[Federal Register Volume 69, Number 217 (Wednesday, November 10, 2004)]
[Notices]
[Pages 65246-65256]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-24986]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Funding Opportunity Title: Notice of Funds Availability (NOFA) 
Inviting Applications for the FY 2005 Funding Round of the Financial 
Assistance Component of the Community Development Financial 
Institutions Program

    Announcement Type: Initial announcement of funding opportunity.
    Catalog of Federal Domestic Assistance (CFDA) Number: 21.020.

DATES: Applications for the FY 2005 funding round must be received by 5 
p.m. ET on February 24, 2005. All applications submitted must meet all 
eligibility and other requirements and deadlines, as applicable, set 
forth in this NOFA. Applications received after 5 p.m. ET on the 
applicable deadline will be rejected and returned to the sender.
    Executive Summary: This NOFA is issued in connection with the FY 
2005 funding round of the Financial Assistance (FA) Component of the 
Community Development Financial

[[Page 65247]]

Institutions (CDFI) Program. Through the FA Component, the Community 
Development Financial Institutions Fund (the Fund) provides FA awards 
and technical assistance (TA) grants to CDFIs that have Comprehensive 
Business Plans for creating demonstrable community development impact 
through the deployment of capital within their respective Target 
Markets for community development purposes. Through this NOFA, the Fund 
makes funding available to Applicants that meet the requirements of 
either of two categories: (i) Category I/Small and Emerging CDFI 
Assistance (SECA), and (ii) Category II/Core & Sustainable CDFI 
Assistance (Core).

I. Funding Opportunity Description

    A. Through this NOFA, the Fund intends to target its resources and 
provide: (i) FA awards to CDFIs that will use award proceeds to serve 
their respective Target Markets and (ii) TA grants to build Awardee 
capacity to serve Target Market(s).
    B. CDFI Program Regulations/Interim Rule: The regulations governing 
the CDFI Program can be found at 12 CFR Part 1805 (the Interim Rule) 
and provide guidance on evaluation criteria and other requirements of 
the CDFI Program. The Fund encourages Applicants to review the Interim 
Rule. Detailed application content requirements are found in the 
application related to this NOFA. Each capitalized term in this NOFA is 
more fully defined in the Interim Rule or the application.

