(5) In counties located outside of a Metropolitan Area, the county net migration loss during the five-year period preceding the most recent decennial census is at least five percent. 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 … Community Development Financial Institutions Fund 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. Technical Assistance grants are offered to CDFIs and Certifiable CDFIs (see eligibility below) to build their organizational capacity. BACKGROUND AND PURPOSE . These competitive awards support and enhance the ability of these organizations to meet the needs of the communities they serve. However, Emerging CDFIs must demonstrate that they have the ability to become a Certified CDFI within three years of receiving a Technical Assistance grant. (2) Demonstrate compliance with the requirements of this part and the Bond Documents; (3) Evaluate the impact of the CDFI Bond Guarantee Program; (4) Ensure the Qualified Issuer meets the performance standards over the life of the facilities; and (5) Accomplish such other purposes that the CDFI Fund may deem appropriate. CDFI Eligibility Requirements. 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. (A) General. CDFI loan funds may also take a subordinate position when lending in partnership with traditional banks. An entity shall demonstrate whether it meets the eligibility requirements described in this paragraph (b) by providing the information described in the application for certification demonstrating that the entity meets the eligibility requirements described in paragraphs (b)(1) through (6) of this section. Procedure for requesting legal interpretations of statutes, regulations, guidances, agreements: CDFI Program, BEA Program, NMTC Program March 10, 2004. This program guide will provide credit unions with relevant information and instructions to participate in this program. (6) Non-government. (a) General. FY 2017 CDFI Program: Technical Assistance . 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 … § 1805.201 Certification as a Community Development Financial Institution. 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. United States Department of the Treasury, USA.gov|Grants.gov|Regulations.gov|OIG|Treasury.gov|Small & Disadvantaged Businesses|No Fear Act. CDFI Fund Issues Revised CDFI Program Regulations. 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. General Requirements. This regulatory action conforms to the financial reporting requirements for non-profit awardees to the statutory provisions governing the CDFI Program. 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. Healthy Food Financing Initiative - Financial Assistance awards are also offered for CDFIs that are interested in expanding their healthy food financing activities. 2. (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. An organization must meet seven criteria to be certified as a CDFI: Be a legal entity, Be a financing entity, 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. (b) Eligibility verification. 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. 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. In order for a CDFI to be eligible for the Fund’s core CDFI Program Financial and Technical Assistance, a CDFI must first apply to the Fund for certification and demonstrate that it meets the criteria in Section 103, above. 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). 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. 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). (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. 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. This submission requirements package is provided to Applicants for awards under the CDFI Program. CDFI-to-CDFI ; 2. § 1805.201 Certification as a Community Development Financial Institution. (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. 4701 et seq.) (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. There are two components to the COIN CDFI Tax Credit Program: COIN CDFI Certification Program COIN CDFI Tax Credit Program An entity applying for CDFI certification must demonstrate that it meets this requirement. The qualification process includes two intake periods throughout the year. Upon request, a CDFI shall provide such information and documentation to the CDFI Fund as is necessary to undertake such review. (4) Development Services. How will DEQ know the rule addressed the (D) Distress criteria. Footnote 1. 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 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 … FA awards are made in the form of equity investments, loans, deposits, or grants, and the CDFI is required to match its FA award Credit unions that are interested in participating in this initiative may take part when one of the intake periods is open. 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. CDFIs and emerging CDFIs . The CDFI Fund, in its sole discretion, shall determine whether an entity has satisfied the requirements of this paragraph. Click here to learn how to find CDFIs and CDEs that are providing services in your community. A CDFI shall not be an agency or instrumentality of the United States, or any State or political subdivision thereof. The groups also noted that the timing could not be better for credit unions to consider becoming a CDFI. Financial Assistance and 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. The compliance and reporting documents for the CDFI Program are below. (B) Geographic units. However, geographic units in Metropolitan Areas that are used to comprise an Investment Area shall be limited to census tracts, and Indian Reservations. (B) Serving Targeted Populations. 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. The revised Interim Rule includes revisions necessary to implement the Uniform Administrative Requirements, Cost Principles, … The CDFI Fund makes awards of up to $2 million to certified CDFIs under the FA component of the CDFI Program. 