[Federal Register: December 4, 2003 (Volume 68, Number 233)]
[Notices]
[Page 67908-67913]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr04de03-68]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability (NOFA) Inviting Applications for the
Native American CDFI Assistance Program
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury.
ACTION: Notice of funds availability (``NOFA'') inviting applications
for the Native American CDFI Assistance (``NACA'') Program.
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SUMMARY: This NOFA is issued in connection with two annual funding
rounds of the NACA Program, one using FY 2003 and FY 2004 appropriated
funds (``Round One'') and one using FY 2004 and FY 2005 appropriated
funds (``Round Two''), if appropriated funds are available. Through the
NACA Program and subject to appropriation of funding for the purposes
enumerated in this NOFA, the Community Development Financial
Institutions Fund (the ``Fund'') will provide Financial Assistance
(``FA'') awards and/or Technical Assistance (``TA'') grants to
community development financial institutions (``CDFIs'') that primarily
serve Native American, Alaska Native and/or Native Hawaiian communities
(hereafter referred to as ``Native American CDFIs,'' serving ``Native
American Communities''). The NACA Program will also provide TA grants
to entities proposing to become Native American CDFIs within a
specified time frame and ``Sponsoring Entities'' (e.g., Native American
organizations, Tribes and Tribal organizations that propose to create
entities that will become Native American CDFIs).
The Fund expects to award approximately $5 million for Round One
awards, and approximately $3 million for Round Two awards. Interested
parties should be aware that electing to defer the submission of a NACA
Program application in Round Two, rather than in Round One, entails
some risk since Round Two funds have not yet been appropriated. If
neither FY 2004 funds nor FY 2005 funds are appropriated for the
purposes set forth in this NOFA, there will not be a Round Two. The
Fund reserves the right to award in excess of said amounts under this
NOFA provided that appropriated funds are available and the Fund deems
it appropriate. The Fund reserves the right to re-allocate funds from
the amounts that are anticipated to be available under this NOFA to
other Native American programs administered by the Fund, particularly
if the Fund determines that the number of awards made under this NOFA
is fewer than projected.
Under this NOFA, an applicant may apply for a FA award, a TA grant,
or a combination of the two (within certain limits, described below).
The Fund expects that it will award up to $150,000 per awardee
receiving only TA and up to $500,000 per awardee receiving only FA or a
combination of FA and TA. 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; or to provide a TA grant for
uses other than, or in an amount greater or less than that which is
requested by an applicant, including to applicants requesting only FA.
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.
A certified Native American CDFI may apply for FA through either
the FA Component or the NACA Program. While an applicant may receive
only one FA award through either the FA Component or the NACA Program,
an applicant, its subsidiaries or affiliates may apply for and receive:
(a) A tax credit allocation through the NMTC Program; (b) a TA award
through the CDFI Program; (c) an award through the Bank Enterprise
Award Program (subject to certain limitations); and/or (d) an award
through the NACD Program. Terms not defined in this NOFA are as defined
in the interim regulations for the CDFI Program, found at 12 CFR part
1805.
DATES: The Fund will make available the Round One NACA Program funding
application on its website at http://www.cdfifund.gov in early January,
2004. At that time, interested parties may download the application
form from the Fund's website or request application packages by
contacting the Fund, as described below.
Round One applicants may submit applications after February 1,
2004. Round One applications must be received in the specific Bureau of
the Public Debt (BPD) office designated below not later than 5:00 p.m.
ET on March 15, 2004.
Subject to the availability of appropriated funds, Round Two
applicants may submit applications after December 1, 2004. Round Two
applications must be received in the BPD office designated below not
later than 5:00 p.m. ET on February 1, 2005.
Late applications received in the specific BPD office designated
below will be rejected and returned to the sender.
Applications sent by facsimile or e-mail will not be accepted;
however, an electronic application may be made available for this NOFA
at a later date. If so, its availability and related guidance will be
announced on the Fund's website (http://www.cdfifund.gov).
