[Federal Register: December 13, 2005 (Volume 70, Number 238)]
[Notices]
[Page 73877-73886]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr13de05-92]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability (NOFA) Inviting Applications for the
FY 2006 Funding Round and the FY 2007 Funding Round of the Native
American CDFI Assistance Program
Announcement Type: Initial announcement of funding opportunity.
Catalog of Federal Domestic Assistance (CFDA) Number: 21.020.
Dates: Applications for the FY 2006 Funding Round must be received
by 5 p.m. ET on February 14, 2006. Applications for the FY 2007 Funding
Round must be received by 5 p.m. ET on February 14, 2007.
Executive Summary: Subject to funding availability, this NOFA is
issued in connection with two consecutive funding rounds of the Native
American CDFI Assistance (NACA) Program: (i) The FY 2006 Funding Round
and (ii) the FY 2007 Funding Round.
I. Funding Opportunity Description
A. Through the NACA Program, the Community Development Financial
Institutions Fund (the Fund) provides Financial Assistance (FA) awards
to Community Development Financial Institutions (CDFIs) that have at
least 50 percent of their activities directed toward serving Native
American, Alaska Native and/or Native Hawaiian communities (Native
CDFIs) in order to build their capacity to better address the community
development and capital access needs of their Target Market(s) and to
expand into new Investment Areas, Low-Income Targeted Populations, or
Other Targeted Populations. Through the NACA Program, the Fund provides
Technical Assistance (TA) grants to entities that propose to become
Native CDFIs, and to Native organizations, Tribes and Tribal
organizations (Sponsoring Entities) that propose to create Native
CDFIs, in order to build their capacity to better address the community
development and capital access needs of their Target Market(s), to
expand into new Investment Areas, Low-Income Targeted Populations, or
Other Targeted Populations, or to create Native CDFIs.
B. The regulations governing the CDFI Program, found at 12 CFR Part
1805 (the Interim Rule), provide relevant guidance on evaluation
criteria and other requirements of the NACA Program. The Fund is
publishing the revised Interim Rule in this issue of the Federal
Register. The Interim Rule published in this issue of the Federal
Register contains revisions concerning how certain Applicants may use
retained earnings as matching funds for a FA award. The Fund encourages
Applicants to review the Interim Rule. Detailed application content
requirements are found in the applicable funding application and
related guidance materials. Each capitalized term in this NOFA is more
fully defined in the Interim Rule, the application or the guidance
materials.
C. 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.
II. Award Information
A. Funding Availability: 1. FY 2006 Funding Round: Through the FY
2006 Funding Round, and subject to funding availability, the Fund
expects that it may award approximately $3.5 million in appropriated
funds through the NACA Program. The Fund reserves the right to award in
excess of $3.5 million in appropriated funds to Applicants in the FY
2006 Funding Round, provided that the funds are available and the Fund
deems it appropriate.
2. FY 2007 Funding Round: Through the FY 2007 Funding Round, and
subject to funding availability, the Fund expects that it may award
approximately $3.5 million in appropriated funds through the NACA
Program. The Fund reserves the right to award in excess of $3.5 million
in appropriated funds to Applicants in the FY 2007 Funding Round,
provided that the funds are available and the Fund deems it
appropriate.
3. Availability of Funds for the FY 2007 Funding Round: Because
funds for the FY 2007 Funding Round have not yet been appropriated,
interested parties should be aware that electing to defer the
submission of an application until the FY 2007 Funding Round, rather
than for the FY 2006 Funding Round, entails some risk. If funds are not
appropriated for the FY 2007 Funding Round, there will not be a FY 2007
Funding Round. Further, it is possible that if funds are appropriated
for the FY 2007 Funding Round, the amount of such funds may be less
than the amounts set forth above.
B. Types of Awards: A NACA Program Applicant may submit an
application for: (i) a FA award; (ii) a FA award and a TA grant; or
(iii) a TA grant.
1. FA Awards: The Fund may provide FA awards in the form of equity
investments (including, in the case of certain Insured Credit Unions,
secondary capital accounts), grants, loans, deposits, credit union
shares, or any combination thereof. The Fund reserves the right, in its
sole discretion, to provide a FA award in a form and amount other than
that which is requested by an Applicant. The Fund reserves the right,
in its sole discretion, to provide a FA award on the condition that the
Applicant agrees to use a TA grant for specified capacity building
purposes, even if the Applicant has not requested a TA grant.
2. TA Grants: (a) The Fund may provide TA awards in the form of
grants. The Fund reserves the right, in its sole discretion, to provide
a TA grant for uses and amounts other than and in addition to that
which are requested by an Applicant.
(b) TA grants may be used to address a variety of needs including,
but not limited to, development of strategic planning documents (such
as business, strategic or capitalization plans), market analyses or
product feasibility analyses, operational policies and procedures,
curricula for Development Services (such as entrepreneurial training,
home
[[Page 73878]]
buyer education, financial education or training, borrower credit
repair training), improvement of underwriting and portfolio management,
development of outreach and training strategies to enhance product
delivery, operating support to expand into a new Target Market, and
tools that allow the Applicant to assess the impact of its activities
in its community. Each Applicant for a TA grant through this NOFA is
required to provide information in the application regarding the
expected cost, timing and provider of the TA, and a narrative
description of how the TA grant will enhance its capacity to provide
greater community development impact, to become certified as a Native
CDFI, or to create a Native CDFI, if applicable.
(c) Eligible TA grant uses include, but are not limited to: (i)
Acquiring consulting services; (ii) acquiring/enhancing technology
items, including computer hardware, software and Internet connectivity;
(iii) acquiring training for staff, management and/or board members;
and (iv) paying recurring expenses, including staff salary and other
key operating expenses, that will enhance the capacity of the Applicant
to serve its Target Market, and/or to become certified as a Native CDFI
or to create a Native CDFI.
C. Notice of Award; Assistance Agreement: Each Awardee under this
NOFA must sign a Notice of Award and an Assistance Agreement in order
to receive a disbursement of award proceeds by the Fund. The Notice of
Award and the Assistance Agreement contain the terms and conditions of
the award. For further information, see Sections VI.A and VI.B of this
NOFA.
III. Eligibility Information
A. Eligible Applicants: The Interim Rule specifies the eligibility
requirements that each Applicant must meet in order to be eligible to
apply for assistance under this NOFA. The following sets forth
additional detail and dates that relate to the submission of
applications under this NOFA:
1. CDFI Certification Requirements: For purposes of this NOFA, any
Applicant that is a Certified Native CDFI or a Certifiable Native CDFI
may apply for a FA award or a FA award and a TA grant. An Applicant
that is an Emerging Native CDFI or a Sponsoring Entity may apply for a
TA grant only.
