Community Development Financial Institutions Bond Guarantee Program

 

To support community development lending and investment by providing a source of long-term capital to certified Community Development Financial Institutions (CDFIs) for economic and community development in low-income communities and underserved rural areas.

General information about this opportunity
Last Known Status
Active
Program Number
21.014
Federal Agency/Office
Community Development Financial Institutions Fund, Department of The Treasury
Type(s) of Assistance Offered
F - Guaranteed/Insured Loans
Program Accomplishments
Fiscal Year 2017 Please visit the CDFI Fund website for information on program accomplishments. The information can be accessed via www.cdfifund.gov/programs-training/Programs/cdfi-bond.
Fiscal Year 2018 Visit the CDFI Fund website for more information. The information can be accessed via www.cdfifund.gov/programs-training/Programs/cdfi-bond.
Authorization
The Small Business Jobs Act of 2010, Section 1134, Public Law 111-240
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
The Act defines Eligible CDFIs and authorizes the CDFI Fund to determine which entities may serve as Qualified Issuers.
Beneficiary Eligibility
Eligible CDFIs must use the Bond Proceeds for Eligible Community and Economic Development Purposes. This may include, but is not limited to, lending activities in low-income communities and underserved rural areas such as: owner-occupied home mortgages, charter schools, and municipal and community entity lending, among others.
Credentials/Documentation
Eligible CDFIs must be certified by the CDFI Fund. This program is excluded from coverage under 2 C.F.R. 200, Subpart E - Cost Principles.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is not applicable.
Application Procedure
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application procedures will be set forth in the CDFI Bond Guarantee Program regulations, the applicable Notice of Guarantee Availability (NOGA), and application materials.
Award Procedure
The CDFI Fund reviews applications and authorizes the provision of Guarantees based on an established merit-based review process set forth in the CDFI Bond Guarantee Program regulations, NOGA, and application materials.
Deadlines
Contact the headquarters or regional location, as appropriate for application deadlines
Approval/Disapproval Decision Time
More than 180 days.
Appeals
Not applicable.
Renewals
Not applicable.
How are proposals selected?
The application review and evaluation process is merit-based and based on established standard operating procedures, which may include interviews and/or site visits.
How may assistance be used?
Through the CDFI Bond Guarantee Program, the U.S. Department of the Treasury will provide a 100 percent guarantee on the principal and interest of Bonds issued by Qualified Issuers. No guarantee amount may be less than $100,000,000, provided the total of all such guarantees in any one fiscal year may not exceed $1,000,000,000 (subject to appropriations). By legislative design, the CDFI Bond Guarantee Program is a zero subsidy credit program. In accordance with Federal credit policy, the Federal Financing Bank will purchase Bonds issued by Qualified Issuers. The maximum maturity of the bonds is 29.5 years. Qualified Issuers as “pass-through” entities (not as obligors) will lend the Bond proceeds to Eligible CDFIs. The loans to Eligible CDFIs must be used for Eligible Community or Economic Development Purposes. Bond and Bond Loan rates and terms will vary.
What are the requirements after being awarded this opportunity?
Reporting
Performance Reports: Performance monitoring is required.
Auditing
The CDFI Fund may, if it deems appropriate, audit Qualified Issuers, Eligible CDFIs, Program Administrators, Servicers, and/or the Master Servicer/Trustee, or provide for or require an audit, at least annually.
Records
Award recipients must maintain records to assure that all performance measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the program requirements.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing.
Length and Time Phasing of Assistance
The CDFI Bond Guarantee Program is subject to annual congressional authorization and appropriation. Guaranteed Bonds may have terms up to 29.5 years. See the following for information on how assistance is awarded/released: Procedures for Bond Loan disbursements are set forth in the CDFI Bond Guarantee Program regulations and the Notice of Guarantee Availability (NOGA).
Who do I contact about this opportunity?
Regional or Local Office
None/Not specified.
Headquarters Office
Bond Gurantee Program
1500 Pennsylvania Avenue, N.W.
Washington, DC 20220 US
bgp@cdfi.treas.gov
Phone: (202) 653-0300
Website Address
http://www.cdfifund.gov
Financial Information
Account Identification
20-4088-0-3-451
Obligations
(Guaranteed/Insured Loans) FY 18$150,000,000.00; FY 19 est $500,000,000.00; FY 20 est $500,000,000.00; FY 17$245,000,000.00; FY 14$500,000,000.00; FY 16$500,000,000.00; -
Range and Average of Financial Assistance
Not applicable/available.
Regulations, Guidelines and Literature
Program regulations (12 C.F.R. 1808), NOGA, Secondary Loan Requirements, application materials, and template documents.
Examples of Funded Projects
Fiscal Year 2018 Visit the CDFI Fund website for more information. The information can be accessed via www.cdfifund.gov/programs-training/Programs/cdfi-bond.

 


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