Applicants must submit one original and two (2) copies of their
complete application. Applicants seeking CDFI certification with the
funding application must submit one additional original and one
additional copy of Section III (the CDFI certification section) of the
application. Each copy should be placed in a three-ring binder, without
staples or other forms of binding and each section should be separated
by tabs. Each original should not be placed in a binder nor include
tabs. To facilitate processing, please clearly identify originals and
copies of applications as ``Funding'' and ``Certification''
applications.
ADDRESSES: Applications must be sent to: CDFI Fund Grants Management
and Compliance Manager, Bureau of Public
[[Page 67909]]
Debt, 200 Third Street, Room 210, 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 at the
Fund's offices in Washington, DC. Applications received in the Fund's
offices will be rejected and returned to the sender.
FOR FURTHER INFORMATION CONTACT: If you wish to request an application
package or if you have any questions about the programmatic
requirements for this program, please contact the Fund by e-mail at cdfihelp@cdfi.treas.gov; by telephone at (202) 622-6355; by facsimile
at (202) 622-7754; or by mail to CDFI Fund, 601 13th Street, NW., Suite
200 South, Washington, DC 20005.
If you have questions regarding application submission procedures,
contact the Fund's Grants Management and Compliance Manager by e-mail at gmc@cdfi.treas.gov; by telephone at (202) 622-8662; by facsimile at
(202) 622-6453; or by mail to 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 package. Applications and other information regarding the
Fund and its programs may be downloaded from the Fund's website at
http://www.cdfifund.gov.
SUPPLEMENTARY INFORMATION:
I. Eligibility
At the time an entity submits its application under this NOFA, it
must be a duly organized and validly existing legal entity under the
laws of the jurisdiction, including tribal jurisdiction, as applicable,
in which it is incorporated or otherwise established. The following
sets forth additional details and certain additional dates that relate
to the submission of applications under this NOFA:
Eligible Applicants; CDFI Certification: Eligible applicants for
the NACA Program consist of three types of entities:
Type 1: Certified and Certifiable Native American CDFIs
Certified Native American CDFIs: Native American CDFIs: Any
certified CDFI that primarily serves a Native American Community and
whose CDFI certification expires after July 31, 2004 (for Round One
applicants) or after July 31, 2005 (for Round Two applicants); or
Certifiable Native American CDFIs: Any entity that primarily serves
a Native American Community and that submits a complete CDFI
certification application, received by the Fund prior to or
simultaneous with its NACA funding application, demonstrating, in the
judgment of the Fund, that it is certifiable as a CDFI by the date of
award.
Any Type 1 applicant whose CDFI certification will expire before
July 31, 2004 (for Round One applicants) or before July 31, 2005 (for
Round Two applicants) or that is not yet certified as of the date of
submission of a NACA Program application must deliver a CDFI
certification application (obtained through the Fund's website at
http://www.cdfifund.gov) in advance of the funding application due date for
the NACA Program round to which the applicant is applying, or the
applicant must deliver a CDFI certification application as part of the
NACA Program application.
Type 2: Emerging Native American CDFIs
Any entity that primarily serves a Native American Community and
demonstrates in its NACA Program application, in the judgment of the
Fund, that it is certifiable as a CDFI by the following dates: a Round
One applicant must deliver a complete CDFI certification application by
October 1, 2006, evidencing that the applicant can be certified as a
CDFI, and must be certified as a CDFI by December 31, 2006; a Round Two
applicant must deliver a complete certification application by October
1, 2007, evidencing that the applicant can be certified as a CDFI, and
must be certified as a CDFI by December 31, 2007.