(a) Certified Native CDFIs: For purposes of this NOFA, a Certified
Native CDFI is a Certified CDFI that primarily serves (meaning, at
least 50 percent of its activities are directed toward serving) a
Native Community and whose certification has not expired and that has
not been notified by the Fund that its certification has been
terminated. Each such Applicant must include a ``Certification of
Material Event Form'' with its NACA application by the applicable
application deadline, in accordance with the instructions on the Fund's
Web site at http://www.cdfifund.gov. Please note: the Fund provided a number
of CDFIs with certifications expiring in 2003 through 2005 written
notification that their certifications had been extended. The Fund will
consider the extended certification date (the later date) to determine
whether those CDFIs meet this eligibility requirement.
(b) Certifiable Native CDFIs: For purposes of this NOFA, a
Certifiable Native CDFI is an entity that primarily serves (meaning, at
least 50 percent of its activities are directed toward serving) a
Native Community and from which the Fund receives a complete CDFI
Certification Application by the applicable deadline of the NACA
Program application, evidencing that the Applicant meets all
requirements to be certified as a CDFI. Applicants may obtain the CDFI
Certification Application through the Fund's Web site at
http://www.cdfifund.gov. Applications for certification must be submitted as
instructed in the application form. FA Applicants that are Certifiable
Native CDFIs please note: While your organization may be conditionally
selected for funding (as evidenced through the Notice of Award), the
Fund will not enter into an Assistance Agreement or disburse FA award
funds unless and until the Fund has certified your organization as a
CDFI. If the Fund is unable to certify your organization as a CDFI
based on the CDFI certification application that your organization
submits to the Fund, the Notice of Award may be terminated and the
award commitment may be cancelled, in the sole discretion of the Fund.
(c) Emerging Native CDFIs: For purposes of this NOFA, an Emerging
Native CDFI is an entity that primarily serves (meaning, at least 50
percent of its activities are directed toward serving) a Native
Community and that demonstrates to the satisfaction of the Fund that it
has a reasonable plan to achieve CDFI certification within a reasonable
timeframe. Emerging CDFIs may only apply for TA grants; they are not
eligible to apply for FA awards. Each Emerging CDFI that is selected to
receive a TA grant will be required, pursuant to its Assistance
Agreement with the Fund, to work toward CDFI certification by a date
certain.
(d) Sponsoring Entities: For purposes of this NOFA, a Sponsoring
Entity is an entity that proposes to create a separate legal entity
that will become certified as a CDFI. For purposes of this NOFA,
Sponsoring Entities include: (a) A Tribe, Tribal entity, Alaska Native
Village, Village Corporation, Regional Corporation, Non-Profit Regional
Corporation/Association, or Inter-Tribal or Inter-Village organization;
(b) an organization whose primary mission is to serve a Native
Community including, but not limited to an Urban Indian Center,
Tribally Controlled Community College, community development
corporation (CDC), training or educational organization, or Chamber of
Commerce, and that primarily serves (meaning, at least 50 percent of
its activities are directed toward serving) a Native Community.
Sponsoring Entities may only apply for TA grants; they are not eligible
to apply for FA awards. Each Sponsoring Entity that is selected to
receive a TA grant will be required, pursuant to its Assistance
Agreement with the Fund, to create a legal entity by a date certain
that will, in turn, seek CDFI certification.
D. Prior Awardees: Applicants must be aware that success in a prior
round of any of the Fund's programs is not indicative of success under
this NOFA. Prior awardees are eligible to apply under this NOFA, except
as follows:
1. $5 Million Funding Cap. 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. For the purposes of this NOFA, the period extends back
three years from the date that the Fund signs a Notice of Award issued
to an Awardee under this NOFA.
2. Failure to meet reporting requirements: The Fund will not
consider an application submitted by an Applicant if the Applicant, or
an entity that Controls the Applicant, is Controlled by the Applicant
or shares common management officials with the applicant (as determined
by the Fund) is a prior Fund Awardee or allocatee under any Fund
program and is not current on the reporting requirements set forth in a
previously executed assistance, allocation or award agreement(s) as of
the applicable application deadline of this NOFA. Please note that the
Fund only acknowledges the receipt of reports that are complete. As
such, incomplete reports or reports that are deficient of required
elements will not be recognized as having been received.
3. Pending resolution of noncompliance: If an Applicant is a prior
Awardee or allocatee under any Fund program and if: (i) It has
[[Page 73879]]
submitted complete and timely reports to the Fund that demonstrate
noncompliance with a previous assistance, allocation or award
agreement; and (ii) the Fund has yet to make a final determination as
to whether the entity is in default of its previous assistance,
allocation or award agreement, the Fund will consider the Applicant's
application under this NOFA pending full resolution, in the sole
determination of the Fund, of the noncompliance. Further, if another
entity that Controls the Applicant, is Controlled by the Applicant or
shares common management officials with the Applicant (as determined by
the Fund), is a prior Fund Awardee or allocatee and if such entity: (i)
Has submitted complete and timely reports to the Fund that demonstrate
noncompliance with a previous assistance, allocation or award
agreement; and (ii) the Fund has yet to make a final determination as
to whether the entity is in default of its previous assistance,
allocation, or award agreement, the Fund will consider the Applicant's
application under this NOFA pending full resolution, in the sole
determination of the Fund, of the noncompliance.
4. Default status: The Fund will not consider an application
submitted by an Applicant that is a prior Fund Awardee or allocatee
under any Fund program if, as of the applicable application deadline of
this NOFA, the Fund has made a final determination that such Applicant
is in default of a previously executed assistance, allocation or award
agreement(s). Further, an entity is not eligible to apply for an award
pursuant to this NOFA if, as of the applicable application deadline of
this NOFA, the Fund has made a final determination that another entity
that Controls the Applicant, is Controlled by the Applicant or shares
common management officials with the Applicant (as determined by the
Fund): (i) Is a prior Fund Awardee or allocatee under any Fund program;
and (ii) has been determined by the Fund to be in default of a
previously executed assistance, allocation or award agreement(s).
5. Termination in default: The Fund will not consider an
application submitted by an Applicant that is a prior Fund Awardee or
allocatee under any Fund program if: (i) The Fund has made a final
determination that such Applicant's prior award or allocation
terminated in default of a previously executed assistance, allocation
or award agreement(s); and (ii) the final reporting period end date for
the applicable terminated assistance, allocation or award agreement(s)
falls in Calendar Year 2005 (for the FY 2006 Funding Round) or Calendar
Year 2006 (for the FY 2007 Funding Round). Further, an entity is not
eligible to apply for an award pursuant to this NOFA if: (i) The Fund
has made a final determination that another entity that Controls the
Applicant, is Controlled by the Applicant or shares common management
officials with the Applicant (as determined by the Fund), is a prior
Fund Awardee or allocatee under any Fund program whose award or
allocation terminated in default of a previously executed assistance,
allocation or award agreement(s); and (ii) the final reporting period
end date for the applicable terminated assistance, allocation or award
agreement(s) falls in Calendar Year 2005 (for the FY 2006 Funding
Round) or Calendar Year 2006 (for the FY 2007 Funding Round).