II. Award Information

    A. Award Information: Subject to funding availability, the Fund 
expects that it may award approximately $22 million in appropriated 
funds through this NOFA, of which approximately $2 million in 
appropriated funds may be awarded to Category I/SECA Applicants. The 
Fund reserves the right to award in excess of $22 million in 
appropriated funds (and/or more or less than $2 million to Category I/
SECA applicants) under this NOFA, provided that the funds are available 
and the Fund deems it appropriate. Through this NOFA, the Fund 
anticipates making awards: (i) up to and including $300,000 per FA 
award for Category I/SECA CDFIs; and (ii) up to and including 
$2,000,000 per award for Category II/Core CDFIs. The Fund, in its sole 
discretion, reserves the right to award amounts in excess of or less 
than the anticipated maximum award amount if the Fund deems it 
appropriate. Further, the Fund reserves the right to fund, in whole or 
in part, any, all, or none of the applications submitted in response to 
this NOFA. The Fund reserves the right to re-allocate funds from the 
amount that is anticipated to be available under this NOFA to other 
Fund programs, particularly if the Fund determines that the number of 
awards made under this NOFA is fewer than projected.
    B. Types of Awards: An Applicant may submit an application either 
for a FA award only, or for a FA award and a TA grant, under this NOFA. 
While the FA Component offers TA grants in conjunction with FA awards, 
entities seeking TA grants only should apply for funds through the TA 
Component of the CDFI Program.
    1. FA Awards: FA awards may be provided by the Fund through equity 
investments (including, in the case of certain Insured Credit Unions, 
secondary capital accounts), grants, loans, deposits, credit union 
shares, or any combination thereof. The Fund reserves the right, in its 
sole discretion, to provide a FA award in a form and amount other than 
that which is requested by an Applicant.
    2. TA Grants: TA awards are in the form of grants. The Fund 
reserves the right, in its sole discretion, to provide a TA grant for 
uses and amounts other than that which are requested by an Applicant. 
The Fund reserves the right, in its sole discretion, to provide a TA 
grant for specified purposes, even if the Applicant has not requested a 
TA grant, and/or to provide a FA award on the condition that the 
Applicant agrees to use a TA grant for specified purposes. Applicants 
for TA grants through this NOFA are required to provide information in 
the application regarding the expected cost, timing and provider of the 
TA, and a narrative description of how the TA will enhance their 
capacity to provide greater community development impact. Capacity 
enhancements may address a range of activities including, but not 
limited to, improvement of underwriting and portfolio management, 
development of outreach and training strategies to enhance product 
delivery, and tools that allow the Applicant to assess the impact of 
its activities in its community.
    Eligible TA grant uses include, but are not limited to, the 
following: (i) acquiring consulting services; (ii) paying staff salary 
for the limited purposes of completing tasks and/or fulfilling 
functions that are otherwise eligible TA grant uses through this NOFA; 
(iii) acquiring/enhancing technology items, including computer 
hardware, software and Internet connectivity; and (iv) acquiring 
training for staff or management.
    The Fund will not consider requests for TA grants under this NOFA 
for expenses that, in the determination of the Fund, are deemed to be 
ongoing operating expenses rather than non-recurring expenses. The Fund 
will consider requests for use of TA grant funds to pay for staff 
salary only when the Applicant demonstrates, to the Fund's 
satisfaction, that: (i) the staff salary relates directly to building 
the Applicant's capacity to serve its Target Market; (ii) the proposed 
staff time to be paid for by the TA grant will be used for a non-
recurring activity that will build the Applicant's capacity to achieve 
its objectives as set forth in its Comprehensive Business Plan; (iii) 
the proposed capacity-building activity would otherwise be contracted 
to a consultant or not be undertaken; and (iv) the staff person 
assigned to the proposed task has the competence to successfully 
complete the activity.
    C. Notice of Award; Assistance Agreement: Each Awardee under this 
NOFA must sign a Notice of Award (for further information, see Section 
VI.A, below) and an Assistance Agreement (see Section VI.B, below) 
prior to disbursement by the Fund of award proceeds. The Notice of 
Award and the Assistance Agreement contain the terms and conditions of 
the award.

III. Eligibility Information

A. Eligible Applicants

    The Interim Rule specifies the eligibility requirements that each 
Applicant must meet in order to be eligible to apply for assistance 
under this NOFA. The following sets forth additional detail and dates 
that relate to the submission of applications under this NOFA:
    1. Applicant Categories: All Applicants for FA Component awards 
must meet the criteria for one of the following two categories of 
CDFIs:

[[Page 65248]]



------------------------------------------------------------------------
                                                           What can it
      Applicant category               Criteria            apply for?
------------------------------------------------------------------------
Category I/small and/or         A Category I/SECA       A Category I/
 Emerging CDFA Assistance        Applicant is a CDFI     SECA Applicant
 (SECA).                         that:.                  may request up
                                                         to and
                                                         including
                                                         $300,000 in FA
                                                         funds, plus any
                                                         amount of TA
                                                         funds otherwise
                                                         allowed under
                                                         NOFA.
                                Has total assets as of
                                 December 31, 2004 as
                                 follows:.
                                Insured
                                 Depository
                                 Institutions and
                                 Depository
                                 Institution Holding
                                 Companies: up to $100
                                 million.
                                Insured Credit
                                 Unions: up to $10
                                 million.
                                Venture
                                 capital funds: up to
                                 $10 million.
                                 Other CDFIs:
                                 up to $5 million OR.
                                Began operations on or
                                 after February 24,
                                 2000 AND.
                                Prior to the
                                 application deadline
                                 under this NOFA, has
                                 not been selected to
                                 receive an excess of
                                 $300,000 in FA
                                 award(s) in the
                                 aggregate from the
                                 CDFI Program or
                                 Native Initiatives
                                 Funding Programs.
Category II/core and            A Category II/Core      A Category II/
 sustainable CDF assistance      Applicant is a CDFI     Core Applicant
 (Core).                         that meets all other    may request up
                                 eligibility             to and
                                 requirements            including $2
                                 described in this       million in FA
                                 NOFA.                   funds only or a
                                                         combination of
                                                         FA and TA
                                                         funds.
------------------------------------------------------------------------