Type 3: Sponsoring Entities
Any entity that proposes to create a separate legal entity that
will become a Native American CDFI and demonstrates in its NACA Program
application, in the judgment of the Fund, that it is certifiable as a
CDFI by the following dates: a Round One applicant must deliver a
complete CDFI certification application by October 1, 2007, evidencing
that the applicant can be certified as a CDFI, and must be certified as
a CDFI by December 31, 2007; a Round Two applicant must deliver a
complete certification application by October 1, 2008, evidencing that
the applicant can be certified as a CDFI, and must be certified as a
CDFI by December 31, 2008. For purposes of this NOFA, Sponsoring
Entities include: (a) Tribes, tribal entities, Alaska Native Villages,
Village Corporations, Regional Corporations, Non-Profit Regional
Corporations/Associations, or Inter-Tribal or Inter-Village
organizations; (b) organizations whose primary mission is to serve a
Native American Community including but not limited to: Urban Indian
Centers, Tribally-Controlled Community Colleges, community development
corporations (CDCs), training or educational organizations, or Chambers
of Commerce, that serve primarily a Native American Community.
Prior Awardees: Applicants must be aware that success in a prior
round of the CDFI Program, including the NACTA and NATA Components, or
the NACD Program is not indicative of success under this NOFA. Prior
awardees are eligible to apply under this NOFA, except as follows:
The Fund is generally prohibited from obligating more than $5
million in assistance, in the aggregate, to any one organization and
its Subsidiaries and Affiliates during any three-year period (further
guidance on the calculation of the $5 million cap is available on the
Fund's website at http://www.cdfifund.gov);
The Fund will not consider an application submitted by an applicant
that is a prior Fund awardee under any Fund program or component of the
CDFI Program if the applicant has been barred from applying to the Fund
through the applicable funding round, has outstanding reports due to
the Fund as of the due date of the application, or is considered to be
in default of its assistance agreement. Awardees whose assistance
agreements terminate in default status will only be considered to be in
default of their assistance agreements for one year from the date the
final compliance status is determined; and
The Fund reserves the right to reject an application without
consideration that has been submitted by an applicant that is a prior
Fund awardee under any Fund program or component of the CDFI Program
that has a balance of $5,000 or more in undisbursed funds, under said
previous award, as of the applicable application deadline of this NOFA.
Accordingly, applicants that are prior Fund awardees are advised
to: (a) submit all required reports by the deadlines specified in the
assistance or award agreements governing said prior awards and to
comply with all requirements found therein, and (b) contact the Grants
Management and Compliance Manager to ensure that actions are underway
for the disbursement of any outstanding balance of $5,000 or more for
said prior award. All outstanding reports or compliance questions
should be
[[Page 67910]]
directed to the Grants Management and Compliance Manager by e-mail at gmc@cdfi.treas.gov; by telephone at (202) 622-8662; by facsimile at
(202) 622-6453; or by mail to CDFI Fund, 601 13th Street, NW., Suite
200 South, Washington, DC 20005.
Designation of Targeted Population: For purposes of this NOFA, the
Fund will use the following definitions for Native American, set forth
in the Office of Management and Budget (OMB) Notice, Revisions to the
Standards for the Classification of Federal Data on Race and Ethnicity
(October 30, 1997): (a) American Indian, Native American or Alaska
Native: a person having origins in any of the original peoples of North
and South America (including Central America) and who maintains tribal
affiliation or community attachment; and (b) Native Hawaiian: a person
having origins in any of the original peoples of Hawaii.
II. Types of Assistance
Through this NACA Program NOFA, the Fund offers two types of
awards: FA and TA. A Type 1 (Certified and Certifiable Native American
CDFIs) applicant may submit an application under this NOFA for an FA
and/or a TA award. A Type 2 (Emerging Native American CDFIs) or a Type
3 (Sponsoring Entities) applicant may submit an application for a TA
grant only. In no event will the Fund disburse FA to an awardee until
the awardee is certified as a CDFI.
Financial Assistance: FA may be provided by the Fund in the form of
an equity investment (including, in the case of certain insured credit
unions, secondary capital accounts), a grant, loan, deposit, credit
union shares, or any combination thereof. The Fund reserves the right,
in its sole discretion, to provide FA in an amount, form and/or for
uses other than that which is requested by an applicant.
