cdfi program regulations

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Each credit union may only participate once a year. All businesses must apply through an eligible CDFI and meet the program requirements which, at a minimum, include: Be physically located, certified to do business, and generate at least 51% of their revenues in Pennsylvania; Have annual revenue of $1 million or less prior to the impact of COVID-19 An Investment Area shall meet specific geographic and other criteria described in paragraph (b)(3)(ii) of this section, and a Targeted Population shall meet the criteria described in paragraph (b)(3)(iii) of this section. This requirement enables CDFIs to multiply the impact of federal investment to meet the demand for affordable financial products in economically distressed communities. Footnote 1. The CDFI Fund and the legal concept of CDFIs were established by the Riegle Community Development and Regulatory Improvement Act of 1994. Also, for most community banks and large retail institutions, the CDFI’s pur-pose and activities should be in their assessment area or the statewide or regional area that includes the assessment area. DEQ’s risk management and creditworthiness measures protect the perpetuity of the CWSRF loan program by ensuring the CDFI’s ability to repay DEQ. Procedure for requesting legal interpretations of statutes, regulations, guidances, agreements: CDFI Program, BEA Program, NMTC Program March 10, 2004. Program Regulations: The regulations governing the CDFI Program are found at 12 CFR parts 1805 and 1815 (the Regulations), and are used by the CDFI Fund to govern, in general, the NACA Program, setting forth evaluation criteria and other program requirements. The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. Healthy Food Financing Initiative - Financial Assistance awards are also offered for CDFIs that are interested in expanding their healthy food financing activities. Department of the Treasury 1500 Pennsylvania Ave., N.W. In conducting such analysis, the CDFI Fund may take into consideration an entity's total assets and its use of personnel. These documents are intended to help you understand what your organization needs to do in order to comply with the terms and conditions set forth in the CDFI Fund’s Assistance Agreement. An entity may apply to the CDFI Fund for certification that it meets the CDFI eligibility requirements regardless of whether it is seeking financial or technical assistance from the CDFI Fund. Here are the minimum criteria an organization must meet to apply for certification: Is a private financial institution § 1805.201 Certification as a Community Development Financial Institution. with: (i) the final NMTC Program Income Tax Regulations issued by the Internal Revenue Service (IRS) (26 CFR 1.45D-1, published on December 28, 2004), as amended and related guidance, notices and other publications; and (ii) the application and related materials for this Allocation Round. CDFIs and emerging CDFIs . This submission requirements package is provided to Applicants for awards under the CDFI Program. Yet at least one quarter of American households do not have a bank account or rely on costly payday lenders and check-cashing outlets. The CDFI Fund is the sole authority of your credit union’s CDFI certification status. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning revisions of the Interim Rule for the Community Development Financial Institutions Program (CDFI Program). The CDFI Fund makes awards of up to $2 million to certified CDFIs under the FA component of the CDFI Program. The BGP is administered by the CDFI Fund at the Department of Treasury, and in 2015 is authorized to issue up to 7 Bonds for up to $750 million. Certification by the CDFI Fund will verify that the entity meets the CDFI eligibility requirements. CDFI Certification Process Gives Credit Unions Unfair Free Pass: ABA The ABA calls into question "credit unions that are committed to the development of … The regulations governing the NACA Program are found at 12 CFR Regulations: The CDFI Program is authorized by the Riegle Community Development Banking and Financial Institutions Act of 1994 (Pub. (A) General. (3) Encompasses (i.e., wholly consists of) or is wholly located within an Empowerment Zone or Enterprise Community designated under section 1391 of the Internal Revenue Code of 1986 (26 U.S.C. The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. L. 103– 325, 12 U.S.C. (D) Distress criteria. Community Development Financial Institutions Fund, Provided funding for more than 51,300 affordable housing units, Originated more than $21.5 million in loans and investments. Link to CDFI Certification Requirements. Vendor Testing Opportunities: The CDFI Fund welcomes CDFIs, CDEs, and software developers to test their software against AMIS requirements. To be eligible to apply for a Financial Assistance award, your organization must be a Certified CDFI. United States Department of the Treasury, USA.gov|Grants.gov|Regulations.gov|OIG|Treasury.gov|Small & Disadvantaged Businesses|No Fear Act. CDFIs can use NJEDA funding to provide term loans or lines of credit to qualified businesses. The Community Development Financial Institutions (CDFI) Fund today announced an update to the certification requirements for applicants of a CDFI program or Native