). An applicant must be
FDIC-insured by June 30, 2003 for the 6-month option and by December
31, 2003 for the 12-month option to be eligible for consideration for a
BEA Program award under this NOFA.
For the purposes of this NOFA, an eligible CDFI Partner is:
(a) a CDFI that is not an insured credit union, insured depository
institution, or depository institution holding company, and that has up
to $25 million in total assets as of its most recently completed fiscal
year;
(b) a CDFI that is an insured credit union that has up to $25
million in total assets for its most recently completed fiscal year;
(c) a CDFI that is an insured depository institution or depository
institution holding company and that has up to $500 million in total
assets for its most recently completed fiscal year, or
(d) a CDFI proposing a new level or type of activity in a CDFI
Program-qualified Hot Zone (for further information on the CDFI
Program's Hot Zones, please refer to the NOFA for the Financial
Assistance Component of the CDFI Program published in this issue of the
Federal Register, and the Fund's Web site at http://www.cdfifund.gov/programs/hotzones
.
For purposes of CDFI Support Activities, the CDFI Partner must
demonstrate that it is Integrally Involved in an eligible Distressed
Community. The revised interim rule (at 12 CFR Sec. 1806.103(gg))
provides the following definition of Integrally Involved: (a) For a
CDFI Partner, having provided at least five percent of financial
transactions or dollars transacted (e.g., loans or equity investments
as defined in 12 CFR 1805.104(s)), or five percent of Development
Service activities, in the Distressed Community identified by the
applicant or the CDFI Partner, as applicable, in each of the three
calendar years preceding the date of the applicable NOFA, or having
transacted at least ten percent of financial transactions (e.g., loans
or equity investments) in said Distressed Community in at least one of
the three calendar years preceding the date of the applicable NOFA, or
demonstrating that it has attained at least five percent of market
share for a particular product in said Distressed Community (such as at
least five percent of home mortgages originated in said Distressed
Community) in at least one of the three calendar years preceding the
date of the applicable NOFA; or (b) for a non-CDFI, having directed at
least five percent of its business activities (e.g., investments,
revenues, expenses, or other appropriate measures) to serving the
Distressed Community identified by the applicant in each of the three
calendar years preceding the date of the applicable NOFA, or having
provided at least ten percent of its business activities in said
Distressed Community in at least one of the three calendar years
preceding the date of the applicable NOFA.
II. Designation of Distressed Community
A Distressed Community, defined in the revised interim rule at 12
CFR Sec. 1806.103(t), and as more fully described in 12 CFR Sec.
1806.200, must meet the following minimum geographic, population,
poverty, and unemployment requirements:
(1) Geographic requirements. A Distressed Community must be a
geographic area:
(a) That is located within the boundaries of a Unit of General
Local Government;
(b) the boundaries of which are contiguous; and
(c) the population of which is at least 4,000 if any portion of the
area is located within a Metropolitan Area with a population of 50,000
or greater; or
(d) the population must be at least 1,000 if no portion of the area
is located within such a Metropolitan Area. If an area is located
entirely within an Indian Reservation, there is no minimum population
requirement.
(2) Economic Distress requirements. A Distressed Community must be
a geographic area where:
(a) at least 30 percent of the Residents have incomes that are less
than the national poverty level, as published by the U.S. Bureau of the
Census in the most recent decennial census; and
(b) the unemployment rate is at least 1.5 times greater than the
national average, as determined by the U.S. Bureau of Labor Statistics'
most recent data (including estimates of unemployment developed using
the U.S. Bureau of Labor Statistics' Census Share calculation method).
An applicant applying for a BEA Program Award for carrying out
Distressed Community Financing Activities, Services Activities, and
CDFI Support Activities shall designate one or more Distressed
Communities. Each CDFI Partner that is the recipient of CDFI Support
Activities from an applicant shall also designate a Distressed
Community. The CDFI Partner can identify a different Distressed
Community than the applicant. Applicants providing Equity Investments
to a CDFI, and CDFI Partners that receive Equity Investments, are not
required to designate Distressed Communities. Please note that the CDFI
Partner's designated Distressed Community must meet the requirements of
the BEA Program; a Distressed Community as defined by the BEA Program
is not the same as an Investment Area as defined by the CDFI Program or
a Low-Income Community, as defined by the NMTC Program.