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. Footnote 2. 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. 3 Office of Credit Union Resources and Expansion NCUA-CDFI Initiative Program Guide • 2019 . 1391). (5) Accountability. Yet at least one quarter of American households do not have a bank account or rely on costly payday lenders and check-cashing outlets. CDFI Bond Guarantee Program Secondary Loan Requirements. Certification by the CDFI Fund will verify that the entity meets the CDFI eligibility requirements. A CDFI must serve a Target Market by virtue of serving one or more Investment Areas and/or Targeted Populations. and products in distressed communities, and technical assistance for . (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. An entity may serve the members of a Targeted Population directly or indirectly or through borrowers or investees that directly serve such members. 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. and products in distressed communities, and technical assistance for . TRAINING RESOURCES The CDFI Fund launched the Capacity Building Initiative (CBI) in 2014 to expand technical assistance and training opportunities for CDFIs. The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. Washington, D.C. 20220. (C) Organization that is deemed by the CDFI Fund to have such a predominant business activity as a result of analysis of its financial statements, organizing documents, and any other information required to be submitted as part of its certification application. Español) and our The letter states: "The CDFI Fund also understands that the emergency nature of loans provided under the PPP may have A CDFI may use the award for financing capital, loan loss reserves, capital reserves, or operations. Step 5: Compliance Resources and Reporting. The benefits of attaining CDFI certification extend beyond access to the monetary and tax credit programs administered by the CDFI Fund. CDFI Program Benefits. Entities seeking such certification shall provide the information set forth in the application for certification. To be eligible to apply for a Financial Assistance award, your organization must be a Certified CDFI. 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. The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. banking requirements. 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. 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. CDFI Fund Submission for OMB Review: Institution-Level Report; Transaction-Level Report; IRS Compliance Questions March 12, 2004. The CDFI Fund also offers supplemental awards through the Healthy Food Financing Initiative. 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] The U.S. Department of the Treasury’s Community them in the NMTC Program Allocation Application, Internal Revenue Code (IRC) § 45D or the IRS NMTC regulations. CDFIs and emerging CDFIs . 4701 et seq.) 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. Department of the Treasury 1500 Pennsylvania Ave., N.W. 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. 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. 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. 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 … (Authorizing Statute). 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. Vendor Testing Opportunities: The CDFI Fund welcomes CDFIs, CDEs, and software developers to test their software against AMIS requirements. Español). The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. 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 … 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. To: The Chief Executive Officers or the Equivalents of New York State Regulated Institutions. An Investment Area will be deemed to have significant unmet needs for loans or Equity Investments if a narrative analysis provided by the entity demonstrates a pattern of unmet needs for Financial Products or Financial Services within such area. The regulations governing the NACA Program are found at 12 CFR (C) Designation. The purpose of software vendor testing is to establish that AMIS can receive and process the transaction level report (TLR) submitted by a vendor's application software package. 2 The CDFI Fund is amending its regulations regarding the financial reporting requirements for non-profit organizations. BECOMING A CERTIFIED CDFI PROGRAMS IN THIS SECTION: CDFI banks are federally insured and regulated depository institutions with a primary mission of community development. Regulations: The CDFI Program is authorized by the Riegle Community Development Banking and Financial Institutions Act of 1994 (Pub. 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. DEQ’s risk management and creditworthiness measures protect the perpetuity of the CWSRF loan program by ensuring the CDFI’s ability to repay DEQ. DEQ’s risk management and creditworthiness measures protect the perpetuity of the CWSRF loan program by ensuring the CDFI’s ability to repay DEQ. (i) General. All such materials may be found on the CDFI Fund’s website at https://www.cdfifund.gov. General Information: (202) 622-2000 Fax: (202) 622-6415 Hours: Mon-Fri 8:00am - 5:00pm Link to CDFI Certification Requirements. 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. 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. 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 Certification Process Gives Credit Unions Unfair Free Pass: ABA The ABA calls into question "credit unions that are committed to the development of … Each credit union may only participate once a year. 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. (c) Records and Review. 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