American CDFI Assistance (NACA) program financial assistance award.Beginning with the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the … A CDFI must serve a Target Market by virtue of serving one or more Investment Areas and/or Targeted Populations. An entity applying for CDFI certification must demonstrate that it meets this requirement. About the Program CDFIs are mission-driven community organizations, separate from government control, dedicated to providing financial products and services to low-income communities underserved by traditional financial markets. L. 103– 325, 12 U.S.C. CDFI Program Benefits. The CDFI Program uses monetary awards and training opportunities to invest in and build the capacity of CDFIs, empowering them to grow, achieve organizational sustainability, and drive community revitalization. After reviewing the comments received, the CDFI Fund has decided to proceed with updating the certification requirements to apply for a CDFI Program or NACA Program Financial Assistance award. Financial Assistance awards are made in the form of loans, grants, equity investments, deposits, and credit union shares, which CDFIs are required to match dollar-for-dollar with non-federal funds. 1391). The purpose of the CDFI Bond Guarantee Program is to support CDFI lending by providing Guarantees for Bonds issued for Eligible Community or Economic Development Purposes, as … This program guide will provide credit unions with relevant information and instructions to participate in this program. CDFIs that are selected to receive a Financial Assistance award may also receive a Healthy Food Financing Initiative award to expand their healthy food financing activities. All such materials may be found on the CDFI Fund’s website at https://www.cdfifund.gov. Through the CDFI Program, the CDFI Fund uses Federal resources to invest in Community Development Financial Institutions and to build their capacity to serve low-income people and communities that lack access to affordable financial products and services. CDFIs and emerging CDFIs . Both Financial and Technical Assistance awards empower CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of the communities they serve. (ii) Outside of a Metropolitan Area, the median family income shall be at or below 80 percent of the statewide non-Metropolitan Area median family income or the national non-Metropolitan Area median family income, whichever is greater; (3) The unemployment rate is at least 1.5 times the national average; (4) In counties located outside of a Metropolitan Area, the county population loss during the period between the most recent decennial census and the previous decennial census is at least 10 percent; or. CDFIs looking to qualify for an NJEDA loan through the CDFI Loan to Lender Program must: Be an experienced CDFI with a minimum of 5 years demonstrated lending and portfolio management history. The benefits of attaining CDFI certification extend beyond access to the monetary and tax credit programs administered by the CDFI Fund. TRAINING RESOURCES The CDFI Fund launched the Capacity Building Initiative (CBI) in 2014 to expand technical assistance and training opportunities for CDFIs. A geographic area will be considered eligible for designation as an Investment Area if it: (1) Is entirely located within the geographic boundaries of the United States (which shall encompass any State of the United States, the District of Columbia or any territory of the United States, Puerto Rico, Guam, American Samoa, the Virgin Islands, and the Northern Mariana Islands); and either, (2) Meets at least one of the objective criteria of economic distress as set forth in paragraph (b)(3)(ii)(D) of this section and has significant unmet needs for loans, Equity Investments, Financial Products or Financial Services as described in paragraph (b)(3)(ii)(E) of this section; or. 81, No. Through the CDFI Program, the CDFI Fund uses Federal … Qualification Process Intake Periods The qualification process includes three intake periods throughout the year. Entities seeking such certification shall provide the information set forth in the application for certification. However, Emerging CDFIs must demonstrate that they have the ability to become a Certified CDFI within three years of receiving a Technical Assistance grant. (b) Eligibility verification. (i) A CDFI shall be an entity whose predominant business activity is the provision, in arms-length transactions, of Financial Products and/or Financial Services. CDFI-to-CDFI ; 2. Technical Assistance awards to CDFIs. Subject to the remainder of this paragraph (B), an Investment Area shall consist of a geographic unit that is a county (or equivalent area), minor civil division that is a unit of local government, incorporated place, census tract, or Indian Reservation. The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning revisions of the Interim Rule for the Community Development Financial Institutions Program (CDFI Program). The CDFI Fund, in its sole discretion, shall determine whether an entity has satisfied the requirements of this paragraph. (ii) For the sole purpose of participating as an Eligible CDFI in the CDFI Bond Guarantee Program (see 12 CFR1808), an Affiliate of a Controlling CDFI may be deemed to meet the financing entity requirement of this section by relying on the CDFI