[Federal Register Volume 60, Number 202 (Thursday, October 19, 1995)]
[Notices]
[Pages 54140-54141]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25724]




[[Page 54139]]

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Part V





Department of the Treasury





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Community Development Financial Institutions Fund



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Bank Enterprise Award Program; Funds Availability Inviting 
Applications; Notice

  Federal Register / Vol. 60, No. 202 / Thursday, October 19, 1995 / 
Notices   

[[Page 54140]]


DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice of Funds Availability (NOFA) Inviting Applications for the 
Bank Enterprise Award Program

Agency: Community Development Financial Institutions Fund, Department 
of the Treasury.

Action: Notice of funds availability inviting applications.

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SUMMARY: The Community Development Banking and Financial Institutions 
Act of 1994 (12 U.S.C. 4701 et seq.) authorizes the Community 
Development Financial Institutions Fund (hereafter referred to as ``the 
Fund'') to provide assistance to insured depository institutions for 
the purpose of promoting investments in Community Development Financial 
Institutions (``CDFIs'') and facilitating increased lending and 
provision of financial and other services in economically distressed 
communities. Insured depository institutions and CDFIs are defined 
terms in an interim rule (12 CFR part 1806) published elsewhere in 
today's Federal Register. The Fund reserves the right to award funds 
under this Notice up to the maximum amount authorized by law. As of the 
date of this Notice and subject to funding availability, the Fund 
intends to award up to $15.5 million in Bank Enterprise Award (``BEA'') 
Program funds. The Fund may award in excess of $15.5 million if more 
funds become available. The BEA Program shall be subject to the interim 
rule. The interim rule establishes the program requirements.

DATES: Applications may be submitted at any time after October 19, 
1995. The deadline for receipt of an application is 4 p.m. Eastern 
Standard Time on Friday, December 15, 1995. Applications received after 
that date and time will not be accepted and will be returned to the 
sender.

ADDRESSES: Applications may be obtained from the office of the Fund 
listed below or by telephone at (202) 622-8662. (This is not a toll 
free number.) Applications must be sent to: The Community Development 
Financial Institutions Fund, U.S. Department of the Treasury, 1500 
Pennsylvania Avenue NW., Room 5116, Washington D.C. 20220. Applications 
sent by FAX will not be accepted.

FOR FURTHER INFORMATION CONTACT: The Community Development Financial 
Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania 
Avenue NW., Room 5116, Washington D.C. 20220, (202) 622-8662. (This is 
not a toll free number.)

SUPPLEMENTARY INFORMATION:

I. Background

    As part of a national strategy to facilitate revitalization and 
increased availability of credit and investment capital in distressed 
communities, the Community Development Banking and Financial 
Institutions Act of 1994 authorizes a portion of funds appropriated to 
the Fund to be distributed through the BEA Program. The BEA Program is 
largely based on the Bank Enterprise Act of 1991, although Congress 
significantly amended the program to facilitate greater coordination 
with other activities of the Fund. The BEA Program and the Community 
Development Financial Institutions Program (12 CFR part 1805) are 
intended to be complementary initiatives that support a wide range of 
community development activities and facilitate partnerships between 
traditional lenders and CDFIs. This Notice invites applications from 
insured depository institutions for the purpose of promoting community 
development activities and revitalization.

II. Eligibility

    The Act specifies that eligible applicants must be insured 
depository institutions as defined under section (3)(c)(2) of the 
Federal Deposit Insurance Act.

III. Designation Factors

    The interim rule published separately in today's Federal Register 
(12 CFR part 1806) describes the process for selecting applicants to 
receive assistance and for calculating assistance amounts. The rating 
and selection process will give priority to applicants that make equity 
investments in CDFIs (as defined in the interim rule). After assistance 
for such priorities has been awarded, any remaining funds will be 
distributed to applicants pursuing Eligible Development Activities (as 
defined in the interim rule). Assistance amounts will be calculated 
based on increases in qualified activities that occur during a 6-month 
assessment period in excess of activities that occurred during a 6-
month baseline period. In general, estimated award amounts for 
applicants making equity investments in CDFIs will be equal to 15 
percent of the anticipated increase in such activities. The interim 
rule establishes the ranking and selection process. An applicant may 
also choose to accept less than the maximum amount of assistance in 
order to increase the ranking of its application. For applicants 
pursuing Eligible Development Activities, a multi-step procedure is 
outlined in the interim rule that will be used to calculate the 
estimated award amount. In general, if an applicant is a CDFI, such 
estimated award amount will be equal to 15 percent of the total score 
calculated in the multi-step procedure. If an applicant is not a CDFI, 
such estimated award amount will be equal to 5 percent of the total 
score calculated in the multi-step procedure. Applications for such 
activities will be ranked and funded based on the total score as 
weighted by the asset size of the applicant. The Fund, in its sole 
discretion, may adjust the estimated award amount that an applicant may 
receive prior to the beginning of an assessment period.
    The anticipated maximum award under this Notice is $1 million. 
However, the Fund, in its sole discretion, reserves the right to award 
amounts in excess of $1 million for applications of exceptional merit.

IV. Baseline and Assessment Period Dates

    As part of its application, an applicant shall report the qualified 
activities that it actually carried out during a 6-month baseline 
period. Such baseline period will begin on April 1, 1995 and end on 
September 30, 1995. An applicant shall also project the qualified 
activities that it expects to carry out during a 6-month assessment 
period. Such assessment period will begin on January 1, 1996 and end on 
June 30, 1996. Applicants selected to participate in the program during 
the assessment period will be required to report the qualified 
activities that it actually carried out during the assessment period. 
The Fund will evaluate the performance of applicants in carrying out 
projected activities to determine actual award amounts. The Fund will 
make every reasonable effort to announce selected applicants by January 
16, 1996.

V. Workshops

    The CDFI Fund will host two workshops to disseminate information to 
organizations interested in applying for assistance under the BEA 
Program and the CDFI Program (12 CFR part 1805). The workshops will be 
held on Monday, November 13, 1995 in Washington, DC and on Friday, 
November 17, 1995 in Los Angeles, California. To register for a 
workshop call Skip Cooper at (310) 417-5170.

VI. Other Matters

    (a) Paperwork Reduction Act. For details on the information 
collection 

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requirements of the rule and this Notice, the reader should refer to 
the interim rule (12 CFR part 1806) published separately in today's 
Federal Register.
    (b) Environmental Impact. Pursuant to Treasury Directive 75-02, the 
Department of the Treasury has determined that implementation of the 
BEA Program under the interim rule is categorically excluded from the 
National Environmental Policy Act of 1969 (42 U.S.C. 4332) and does not 
require an environmental review. The determination is available for 
public inspection between 9:30 a.m. and 4:30 p.m. weekdays at the 
office of the Fund.

    Authority: 12 U.S.C. 4703, 4717: Chapter X, Pub.L. 104-19, 109 
Stat. 237; 12 CFR 1806.206(a).

    Dated: October 11, 1995.
John D. Hawke, Jr.,
Under Secretary (Domestic Finance).
[FR Doc. 95-25724 Filed 10-18-95; 8:45 am]
BILLING CODE 4810-70-P