6. Undisbursed balances: The Fund will not consider an application
submitted by an Applicant that is a prior Fund Awardee under any Fund
program if the Applicant has a balance of undisbursed funds (defined
below) under said prior award(s), as of the applicable application
deadline of this NOFA. Further, an entity is not eligible to apply for
an award pursuant to this NOFA if another entity that Controls the
Applicant, is Controlled by the Applicant or shares common management
officials with the Applicant (as determined by the Fund), is a prior
Fund Awardee under any Fund program, and has a balance of undisbursed
funds under said prior award(s), as of the applicable application
deadline of this NOFA. In a case where another entity that Controls the
Applicant, is Controlled by the Applicant or shares common management
officials with the Applicant (as determined by the Fund), is a prior
Fund Awardee under any Fund program, and has a balance of undisbursed
funds under said prior award(s), as of the applicable application
deadline of this NOFA, the Fund will include the combined awards of the
Applicant and such Affiliated entities when calculating the amount of
undisbursed funds. For purposes of this section, ``undisbursed funds''
is defined as: (i) In the case of a prior Bank Enterprise Award (BEA)
Program award(s), any balance of award funds equal to or greater than
five (5) percent of the total prior BEA Program award(s) that remains
undisbursed more than three (3) years after the end of the calendar
year in which the Fund signed an award agreement with the Awardee; and
(ii) in the case of a prior CDFI Program or other Fund program
award(s), any balance of award funds equal to or greater than five (5)
percent of the total prior award(s) that remains undisbursed more than
two (2) years after the end of the calendar year in which the Fund
signed an assistance agreement with the Awardee. ``Undisbursed funds''
does not include (i) tax credit allocation authority made available
through the New Market Tax Credit (NMTC) Program; (ii) any award funds
for which the Fund received a full and complete disbursement request
from the Awardee by the applicable application deadline of this NOFA;
(iii) any award funds for an award that has been terminated, expired,
rescinded or deobligated by the Fund; or (iv) any award funds for an
award that does not have a fully executed assistance or award
agreement. The Fund strongly encourages Applicants requesting
disbursements of ``undisbursed funds'' from prior awards to provide the
Fund with a complete disbursement request at least 10 business days
prior to the applicable application deadline of this NOFA.
7. Exception for Applicants impacted by Hurricanes Katrina and/or
Rita: Please note that the provisions of paragraphs 2 (Failure to meet
reporting requirements) and 6 (Undisbursed balances) of this section do
not apply to any Applicant that has an office located in, or that
provides a significant volume of services or financing to residents of
or businesses located in, a county that is within a ``major disaster
area'' as declared by the Federal Emergency Management Agency (FEMA) as
a result of Hurricanes Katrina and/or Rita. Said requirements are
waived for those Applicants for the FY 2006 Funding Round and the FY
2007 Funding Round.
8. Contact the Fund. Accordingly, Applicants that are prior
Awardees are advised to: (i) Comply with requirements specified in
assistance, allocation and/or award agreement(s), and (ii) contact the
Fund to ensure that all necessary actions are underway for the
disbursement or de-obligation of any outstanding balance of said prior
award(s). All outstanding reports, disbursement or compliance questions
should be directed to the Grants Manager by e-mail at
grantsmanagement@cdfi.treas.gov; by telephone at (202) 622-8226; by
facsimile at (202) 622-6453; or by mail to CDFI Fund, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005. The Fund will respond to
Applicants' reporting, disbursement or compliance questions between the
hours of 9 a.m. and 5 p.m. ET, starting the date of the publication of
this NOFA through February 10, 2006 (for the FY 2006
[[Page 73880]]
Funding Round) and February 12, 2007 (for the FY 2007 Funding Round)
(two business days before the respective application deadlines). The
Fund will not respond to Applicants' reporting, disbursement or
compliance phone calls or e-mail inquiries that are received after 5
p.m. on said dates, until after the respective funding application
deadlines.
9. Limitation on Awards: An Applicant may receive only one award
through either the CDFI Program or the NACA Program in the same funding
year. An Applicant may apply under both the CDFI Program and the NACA
Program, but will not be selected for funding under both. A NACA
Program Applicant, its Subsidiaries or Affiliates also may apply for
and receive: (i) A tax credit allocation through the NMTC Program, but
only to the extent that the activities approved for CDFI Program awards
are different from those activities for which the Applicant receives a
NMTC Program allocation; and (ii) an award through the BEA Program
(subject to certain limitations; refer to the Interim Rule at 12 CFR
1805.102).
E. Matching Funds: 1. Matching Funds Requirements in General:
Applicants responding to this NOFA must obtain non-Federal matching
funds from sources other than the Federal government on the basis of
not less than one dollar for each dollar of FA funds 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 award provided
by the Fund (for example, if an Applicant is requesting a FA grant from
the Fund, the Applicant must have evidence that it has obtained
matching funds through grant(s) from non-Federal sources that are at
least equal to the amount requested from the Fund). Funds used by an
Applicant as matching funds for a prior FA award under the CDFI Program
or under another Federal grant or award program cannot be used to
satisfy the matching funds requirement of this NOFA. If an Applicant
seeks to use as matching funds monies received from an organization
that was a prior Awardee under the CDFI Program, 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
consist, in whole or in part, of CDFI Program funds or other Federal
funds. For the purposes of this NOFA, BEA Program awards are not deemed
to be Federal funds and are eligible as matching funds. The Fund
encourages Applicants to review the Interim Rule at 12 CFR 1805.500 et
seq. and matching funds guidance materials on the Fund's Web site for
further information.
2. Matching Funds Requirements Per Funding Round: Due to funding
constraints and the desire to quickly deploy Fund dollars, the Fund
will not consider for a FA award any Applicant that has no matching
funds in-hand or firmly committed as of the application deadline under
this NOFA. Specifically, FA Applicants must meet the following matching
funds requirements:
(a) FY 2006 Funding Round: A NACA Program Applicant must
demonstrate that it has eligible matching funds equal to no less than
25 percent of the amount of the FA award requested in-hand or firmly
committed, on or after January 1, 2004 and on or before the application
deadline. The Fund reserves the right to rescind all or a portion of a
FA award and re-allocate the rescinded award amount to other qualified
Applicant(s), if an Applicant fails to obtain in-hand 100 percent of
the required matching funds by March 15, 2007 (with required
documentation of such receipt received by the Fund not later than March
30, 2007), or to grant an extension of such matching funds deadline for
specific Applicants selected to receive FA, if the Fund deems it
appropriate. For any Applicant that demonstrates that it has less than
100 percent of matching funds in-hand or firmly committed as of the
application deadline, the Fund will evaluate the Applicant's ability to
raise the remaining matching funds by March 15, 2007.