An applicant or CDFI Partner (as appropriate) shall designate an
area as a Distressed Community by:
(a) Selecting geographic units which individually meet the minimum
area eligibility requirements; or
(b) selecting two or more geographic units which, in the aggregate,
meet the minimum area eligibility requirements set forth in paragraph
(1) of this section provided that no geographic unit selected by the
applicant within the area has a poverty rate of less than 20 percent.
An applicant engaging in Distressed Community Financing Activities or
Service Activities designates a Distressed Community by submitting:
(i) a List of Eligible Census Tracts; and
(ii) a Map of the Distressed Community.
An applicant that engaged in CDFI Support Activities only (or CDFI
Support Activities and CDFI Equity Investments) may designate the same
Distressed Community as any one of its CDFI Partners by signing and
submitting with its application, a certification (included in the
application materials) that it is designating the same Distressed
[[Page 5729]]
Community as its CDFI Partner. A CDFI Partner designates a Distressed
Community by submitting:
(a) a List of Eligible Census Tracts;
(b) a Map of the Distressed Community; and
(c) a narrative describing how the CDFI Partner is Integrally
Involved (see definition above, section I ``Eligibility'') in the
Distressed Community.
Applicants and CDFI Partners must use the Fund's online Help Desk
at http://www.cdfifundhelp.gov to designate Distressed Communities. The
online Help Desk contains step-by-step instructions on how to create
and print the aforementioned List of Eligible Census Tracts and Map of
the Distressed Community.
III. Baseline Period and Assessment Period Dates
In NOFAs for prior funding rounds, the Fund established the
Baseline Period and Assessment Period as the first 6-months of
corresponding years. For this NOFA only, applicants may elect to apply
for an award based on a 6-month Baseline and Assessment Period or a 12-
month Baseline and Assessment Period. The Fund believes that a 12-month
Baseline and Assessment Period will be more in keeping with the natural
business cycle of applicants. For purposes of this NOFA, applicants
electing the 6-month option will report on all Qualified Activities
carried out during the Baseline Period of January 1, 2002 to June 30,
2002 as well as those carried out during the Assessment Period of
January 1, 2003 to June 30, 2003. Applicants electing the 12-month
option will report on Qualified Activities carried out during the
Baseline Period of January 1, 2002 to December 31, 2002 as well as
those carried out during the Assessment Period of January 1, 2003 to
December 31, 2003. Applicants may apply to either the 6-month option or
the 12-month option, but not both.
IV. CDFI Related Activities
For purposes of determining the award amount attributed to deposits
in a CDFI that is an insured depository institution, the Fund will
count only the first $1,000,000 deposited by any applicant in said
CDFI. Furthermore, an applicant that is also a CDFI cannot receive
credit for any financial assistance or Qualified Activities provided to
a CDFI Partner that is also an FDIC-insured depository institution or
depository institution holding company.
Section 1806.103(q) of the revised interim rule states that any
certificate of deposit placed by an applicant in a CDFI that is bank,
thrift, or credit union must be:
(a) Uninsured and committed for at least three years; or
(b) Insured, committed for at least three years, and earn a rate of
interest that is determined by the Fund to be materially below market
rates. The Fund has interpreted a ``materially below market'' interest
rate to be an annual percentage rate that does not exceed 80 percent of
the rate on a U.S. Treasury bill of comparable maturity as of the date
the deposit is placed. For a three-year deposit, use the three-year
rate posted for U.S. Government securities, Treasury Constant Maturity
on the Federal Reserve Web site at http://www.federalreserve.gov/releases/H15/update
.
The rate on the website is updated daily at approximately 4 p.m.
