[Federal Register: August 15, 2008 (Volume 73, Number 159)]
[Notices]
[Page 48011-48021]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15au08-120]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Funding Opportunity Title: Notice of Funds Availability (NOFA)
Inviting Applications for the FY 2009 Funding Round of the Community
Development Financial Institutions (CDFI) Program
Announcement Type: Initial announcement of funding opportunity.
Catalog of Federal Domestic Assistance (CFDA) Number: 21.020.
DATES: Application deadlines for the FY 2009 funding round of the CDFI
Program (hereafter, the FY 2009 Funding Round) are as follows: (i) If
you wish to apply for Financial Assistance (FA) and/or Technical
Assistance (TA) funding, your funding application must be received by
midnight, ET, Wednesday, October 29, 2008; and (ii) if you wish to
apply for CDFI certification, your certification application must be
received by midnight, ET, Wednesday, October 1, 2008.
Table 1--FY 2009 CDFI Program Deadlines
[All midnight, ET deadlines]
----------------------------------------------------------------------------------------------------------------
Application type Application deadline Last date to contact fund staff
----------------------------------------------------------------------------------------------------------------
CDFI Certification Application...... Wednesday, October 1, 2008.. Friday, September 26, 2008.
CDFI Program Funding Application (FA Wednesday, October 29, 2008. Monday, October 27, 2008.
and/or TA) (Core/SECA).
----------------------------------------------------------------------------------------------------------------
Executive Summary: Subject to funding availability, this NOFA is
issued in connection with the FY 2009 funding round of the CDFI
Program.
I. Funding Opportunity Description
A. Through the CDFI Program, the Fund provides: (i) FA awards to
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) TA grants to CDFIs and entities
proposing to become CDFIs in order to build their
[[Page 48012]]
capacity to better address the community development and capital access
needs of their existing or proposed Target Markets and/or to become
certified CDFIs.
B. The regulations governing the CDFI Program are found at 12 CFR
Part 1805 (the Regulations) and provide guidance on evaluation criteria
and other requirements of the CDFI Program. The Fund encourages
Applicants to review the Regulations. 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 Regulations, 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 2009 Funding Round: Through this NOFA, and subject to funding
availability, the Fund expects that it may award approximately $54
million in appropriated funds, of which: (i) Approximately $9 million
in appropriated funds may be awarded to Category I/SECA Applicants in
the form of FA awards and TA grants; (ii) approximately $43 million in
appropriated funds may be awarded to Category II/Core Applicants in the
form of FA awards and TA grants; and (iii) approximately $2 million in
appropriated funds may be awarded to Applicants in the form of TA
grants only. The Fund reserves the right to award in excess of $54
million in appropriated funds to Applicants (and/or more or less than
$9 million to Category I/SECA Applicants, and/or more or less than $43
million to Category II/Core Applicants, and/or more or less than $2
million to TA-only Applicants) in the FY 2009 Funding Round, provided
that the funds are available and the Fund deems it appropriate.
2. Availability of Funds for the FY 2009 Funding Round of the CDFI
Program: Funds for the FY 2009 Funding Round have not yet been
appropriated. If funds are not appropriated for the FY 2009 Funding
Round, there will not be an FY 2009 Funding Round. Further, it is
possible that if funds are appropriated for the FY 2009 Funding Round,
the amount of such funds may be greater than or less than the amounts
set forth above. Further, if funds for the FY 2009 funding round of the
Native American CDFI Assistance (NACA) Program are not appropriated,
entities that are eligible to apply for CDFI Program funds and that
might otherwise have applied for NACA Program funds, are encouraged to
apply for CDFI Program funds through the FY 2009 Funding Round.
B. Types of Awards: An Applicant may submit an application either
for: (i) An FA-only award; (ii) an FA award and a TA grant; or (iii) a
TA-only grant.
1. FA Awards: FA is intended to provide flexible financial support
to CDFIs so that they may achieve the strategies outlined in their
Comprehensive Business Plans. FA awards can be used in the following
four categories: (i) Financial Products, (ii) Loan Loss Reserves, (iii)
Capital Reserves, and/or (iv) 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 CDFIs and the provision of loan guarantees, in the
Applicant's 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
in its Target Market, or for related purposes that the Fund deems
appropriate. 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, for such purposes as increasing its net assets
or serving 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.
FA awards are most commonly used for an Applicant's Financial Products
since FA funds can be used 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 an FA award in a form and amount other than that
which the Applicant requests; 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 an FA award to a
Category I/SECA 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 provides 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 the Applicant requests; 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 eligible market, and
tools that allow the Applicant to assess the impact of its activities
in its community.