(b) FY 2007 Funding Round: A NACA Program Applicant must
demonstrate that it has eligible matching funds equal to no less than
25 percent of the amount of the FA award requested in-hand or firmly
committed, on or after January 1, 2005 and on or before the application
deadline. The Fund reserves the right to rescind all or a portion of a
FA award and re-allocate the rescinded award amount to other qualified
Applicant(s), if an Applicant fails to obtain in-hand 100 percent of
the required matching funds by March 14, 2008 (with required
documentation of such receipt received by the Fund not later than March
31, 2008), or to grant an extension of such matching funds deadline for
specific Applicants selected to receive FA, if the Fund deems it
appropriate. For any Applicant that demonstrates that it has less than
100 percent of matching funds in-hand or firmly committed as of the
application deadline, the Fund will evaluate the Applicant's ability to
raise the remaining matching funds by March 14, 2008.
3. Matching Funds Terms Defined; Required Documentation. (a)
``Matching funds in-hand'' means that the Applicant has actually
received the matching funds. If the matching funds are ``in-hand,'' the
Applicant must provide the Fund with acceptable written documentation
of the source, form and amount of the Matching Funds (i.e., grant,
loan, and equity investment). For a loan, the Applicant must provide
the Fund with a copy of the loan agreement and promissory note. For a
grant, the Applicant must provide the Fund with a copy of the grant
letter or agreement. For an equity investment, the Applicant must
provide the Fund with a copy of the stock certificate and any related
shareholder agreement. Further, if the matching funds are ``in-hand,''
the Applicant must provide the Fund with acceptable documentation that
evidences its receipt of the matching funds proceeds, such as a copy of
a check or a wire transfer statement.
(b) ``Firmly committed matching funds'' means that the Applicant
has entered into or received a legally binding commitment from the
matching funds source that the matching funds will be disbursed to the
Applicant. If the matching funds are ``firmly committed,'' the
Applicant must provide the Fund with acceptable written documentation
to evidence the source, form, and amount of the firm commitment (and,
in the case of a loan, the terms thereof), as well as the anticipated
date of disbursement of the committed funds.
(c) The Fund may contact the matching funds source to discuss the
matching funds and the documentation provided by the Awardee. If the
Fund determines that any portion of the Applicant's matching funds is
ineligible under this NOFA, the Fund, in its sole discretion, may
permit the Applicant to offer alternative matching funds as substitute
for the ineligible matching funds; provided, however, that (i) the
Applicant must provide acceptable alternative matching funds
documentation within 5 business days of the Fund's request and (ii) the
alternative matching funds documentation cannot increase the total
amount of Financial Assistance requested by the Applicant.
4. Special Rule for Insured Credit Unions. Please note that the
Interim Rule allows an Insured Credit Union to use retained earnings to
serve as matching funds for a FA grant in an amount equal to: (i) The
increase in retained earnings that have occurred over the Applicant's
most recent fiscal year; (ii) the annual average of such increases that
have occurred over the Applicant's three most recent fiscal years; or
(iii) the entire retained
[[Page 73881]]
earnings that have been accumulated since the inception of the
Applicant or such other financial measure as may be specified by the
Fund. For purposes of this NOFA, if option (iii) is used, the Applicant
must increase its member and/or non-member shares or total loans
outstanding by an amount that is equal to the amount of retained
earnings that is committed as matching funds. This amount must be
raised by the end of the Awardee's second performance period, as set
forth in its Assistance Agreement, and will be based on amounts
reported in the Applicant's Audited or Reviewed Financial Statements or
NCUA Form 5300 Call Report.
5. Severe Constraints Exception to Matching Funds Requirement;
Applicability to Applicants Located in FEMA-Designated Major Disaster
Areas Created by Hurricanes Katrina and/or Rita: In the case of any
Applicant that has an office that is located in, or that provides a
significant volume of services or financing to residents of or
businesses located in, any county that is within a ``major disaster
area'' as declared by the Federal Emergency Management Agency (FEMA) as
a result of Hurricanes Katrina and/or Rita, and that has severe
constraints on available sources of matching funds, such Applicant may
be eligible for a ``severe constraints waiver'' (see section 1805.203
of the Interim Rule) if (i) it can demonstrate to the satisfaction of
the Fund that an Investment Area(s) or Targeted Population(s) would not
be adequately served without such a waiver and (ii) it projects to use
the assistance to address issues resulting from Hurricanes Katrina and/
or Rita (such as a significant volume of loan defaults) or to provide
financial products, financial services, or Development Services to
residents of or businesses located in any county that is within a
``major disaster area'' as declared by FEMA as a result of Hurricanes
Katrina and/or Rita. If eligible for such a waiver, the Applicant may
comply with the matching funds requirements of this NOFA as follows:
(i) The matching funds requirement for such Applicant would be reduced
to 50 percent (meaning, the Applicant must match 50 percent of the
Fund's FA award rather than 100 percent), or (ii) such an Applicant may
provide matching funds in alternative (meaning, non-monetary) forms if
the Applicant has total assets of less than $100,000 at the time of the
application deadline, serves non-metropolitan or rural areas, and is
not requesting more than $25,000 in financial assistance from the Fund.
In the case of item (i) of this paragraph, the Applicant must
demonstrate that it has eligible matching funds equal to no less than
25 percent of the amount of the FA award requested in-hand or firmly
committed, on or after January 1, 2005 (for the FY 2006 Funding Round)
or January 1, 2006 (for the FY 2007 Funding Round) and on or before the
application deadline. The Fund reserves the right to rescind all or a
portion of a FA award and re-allocate the rescinded award amount to
other qualified Applicant(s), if an Applicant fails to obtain in-hand
50 percent of the required matching funds by March 15, 2007 (for the FY
2006 Funding Round) or March 14, 2008 (for the FY 2007 Funding Round)
(with required documentation of such receipt received by the Fund not
later than March 31, 2007 (for the FY 2006 Funding Round) or March 30,
2008 (for the FY 2007 Funding Round)), or to grant an extension of such
matching funds deadline for specific Applicants selected to receive FA,
if the Fund deems it appropriate. For any such Applicant that
demonstrates that it has less than 50 percent of matching funds in-hand
or firmly committed as of the application deadline, the Fund will
evaluate the Applicant's ability to raise the remaining matching funds
by March 15, 2007 (for the FY 2006 Funding Round) or March 14, 2008
(for the FY 2007 Funding Round). In the case of item (ii) of this
paragraph, the NACA Program funding application contains further
instructions on the type of documentation that the Applicant must
provide as evidence that such match was received and its valuation. The
Fund reserves the right, in its sole discretion, to disallow any such
match for which adequate documentation or valuation is not provided.
IV. Application and Submission Information
A. Form of Application Submission: Applicants must submit
applications under this NOFA in paper form. Applications sent by
facsimile or other form will not be accepted. The NACA Program
application (including detailed application content requirements and
electronic templates for application forms) may be found on the Fund's
Web site: http://www.cdfifund.gov. The Fund will send paper application
materials to any Applicant that is unable to download the form from the
Web site. To have application materials sent to you, please contact the
Fund by telephone at (202) 622-6355, by e-mail at
cdfihelp@cdfi.treas.gov; or by facsimile at (202) 622-7754. These are
not toll free numbers. Applicants should allow at least one week for
the timely receipt of paper application materials in the mail.