ET. Certificates of deposit closed prior to that time may use the rate
posted for the previous day. The annual percentage rate on a
certificate of deposit should be compounded quarterly, semi-annually,
or annually. In addition, applicants should determine whether a
certificate of deposit is insured based on the total amount the
applicant has on deposit on the day the certificate of deposit is
placed. For example, if an applicant purchased a $100,000 certificate
of deposit from a CDFI in April, 2001 and purchases another $100,000
certificate of deposit from the same CDFI in May, 2003, then the second
certificate of deposit should be treated as uninsured for purposes of
calculating the annual percentage rate. The applicant must make note,
in its BEA Program Application, of whether the certificate of deposit
is insured or uninsured.
V. Commercial Real Estate Loans and Related Project Investments
For purposes of this NOFA, eligible Commercial Real Estate Loans
and related Project Investments (see revised interim rule at 12 CFR
Sec. 1806.103(l) and (ll)) are generally limited to transactions with
a total principal value of up to and including $1 million used to
finance ``community assets'' such as the purchase, construction, or
renovation of real estate where over 50 percent of the leasable (or
occupable) square footage is for the provision of one or more of the
following: health care facilities, charter schools, job training, day
care, elder care centers, homeless services, or retail facilities. The
Fund will calculate award amounts in accordance with Section VIII,
below. Not withstanding the foregoing, the Fund may in its discretion,
consider transactions with a principal value of over $1 million subject
to review and approval of a ``community benefit statement.'' The
application must demonstrate that the proposed project offers, or
significantly enhances the quality of, a facility or service not
currently provided to the Distressed Community. The application
contains additional information on fulfilling this requirement.
VI. Equity-Like Loans
In January 2001, the Fund issued policy guidance specifying its BEA
Program definition of Equity-Like Loans (i.e., loans with
characteristics of equity). On further review, the CDFI Fund realized
that the previously defined characteristics presented certain barriers
for CDFI Partners to the point where there was a disincentive to engage
in the activity. The Fund hopes that reducing the requirements for
Equity-Like Loans will make this product more accessible to CDFIs that
can only access the BEA Program through the Equity Investment
category--especially CDFIs located in rural areas. For purposes of this
NOFA, Equity-Like Loans (see revised interim rule at 12 CFR
1806.103(y)) must meet the following characteristics:
(1) At the end of the initial term, the loan must have a definite
rolling maturity date that is automatically extended on an annual basis
if the borrower continues to be financially sound and carrying out a
community development mission;
(2) Periodic payments of interest and/or principal may only be made
out of the CDFI borrower's available cash flow after satisfying all
other obligations;
(3) Failure to pay principal or interest (except at maturity) will
not automatically result in a default under the loan agreement; and
(4) The loan must be subordinated to all other debt except for
other Equity-Like Loans. Notwithstanding the foregoing, the Fund
reserves the right to determine, on a case-by-case basis, if an
instrument evidences an Equity-Like Loan.
As specified in the January 2001 guidance, the Fund requests that
applicants submit to the Fund for review, not later than 45 days prior
to the end of the applicable Assessment Period, all documents
evidencing loans that they wish to be considered as Equity-Like Loans.
The purpose for this request is to enhance the Fund's ability to
provide feedback to applicants as to whether a transaction meets the
Equity-Like Loan requirements prior to the end of the applicable
Assessment Period. The Fund will not redraft instruments or provide
language for applicants. However, the Fund may comment as to the
consistency of a proposed
[[Page 5730]]
instrument with the above-stated policy requirements. Such information
will allow applicants, if they so choose, to modify the instruments to
conform to the program requirements prior to the end of the Assessment
Period. This process is intended to prevent circumstances in which an
applicant executes loan documents without review by the Fund only to
learn after the close of the Assessment Period that the transaction is
ineligible for purposes of a Bank Enterprise Award. The Fund cannot
guarantee timely feedback to applicants that submit the aforementioned
documentation less than 45 days prior to the end of the applicable
Assessment Period.
