[Federal Register: November 1, 2007 (Volume 72, Number 211)]
[Notices]
[Page 61948-61958]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01no07-103]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Funding Opportunity Title: Revised Notice of Funds Availability
(NOFA) inviting applications for the FY 2008 Funding Round of the
Native American CDFI Assistance (NACA) Program
Announcement Type: Initial announcement of funding opportunity.
Catalog of Federal Domestic Assistance (CFDA) Number: 21.020.
Dates: Applications for the FY 2008 Funding Round of the NACA
Program must be received by 5 p.m. ET on Wednesday, December 19, 2007.
Executive Summary: Subject to funding availability, this NOFA is
issued in connection with the FY 2008 funding round of the NACA
Program.
I. Funding Opportunity Description
A. Through the NACA Program, the Fund provides: (i) 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) that have Comprehensive Business Plans for
creating demonstrable community development impact through the
deployment of credit, capital, and financial services within their
respective Target Markets or the expansion into new Investment Areas,
Low-Income Targeted Populations, or Other Targeted Populations, and
(ii) Technical Assistance (TA) grants to Native CDFIs entities
proposing 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 existing or
proposed Target Markets, and/or to become certified Native CDFIs.
B. The regulations governing the CDFI Program, found at 12 CFR part
1805 (the Interim Rule), provide guidance on evaluation criteria and
other requirements of the NACA Program. 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. Anticipated FY 2008 Funding: Through this NOFA, 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 2008 Funding Round, provided that the
funds are available and the Fund deems it appropriate.
2. Availability of Funds for the FY 2008 Funding Round: Funds for
the FY 2008 Funding Round have not yet been appropriated. If funds are
not appropriated for the FY 2008 Funding Round, there will not be a FY
2008 Funding Round. Further, it is possible that if funds are
appropriated for the FY
[[Page 61949]]
2008 Funding Round, the amount of such funds may be greater than or
less than the amounts set forth above.
B. Types of Awards
An Applicant may submit an application either for: (i) A FA award
only; (ii) a FA award and a TA grant; or (iii) a TA grant only.
1. FA Awards: FA is intended to provide flexible financial support
to Native CDFIs so that they may achieve the strategies outlined in
their Comprehensive Business Plans. A FA award can be requested by an
Applicant for use in the following four categories of activity:
Financial Products, Loan Loss Reserves, Capital Reserves, and/or
Operations. For purposes of this NOFA, Financial Products means: loans,
grants, equity investments and similar financing activities, including
the purchase of loans originated by certified Native CDFIs and the
provision of loan guarantees, to and in its Target Market, or for
related purposes that the Fund deems appropriate. Loan Loss Reserves
means: funds that the Applicant will set aside in the form of cash, or
through accounting-based accrual, reserves to cover losses on loans,
accounts and notes receivable made to or in its Target Market. Capital
Reserves means: funds that the Applicant will set aside in the form of
reserves to support the Applicant's ability to leverage other capital,
such as by increasing its net assets, to serve the financing needs of
its Target Market, or for related purposes that the Fund deems
appropriate. Operations means: funds that the Applicant will use to
undertake Development Services, Financial Services, and/or for related
purposes that the Fund deems appropriate. The most common use of FA is
for the Applicant's Financial Products: a FA award can be a critical
source of funding to support the Applicant's community development
lending activities. 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; however, the award
amount will not exceed the Applicant's award request as stated in its
application. The Fund reserves the right, in its sole discretion, to
provide a FA award to an Applicant 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 that which are requested by an Applicant;
however, the award amount will not exceed the Applicant's award request
as stated in its application and the applicable budget chart.