B. Applications must be submitted in the format specified in the
application instructions. An Applicant requesting only a TA grant must
submit one original application and three (3) complete copies. An
Applicant requesting a FA award must submit one original application
and four (4) complete copies. Do not bind the original application or
separate the sections with tabs. Each copy must be placed in a three-
ring binder, without staples or other forms of binding, and each
section must be separated by tabs.
C. Application Content Requirements: Detailed application content
requirements are found in the application and guidance. Please note
that, pursuant to OMB guidance (68 FR 38402), each Applicant must
provide, as part of its application submission, a Dun and Bradstreet
Data Universal Numbering System (DUNS) number. In addition, each
application must include a valid and current Employer Identification
Number (EIN), with a letter or other documentation from the Internal
Revenue Service (IRS) confirming the Applicant's EIN. An application
that does not include a valid EIN will be deemed incomplete. Incomplete
applications will be rejected and returned to the sender. Applicants
should allow sufficient time for the IRS and/or Dun and Bradstreet to
respond to inquiries and/or requests for identification numbers. Once
an application is submitted, the Applicant will not be allowed to
change any element of the application. The preceding sentence does not
limit the Fund's ability to contact an Applicant for the purpose of
obtaining clarifying or confirming application information (such as
DUNS number or EIN information).
D. MyCDFIFund Accounts: All Applicants must register User and
Organization accounts in myCDFIFund, the Fund's Internet-based
interface. As myCDFIFund is the Fund's primary means of communication
with Applicants and Awardees, organizations must make sure that they
update the contact information in their myCDFIFund accounts. For more
information on myCDFIFund, please see the ``Frequently Asked
Questions'' link posted at https://www.cdfifund.gov/myCDFI/Help/Help.asp
.
E. Application Deadlines; Address for Paper Submissions; Late
Delivery: Applicants must submit all materials described in and
required by the application by the applicable deadline.
1. Application Deadlines: (a) FY 2006 Funding Round: Applications
must be
[[Page 73882]]
received by the Fund at the address cited below and in accordance with
the instructions provided on the Fund's Web site, by 5 p.m. ET on
February 14, 2006.
(b) FY 2007 Funding Round: Applications must be received by the
Fund at the address cited below and in accordance with the instructions
provided on the Fund's Web site, by 5 p.m. ET on February 14, 2007.
2. Address for Application Submission: A complete application must
be received at the following address, by the applicable deadline: CDFI
Fund Grants Manager, NACA Program, Bureau of Public Debt, 200 Third
Street, Parkersburg, WV 26101. The telephone number to be used in
conjunction with overnight delivery or mailings to this address is
(304) 480-6088 (this is not a toll free number). Any documents received
in any other office, including the Fund's Washington, DC office, will
be rejected and returned to the sender.
3. Late Delivery: The Fund will neither accept a late application
nor any portion of an application that is late; an application that is
late, or for which any portion is late, will be rejected and returned
to the sender. An application, including the required signed signature
page, and all required paper attachments, must be received by the
applicable time and date set forth above. The Fund will not grant
exceptions or waivers for late delivery of documents including, but not
limited to, late delivery that is caused by third parties such as the
United States Postal Service, couriers or overnight delivery services.
D. Intergovernmental Review: Not applicable.
E. Funding Restrictions: For allowable uses of FA proceeds, please
see the Interim Rule at 12 CFR 1805.301.
V. Application Review Information
A. Criteria: The Fund will evaluate each application using numeric
scores with respect to the following five sections:
1. Market Analysis (25 points): The Fund will evaluate: (i) The
extent and nature of the economic distress within the designated Target
Market including the Applicant's understanding of its current and
prospective customers; and (ii) the extent of demand for the
Applicant's Financial Products, Development Services, and Financial
Services within the designated Target Market. The Fund will give
special consideration to any Applicant that has an office that is
located in, or that provides a significant volume of services or
financing to residents of or businesses located in, (i) any county that
is within the area declared to be a ``major disaster'' by FEMA as a
result of Hurricanes Katrina and/or Rita; and/or (ii) any state that
has been declared a ``reception state'' by FEMA. The form and content
of such special consideration will be further clarified in the NACA
Program application.
2. Business Strategy (25 points): The Fund will evaluate the
Applicant's business strategy for addressing market demand and creating
community development impact through: (i) Its Financial Products,
Development Services, and/or Financial Services; (ii) its marketing,
outreach, and delivery strategy; and (iii) the extent, quality and
nature of coordination with other similar providers of Financial
Products and Financial Services, government agencies, and other key
community development entities within the Target Market. The Fund will
take into consideration whether the Applicant is proposing to expand
into a new Target Market.
3. Community Development Performance and Effective Use (20 points):
The Fund will evaluate (i) the Applicant's vision for its Target
Market, specific outcomes or impacts for measuring progress towards
achieving this vision, and the extent to which this award will allow it
to achieve them; (ii) the Applicant's track record in providing
Financial Products, Financial Services, and Development Services to the
Target Market; (iii) the extent to which proposed activities will
benefit the Target Market; (iv) the likelihood of achieving the impact
projections, including the extent to which the activities proposed in
the Comprehensive Business Plan will expand economic opportunities or
promote community development within the designated Target Market by
promoting homeownership, affordable housing development, job creation
or retention, the provision of affordable financial services, and other
community development objectives; and (v) the extent to which the
Applicant will maximize the effective use of the Fund's resources. If
an Applicant has a prior track record of serving Investment Areas(s) or
Targeted Population(s), it must demonstrate that (i) it has a record of
success in serving said Investment Area(s) or Targeted Population(s)
and (ii) it will expand its operations into a new Investment Area or to
serve a new Targeted Population, offer more products or services, or
increase the volume of its current business.
4. Management (20 points): The Fund will evaluate the Applicant's
organizational capacity to achieve the objectives set forth in its
Comprehensive Business Plan as well as its ability to use its award
successfully and maintain compliance with its Assistance Agreement
through an evaluation of: (i) The capacity, skills, size and experience
of the Applicant's current and proposed Governing Board, management
team, and key staff; and (ii) the Applicant's management controls and
risk mitigation strategies including policies and procedures for
portfolio underwriting and review, financial management, risk
management, management information systems.
5. Financial Health and Viability (10 points): The Fund will
evaluate the Applicant's: (i) Audited or otherwise prepared Financial
Statements; (ii) safety and soundness, including an analysis of the
Applicant's financial services industry ratios (capital, liquidity,
deployment and self-sufficiency) and ability to sustain positive net
revenue; (iii) projected financial health, including its ability to
raise operating support from sources other than the Fund and its
capitalization strategy; and (iv) portfolio performance including loan
delinquency, loan losses, and loan loss reserves. If an Applicant does
not have 100 percent of the required matching funds in-hand (versus
committed), the Applicant must demonstrate to the satisfaction of the
Fund that it will raise the outstanding balance of matching funds
within the time table set forth above.