VII. Reporting Financial Services Activities
In an effort to simplify the reporting requirements and reduce
paperwork burden, the Fund is providing a new method for reporting
Financial Services activities. The Fund will value the administrative
cost of providing certain Financial Services at specified per unit
values. The per unit values of specific types of Financial Services are
as follows:
(a) $25.00 per account for non-ETA, non-IDA and non-First Account
savings accounts;
(b) $40.00 per account for checking accounts;
(c) $5.00 per check cashing transaction times the total number of
check cashing transactions;
(d) $25,000 per new ATM installed at a location in a Distressed
Community;
(e) $2,500 per ATM operated at a location in a Distressed
Community;
(f) $250,000 per new retail bank branch office opened in a
Distressed Community; and
(g) in the case of applicants engaging in Financial Services
activities not described above, the Fund will determine the account or
unit value of such services. In the case of opening a new retail bank
branch office, the applicant must certify that it has not operated a
retail branch in the same census tract in which the new retail branch
office is being opened in the past three years, and that such new
branch will remain in operation for at least the next five years.
An applicant may derive the total percentage of Low- and Moderate-
Income individuals who are recipients of Financial Services by either:
(a) Collecting income data on its Financial Services customers;
(b) certifying that the applicant reasonably believes that such
customers are Low- and Moderate-Income individuals and providing a
brief analytical narrative with information describing how the
applicant made this determination; or
(c) using the Fund's methodology described below.
The Fund has developed a methodology for estimating the number of
Low- and Moderate-Income Financial Services customers rather than
requiring applicants to collect data on the actual income levels of its
Financial Services customers. For both the Baseline Period and the
Assessment Period, the value of Financial Services shall be derived
based on the total number of new accounts, transactions or other
eligible services multiplied by a per unit value of such services. This
number shall be multiplied by the total percentage of Low- and
Moderate-Income individuals who are residents of the census tracts
where the Financial Services were provided (e.g., bank branch, ATM
location). Such census tracts must be part of a Distressed Community.
The Help Desk includes a component that will provide the needed census
tract data.
VIII. Cap on Qualified Activity Amount
In calculating award amounts, the Fund will count only the amount
an applicant reasonably expects to disburse on a transaction within 12
months from the end of the Assessment Period. Subject to the exception
outlined in Section V, above, in no event shall the value of a
Qualified Activity for purposes of determining a Bank Enterprise Award
exceed $1 million in the case of Commercial Real Estate Loans or any
CDFI Related Activities (i.e., the total principal amount of the
transaction must be $1 million, or less to be considered a Qualified
Activity).
IX. Priority Factors
For the purposes of this NOFA, Qualified Activities shall have the
following Priority Factors:
------------------------------------------------------------------------
Priority
Qualified activities factor
------------------------------------------------------------------------
Personal Wealth Building, which includes:.................... 3.0
Affordable Housing Loans; Home Improvement Loans; Small
Business Loans and related Project Investments; Education
Loans; and Targeted Financial Services, IDAs
Community Wealth Building, which includes:................... 2.0
Affordable Housing Development Loans and related Project
Investments; and Select Commercial Real Estate Loans and
related Project Investments
------------------------------------------------------------------------
X. Award Percentages, Award Amounts, Selection Process
The revised interim rule published in this issue of the Federal
Register describes the process for selecting applicants to receive
assistance and for determining award amounts. A multiple step procedure
is outlined in the regulations that will be used to calculate the
estimated award amounts. The Fund will calculate Actual Award Amounts
based on increases in Qualified Activities (called the ``Score'') that
occur during a 6-month or a 12-month Assessment Period in excess of
activities that occurred during a 6-month or a 12-month Baseline
Period. In calculating said award amounts, the Fund will count only the
amount an applicant reasonably expects to disburse on a transaction
within 12 months from the end of the Assessment Period, subject to
applicable caps on Qualified Activity amounts set forth in this NOFA.
