Delta Community Capital Initiative

 

DCCI’s goal is to increase access to capital for business lending and development in the chronically under-served and under-capitalized Lower Mississippi Delta Region. Specifically, it will provide direct investment and technical assistance to community development lending and investing institutions so that funding opportunities will be more effective and economic development services will expand to the under-served residents of Lower Mississippi Delta Region. DCCI will focus on helping local financial institutions improve their capacity to raise capital, and to lend and invest in local communities. Strengthening local community development lenders and investors will also widen the channels through which larger private institutions and federal agencies can reach small business owners and entrepreneurs who need their support.

General information about this opportunity
Last Known Status
Active
Program Number
14.271
Federal Agency/Office
Agency: Department of Housing and Urban Development
Office: Office of Community Planning and Development
Type(s) of Assistance Offered
Project Grants
Program Accomplishments
Not Applicable.
Authorization
Departments of Veterans Affairs and Housing and Urban Development, and Independent
Agencies Appropriations Act, 1999, Public Law 105-276.
Who is eligible to apply/benefit from this assistance?
Applicant Eligibility
Applicants that are eligible to participate in this initiative are community development lenders and investors, which may be local rural non-profit organizations or federally recognized tribes. Applicants do not need to be certified as Community Development Financial Institutions by the CDFI Fund at the time of application. If applicants propose to become certified as a CDFI, they should lay out milestones and time frames toward the CDFI certification process in their application. Applicants may serve other markets than Delta residents and communities, using other sources of financing.
Beneficiary Eligibility
Eligible target markets for use of DCCI funds include businesses owned by or serving low income residents of the Lower Mississippi Delta Region. The Delta region includes the 252 counties and parishes in eight states that make up the Lower Mississippi Delta Region, as defined by the Delta Regional Authority. The Delta Regional Authority (DRA) is a federal-state partnership working to stimulate economic development and governed by the Delta Regional Authority Board, comprised of the Federal Co-Chairman, appointed by the President and confirmed by the U.S. Senate, and the governors of the eight states. The eight states that are included in the region are: Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee.
Credentials/Documentation
No Credentials or documentation are required. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
What is the process for applying and being award this assistance?
Pre-Application Procedure
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
2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The Appalachia Economic Development Initiative has been completed and awards were made March 30, 2015. Application procedures information was made available in the Notice of Funds Availability published in fiscal year 2014.
Award Procedure
Award procedures information was made available in the Notice of Funds Availability published in fiscal year 2014.
Deadlines
Not Applicable.
Approval/Disapproval Decision Time
.
Appeals
Not Applicable.
Renewals
Not Applicable.
How are proposals selected?
Information regarding the application review and selection criteria is available in the Notice of Funds Availability which was published in fiscal year 2014.
How may assistance be used?
Innovative economic development uses, including but not limited to loan or investment capital, loan loss reserves, program staff costs, information systems, market studies, portfolio analyses, business planning, and other activities supporting the program goals. Award must be used to support the eligible activities.
What are the requirements after being awarded this opportunity?
Reporting
Information regarding reporting requirements and procedures was made available in the Notice of Funds Availability published in fiscal year 2014. Information regarding reporting requirements and procedures was made available in the Notice of Funds Availability published in fiscal year 2014. Information regarding reporting requirements and procedures was made available in the Notice of Funds Availability published in fiscal year 2014. Information regarding expenditure reporting requirements and procedures was made available in the Notice of Funds Availability published in fiscal year 2014. Information regarding reporting requirements and procedures was made available in the Notice of Funds Availability published in fiscal year 2014.
Auditing
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503.
Records
Information regarding record keeping requirements and procedures was made available in the Notice of Funds Availability published in fiscal year 2014. Applicants must maintain records to satisfy the reporting requirements listed above and in the BCCI NOFA.
Other Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
This program has no matching requirements. The Delta Community Capital Initiative will not have matching requirements.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Awards will be available for a period of 36 months from the date of execution of the grant agreement. Method of awarding/releasing assistance: by letter of credit.
Who do I contact about this opportunity?
Regional or Local Office
None.
Headquarters Office
Thann Young Office of Rural Housing and Economic Development
U.S. Department of Housing and Urban Development
451 7th Street SW, Room 7137
, Washington DC, District of Columbia 20410 Email: thann.young@hud.gov Phone: 1-877-787-2526
Website Address
No Data Available
Financial Information
Account Identification
86-0324-0-1-604.
Obligations
(Project Grants) FY 14 $1,478,040; FY 15 est $1,478,040; and FY 16 est $0 - This is a one time program using recaptured money from the RHED program.
Range and Average of Financial Assistance
Original projection was $1,000,000. Actual amount of of funds made available was $1,478,040.
Regulations, Guidelines and Literature
Information regarding specific regulations and guidelines was made available in the Notice of Funds Availability published in fiscal year 2014.
Examples of Funded Projects
Not Applicable.

 



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