6. Technical Assistance Proposal: Any Applicant applying for 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 the 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 the
proposed uses of the TA award (described above). In addition, if the
Applicant identifies a capacity-building need related to any of the
evaluation criteria above (for example, if the Applicant requires a
market need analysis or a community development impact tracking/
reporting system), the Fund will assess its plan to use the TA grant to
address said needs. An Applicant that is not a Certified CDFI and that
requests TA to address certification requirements, must explain how the
requested TA grant will assist the Applicant in meeting the
certification requirement. An Applicant that requests a TA grant for
recurring
[[Page 73883]]
activities must clearly describe the benefit that would accrue to its
capacity or to its Target Market(s) (such as plans for expansion of
staff, market, or products) as a result of the TA award. If the
Applicant is a prior Fund Awardee, it must describe how it has used the
prior assistance and explain the need for additional Fund dollars over
and above such prior assistance. Such an Applicant also must describe
the additional benefits that would accrue to its capacity or to the
Target Market(s) if the Applicant receives another award from the Fund,
such as plans for expansion of staff, market, or products. The Fund
will not provide funding for the same activities funded in prior
awards.
B. Review and Selection Process: 1. Eligibility and Completeness
Review: The Fund will review each application to determine whether it
is complete and the Applicant meets the eligibility requirements set
forth above. An incomplete application will be rejected as incomplete
and returned to the sender. If an Applicant does not meet eligibility
requirements, its application will be rejected and returned to the
sender.
2. Substantive Review: If an application is determined to be
complete and the Applicant is determined to be eligible, the Fund will
conduct the substantive review of the application in accordance with
the criteria and procedures described in the Interim Rule, this NOFA
and the application and guidance. Each FA application will be reviewed
and scored by multiple readers. Each TA application will be read and
scored by one reader. Readers may include Fund staff and other experts
in community development finance and/or Native community development.
As part of the review process, the Fund may contact the Applicant by
telephone or through an on-site visit for the purpose of obtaining
clarifying or confirming application information. The Applicant may be
required to submit additional information to assist the Fund in its
evaluation process. Such requests must be responded to within the time
parameters set by the Fund.
3. Application Scoring; Ranking: (a) Application Scoring: The Fund
will evaluate each application on a 100-point scale, comprising the
five criteria categories described above, and assign numeric scores. An
Applicant must receive a minimum total score in order to be considered
for an award. In the case of an Applicant that has previously received
funding from the Fund through any Fund program, the Fund will consider
and will deduct points for: (i) The Applicant's noncompliance with any
active award or award that terminated in calendar year 2005 (for FY
2006 Funding Round Applicants) and calendar year 2006 (for FY 2007
Funding Round Applicants), in meeting its performance goals, financial
soundness covenants (if applicable), reporting deadlines and other
requirements set forth in the assistance or award agreement(s) with the
Fund during the Applicant's two complete fiscal years prior to the
application deadline of this NOFA (generally FY 2004 and FY 2005 for FY
2006 Funding Round Applicants and FY 2005 and FY 2006 for FY 2007
Funding Round Applicants); (ii) the Applicant's failure to make timely
loan payments to the Fund during the Applicant's two complete fiscal
years prior to the application deadline of this NOFA (if applicable);
(iii) performance on any prior Assistance Agreement as part of the
overall assessment of the Applicant's ability to carry out its
Comprehensive Business Plan; and (iv) funds deobligated from a FY 2003,
FY 2004 or FY 2005 FA award (if the Applicant is applying for a FA
award under this NOFA) if (A) the amount of deobligated funds is at
least $200,000 and (B) the deobligation occurred subsequent to the
expiration of the period of award funds availability (generally, any
funds deobligated after the September 30th following the year in which
the award was made). Any award deobligations that result in a point
deduction under an application submitted pursuant to either funding
round of this NOFA will not be counted against any future application
for FA through the NACA Program. All questions regarding outstanding
reports or compliance should be directed to the Grants Manager by e-
mail at grantsmanagement@cdfi.treas.gov; by telephone at (202) 622-
8226; by facsimile at (202) 622-7754; or by mail to CDFI Fund, 601 13th
Street, NW., Suite 200 South, Washington, DC 20005. These are not toll
free numbers. The Fund will respond to reporting or compliance
questions between the hours of 9 a.m. and 5 p.m. ET, starting the date
of the publication of this NOFA through February 10, 2006 (for the FY
2006 Funding Round) and February 12, 2007 (for the FY 2007 Funding
Round). The Fund will not respond to reporting or compliance phone
calls or e-mail inquiries that are received after 5 p.m. on February
10, 2006 (for the FY 2006 Funding Round) and February 12, 2007 (for the
FY 2007 Funding Round) until after the applicable funding application
deadline.
(b) Ranking: The Fund then will rank the applications by their
scores, from highest to lowest, based on each Applicant's scores for
all five criteria categories added together.
4. Award Selection: The Fund will make its final award selections
based on the rank order of Applicants by their scores and the amount of
funds available. Subject to the availability of funding, the Fund will
award funding in the order of the ranking. In addition, the Fund may
consider the institutional and geographic diversity of Applicants when
making its funding decisions.
5. Insured CDFIs: In the case of Insured Depository Institutions
and Insured Credit Unions, the Fund will take into consideration the
views of the Appropriate Federal Banking Agencies; in the case of
State-Insured Credit Unions, the Fund may consult with the appropriate
State banking agencies (or comparable entity). The Fund will not
approve a FA award or a TA grant to any Insured Credit Union (other
than a State-Insured Credit Union) or Insured Depository Institution
Applicant that has a CAMEL rating that is higher than a ``3'' or for
which its Appropriate Federal Banking Agency indicates it has safety
and soundness concerns, unless the Appropriate Federal Banking Agency
asserts, in writing, that: (i) An upgrade to a CAMEL 3 rating or better
(or other improvement in status) is imminent and such upgrade is
expected to occur not later than September 30, 2006 (for the FY 2006
Funding Round) or September 30, 2007 (for the FY 2007 Funding Round) or
within such other time frame deemed acceptable by the Fund, or (ii) the
safety and soundness condition of the Applicant is adequate to
undertake the activities for which the Applicant has requested a FA
award and the obligations of an Assistance Agreement related to such a
FA award.
6. Award Notification: 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 written declination if
not selected for an award. Each Applicant that is not selected for an
award based on reasons other than completeness or eligibility issues
may be offered a debriefing on the strengths and weaknesses of its
application. This feedback will be provided in a format and within a
timeframe to be determined by the Fund, based on available resources.
The Fund will notify Awardees by e-mail or fax using the addresses
maintained in the Awardee's myCDFIFund account (postal mailings will be
used only in rare cases).