Technical Assistance: A TA award is provided in the form of a grant
for the purpose of enhancing the capacity of the entity to serve its
target market. The Fund reserves the right, in its sole discretion, to
provide TA in an amount and/or for uses other than that which is
requested by an applicant. Eligible TA grant uses are limited to the
following:
Grants to Purchase Technology and/or Services, which will enhance
the capacity of the Native American CDFI or proposed Native American
CDFI to serve its target market, including the following: (a) Acquiring
consulting services; (b) paying staff salary for the limited purposes
of completing tasks and/or fulfilling functions that are otherwise
eligible TA uses under this NOFA; (c) acquiring/enhancing technology
items; and (d) acquiring training for staff, management, or board
members. Grants to purchase technology and/or services are capped at
$50,000 per application. The Fund will not consider requests for grants
to purchase technology and/or services under this NOFA for expenses
that, in the determination of the Fund, are deemed to be ongoing
operating expenses rather than non-recurring expenses (other than as
provided below). The Fund will consider requests for TA to pay staff
salary, other than as provided below for Operating Grants, only when
the applicant demonstrates and represents to the satisfaction of the
Fund that: (i) The staff salary relates directly to building the
applicant's capacity to serve its target market; or (ii) the proposed
staff time to be paid for by the TA grant will be used for a non-
recurring activity that will build the applicant's capacity to achieve
its objectives as set forth in its Application; (iii) the proposed
capacity-building activity would otherwise be contracted to a
consultant or not be undertaken; and (iv) the staff person assigned to
the proposed task has the competence to successfully complete the
activity.
Grants to Cover Operating Expenses, to cover recurring expenses
including staff salary, rent, utilities and other key operating
expenses, that will enhance the capacity of the entity to serve its
target market. Grants to cover operating expenses are capped at
$100,000 per application. An applicant applying for a grant to cover
operating expenses, including staff salary, may not also request TA for
staff salary (described above). Type 1 (Certified and Certifiable
Native American CDFIs) and Type 2 (Emerging Native American CDFIs)
applicants are eligible for grants to cover operating expenses only if
they began incurring operating expenses less than five years prior to
the date of application.
Further guidance on the limited uses of TA grants for staff salary
expenditures is available on the Fund's website at http://www.cdfifund.gov.
III. Application
An applicant under this NOFA must submit all materials described in
the application. An application must include a valid and current
Employer Identification Number, issued by the Internal Revenue Service,
or the application will be rejected as incomplete and returned to the
sender.
IV. Matching Funds
Applicants requesting FA under this NOFA must obtain matching funds
from sources other than the Federal government on the basis of not less
than one dollar for each dollar of FA provided by the Fund. Matching
funds are not required for TA grants. Matching funds must be at least
comparable in form and value to the FA provided by the Fund (for
example, if an applicant seeks an FA grant from the Fund, the applicant
must obtain matching funds through grant(s) from non-Federal sources
that are at least equal to the amount provided by the Fund).
For Round One applicants, 25 percent of the matching funds must be
in-hand or firmly committed on or after January 1, 2002, and before the
date of application, in order to be considered by the Fund. Any
applicant seeking an FA award that does not meet these matching funds
requirements will not be considered for an FA award. The Fund reserves
the right to recapture and reprogram any Round One award if the awardee
fails to have the remaining matching funds firmly committed by May 15,
2005 (with documentation of such received by the Fund not later than
May 31, 2005), or to grant an extension of said matching funds
deadline, if the Fund deems it appropriate.
For Round Two applicants, 25 percent of the matching funds must be
in-hand or firmly committed on or after January 1, 2003 and before the
date of application, in order to be considered by the Fund. Any
applicant seeking an FA award that does not meet these matching funds
requirements will not be considered for an FA award. The Fund reserves
the right to recapture and reprogram any Round Two award if the awardee
fails to have the remaining matching funds firmly committed by May 15,
2006 (with documentation of such received by the Fund not later than
May 31, 2006), or to grant an extension of said matching funds
deadline, if the Fund deems it appropriate.