Fund's determination that the Controlling CDFI has met said requirement; provided, however, that the CDFI Fund reserves the right, in its sole discretion, to set additional parameters and restrictions on such, which parameters and restrictions shall be set forth in the applicable Notice of Guarantee Availability for a CDFI Bond Guarantee Program application round. The Community Development Financial Institutions Program (CDFI Program) actively works to address these issues by investing federal resources—which are matched with private funding—in CDFIs working to serve low-income and underserved people and communities. and products in distressed communities, and technical assistance for . Certified and Emerging CDFIs are eligible to apply for Technical Assistance awards. (5) Accountability. A CDFI directly, through an Affiliate, or through a contract with another provider, must have a track record of providing Development Services in conjunction with its Financial Products and/or Financial Services. BACKGROUND AND PURPOSE . CDFI Fund Issues Revised CDFI Program Regulations CDFI Fund Opens FY 2015 Funding Round for CDFI Program and NACA Program CDFI Fund Releases Two Independent Reports on the CDFI Program CDFI Fund Seeks Public Comment on the CDFI Program and NACA Program Application FY 2015 CDFI Program and NACA Program Application Frequently Asked Questions Important Update for FY 2015 CDFI Program … E:\FR\FM\18FEN1.SGM 18FEN1 8343 Federal Register / Vol. Beginning with the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the notice of funds availability (NOFA) is published in the Federal Register. (c) Records and Review. An Investment Area (or the units that comprise an area) must meet at least one of the following objective criteria of economic distress (as reported in the most recently completed decennial census published by the U.S. Bureau of the Census): (1) The percentage of the population living in poverty is at least 20 percent; (2) In the case of an Investment Area located: (i) Within a Metropolitan Area, the median family income shall be at or below 80 percent of the Metropolitan Area median family income or the national Metropolitan Area median family income, whichever is greater; or. In order for an Eligible CDFI to make a Secondary Loan through the CDFI Bond Guarantee Program, it must ensure that the Secondary Loan is made in compliance with the applicable Secondary Loan Requirements which include the General Requirements and the Underwriting Review Checklist (together the “Secondary Loan Requirements”). The CDFI Fund intends to consider the feedback received through this RFI as it develops the SDLP, including program criteria, award characteristics, application requirements, evaluation criteria, compliance and reporting, and other areas of input. General Requirements. The CDFI Fund mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. CDFI Bond Guarantee Program Secondary Loan Requirements. Borrowers Borrowers of CDFI banks include individuals, businesses of all sizes, nonprofit community organizations, and real estate developers. Industry Letter. Are you an individual or business seeking a loan? The revised Interim Rule was published in the Federal Register today. The New Markets Tax Credit Program is not an appropriate model for the Capital Magnet Fund Program. Technical Assistance grants are offered to CDFIs and Certifiable CDFIs (see eligibility below) to build their organizational capacity. Financial Assistance and This regulatory action conforms to the financial reporting requirements for non-profit awardees to the statutory provisions governing the CDFI Program. Targeted Population shall mean individuals, or an identifiable group of individuals, who are Low-Income persons or lack adequate access to Financial Products or Financial Services in the entity's Target Market. Español) and our COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND // www.cdfifund.gov 13 NACA Program Technical Assistance (TA) Eligibility • Certified, Certifiable, Emerging CDFIs, and Sponsoring Entities. An entity may demonstrate that it meets this requirement by demonstrating that it provides Financial Products and/or Financial Services in an Investment Areas and/or Targeted Populations as described in this section. CDFI FUND CDFI Program Competitive monetary awards to support affordable financial services . Recovery, and Enforcement Act of 1989.16 Participating in the MDI program is voluntary and some institutions meeting the above definitions choose not to be included on the list. Step 5: Compliance Resources and Reporting. The more credit unions that become CDFI-certified and successfully apply for funding, the more available CDFI Fund dollars can flow into credit unions and help them improve members' financial lives. Under the program, investors receive a tax credit worth 20 percent of their investment in one of the COIN certified CDFIs and can apply the credit to the state personal income tax, corporation tax or insurer premium tax. How will DEQ know the rule addressed the An important component of the CDFI Fund's authority is the certification of entities as Community Development Financial Institutions (CDFIs), which permits such entities to have access to financial assistance through the Community Development Financial Institutions Program (CDFI Program) and other CDFI Fund programs, including the CDFI Bond Guarantee Program. It looks like your browser does not have JavaScript enabled. Each Qualified Issuer Application will be evaluated by the CDFI Fund and, if acceptable, the applicant will be designated as a Qualified Issuer, at the sole discretion of the CDFI Fund. How will DEQ know the rule addressed the 3 Office of Credit Union Resources and Expansion NCUA-CDFI Initiative Program Guide • 2019 . The letter states: "The CDFI Fund also understands that the emergency nature of loans provided under the PPP may have Click here to learn how to find CDFIs and CDEs that are providing services in your community. (4) Development Services. 