Bank Enterprise Award Program (21.021)

Program

21.021 Bank Enterprise Award Program

Federal Agency

Agency: Department of the Treasury
Office: Community Development Financial Institutions Fund

Authorization

Public Law 103-325, 12 U.S.C. 1834a; 12 U.S.C. 4713.

Program Number

21.021

Last Known Status

Active

Objectives

To encourage insured depository institutions to increase their level of community development activities in the form of loans, investments, services and technical assistance within distressed communities and to provide assistance to Community Development Financial Institutions through grants, equity investments, loans, deposits and other forms of financial and technical assistance. The program rewards participating insured depository institutions for increasing their activities in economically distressed communities and investing in community development financial institutions.

Types of Assistance

PROJECT GRANTS

Uses and Use Restrictions

Under this program, awards are issued to selected applicants that: (1) Invest in or otherwise support Community Development Financial Institutions; (2)Increase lending and investment activities within Distressed Communities; and/or (3) Increase the provision of certain services and technical assistance within Distressed Communities. An award is based upon a percentage of the increase in qualifying activities that are carried out by the applicant between an established Baseline Period and Assessment Period. This information is announced in the annual notice of funds availability published in the Federal Register. Only Federal Deposit Insurance Corporation insured banks and savings associations may apply for an award under this program.

Eligibility Requirements

Applicant Eligibility

Profit Organization and Other Private Institution/Organization in the form of insured depository institutions.

Beneficiary Eligibility

Profit Organization and Other Private Institution/Organization in the form of an insured depository institutions.

Credentials/Documentation

An applicant must provide Federal Deposit Insurance Corporation certificate number. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Each applicant must complete a Bank Enterprise Award Application package.

Award Procedure

Applications are reviewed and grant awardees are selected by the Community Development Financial Institutions Fund.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

The annual Notice of Funds Availability published in the Federal Register announces deadline dates for the submission of applications for this program. Deadline dates generally range from 30 to 90 days subsequent to the notice publication.

Appeals

None.

Renewals

None.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula.

This program has no matching requirements.

This program does not have MOE requirements.

Length and Time Phasing of Assistance

Awards are issued on a percentage basis for selected and approved activity increases under this program. Method of awarding/releasing assistance: lump sum.

Post Assistance Requirements

Reports

Audits

This program is excluded from coverage under OMB Circular No. A-133. Costs incurred for awards issued as part of this program are subject to audit in accordance with the award terms and conditions.

Records

Award recipients must maintain records to substantiate all award costs incurred and to assure that all performance measures are met. Records will be retained in accordance with the provisions of 12 CFR Part 1806 and OMB Circular No. A-110.

Program Accomplishments

Fiscal Year 2008: 52 awards were issued. Fiscal Year 2009: Approximately 55 awards will be issued. Fiscal Year 2010: Approximately 55 awards will be issued.

Financial Information

Account Identification

20-1881-0-1-451.

Obligations

(Project Grants) FY 08 $20,101,901; FY 09 est $22,000,000; FY 10 est $22,000,000

Range and Average of Financial Assistance

Fy 2008 Range of awards $6,000 to $675,000; Average Award $386,575.

Regulations, Guidelines and Literature

12 CFR Part 1806, Revised Interim Rule, published in the January 30, 2009 issue of the Federal Register. Bank Enterprise Award Program Application Package.

Related Programs

21.020 Community Development Financial Institutions Program

Information Contacts

Regional or Local Office

None.

Headquarters Office

Glennel Cooper 601 Thirteenth Street, NW, Suite 200, South
, Washington, District of Columbia 20005 Email: cooperg@cdfi.treas.gov Phone: 202-622-7165

Web Site Address

www.cdfifund.gov.

Examples of Funded Projects

Fiscal Year 2008: The Bank Enterprise Award recipients made available nearly $289 million for new loans, investments, financial services and technical assistance in economically distressed communities. Fiscal Year 2009: No Current Data Available Fiscal Year 2010: No Current Data Available

Criteria for Selecting Proposals

Award recipients are selected based upon a priority ranking of qualified activities. Qualified activities include, in order of importance, the following: (1) Community Development Financial Institution Related Activities; and, (2) Development and Service Activities.