    Please Note: any Applicant, regardless of size, years in operation, 
or prior Fund awards, that requests FA funding in excess of $300,000 is 
classified as a Category II/Core Applicant.
    For the purposes of this NOFA, the term ``began operations'' is 
defined as the month and year in which the Applicant first incurred 
operating expenses of any type. Also, for purposes of this NOFA, the 
term ``Native Initiatives Funding Programs'' refers to the following 
programs administered by the Fund: the Native American CDFI Technical 
Assistance (NACTA) Component of the CDFI Program, the Native American 
CDFI Development (NACD) Program, the Native American Technical 
Assistance (NATA) Component of the CDFI Program, and the Native 
American CDFI Assistance (NACA) Program.
    The Fund will evaluate, rank and make awards to Category I/SECA 
Applicants separately from Category II/Core Applicants.
    2. CDFI Certification: For purposes of this NOFA, eligible 
Applicants include:
    (a) Any certified CDFI whose certification has not expired and/or 
that has not been notified by the Fund that its certification has been 
terminated. Each such Applicant must submit a ``Certification of 
Material Change Form'' to the Fund not later than January 14, 2005, in 
accordance with the instructions on the Fund's Web site at http://www.cdfifund.gov. Failure to timely submit said form may result in the 
Fund deeming the funding application fatally incomplete and rejecting 
the funding application without further review. Please Note: the Fund 
provided a number of CDFIs with certifications expiring in 2003 through 
2005 with written notification that their certifications had been 
extended. The Fund will consider the extended certification date (the 
later date) to determine whether those CDFIs meet this eligibility 
requirement; or
    (b) Any Applicant from which the Fund receives a complete CDFI 
certification application no later than January 14, 2005, evidencing 
that the Applicant can be certified as a CDFI. Applicants may obtain 
CDFI certification applications through the Fund's Web site at http://www.cdfifund.gov. Applications for certification must be submitted as 
instructed in the application form.
    3. Prior Awardees: Applicants must be aware that success in a prior 
round of any of the Fund's programs is not indicative of success under 
this NOFA. Prior awardees are eligible to apply under this NOFA, except 
as follows:
    (a) Non-certified Applicants. Any entity that has received a Notice 
of Award from the Fund for a prior funding round of the CDFI Program or 
the Native Initiatives Funding Programs, but that has not submitted a 
CDFI certification application nor been certified as a CDFI, is not 
eligible to receive funding under this NOFA (see Section III.A.2, 
above).
    (b) $5 Million Funding Cap. The Fund is generally prohibited from 
obligating more than $5 million in assistance, in the aggregate, to any 
one organization and its Subsidiaries and Affiliates during any three-
year period. For the purposes of this NOFA, the period extends back 
three years from the date that the Fund signs a Notice of Award issued 
to an Awardee under this NOFA.
    (c) Failure to Meet Reporting Requirements. The Fund will not 
consider an application submitted by an Applicant if that Applicant, or 
an entity that Controls the Applicant, is Controlled by the Applicant, 
or shares common management officials with the Applicant (as determined 
by the Fund), is a prior Fund Awardee or allocatee under any Fund 
program and is not current on the reporting requirements set forth in 
any previously executed assistance, allocation or award agreement(s) 
with the Fund, as of the application deadline of this NOFA. Please note 
that the Fund only acknowledges the receipt of reports that are 
complete. As such, incomplete reports or reports that are deficient of 
required elements will not be recognized as having been received.
    (d) Pending Resolution of Noncompliance. If (i) an Applicant is a 
prior Awardee or allocatee under any Fund program and has submitted 
complete and timely reports to the Fund that demonstrate noncompliance 
with a previous assistance, award or allocation agreement, and (ii) the 
Fund has yet to make a final determination as to whether the entity is 
in default of its previous assistance, award or allocation agreement, 
then the Fund will consider the Applicant's application under this NOFA 
pending full resolution, in the sole determination of the Fund, of the 
instance of noncompliance. Further, if (i) another entity that Controls 
the Applicant, is Controlled by the Applicant, or shares common 
management officials with the Applicant (as determined by the Fund) is 
a prior Fund Awardee or allocatee and such entity has submitted 
complete and timely reports to the Fund that demonstrate noncompliance 
with a previous assistance, award or allocation agreement, and (ii) the 
Fund has yet to make a final determination as to whether the entity is 
in default of its