(b) TA grants may be used to address a variety of needs including,
but not limited to, development of strategic planning documents (such
as strategic or capitalization plans), market analyses or product
feasibility analyses, operational policies and procedures, curricula
for Development Services (such as entrepreneurial training, home 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 requesting Professional Services in
its TA proposal is required to provide supporting information in the
form of a scope of work, to include information regarding the expected
cost, the likely provider of the TA, a description of the anticipated
timing of the expenditures, and a narrative description of how the TA
grant will enhance its capacity to provide greater community
development impact and/or to become certified as 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 administrative expenses, including staff salary and
other key award related 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,
eligible FA Applicants include Certified Native CDFIs and Certifiable
Native CDFIs; eligible TA Applicants include Certified Native CDFIs,
Certifiable Native CDFIs, Emerging CDFIs and Sponsoring Entities,
defined as follows:
(a) Certified Native CDFIs: A Certified Native CDFI is an entity
that primarily serves (meaning, at least 50 percent of its activities
are directed toward serving) a Native Community, whose certification
has not expired, and that has not been notified by the Fund that its
certification has been terminated. Each such Applicant must submit a
``Certification of Material Event Form'' to the Fund not later than
Wednesday, December 5, 2007, or such other dates as the Fund may
proscribe, 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 2008 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 no later than Wednesday, December 5, 2007, or
such other dates as the Fund may proscribe, evidencing that the
Applicant meets the requirements to be certified as a Native 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 award funds unless and until the Fund
has certified
[[Page 61950]]
your organization as a Native CDFI. If the Fund is unable to certify
your organization as a Native 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 demonstrates to the satisfaction of the Fund that it has
a reasonable plan to be certified as a Native CDFI by December 31, 2012
or such other date selected by the Fund. Emerging Native CDFIs may only
apply for TA grants; they are not eligible to apply for FA awards. Each
Emerging Native CDFI that is selected to receive a TA grant will be
required, pursuant to its Assistance Agreement with the Fund, to become
certified as a Native CDFI by a certain date.
(d) Sponsoring Entities: For the purposes of this NOFA, a
Sponsoring Entity is an entity that proposes to create a separate legal
entity that will become a certified Native 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 education 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 certain date
that will, in turn, seek CDFI certification.
2. Limitation on Awards: An Applicant may receive only one award
through the CDFI Program in the FY 2008 funding rounds. A NACA Program
Applicant, its Subsidiaries or Affiliates also may apply for and
receive: (i) A tax credit allocation through the New Markets Tax Credit
(NMTC) Program, but only to the extent that the activities approved for
NACA Program awards are different from those activities for which the
Applicant receives a NMTC Program allocation; and (ii) an award through
the Bank Enterprise Award (BEA) Program (subject to certain
limitations; refer to the Interim Rule at 12 CFR 1805.102).
3. Contacting the Fund. The Fund will respond to questions and
provide support concerning Native CDFI certification related to the FY
2008 Funding Round between the hours of 9 a.m. and 5 p.m. ET, through
Monday, December 3, 2007. The Fund will not respond to questions or
provide support concerning Native CDFI certification, related to the FY
2008 Funding Round, that are received after 5 p.m. ET on Monday,
December 3, 2007. The CDFI Certification Application and other
information regarding CDFI certification may be obtained from the
Fund's Web site at http://www.cdfifund.gov.
B. 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. In general, the three-year period extends back three years
from the date that the Fund signs a Notice of Award; for purposes of
this NOFA, and for ease of administration, the Fund will consider any
assistance documented with a Notice of Award dated between July 31,
2005 and July 31, 2008 (which is the anticipated date that the Fund
will issue Notices of Award for the FY 2008 Funding Round).
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
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) is a prior Fund Awardee or allocatee under any Fund program and
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) Within the 12-month period
prior to the applicable application deadline of this NOFA, 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
[[Page 61951]]
for the applicable terminated assistance, allocation or award
agreement(s) falls within the 12-month period prior to the application
deadline of this NOFA. Further, an entity is not eligible to apply for
an award pursuant to this NOFA if: (i) Within the 12-month period prior
to the applicable application deadline, 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 within the 12-month period prior to the application deadline of
this NOFA.
6. Undisbursed award funds: 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
award 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 award 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 award 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 award funds.
For purposes of the calculation of undisbursed award funds for the
BEA Program, only awards made to the Applicant (and any Affiliates)
three to five calendar years prior to the end of the calendar year of
the application deadline of this NOFA are included (``includable BEA
awards''). Thus, for purposes of this NOFA, undisbursed BEA Program
award funds are the amount of FYs 2002, 2003 and 2004 awards that
remain undisbursed as of the application deadline of this NOFA.