(c) Eligible TA grant uses include, but are not limited to: (i)
Procuring professional services; (ii) acquiring/enhancing technology
items, including computer hardware, software and Internet connectivity
and related MIS; (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 CDFI. TA funds must be used to support the Applicant's activities;
TA funds cannot be used to support the creation of a new entity or
activities of a sponsored entity.
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.
[[Page 48013]]
III. Eligibility Information
A. Eligible Applicants: The Regulations specify 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. FA Applicant Categories: All Applicants for FA awards through
this NOFA must meet the criteria for one of the following two
categories:
Table 2--FA Applicant Criteria
----------------------------------------------------------------------------------------------------------------
Applicant may
FA applicant category Applicant criteria apply for: Application deadline
----------------------------------------------------------------------------------------------------------------
Category I/Small and/or (1) Is a Certified/ Up to and Midnight, ET, Wednesday, October
Emerging CDFI Assistance Certifiable CDFI;. including 29, 2008.
(SECA). (2) Has total assets, $500,000 in FA
as of the end of the funds, and up to
Applicant's most $100,000 in TA
recent fiscal year end funds.
or September 30, 2008,
as follows:.
Insured
Depository
Institutions and
Depository Institution
Holding Companies: up
to $250 million
Insured Credit
Unions: up to $10
million
Venture
capital funds: up to
$10 million
Other CDFIs:
up to $5 million; or
(3) Began operations on
or after January 1,
2005; and
(4) Prior to the
application deadline,
has not been selected
to receive in excess
of $500,000 in FA
award(s) in the
aggregate from the
CDFI Program or Native
Initiatives Funding
Programs
Category II/Core............... A Certified/Certifiable Up to and Midnight, ET, Wednesday, October
CDFI that meets all including $2 29, 2008.
other eligibility million in FA
requirements described funds, and up to
in this NOFA. $100,000 in TA
funds.
----------------------------------------------------------------------------------------------------------------
Please note: (1) The Fund reserves the right, in its sole
discretion, to award amounts in excess of or less than the anticipated
maximum award amounts permitted in this NOFA, if the Fund deems it
appropriate. (2) Any Applicant that requests FA funding in excess of
$500,000 is classified as a Category II/Core Applicant, regardless of
its total assets, years in operation, or prior Fund awards. (3) The
term ``began operations'' is defined as the financing activity start
date indicated in the Applicant's myCDFIFund account. (4) The term
``Native Initiatives Funding Programs'' refers to the Native American
CDFI Assistance (NACA) Program and all prior funding programs, through
which funds are no longer available, including the Native American CDFI
Technical Assistance (NACTA) Component of the CDFI Program, the Native
American CDFI Development (NACD) Program, and the Native American
Technical Assistance (NATA) Component of the CDFI Program.
2. TA Applicants: All Applicants for TA grants through this NOFA
must meet the following criteria:
Table 3--TA Applicant Criteria
--------------------------------------------------------------------------------------------------------------------------------------------------------
Applicant type Criteria of applicant Applicant can apply for: Application due date
--------------------------------------------------------------------------------------------------------------------------------------------------------
TA-Only.............................. A Certified CDFI, a Certifiable CDFI, Up to $100,000 for capacity- TA-only: Midnight, ET, Wednesday, October
or an Emerging CDFI. building activities. 29, 2008.
FA/TA (Core/SECA).................... A Certified CDFI, a Certifiable CDFI... Up to $100,000 for capacity- FA/TA: Midnight, ET, Wednesday, October
building activities. 29, 2008.
--------------------------------------------------------------------------------------------------------------------------------------------------------
The Fund, in its sole discretion, reserves the right to award
amounts less than the anticipated maximum award amounts permitted in
this NOFA, if the Fund deems it appropriate.
3. CDFI Certification Requirements: For purposes of this NOFA,
eligible FA Applicants include Certified CDFIs and Certifiable CDFIs;
eligible TA Applicants include Certified CDFIs, Certifiable CDFIs and
Emerging CDFIs, defined as follows:
(a) Certified CDFIs: A certified CDFI 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 the
Certification Application deadline stated in Table 1 of this NOFA, or
such other dates as the Fund may proscribe, in accordance with the
instructions on the Fund's Web site at www.cdfifund.gov. Please note:
the Fund provided some CDFIs with 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 CDFIs: For purposes of this NOFA, a Certifiable
CDFI is an entity from which the Fund receives a complete CDFI
Certification Application no later than the Certification Application
deadline stated in Table 1 of this NOFA, or such other dates as the
Fund may proscribe, evidencing that the Applicant meets the
requirements to be certified as a CDFI. Applicants may obtain the CDFI
Certification
[[Page 48014]]
Application through the Fund's Web site at www.cdfifund.gov.
