Community Development Financial Institutions Program

 

To promote economic revitalization and community development through investment in and assistance to Community Development Financial Institutions (CDFIs).

General information about this opportunity
Last Known Status
Active
Program Number
21.020
Federal Agency/Office
Agency: Department of the Treasury
Office: Community Development Financial Institutions Fund
Type(s) of Assistance Offered
PROJECT GRANTS
Program Accomplishments
Fiscal Year 2013: In FY 2013 the CDFI Fund awarded $150 million in CDFI awards to FA and TA Applicants. Fiscal Year 2014: No current data available. Fiscal Year 2015: No Current Data Available
Authorization
Riegle Community Development and Regulatory Improvement Act of 1994, 12 U.S.C 4701 et.seq.
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
Only certified CDFIs are eligible to apply for Financial Assistance awards. Certified CDFIs and entities seeking to become certified CDFIs may apply for Technical Assistance awards.
Beneficiary Eligibility
Investment Areas and Targeted Populations, as defined in 12 CFR 1805.
Credentials/Documentation
An organization wishing to apply for a FA through the CDFI Program must be either a certified CDFI or be able to be certified by the CDFI Fund at the time of application. Both certified CDFIs and non-certified CDFIs are eligible to apply for TA awards. However, non-certified organizations must be able to become certified within two years after receiving a TA award. This program is excluded from coverage under OMB Circular No. A-87.
What is the process for applying and being award this assistance?
Pre-Application Procedure
Preapplication coordination is required. An environmental impact assessment is 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 CDFI Program Application which includes a Comprehensive Business Plan.
Award Procedure
The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the Notice of Funds Availability (NOFA) and application materials.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Approval/Disapproval Decision Time
Application deadlines are from 60 to 90 days subsequent to the NOFA publication date. Award approval/disapproval determinations may be made within 180 days after the application deadline.
Appeals
None.
Renewals
None.
How are proposals selected?
Evaluation factors include: (1) financial strength and organizational capacity of applicant, (2) external resources or matching fund commitment/ability to obtain commitments, (3) community impact, and (4) other factors set forth in the CDFI Program regulations, NOFA and application materials.
How may assistance be used?
Financial Assistance (FA) awards enhance the awardee's ability to make loans and investments and to provide financial services that promote economic revitalization and community development. Each awardee enters into an assistance agreement that requires it to achieve performance goals and abide by other terms and conditions. Technical Assistance (TA) awards build the awardee's internal capacity. No awards may be issued to Federal Government agencies, departments or instrumentalities, State governments local governments or any agency or instrumentality thereof.
What are the requirements after being awarded this opportunity?
Reporting
Program Reports provide the explanation of noncompliance with a statement addressing the failure to achieve program goals. No cash reports are required. Progress Reports cover the following areas: Institutional Performance Reporting; Transactional Performance Reporting; and the utilization of the award funds for Financial and/or Technical assistance. Expenditure Reports are included in the SF-425 - Expenditure of Financial Assistance. Performance Monitoring is accomplished with the financial review of Audited Financial Statements and the OMB Circular A-133 Single Audit findings.
Auditing
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
Records
Award recipients must maintain records to substantiate total costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of OMB Circular No. A-110 and the terms of the assistance agreement.
Other Assistance Considerations
Formula and Matching Requirements
Statutory formulas are not applicable to this program.
Matching Requirements: The CDFI applicant is required to match its Financial Assistance award dollar-for-dollar with non-federal funds of the same type as the award itself. This requirement enables CDFIs to leverage private capital to meet the demand for affordable financial products and services in economically distressed communities. The CDFI Fund’s appropriations waived the matching funds requirement for Small and Emerging CDFIs (SECA) FA Applicants for FY 2009, 2010, 2011, 2012, and 2013. The matching funds requirement was waived for CORE FA Applicants for FY 2009, 2010, and 2011. Matching funds are not statutorily required for TA Applicants.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Awardees must use all FA funds within three years and TA funds within two years. Method of awarding/releasing assistance: lump sum.
Who do I contact about this opportunity?
Regional or Local Office
None.
Headquarters Office
Adam Martinez 1801 L Street, N.W., 6th Floor, Washington, D.C., District of Columbia 20036 Email: martineza@cdfi.treas.gov Phone: 202-653-0329 Fax: 202-508-0002
Website Address
http://www.cdfifund.gov
Financial Information
Account Identification
20-1881-1-2-451 - Regular Appropriation.
Obligations
(Project Grants) FY 13 $150,000,000; FY 14 Estimate Not Available; and FY 15 Estimate Not Available
Range and Average of Financial Assistance
FY 2010 Range of Financial Assistance Awards $169,000- $750,000; FY 2010 Average Financial Assistance Awards were $693,659 and capped at $750,000.
FY 2010 Range of Technical Assistance Awards $$46,000 - $100,000; FY 2010 Average Technical Assistance Awards were $89,561 and capped at $100,000.
FY 2011 Range of Financial Assistance Awards: $150,000 - $3,000,000; FY 2011 Average Financial Assistance Awards were $1,262,721 and capped at 3,000,000.
FY 2011 Range of Technical Assistance Awards $13,000 - $100,000; FY 2011 Average Technical Assistance Awards were $85,106 and capped at $100,000.
FY 2012 Range of Financial Assistance Awards: $53,806 - $1,453,806; FY 2012 Average Financial Assistance Awards were $1,269,378 and capped at 1,453,806.
FY 2012 Range of Technical Assistance Awards: $54,384 - $100,000; FY 2012 Average Technical Assistance Awards were $92,417 and capped at $100,000.
Regulations, Guidelines and Literature
12 CFR Part 1805, Notice of Funds Availability. Community Development Financial Institutions Program Application. Website: www.cdfifund.gov.
Examples of Funded Projects
Fiscal Year 2013: No Current Data Available Fiscal Year 2014: No data available. Fiscal Year 2015: No Current Data Available