For purposes of the calculation of undisbursed award funds for the
CDFI Program and the Native Initiatives (NI) Funding Programs, only
awards made to the Applicant (and any Affiliates) two to five calendar
years prior to the end of the calendar year of this NOFA are included
(``includable CDFI/NI awards''). Thus, for purposes of this NOFA,
undisbursed CDFI Program and NI awards are the amount of FYs 2002,
2003, 2004 and 2005 awards that remain undisbursed as of the
application deadline of this NOFA.
To calculate total includable BEA/CDFI/NI awards: Amounts that are
undisbursed as of the application deadline of this NOFA cannot exceed
five percent (5%) of the total includable awards. Please refer to an
example of this calculation on the Fund's Web site, found in the Q&A
document for the FY 2008 Funding Round.
The ``undisbursed award funds'' calculation does not include: (i)
Tax credit allocation authority made available through the 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 in writing by the Fund 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 award funds'' from
prior awards to provide the Fund with a complete disbursement request
at least 10 business days prior to the application deadline of this
NOFA. An Applicant that is unsure about the disbursement status of any
prior award should contact the Fund's Financial Manager via e-mail at
CDFI.disburseinquiries@cdfi.treas.gov for more information, no less
than thirty (30) calendar days prior to the application deadline of
this NOFA. Requests submitted less than thirty calendar days prior to
the application deadline may not receive a response before the
application deadline.
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 award funds) 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 was declared by the Federal Emergency Management Agency
(FEMA) as a result of Hurricanes Katrina and/or Rita. Said requirements
are waived for those Applicants under this NOFA.
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 deobligation of any outstanding balance of said prior
award(s). Disbursement questions should be directed to Grants
Management via e-mail to grantsmanagement@cdfi.treas.gov. Reporting and
compliance questions should be directed to Compliance, Monitoring and
Evaluation (CME) by e-mail to cme@cdfi.treas.gov. Telephone calls to
Grants Management and CME should be directed to (202) 622-8226;
facsimiles to (202) 622-7754; and 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 Monday, December 17, 2007 (two business days before
the application deadline). The Fund will not respond to Applicants'
reporting, disbursement or compliance phone calls or e-mail inquiries
that are received after 5 p.m. ET on said date, until after the funding
application deadline.
C. 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 NACA 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 NACA
Program, the Fund will
[[Page 61952]]
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 NACA Program funds or other
Federal funds. For the purposes of this NOFA, BEA Program award
proceeds received by an Applicant from a Non-Affiliate BEA Program
Awardee 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 Applicant Category: 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 NACA Applicant for FA 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, 2006 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, 2009 (with required
documentation of such receipt received by the Fund not later than March
31, 2009), 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, 2009.
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, deposit, 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 2 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 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. The Fund will assess the likelihood of this
increase during the application review process. An award will not be
made to any Applicant that has not demonstrated that it has increased
shares or loans by at least 25 percent of the requested FA award amount
between December 31, 2006 and December 31, 2007, as demonstrated by the
corresponding NCUA 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 was 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 was 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, 2006
[[Page 61953]]
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 the required matching funds by December 31, 2008 (with
required documentation of such receipt received by the Fund not later
than December 15, 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 such Applicant that demonstrates
that it has less than the required 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 December
31, 2008. 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 may submit applications under this NOFA only
electronically, through Grants.gov. Applications sent by mail,
facsimile or other form will not be accepted. The Fund will not accept
applications in paper form, other than the assigned signature page and
certain paper attachments, as specified below and in the application.
B. Grants.gov
For the FY 2008 Funding Round, in compliance with Public Law 106-
107 and Section 5(a) of the Federal Financial Assistance Management
Improvement Act, the Fund is required to accept applications submitted
through the Grants.gov electronic system. The Fund will post to its Web
site at http://www.cdfifund.gov instructions for accessing and
submitting an application through Grants.gov. The application
instructions will be posted as soon as they are available and once the
application materials are accessible through Grants.gov. Applicants are
encouraged to start the registration process now at http://www.Grants.gov as
the process may take several weeks to fully complete. See the following
link for information on getting started on Grants.gov: http://grants.gov/assets/GrantsgovCoBrandBrochure8X11.pdf
.
C. Application Content Requirements
Detailed application content requirements are found in the
application and guidance. Please note that, pursuant to OMB guidance
(68 Federal Register 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 electronic application that does not
include an EIN is incomplete and cannot be transmitted to the Fund.