For purposes of this NOFA, ``in-hand'' means that the applicant has
actually received the matching funds and has documentation (such as a
copy of a check) to evidence such receipt; ``firmly committed'' means
that the applicant has entered into or received a legally binding
commitment from the matching funds source that the matching funds have
been committed to be disbursed to the applicant and the applicant has
documentation (such as a copy of a loan agreement, promissory note or
grant agreement) to evidence such firm commitment.
Funds used by an applicant as matching funds for a prior Fund award
or under another Federal grant or award program cannot be used to
satisfy the matching funds requirement. If an
[[Page 67911]]
applicant seeks to use as matching fund monies received from an
organization that was a prior Fund awardee, the Fund will deem such
funds to be Federal funds, unless the funding entity establishes to the
reasonable satisfaction of the Fund, that such funds do not originate
from other Fund or Federal sources, in part or in whole.
V. Evaluation
The Fund will determine whether an application is complete and the
applicant meets the eligibility requirements set forth above. Any
application that is incomplete or any applicant that does not meet the
eligibility requirements will be rejected.
Following these determinations, the Fund will conduct the
substantive review of each application in accordance with the criteria
and procedures described in this NOFA and the application. The Fund
will evaluate each application on a 100-point scale, comprising the
four criteria categories set forth below, and assign numeric scores.
Applicants whose applications are assigned 50 points or more in the
aggregate, will receive additional consideration for an award under the
NACA Program. The Fund does not anticipate making an award to an
applicant whose score in any of the four criteria categories falls
significantly short of the total points allowable in that category,
defined here as less than 40 percent of the total points allowable.
Market Analysis/Program Design and Implementation. For FA-Only or
FA/TA: A review of the applicant's (a) understanding of its market
context, its current and prospective customers, the extent of economic
distress within the designated Investment Area(s) and/or the extent of
need within the designated Targeted Population(s), the extent of need
for Equity Investments, loans, Development Services, and Financial
Services within the designated Target Market, and the extent of demand
within the Target Market for the applicant's current or proposed
products and services, and (b) product design and implementation plan,
including an assessment of its products and services, marketing and
outreach efforts, and delivery strategy. For TA-Only: A review of the
applicant's understanding of its market context (including a
description of the nature of economic distress in the Target Market),
its current and prospective customers, the extent of need for the
Native American CDFI, the level of support for a CDFI in the Target
Market, and the appropriateness of the proposed products, services, and
delivery strategy to meet the needs in the market. To the extent the
applicant lacks one of the elements, the Fund will assess its plan to
address the deficiencies including requesting TA. (Maximum 25 points);
Management. For FA-Only or FA/TA Applicants: A review of the
applicant's current and proposed management team, governing board, and
key staff, its policies and procedures for financial management, and
its track record in underwriting and portfolio management, if
applicable, and ability to achieve the objectives set forth in its
application (including use of TA, as appropriate). For TA-Only
Applicants: to the extent the applicant lacks one of the elements, the
Fund will assess its plan to address the deficiencies including
requesting TA. (Maximum 25 points);
Financial Health and Resources. For FA-Only or FA/TA Applicants: A
review of the applicant's financial track record and financial
projections and the strength and likelihood of obtaining resources to
sustain projected levels of financing and operations, and a clear
indication that the CDFI will not be fiscally dependent on the Fund.
