[Federal Register Volume 61, Number 228 (Monday, November 25, 1996)]
[Notices]
[Page 59928]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-29994]



[[Page 59928]]

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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund


Notice of Funds Availability (NOFA); Amendments to Previously 
Published Notice for the Bank Enterprise Award Program

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

ACTION: Notice of funds availability; amendment to previously published 
notice.

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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 under an interim rule (12 CFR part 1806) published in the Federal 
Register on October 19, 1995 and subsequently amended on January 23, 
1996 and February 29, 1996. The BEA Program is subject to the interim 
rule. The interim rule establishes the program requirements. This 
notice amends a Notice of Funds Availability published in the Federal 
Register on October 19, 1995. The notice is amended to permit 
applicants to select, with the consent of the Fund, a six-month 
Assessment Period that differs from the six-month period specified in 
the previously published NOFA. The notice also gives the Fund more 
flexibility with respect to establishing any limitations on the maximum 
amount that may be awarded to an applicant.

ADDRESSES: All questions concerning this notice should be addressed to 
the Director, Community Development Financial Institutions Fund, 
Department of the Treasury, 1500 Pennsylvania Ave., N.W., Washington DC 
20220.

FOR FURTHER INFORMATION CONTACT: Kirsten S. Moy, Director, Community 
Development Financial Institutions Fund at (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 provides that a portion of funds appropriated 
to the Fund 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 program is designed to encourage 
insured depository institutions to make equity investments or otherwise 
support Community Development Financial Institutions or increase 
lending and other services provided within distressed communities. This 
Notice amends the Notice of Funds Availability published in the Federal 
Register on October 19, 1995 inviting applications for assistance.

II. Award Amounts

    The October 19, 1995 notice indicated that ``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.'' This notice revises 
the earlier notice by deleting the last two sentences under the heading 
III. ``Designation Factors'' and substituting in their place the 
following sentence: ``The Fund may, in its sole discretion, establish 
any limitations on the maximum amount that may be awarded to an 
applicant, as deemed appropriate by the Fund.''

III. Baseline Period and Assessment Period Dates

    In the notice published in the Federal Register on October 19, 
1995, Applicants were instructed to project Qualified Activities that 
they anticipated carrying out during a six-month Assessment Period. 
Such Assessment Period began on January 1, 1996 and ended on June 30, 
1996. However, the Fund has determined that in order to achieve the 
purposes of the Bank Enterprise Award Program it is necessary to permit 
Applicants to select from several alternative six-month Assessment 
Period options. Such alternative Assessment Period options are intended 
to give Applicants adequate time to complete the activities proposed in 
their original application. Since the Fund, for a variety of reasons, 
took longer than originally anticipated to complete all reviews and 
evaluations necessary to estimate whether any Applicant potentially 
qualified for a Bank Enterprise Award, and since Applicants reasonably 
waited to hear from the Fund with respect to whether they potentially 
qualified for an award before completing many of their proposed 
activities, the Fund concluded that in order to be fair to Applicants 
it needed to allow Applicants the option of choosing a different six-
month Assessment Period from the one originally contemplated by the 
October 19, 1995 Notice. All Applicants were notified of their 
Assessment Period options through written correspondence issued on 
August 19, 1996.
    The October 19, 1995 notice is revised in the fourth sentence under 
the heading IV. ``Baseline and Assessment Period Dates.'' In the 
notice, the sentence currently reads as follows: ``Such assessment 
period will begin January 1, 1996 and end on June 30, 1996.'' It is 
hereby amended to read as follows: ``Unless another six-month period is 
agreed to by the Fund and the Applicant, such assessment period will 
begin on January 1, 1996 and end on June 30, 1996.''

IV. Other Matters

    (a) Paperwork Reduction Act. For details on the information 
collection requirements of the rule and this Notice, the reader should 
refer to the interim rule (12 CFR Part 1806) published in the Federal 
Register on October 19, 1995 and subsequently amended on January 23, 
1996 and February 29, 1996.
    (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 (21 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 
offices of the Fund at 1777 F Street, N.W., 7th Floor, Washington D.C. 
20006.

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

    Dated: November 18, 1996.
Kirsten S. Moy,
Director, Community Development Financial Institutions Fund.
[FR Doc. 96-29994 Filed 11-22-96; 8:45 am]
BILLING CODE 4810-70-P