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 a DUNS number or EIN information).
D. MyCDFIFund Accounts
All Applicants must register User and Organization accounts in
myCDFIFund, the Fund's Internet-based interface. An Applicant must be
registered as both a User and an Organization in myCDFIFund as of the
applicable application deadline in order to be considered to have
submitted a complete application. 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
Applicants must submit all materials described in and required by
the application by the applicable deadline.
1. Application Deadlines: Applications submitted via Grants.gov
must be received in accordance with the instructions provided by the
Fund, by 5 p.m. ET on Wednesday, December 19, 2007. In addition,
Applicants that submit electronic applications must separately submit
(by mail or other courier/delivery service) a signature page, signed by
the Applicant's Authorized Representative, and all other required paper
attachments; said documents must be received at the address set forth
below by 5 p.m. ET on Friday, December 21, 2007.
2. 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. An
application submitted via Grants.gov 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. Any application that is deemed ineligible
will not be returned to the Applicant.
F. Intergovernmental Review
Not applicable.
G. 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 on a 100-point scale 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.
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
[[Page 61954]]
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); (ii) it will offer more Financial Products or
Development Services and/or increase the volume of its current
activities in the Target Market; and/or (ii) it will expand its
operations into a larger Target Market.
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 by
March 14, 2009.
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 Comprehensive
Business Plan, 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 Native 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. The Fund will
assess the reasonableness of the plan to become certified by December
31, 2010, taking into account the requested TA. For example, if the
Applicant does not currently make loans and therefore does not meet the
Financing Entity requirement, it might describe how the TA funds will
be used to hire a consultant to develop underwriting policies and
procedures to support the Applicant's ability to start its lending
activity. An Applicant that requests a TA grant for recurring
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
does not meet eligibility requirements and will be rejected. Any
application that does not meet eligibility requirements will not be
returned to the Applicant.
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. As part of the review process, the
Fund may contact the Applicant by telephone, e-mail, mail, or through
an on-site visit for the purpose of obtaining clarifying or confirming
application information (such as statements of work, resumes, EINs,
DUNS numbers). After submitting its application, the Applicant will not
be permitted to revise or modify its application in any way nor attempt
to negotiate the terms of an award. If contacted for clarifying or
confirming information, the Applicant must respond 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
score in each evaluation criteria 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
[[Page 61955]]
any active award or award that terminated during the 12 months prior to
the application deadline 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; (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
2004, FY 2005 or FY 2006 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 Compliance, Monitoring and
Evaluation by e-mail to cme@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 Monday, December 17, 2007.
(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 an 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, 2008, 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 an FA award and the
obligations of an Assistance Agreement related to such an 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
will be provided a written 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 using the addresses
maintained in the Awardee's myCDFIFund account (postal mailings will be
used only in rare cases).
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
through its myCDFIFund account. 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
[[Page 61956]]
into an Assistance Agreement until said prior Awardee or allocatee is
current on the reporting requirements in any 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) within the 12-month period 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 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
within the 12-month period prior to the application deadline of this
NOFA, the Fund reserves the right, in its sole discretion, to delay
entering into an Assistance Agreement. Further, if (i) within the 12-
month period 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 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
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 within the 12-month period prior
to the application deadline of this NOFA, the Fund reserves the right,
in its sole discretion, to delay entering into an Assistance Agreement.
5. Deobligated awards: An Awardee that receives an 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 application deadline, may not apply for a new award
through another NOFA for a 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
[[Page 61957]]
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
Financial Assistance); (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 outline in the Assistance Agreement 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 an award must provide the Fund with the required complete and
accurate Automated Clearinghouse (ACH) form for its 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
Monday, December 17, 2007. The Fund will not respond to questions or
provide support concerning the applications 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 NACA 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 (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 Management unit by e-mail at
grantsmanagement@cdfi.treas.gov, by telephone at (202) 622-8226, 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.
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) 622-7754, 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 is
provided for illustrative purposes only and should not be relied on 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 e-mail 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, e-mail 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
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
[[Page 61958]]
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: October 23, 2007.
Kimberly A. Reed,
Director, Community Development Financial Institutions Fund.
[FR Doc. E7-21495 Filed 10-31-07; 8:45 am]
BILLING CODE 4810-70-P