Applications for certification must be submitted as instructed in the
application form. Please note: FA Applicants that are Certifiable
CDFIs: 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 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 CDFIs: For purposes of this NOFA, an Emerging CDFI is
an entity that demonstrates to the Fund's satisfaction that it has a
reasonable plan to be certified as a CDFI by December 31, 2011 or such
other date selected by the Fund. 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 become certified as a
CDFI by a certain date.
4. Limitation on Awards: An Applicant may receive only one award
through the CDFI Program in the FY 2009 Funding Round. No Applicant may
receive a BEA Program award if it has a CDFI Program and a BEA Program
application pending in the same funding round (subject to certain
limitations; refer to the Regulations at 12 CFR 1805.102). A CDFI
Program Applicant, its Subsidiaries or Affiliates also may apply for
and receive 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.
5. Contacting the Fund. The Fund will respond to questions and
provide support concerning CDFI certification related to the FY 2009
Funding Round between the hours of 9 a.m. and 5 p.m. ET, through the
date that is three business days before the certification application
deadline. 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. For purposes of this section, the Fund will consider an
Affiliate to be any entity that meets the definition of Affiliate in
the Regulations or any entity otherwise identified as an affiliate by
the Applicant in its funding Application 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,
2006 and July 31, 2009 (which is the anticipated date that the Fund
will issue Notices of Award for the FY 2009 Funding Round).
2. Failure to meet reporting requirements: The Fund will not
consider an application submitted by an Applicant if the Applicant, or
an Affiliate of the Applicant 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 an
Affiliate of the Applicant 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 an Affiliate of
the Applicant 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). Such
entities will be ineligible to apply for an award pursuant to this NOFA
so long as the Applicant's, or its Affiliate's, prior award or
allocation remains in default status or such other time period as
specified by the Fund in writing.
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 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 an Affiliate of the Applicant 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
[[Page 48015]]
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 an Affiliate of the Applicant 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 2003, 2004 and 2005 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 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 2003,
2004, 2005 and 2006 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 2009 Funding Round.
The ``undisbursed award funds'' calculation does not include: (i)
Tax credit allocation authority made available through the New Markets
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 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 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. Contact the Fund. Applicants that are prior Fund 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) at (202) 622-6330 or by e-mail to cme@cdfi.treas.gov. Telephone
calls to Grants Management and Financial Management 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 the date that is two business
days before the applicable 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.
8. Other Targeted Populations as Target Markets: Other Targeted
Populations are defined as identifiable groups of individuals in the
Applicant's service area for which there exists a strong basis of
evidence that they lack access to loans, Equity Investments and/or
Financial Services. The Fund has determined that there is strong basis
of evidence that the following groups of individuals lack access to
loans, Equity Investments and/or Financial Services on a national
level: Blacks or African Americans, Native Americans or American
Indians, and Hispanics or Latinos. In addition, for purposes of this
NOFA, the Fund has determined that there is a strong basis of evidence
that Alaska Natives residing in Alaska, Native Hawaiians residing in
Hawaii, and Other Pacific Islanders residing in other Pacific Islands,
lack adequate access to loans, Equity Investments or Financial
Services. An Applicant designating any of the above-cited Other
Targeted Populations is not required to provide additional narrative
explaining the Other Targeted Population's lack of adequate access to
loans, Equity Investments or Financial Services. For purposes of this
NOFA, the Fund will use the following definitions, set forth in the
Office of Management and Budget (OMB) Notice, Revisions to the
Standards for the Classification of Federal Data on Race and Ethnicity
(October 30, 1997), as amended and supplemented:
(a) American Indian, Native American or Alaska Native: A person
having origins in any of the original peoples of North and South
America (including Central America) and who maintains tribal
affiliation or community attachment;
(b) Black or African American: A person having origins in any of
the black racial groups of Africa (terms such as ``Haitian'' or
``Negro'' can be used in addition to ``Black or African American'');
(c) Hispanic or Latino: A person of Cuban, Mexican, or Puerto
Rican, South or Central American or other Spanish culture or origin,
regardless of race (the term ``Spanish origin'' can be used in addition
to ``Hispanic or Latino''); and
(d) Native Hawaiian: A person having origins in any of the original
peoples of Hawaii; and
(e) Other Pacific Islander: A person having origins in any of the
original peoples of Guam, Samoa or other Pacific Islands.
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
[[Page 48016]]
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 Regulations 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 of this NOFA. Specifically, FA Applicants must meet the
following matching funds requirements:
(a) Category I/SECA Applicants: A Category I/SECA 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, 2007, 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, 2010 (with
required documentation of such receipt received by the Fund not later
than March 31, 2010), 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, 2010.