For TA-Only Applicants: to the extent the applicant lacks one of the
elements, the Fund will assess its plan to address the deficiencies
including requesting TA. (FA-Only and FA/TA applicants: maximum 20
points; TA-Only applicants: maximum 10 points); and
Community Development Performance/Effective Use of Award. For FA-
Only or FA/TA Applicants: A review of the applicant's projected level
of activity within the Target Market (in terms of Development Services,
Financial Services, and financial products); the extent to which the
proposed activities are expected to promote homeownership, affordable
housing development, economic development, provision of affordable
financial services, and other community development objectives; the
extent to which the applicant needs the Fund's financial and/or
technical assistance to achieve the objectives set forth in its
application; and the likelihood that the Fund's assistance will enhance
the applicant's capacity to effectively serve its Target Market and
achieve community development impact. If requesting TA, the applicant
should describe how improving the organization would translate to
community development impact within its Target Market. For TA-Only
Applicants: A review of the description of how improving the
organization would translate to community development impact within its
Target Market; the extent to which the applicant needs the Fund's
technical assistance to achieve the objectives set forth in its
application and the likelihood that the Fund's assistance will enhance
the applicant's capacity to effectively serve its Target Market and
achieve community development impact. To the extent the applicant lacks
one of the elements, the Fund will assess its plan to address the
deficiencies including requesting TA. Prior Awardees (under CDFI or
NACD Programs), must show how activities, new market served, and/or
additional activities are over and above those previously funded by the
Fund. (FA-Only and FA/TA applicants: maximum 30 points; TA-Only
applicants: maximum 40 points).
Technical Assistance Proposal: Any applicant seeking a TA grant,
either alone or in conjunction with a request for a FA award, must
complete a Technical Assistance Proposal (TAP) as part of its
application. The TAP consists of a summary of the organizational
improvements needed to achieve the objectives of its application, a
budget, and a description of the requested goods and/or services
comprising the TA award request. The budget and accompanying narrative
will be evaluated for the eligibility and appropriateness of proposed
uses of the TA award (described above). The TAP is not scored.
Fund reviewers will evaluate and score each application and make
recommendations for funding. As part of the substantive review process,
applicants may receive a telephone interview or an on-site visit by
Fund reviewers for the purpose of obtaining, clarifying, or confirming
information. During the review process, the applicant may be required
to submit additional information about its application in order to
assist the Fund in its final evaluation process. Such requests must be
responded to within the time parameters set by the Fund.
In the case of an applicant that has previously received funding
from the Fund under the CDFI Program, including the Native American
CDFI Technical Assistance (NACTA) Component, or the NACD Program, the
Fund will consider, as appropriate: (a) the applicant's level of
success and extent of compliance in meeting its performance goals,
financial soundness covenants (if applicable) and other requirements
contained in the assistance or award agreement(s) with the Fund
(including timeliness of reporting); (b) the benefits that will be
created with new Fund assistance over and above benefits created by
previous Fund assistance; and (c) the extent and
[[Page 67912]]
effectiveness to which the applicant has used previous assistance from
the Fund.
The Fund will make a final funding determination based on the
applicant's file, reviewer score and recommendation, and the amount of
funds available. In the case of regulated CDFIs and applicants
proposing to create a regulated institution, the Fund will also take
into consideration the views of the appropriate Federal Regulatory
agencies. If the applicant's CAMEL rating is a ``4'' or ``5'' or the
regulator otherwise indicates safety and soundness concerns, the Fund,
in its sole discretion, will not make an award. The Fund's award
decisions are final.
Each applicant will be informed of the Fund's award decision either
through a Notice of Award if selected for an award (see Notice of Award
section, below) 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 Grants Management and Compliance (GMC) Manager in writing or by e-mail (if by e-mail, send to appeals@cdfi.treas.gov,
with the subject line stating ``Eligibility Appeal'' and the award
control number assigned by the Fund to the particular award). Such
appeals must be received by the Fund within five business days of the
date of the declination letter.
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 website.
VI. Notice of Award
The Fund will signify its selection of an applicant as an awardee
by delivering a signed Notice of Award to the applicant. The Notice of
Award will contain the general terms and conditions underlying the
Fund's provision of assistance including, but not limited to, the
requirement that an awardee and the Fund enter into an Assistance
Agreement. The applicant shall execute the Notice of Award and return
it to the Fund. By executing a Notice of Award, the awardee agrees
that, if prior to entering into an Assistance Agreement with the Fund,
information comes to the attention of the Fund that either adversely
affects the awardee's eligibility for an award, or adversely affects
the Fund's evaluation of the awardee's application, or indicates fraud
or mismanagement on the part of the awardee, the Fund may, in its
discretion and without advance notice to the awardee, terminate the
Notice of Award or take such other actions as it deems appropriate.