[[Page 73884]]
7. The Fund reserves the right to reject an application if
information (including administrative errors) comes to the attention of
the Fund that either adversely affects an applicant's eligibility for
an award, or adversely affects the Fund's evaluation or scoring of an
application, or indicates fraud or mismanagement on the part of an
Applicant. If the Fund determines that any portion of the application
is incorrect in any material respect, the Fund reserves the right, in
its sole discretion, to reject the application. The Fund reserves the
right to change its eligibility and evaluation criteria and procedures,
if the Fund deems it appropriate; if said changes materially affect the
Fund's award decisions, the Fund will provide information regarding the
changes through the Fund's Web site. There is no right to appeal the
Fund's award decisions. The Fund's award decisions are final.
VI. Award Administration Information
A. Notice of Award: The Fund will signify its conditional 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 the Awardee and the Fund enter
into an Assistance Agreement. The Applicant must execute the Notice of
Award and return it to the Fund. By executing a Notice of Award, the
Awardee agrees, among other things, that, if prior to entering into an
Assistance Agreement with the Fund, information (including
administrative error) 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, the Awardee
agrees that, if prior to entering into an Assistance Agreement with the
Fund, the Fund determines that the Awardee is in default of any
Assistance Agreement previously 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.
1. Failure to meet reporting requirements: If an Awardee, or an
entity that Controls the Awardee, is Controlled by the Awardee or
shares common management officials with the Awardee (as determined by
the Fund) is a prior Fund Awardee or allocatee under any Fund program
and is not current on the reporting requirements set forth in the
previously executed assistance, allocation or award agreement(s), as of
the date of the Notice of Award, the Fund reserves the right, in its
sole discretion, to delay entering into an Assistance Agreement until
said prior Awardee or allocatee is current on the reporting
requirements in the previously executed assistance, allocation or award
agreement(s). Please note that the Fund only acknowledges the receipt
of reports that are complete. As such, incomplete reports or reports
that are deficient of required elements will not be recognized as
having been received. If said prior Awardee or allocatee is unable to
meet this requirement within the timeframe set by the Fund, the Fund
reserves the right, in its sole discretion, to terminate and rescind
the Notice of Award and the award made under this NOFA.
2. Pending resolution of noncompliance: If an Applicant is a prior
Awardee or allocatee under any Fund program and if: (i) It has
submitted complete and timely reports to the Fund that demonstrate
noncompliance with a previous assistance, award or allocation
agreement; and (ii) the Fund has yet to make a final determination as
to whether the entity is in default of its previous assistance, award
or allocation agreement, the Fund reserves the right, in its sole
discretion, to delay entering into an Assistance Agreement, pending
full resolution, in the sole determination of the Fund, of the
noncompliance. Further, if another entity that Controls the Applicant,
is Controlled by the Applicant or shares common management officials
with the Applicant (as determined by the Fund), is a prior Fund Awardee
or allocatee and if such entity: (i) Has submitted complete and timely
reports to the Fund that demonstrate noncompliance with a previous
assistance, award or allocation agreement; and (ii) the Fund has yet to
make a final determination as to whether the entity is in default of
its previous assistance, award or allocation agreement, the Fund
reserves the right, in its sole discretion, to delay entering into an
Assistance Agreement, pending full resolution, in the sole
determination of the Fund, of the noncompliance. If the prior Awardee
or allocatee in question is unable to satisfactorily resolve the issues
of noncompliance, in the sole determination of the Fund, the Fund
reserves the right, in its sole discretion, to terminate and rescind
the Notice of Award and the award made under this NOFA.
3. Default status: If, at any time prior to entering into an
Assistance Agreement through this NOFA, the Fund has made a final
determination that an Awardee that is a prior Fund Awardee or allocatee
under any Fund program is in default of a previously executed
assistance, allocation or award agreement(s), the Fund reserves the
right, in its sole discretion, to delay entering into an Assistance
Agreement, until said prior Awardee or allocatee has submitted a
complete and timely report demonstrating full compliance with said
agreement within a timeframe set by the Fund. Further, if at any time
prior to entering into an Assistance Agreement through this NOFA, the
Fund has made a final determination that another entity that Controls
the Awardee, is Controlled by the applicant or shares common management
officials with the Awardee (as determined by the Fund), is a prior Fund
Awardee or allocatee under any Fund program, and is in default of a
previously executed assistance, allocation or award agreement(s), the
Fund reserves the right, in its sole discretion, to delay entering into
an Assistance Agreement, until said prior Awardee or allocatee has
submitted a complete and timely report demonstrating full compliance
with said agreement within a timeframe set by the Fund. If said prior
Awardee or allocatee is unable to meet this requirement, the Fund
reserves the right, in its sole discretion, to terminate and rescind
the Notice of Award and the award made under this NOFA.
4. Termination in default: If (i) the Fund has made a final
determination that an Awardee that is a prior Fund Awardee or allocatee
under any Fund program whose award or allocation was terminated in
default of such prior agreement; and (ii) the final reporting period
end date for the applicable terminated agreement falls in Calendar Year
2005 (for the FY 2006 Funding Round) or Calendar Year 2006 (for the FY
2007 Funding Round), the Fund reserves the right, in its sole
discretion, to delay entering into an Assistance Agreement. Further, if
(i) the Fund has made a final determination that another entity that
Controls the Awardee, is Controlled by the Awardee or shares
[[Page 73885]]
common management officials with the Awardee (as determined by the
Fund), is a prior Fund Awardee or allocatee under any Fund program
whose award or allocation was terminated in default of such prior
agreement; and (ii) the final reporting period end date for the
applicable terminated agreement falls in Calendar Year 2005 (for the FY
2006 Funding Round) or Calendar Year 2006 (for the FY 2007 Funding
Round), the Fund reserves the right, in its sole discretion, to delay
entering into an Assistance Agreement.
5. Deobligated awards: An Awardee that receives a FA award pursuant
to this NOFA for which an amount over $200,000 is deobligated by the
Fund subsequent to the expiration of the period of award funds
availability (generally, any funds deobligated after the September 30th
following the year in which the award was made) but within the 12
months prior to the applicable application deadline, may not apply for
a new award through another NOFA for one CDFI or NACA Program funding
round after the date of said deobligation.
B. Assistance Agreement: Each Applicant that is selected to receive
an award under this NOFA must enter into an Assistance Agreement with
the Fund in order to receive disbursement of award proceeds. The
Assistance Agreement will set forth certain required terms and
conditions of the award, which will include, but not be limited to: (i)
The amount of the award; (ii) the type of award; (iii) the approved
uses of the award; (iv) the approved Target Market to which the funded
activity must be targeted; (v) performance goals and measures; and (vi)
reporting requirements for all Awardees. FA and FA/TA Assistance
Agreements under this NOFA generally will have three-year performance
periods; TA-only Assistance Agreements generally will have two-year
performance periods.
The Fund reserves the right, in its sole discretion, to terminate
the Notice of Award and rescind an award if the Awardee fails to return
the Assistance Agreement, signed by the authorized representative of
the Awardee, and/or provide the Fund with any other requested
documentation, within the deadlines set by the Fund.