(b) Category II/Core Applicants: A Category II/Core Applicant must
demonstrate that it has eligible matching funds equal to no less than
100 percent of the amount of the FA award requested in-hand or firmly
committed, on or after January 1, 2007, 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, 2010 (with
required documentation of such receipt received by the Fund not later
than March 31, 2010), or to grant an extension of such matching funds
deadline for specific Applicants selected to receive FA, if the Fund
deems it appropriate.
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 all grants of $50,000 or
more. 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
Regulations allow 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, 2007 and December 31, 2008, as demonstrated by the
corresponding NCUA report.
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, except in circumstances that the Fund, in its sole
discretion, deems acceptable.
B. Grants.gov: For the FY 2009 Funding Round, in compliance with
Public Law 106-107 and Section 5(a) of the Federal Financial Assistance
Management Improvement Act of 1999, the Fund is accepting applications
submitted through the Grants.gov electronic system. The Fund will post
to its Web site at www.cdfifund.gov instructions for accessing and
submitting an application through
[[Page 48017]]
Grants.gov. The application instructions will be posted as soon as they
are available and once the application materials are accessible through
Grants.gov. The anticipated release date for the application
instructions is Friday, August 8, 2008. Applicants are encouraged to
start the registration process now at 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 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 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 before the applicable
application deadline. 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 must be received in
accordance with this NOFA by the following deadlines:
Table 4--FY 2009 CDFI Program Deadlines
[All midnight, ET deadlines]
----------------------------------------------------------------------------------------------------------------
Application type Application deadline Last date to contact fund staff
----------------------------------------------------------------------------------------------------------------
CDFI Certification Application...... Wednesday, October 1, 2008.. Friday, September 26, 2008.
CDFI Program Funding Application (FA Wednesday, October 29, 2008. Monday, October 27, 2008.
and/or TA) (Core/SECA).
----------------------------------------------------------------------------------------------------------------
All funding applications must be electronic and submitted through
Grants.gov: no paper submittals or attachments will be accepted (please
see the CDFI Certification Application for requirements specific to
that application).
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. The Fund will
not grant exceptions or waivers. 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 Regulations at 12 CFR 1805.301.
V. Application Review Information
A. Format: Funding applications must be single-spaced and use a 12-
point font with 1-inch margins. Each section in the Application that is
scored has page limitations. Applicants are encouraged to read each
section carefully and to remain within the page limitations for each
section. The Fund will not consider responses beyond the specified page
limitation in each section. Also, the Fund will read only information
requested in the Application and will not read attachments that have
not been specifically requested in this NOFA or the Application, such
as the Applicant's five-year strategic or marketing plans.
B. Criteria: The Fund will evaluate each application on a 100-point
scale using numeric scores with respect to the five sections required
in the Application. The Fund will score each section as follows:
Table 5--Application Scoring Criteria
------------------------------------------------------------------------
Application sections Scoring points
------------------------------------------------------------------------
Market Analysis........................ TA-only--25.
SECA--25.
Core--20.
Business Strategy...................... TA-only--25.
SECA--25.
Core--20.
Community Development Performance & TA-only--20.
Effective Use. SECA--20.
Core--20.
Management............................. TA-only--20.
SECA--20.
Core--20.
Financial Health & Viability........... TA-only--10.
SECA--10.
Core--20.
------------------------------------------------------------------------
C. 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.
1. Non-Certified Applicants: 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 requirements. The Fund will assess the reasonableness
of the
[[Page 48018]]
plan to become certified (as specified above in Section III,
Eligibility Requirements; A.3. CDFI Certification Requirements), 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.
2. Recurring Activities: 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. The Fund will not provide
funding for the same activities funded in prior awards.
D. 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 Regulations, this NOFA and
the application and guidance. 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 sole purpose of obtaining clarifying or confirming
application information (such as statements of work, matching funds
documentation, EINs, DUNS numbers, for example). 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.
(i) Evaluating Prior Award Performance: 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 2008 in meeting its performance goals and
measures, 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 2005, FY 2006 or FY 2007 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
CDFI Program. Furthermore, in the case of an Applicant that has
previously received funding through any Fund program, the Fund will
consider and may, in its discretion, deduct points for those Applicants
that have in any proceeding instituted against the Applicant in, by or
before any court, governmental or administrative body or agency
received a final determination within the last three (3) years
indicating that the Applicant has discriminated on the basis on the
basis of race, color, national origin, disability, age, marital status,
receipt of income from public assistance, religion, or sex.