In the CDFI Related Activities category (except for Equity
Investments in CDFIs), if an applicant is a CDFI, such estimated award
amount will be equal to 18 percent of the total score calculated in the
multiple step procedure. If an applicant is not a CDFI, such estimated
award amount will be equal to 6 percent of the total score calculated
in the multiple step procedure. Notwithstanding the foregoing, the
award percentage applicable to an Equity Investment in a CDFI shall be
15 percent if the applicant is a CDFI, and 5 percent if the applicant
is not a CDFI. For the Distressed Community Financing Activities and
Service Activities categories, if an applicant is a CDFI, such
estimated award amount will be equal to 9 percent of the total score
calculated in the multiple step procedure. If an applicant is not a
CDFI, such estimated award amount will be equal to 3 percent of the
total score calculated in the multiple step procedure.
If the amount of funds available during the funding round is
insufficient for all estimated award amounts, awardees will be selected
based on the process described in the revised interim rule at 12 CFR
1806.203. This process gives priority to applicants in the following
order:
[[Page 5731]]
(a) CDFI Related Activities;
(b) Distressed Community Financing Activities, and
(c) Service Activities.
Within each category, applicants will be ranked according to the
ratio of the Actual Award Amount calculated by the Fund for the
category to the total assets of the applicant. Within the Distressed
Community Financing category as well as the Service Activities
category, Applicants that are certified CDFIs will be ranked first, and
then applicants that have carried out such Distressed Community
Financing and Service Activities in a Distressed Community that
encompasses an Indian Reservation.
The Fund, in its sole discretion:
(a) May adjust the Estimated Award Amount that an applicant may
receive;
(b) may establish a maximum amount that may be awarded to an
applicant; and
(c) reserves the right to limit the amount of an award to any
applicant if the Fund deems it appropriate.
For purposes of calculating award disbursement amounts, the Fund
will treat Qualified Activities with a total principal amount of less
than $250,000 as fully disbursed. Awardees will have 12 months from the
end of the Assessment Period to disburse on Qualified Activities and 18
months to request the corresponding portion of their awards.
XI. Award Decision Appeal Process
Each applicant will be informed of the Fund's award decision either
through a Notice of Award if selected for an award, or a declination
letter, if not selected for an award, which may be for reasons of
application incompleteness, ineligibility or substantive issues. Any
applicant that is not selected for an award due to application
incompleteness or ineligibility, and that believes that such decision
was made in error, may appeal said decision by notifying the Fund's
Awards Manager in writing or by e-mail (at cdfihelp@cdfi.treas.gov,
Attention: Awards Manager); such appeals must be received by the Fund
within five business days of the date of the declination letter. Such
appeal requests will be reviewed by the Fund's Deputy Director for
Management and the Deputy Director for Policy and Programs, as
appropriate, whose decision will be final. All Applicants that are not
selected for awards based on substantive issues, will be given the
opportunity to request feedback on the strengths and weaknesses of
their applications. This feedback will be provided in a format and
within a timeframe to be determined by the Fund, based on available
resources.
The Fund reserves the right to change these evaluation procedures,
if the Fund deems it appropriate; if said procedural changes materially
affect the Fund's award decisions, the Fund will provide information
regarding the procedural changes through the Fund's Web site.
XII. Information Sessions
In connection with the Fiscal Year 2003 funding rounds of its
programs, the Fund may conduct Information Sessions to disseminate
information to organizations contemplating applying to, and other
organizations interested in learning about, the Technical Assistance
and Financial Assistance Components of the CDFI Program, the Native
American CDFI Development Program, and the BEA Program. For further
information on the Fund's Information Sessions, dates and locations, or
to register online to attend an Information Session, please visit the
Fund's Web site at http://www.cdfifund.gov or call the Fund at (202)
622-8401.
Catalog of Federal Domestic Assistance: 21.021.
Authority: 12 U.S.C. 1834a, 4703, 4703 note, 4713; 12 CFR part
1806.
Dated: January 27, 2003.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 03-2337 Filed 2-3-03; 8:45 am]
BILLING CODE 4810-70-P