Moreover, by executing a Notice of Award, an awardee agrees that, if
prior to entering into an Assistance Agreement with the Fund, the Fund
determines that the awardee or its Affiliates are not in compliance
with the terms of any previous Assistance Agreement or award agreement
entered into with the Fund, the Fund may, in its discretion and without
advance notice to the awardee, either terminate the Notice of Award or
take such other actions as it deems appropriate. The Fund reserves the
right, in its sole discretion, to rescind its award if the awardee
fails to return the Notice of Award, signed by the authorized
representative of the awardee, along with any other requested
documentation, within the deadline set by the Fund.
VII. Assistance Agreement
Each applicant that is selected to receive an award under this NOFA
must enter into an Assistance Agreement with the Fund. The Assistance
Agreement will set forth certain required terms and conditions of the
award, which may include, but not be limited to, (a) the amount of the
award; (b) the approved uses of the award; (c) the approved Target
Market to which the award must be targeted; (d) performance goals and
measures; and (e) reporting requirements for all awardees. Assistance
Agreements under this NOFA will have two-year terms. The Fund reserves
the right, in its sole discretion, to rescind its award if the awardee
fails to return the Assistance Agreement, signed by the authorized
representative of the awardee, along with any other requested
documentation, within the deadline set by the Fund.
In addition to entering into an Assistance Agreement, each awardee
that receives an award either (a) in the form of a loan, equity
investment, credit union shares/deposits, or secondary capital, in any
amount, or (b) a FA grant in an amount greater than $500,000, must
furnish to the Fund an opinion from its legal counsel, the content of
which will be specified in the Assistance Agreement, to include, among
other matters, an opinion that the awardee: (i) Is duly formed and in
good standing in the jurisdiction in which it was formed and/or
operates; (ii) has the authority to enter into the Assistance Agreement
and undertake the activities that are specified therein; and (iii) has
no pending or threatened litigation that would materially affect its
ability to enter into and carry out the activities specified in the
Assistance Agreement.
VIII. Reporting and Monitoring
The Fund will collect information, on at least an annual basis,
from all NACA awardees, including: (a) Annual reports related to, among
other matters, awardee compliance with the performance goals and
measures and financial soundness covenants and CAMEL ratings (as
applicable) as set forth in the Assistance Agreement; (b) audited
financial statements; (c) annual surveys; and (d) such other
information as the Fund may require, including loan level data. The
Fund reserves the right, in its sole discretion, to modify these
reporting requirements if it determines it to be appropriate and
necessary; however, such reporting requirements will be modified only
after due notice to the awardee.
The Fund reserves the right, in accordance with applicable Federal
law and if authorized, to charge award reservation and/or compliance
monitoring fees to all entities receiving CDFI Program awards. Prior to
imposing any such fee, the Fund will publish additional information
concerning the nature and amount of the fee.
IX. Information Sessions
In connection with this NOFA, the Fund may conduct Information
Sessions to disseminate information to organizations contemplating
applying to, and other organizations interested in learning about, the
NACA Program as well as the NATA Component and the NACD 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 website at http://www.cdfifund.gov. If you do not have
Internet access, you may register by calling the Fund at (202) 622-
8401.
Catalog of Federal Domestic Assistance: 21.020
Authority: 12 U.S.C. 4703, 4703 note, 4704, 4706, 4707, 4717; 12
CFR part 1805, Pub. L. 108-7.
[[Page 67913]]
Dated: November 25, 2003.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 03-30175 Filed 12-3-03; 8:45 am]
BILLING CODE 4810-70-P