(b) Ranking: The Fund then will rank the applications by their
scores, from highest to lowest.
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. TA-only Applicants, Category I/ SECA and Category II/
Core Applicants will be ranked separately. 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 for which its Appropriate Federal Banking Agency indicates it
has safety and soundness concerns, unless the Appropriate Federal
Banking Agency asserts, in writing, that improvement in status is
imminent and such improvement is expected to occur not later than
September 30, 2009 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
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
[[Page 48019]]
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 or an Affiliate of
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. For purposes of
this section, the Fund will consider an Affiliate to mean any entity
that meets the definition of Affiliate in the Regulations or any entity
otherwise identified as an Affiliate by the Applicant in its funding
Application under this NOFA.
1. Failure to meet reporting requirements: If an Awardee, or an
Affiliate of the Awardee 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 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 an Affiliate of the Awardee 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 an Affiliate of the Awardee 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
and the Fund has not specified in writing that the prior Awardee or
allocatee is otherwise eligible to receive an Award under this NOFA,
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 an Affiliate of
the Awardee 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
[[Page 48020]]
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 the NOFA for another CDFI Fund program funding round after the
date of said deobligation.
6. Compliance with Federal Anti-Discrimination Laws: If the Awardee
has previously received funding through any Fund program, and if at any
time prior to entering into an Assistance Agreement through this NOFA,
the Fund is made aware of a final determination, made within the last
three (3) years, in any proceeding instituted against the Awardee in,
by or before any court, governmental or administrative body or agency,
declaring that the Awardee has discriminated on the basis of race,
color, national origin, disability, age, marital status, receipt of
income from public assistance, religion, or sex, the Fund reserves the
right, in its sole discretion, to terminate and rescind the Notice of
Award and the award made under this NOFA.
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 eligible market to which the
funded activity must be targeted; (v) performance goals and measures;
and (vi) reporting requirements for all Awardees. FA-only 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
Reports (including an OMB A-133 audit, as applicable); (ii) Institution
Level Report; (iii) Transaction Level Report (for Awardees receiving FA
awards); (iv) Financial Status Report (for Awardees receiving TA
grants); (v) Uses of Financial Assistance and Matching Funds Report
(for Awardees receiving FA awards); (vi) Uses of Technical Assistance
(for Awardees receiving TA grants); (vii) Explanation of Noncompliance
(as applicable); and (viii) 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 CDFI Program. All reports must be
electronically submitted to the Fund via the Awardee's myCDFIFund
account. 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. All other components of the Annual Report
may be submitted electronically, as directed, 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 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
A. 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 the date that is two business days prior to the applicable
application deadline. 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.
B. The Fund's contact information is as follows:
[[Page 48021]]
Table 6--Contact Information
[Fax number for all offices: 202-622-7754]
----------------------------------------------------------------------------------------------------------------
Telephone number (not
Type of question toll free) E-mail addresses
----------------------------------------------------------------------------------------------------------------
Information Technology/Technical 202-622-2455.......... ithelpdesk@cdfi.treas.gov.
Support.
CDFI Program........................ 202-622-6355.......... cdfihelp@cdfi.treas.gov.
CDFI Certification.................. 202-622-6355.......... cdfihelp@cdfi.treas.gov.
Grants Management................... 202-622-8226.......... grantsmanagement@cdfi.treas.gov.
Compliance, Monitoring and 202-622-6330.......... cme@cdfi.treas.gov.
Evaluation.
----------------------------------------------------------------------------------------------------------------
C. Information Technology Support: People who have visual or
mobility impairments that prevent them from creating a Target Market
map using the Fund's Web site should call (202) 622-2455 for assistance
(this is not a toll free number).
D. 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 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).
E. Communication with the CDFI Fund: The Fund will use the
myCDFIFund Internet interface to correspond with Applicants and
Awardees, using the contact information maintained in their respective
myCDFIFund accounts. Therefore, the Applicant 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 its
myCDFIFund account(s). For more information about myCDFIFund (which
includes information about the Fund's Community Investment Impact
System), please see the Help documents posted at http://
www.cdfifund.gov/ciis/accessing_ciis.pdf.
VIII. Information Sessions and Outreach
The Fund may conduct webcasts or host information sessions for
organizations that are considering applying to, or are interested in
learning about, the Fund's programs. For further information, please
visit the Fund's Web site at http://www.cdfifund.gov.
Authority: 12 U.S.C. 4703, 4703 note, 4704, 4706, 4707, 4717; 12
CFR part 1805.
Dated: August 12, 2008.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. E8-18960 Filed 8-14-08; 8:45 am]
BILLING CODE 4810-70-P