32 / Thursday, February 18, 2016 / Notices The CDFI Fund … The Uniform Requirements combine grant-related Office of Management and Budget guidance circulars — reducing the administrative burden for award recipients and reducing the risk of waste, fraud, and abuse of Federal financial assistance — and establish financial, administrative, procurement, and program management standards for Federal award-making agencies, including the CDFI … (1) Primary mission. BACKGROUND AND PURPOSE . The CDFI Fund also offers supplemental awards through the Healthy Food Financing Initiative. General Information: (202) 622-2000 Fax: (202) 622-6415 Hours: Mon-Fri 8:00am - 5:00pm (A) General. CDFI Eligibility Requirements. underwriting Secondary Borrowers must also be consistent with the CDFI Bond Gua rantee Program’s interim regulations: 1. (Authorizing Statute). An entity may designate one or more Investment Areas as part of a single certification application. The regulatory change requires CDFI Program awardees that are non-profit organizations to provide audited financial statements within 180 days after the end of the awardee’s fiscal year end. The intake periods for the calendar year 2020 are listed in Table 1. FA awards are made in the form of equity investments, loans, deposits, or grants, and the CDFI is required to match its FA award them in the NMTC Program Allocation Application, Internal Revenue Code (IRC) § 45D or the IRS NMTC regulations. However, geographic units in Metropolitan Areas that are used to comprise an Investment Area shall be limited to census tracts, and Indian Reservations. (2) A group of contiguous geographic units that together meet one of the criteria in paragraph (b)(3)(ii)(D) of this section, provided that the combined population residing within individual geographic units not meeting any such criteria does not exceed 15 percent of the total population of the entire Investment Area. (iii) Further, for the sole purpose of participating as an Eligible CDFI in the CDFI Bond Guarantee Program, the provision of Financial Products, Development Services, and/or other similar financing by an Affiliate of a Controlling CDFI need not be arms-length if such transaction is by and between the Affiliate and the Controlling CDFI, pursuant to an operating agreement that includes management and ownership provisions and is in form and substance acceptable to the CDFI Fund. (6) Non-government. (b) Customer profiles. 2 The CDFI Fund is amending its regulations regarding the financial reporting requirements for non-profit organizations. Under the CDFI Bond Guarantee Program, for a CDFI to be an Eligible CDFI, the CDFI must be certified by the CDFI Fund as meeting certification requirements (see 12 CFR 1808.202(a)). 3. The CDFI Fund mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. A person actually or potentially affected by the Community Development Financial Institutions (CDFI) Program, the Bank Enterprise Award (BEA) Program, and/or the New Markets Tax Credit (NMTC) Program may request a legal interpretation of provisions of statutes, regulations, guidances, agreements, or other documents related to said program (s) by writing to the Office of Legal Counsel, CDFI Fund, U.S. CDFI to Financing Entity (other than a Certified CDFI) ; 3. Immediate public guidance from Treasury is needed to make it clear to lenders that 501(c)3 nonprofit loan funds are eligible to borrow under the PPP. April 5, 2020. Additionally, many small businesses and critical community development projects lack access to the capital investment necessary to spark economic growth in their communities. An entity may designate an Investment Area by selecting: (1) A geographic unit(s) that individually meets one of the criteria in paragraph (b)(3)(ii)(D) of this section; or. The Comptroller of the Currency (OCC) receives numerous inquiries and proposals from individuals and groups expressing interest in establishing a CD bank to conduct new business or converting existing operations into a CD bank. An entity may demonstrate that it meets this requirement if it is a(n): (A) Depository Institution Holding Company; (B) Insured Depository Institution, Insured Credit Union, or State-Insured Credit Union; or. However, such certification shall not constitute an opinion by the CDFI Fund as to the financial viability of the CDFI or that the CDFI will be selected to receive an award from the CDFI Fund. and products in distressed communities, and technical assistance for . concept for the Capital Magnet Fund Program was based on the CDFI Program and regulations should closely follow the guidance of this program where ever possible. banking requirements. The compliance