In addition to entering into an Assistance Agreement, each Awardee
that receives an award either (i) in the form of a loan, equity
investment, credit union shares/deposits, or secondary capital, in any
amount, or (ii) 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: (A) is duly formed and in
good standing in the jurisdiction in which it was formed and/or
operates; (B) has the authority to enter into the Assistance Agreement
and undertake the activities that are specified therein; and (C) 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. Each other Awardee must provide the Fund with a
good standing certificate (or equivalent documentation) from its state
(or jurisdiction) of incorporation.
C. Reporting: 1. Reporting requirements: The Fund will collect
information, on at least an annual basis, from each Awardee including,
but not limited to, an Annual Report that comprises the following
components: (i) Financial Report (not required of Sponsoring Entities);
(ii) Institution Level Report; (iii) Transaction Level Report (for
Awardees receiving FA); (iv) Financial Status Report (for Awardees
receiving TA); (v) Uses of Financial Assistance and Matching Funds
Report (for Awardees receiving FA awards); (vi) Explanation of
Noncompliance (as applicable); and (vii) such other information as the
Fund may require. Each Awardee is responsible for the timely and
complete submission of the Annual Report, even if all or a portion of
the documents actually is completed by another entity or signatory to
the Assistance Agreement. If such other entities or signatories are
required to provide Institution Level Reports, Transaction Level
Reports, Financial Reports, or other documentation that the Fund may
require, the Awardee is responsible for ensuring that the information
is submitted timely and complete. The Fund reserves the right to
contact such additional signatories to the Assistance Agreement and
require that additional information and documentation be provided. The
Fund will use such information to monitor each Awardee's compliance
with the requirements set forth in the Assistance Agreement and to
assess the impact of the NACA Program. The Institution Level Report and
the Transaction Level Report must be submitted through the Fund's web-
based data collection system, the Community Investment Impact System
(CIIS). The Financial Report may be submitted through CIIS, or by fax
or mail to the Fund. All other components of the Annual Report may be
submitted to the Fund in paper form or other form to be determined by
the Fund. 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 notice to Awardees.
2. Accounting: The Fund will require each Awardee that receives FA
and TA awards through this NOFA to account for and track the use of
said FA and TA awards. This means that for every dollar of FA and TA
awards received from the Fund, the Awardee will be required to inform
the Fund of its uses. This will require Awardees to establish separate
administrative and accounting controls, subject to the applicable OMB
Circulars. The Fund will provide guidance to Awardees outlining the
format and content of the information to be provided on an annual
basis, outlining and describing how the funds were used. Each Awardee
that receives a FA award must establish a separate bank account for the
FA funds and provide the Fund with the required complete and accurate
Automated Clearinghouse (ACH) form for that separate bank account prior
to award closing and disbursement.
VII. Agency Contacts
The Fund will respond to questions and provide support concerning
this NOFA and the funding application between the hours of 9 a.m. and 5
p.m. ET, starting the date of the publication of this NOFA through
February 10, 2006 (for the FY 2006 Funding Round) and February 12, 2007
(for the FY 2007 Funding Round). The Fund will not respond to questions
or provide support concerning the application that are received after 5
p.m. ET on said dates, until after the respective funding application
deadline. Applications and other information regarding the Fund and its
programs may be obtained from the Fund's Web site at http://www.cdfifund.gov.
The Fund will post on its Web site responses to
questions of general applicability regarding the CDFI Program.
A. Information Technology Support: Technical support can be
obtained by calling (202) 622-2455 or by e-mail at
ithelpdesk@cdfi.treas.gov. People who have visual or mobility
impairments that prevent them from creating an Investment Area map
using the Fund's Web site should call (202) 622-2455 for assistance.
These are not toll free numbers.
B. Programmatic Support: If you have any questions about the
programmatic requirements of this NOFA, contact the Fund's Program
office by e-mail at cdfihelp@cdfi.treas.gov, by telephone at
[[Page 73886]]
(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.
C. Grants Management Support: If you have any questions regarding
the administrative requirements of this NOFA, including questions
regarding submission requirements, contact the Fund's Grants Manager by
e-mail at grantsmanagement@cdfi.treas.gov, by telephone at (202) 622-
8226, by facsimile at (202) 622-6453, or by mail at CDFI Fund, 601 13th
Street, NW., Suite 200 South, Washington, DC 20005. These are not toll
free numbers.
D. Compliance and Monitoring Support: If you have any questions
regarding the compliance requirements of this NOFA, including questions
regarding performance on prior awards, contact the Fund's Compliance
Manager by e-mail at cme@cdfi.treas.gov, by telephone at (202) 622-
8226, by facsimile at (202) 622-6453, or by mail at CDFI Fund, 601 13th
Street, NW., Suite 200 South, Washington, DC 20005. These are not toll
free numbers.
E. Legal Counsel Support: If you have any questions or matters that
you believe require response by the Fund's Office of Legal Counsel,
please refer to the document titled ``How to Request a Legal Review,''
found on the Fund's web site at http://www.cdfifund.gov. Further, if
you wish to review the Assistance Agreement form document from a prior
funding round, you may find it posted on the Fund's Web site (please
note that there may be revisions to the Assistance Agreement that will
be used for Awardees under this NOFA and thus the sample document on
the Fund's Web site should not be relied upon for purposes of this
NOFA).
F. Communication with the CDFI Fund: The Fund will use its
myCDFIFund Internet interface to communicate with Applicants and
Awardees under this NOFA. Applicants must register through myCDFIFund
in order to submit a complete application for funding. Awardees must
use myCDFIFund to submit required reports. The Fund will notify
Awardees by email using the addresses maintained in each Awardee's
myCDFIFund account. Therefore, the Awardee and any Subsidiaries,
signatories, and Affiliates must maintain accurate contact information
(including contact person and authorized representative, email
addresses, fax numbers, phone numbers, and office addresses) in their
myCDFIFund account(s). For more information about myCDFIFund, please
see the Help documents posted at https://www.cdfifund.gov/myCDFI/Help/Help.asp
.
VIII. Information Sessions and Outreach
In connection with the Fiscal Year 2006 and FY 2007 Funding Round,
the Fund may conduct Information Sessions to disseminate information to
organizations contemplating applying to, and other organizations
interested in learning about, the Fund's programs. For further
information on the Fund's Information Sessions, dates and locations, or
to register to attend an Information Session, please visit the Fund's
Web site at http://www.cdfifund.gov or call the Fund at (202) 622-9046.
Authority: 12 U.S.C. 4703, 4703 note, 4704, 4706, 4707, 4717; 12
CFR part 1805.
Dated: December 1, 2005.
Arthur A. Garcia,
Director, Community Development Financial Institutions Fund.
[FR Doc. 05-23748 Filed 12-12-05; 8:45 am]
BILLING CODE 4810-70-P