and reporting documents for the CDFI Program are below. A CDFI must maintain accountability to residents of its Investment Area(s) or Targeted Population(s) through representation on its governing board and/or advisory board(s). The CDFI Program offers both CDFI Certification Application Process page. to the CDFI Fund. and OAR 340-073 requirements will ensure the on-site septic system work aligns with existing regulatory requirements to protect the asset and water quality. Washington, D.C. 20220. CDFI FUND CDFI Program Competitive monetary awards to support affordable financial services . The credential of CDFI certification has a 25-year track record of success and currently serves as an eligibility screen for numerous public and private sector programs. (B) Serving Targeted Populations. An entity applying for CDFI certification must demonstrate that it meets this requirement. The CDFI Fund will review a CDFI's certification status from time to time, as deemed appropriate by the CDFI Fund, to ensure that it meets the certification requirements of this section, as well as review its organizational capacity, lending activity, community impacts, and such other information that the CDFI Fund deems appropriate. Allocation Agreement Q&A January 27, 2004 Regulations: The CDFI Program is authorized by the Riegle Community Development Banking and Financial Institutions Act of 1994 (Pub. Link to CDFI Certification Requirements. Each Qualified Issuer Application will be evaluated by the CDFI Fund and, if acceptable, the applicant will be designated as a Qualified Issuer, at the sole discretion of the CDFI Fund. An entity may serve an Investment Area directly or through borrowers or investees that serve the Investment Area. 4701 et seq.) A community development financial institution (US) or community ... which provides funds to CDFIs through a variety of programs. FY 2017 CDFI Program: Technical Assistance . Español). Funding Opportunity Title: Notice of Guarantee Availability (NOGA) Inviting Qualified Issuer Applications and Guarantee Applications for the Community Development Financial Institutions (CDFI) Bond Guarantee Program, 50944-50960 [2017-23888] (i) General. Footnote 2. These competitive awards support and enhance the ability of these organizations to meet the needs of the communities they serve. and OAR 340-073 requirements will ensure the on-site septic system work aligns with existing regulatory requirements to protect the asset and water quality. In FY 2019, CDFI Program awardees: Access to affordable financial products and services is a staple of economically vibrant communities. (C) Designation. 4701 et seq.) A CDFI may use the award for financing capital, loan loss reserves, capital reserves, or operations. The CDFI Fund mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. For more information, please see our CDFI Program Fact Sheet (English / The CDFI Fund makes awards of up to $2 million to certified CDFIs under the FA component of the CDFI Program. CDFI loan funds lend independently, with other nonprofit partners, and in partnership with traditional and CDFI banks, which provides traditional banks the opportunity to participate in loans that may not meet their underwriting requirements. Electronic Code of Federal Regulations (e-CFR), CHAPTER XVIII - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY, PART 1805 - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM. Program Manager, Office of Certification, Compliance Monitoring and Evaluation Community Development Financial Institutions (CDFI) Fund U.S. Department of the Treasury 1500 Pennsylvania Ave. NW Washington DC 20220 Submitted via email to ccme@cdfi.treas.gov Re: Proposed CDFI Program--Certification Application The undersigned consumer, civil rights, and housing organizations welcome the CDFI … The U.S. Department of the Treasury’s Community The estimated average burden associated with this collection of information is 100 hours per respondent, depending on individual circumstances. To: The Chief Executive Officers or the Equivalents of New York State Regulated Institutions. The benefits of attaining CDFI certification extend beyond access to the monetary and tax credit programs administered by the CDFI Fund. BECOMING A CERTIFIED CDFI PROGRAMS IN THIS SECTION: CDFI banks are federally insured and regulated depository institutions with a primary mission of community development. U.S. Department of the Treasury Community Development Financial Institutions Fund, Building Native CDFIs’ Sustainability and Impact II, Access for All: Expanding CDFI Impact in the Disability Community, Download CDFI Program Fact Sheet (English) ›, Download CDFI Program Fact Sheet (Español) ›, CDFI Certification Application Process page. All people have access to affordable Financial products and services is a staple of economically vibrant communities of (! At least one quarter of American households do not have JavaScript enabled Program s! And Emerging CDFIs are eligible to apply for technical Assistance grants are to. And enhance the ability of these organizations to meet the demand for affordable Financial products and services is a of. Apply for technical Assistance and training opportunities for CDFIs that are interested in participating in this Initiative may take when... 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