[[Page 65249]]

previous assistance award or allocation agreement, then the Fund will 
consider the Applicant's application under this NOFA pending full 
resolution, in the sole determination of the Fund, of the instance of 
noncompliance.
    (e) Default Status. The Fund will not consider an application 
submitted by an Applicant that is a prior Fund Awardee or allocatee 
under any Fund program if, as of the application deadline of this NOFA, 
the Fund has made a final determination that such Applicant is in 
default of a previously executed assistance, award or allocation 
agreement(s) and the Fund has provided written notification of such 
determination to such Applicant. Further, an entity is not eligible to 
apply for an award pursuant to this NOFA if, as of the application 
deadline, (i) the Fund has made a final determination that another 
entity that Controls the Applicant, is Controlled by the Applicant, or 
shares common management officials with the Applicant (as determined by 
the Fund) is a prior Fund Awardee or allocatee under any Fund program 
and that has been determined by the Fund to be in default of a 
previously executed assistance award or allocation agreement(s), and 
(ii) the Fund has provided written notification of such determination 
to the defaulting entity.
    (f) Termination in Default. The Fund will not consider an 
application submitted by an Applicant that is a prior Fund Awardee or 
allocatee under any Fund program if, within the 12-month period prior 
to the application deadline of this NOFA, the Fund has made a final 
determination that such Applicant's prior award or allocation 
terminated in default of the assistance, award or allocation agreement 
and the Fund has provided written notification of such determination to 
such Applicant. Further, an entity is not eligible to apply for an 
award pursuant to this NOFA if, within the 12-month period prior to the 
application deadline of this NOFA, (i) the Fund has made a final 
determination that another entity that Controls the Applicant, is 
Controlled by the Applicant, or shares common management officials with 
the Applicant (as determined by the Fund), is a prior Fund Awardee or 
allocatee under any Fund program whose award or allocation terminated 
in default of the assistance, award or allocation agreement, and (ii) 
the Fund has provided written notification of such determination to the 
defaulting entity.
    (g) Undisbursed Balances. The Fund will not consider an application 
submitted by an Applicant that is a prior Fund Awardee under any Fund 
program if the Applicant has a balance of undisbursed funds (defined 
below) under said prior award(s), as of the application deadline of 
this NOFA. Further, an entity is not eligible to apply for an award 
pursuant to this NOFA if another entity that Controls the Applicant, is 
Controlled by the Applicant or shares common management officials with 
the Applicant (as determined by the Fund), is a prior Fund Awardee 
under any Fund program, and has a balance of undisbursed funds under 
said prior award(s), as of the application deadline of this NOFA. In 
the case where another entity Controls the Applicant, is Controlled by 
the Applicant or shares common management officials with the Applicant 
(as determined by the Fund), is a prior Fund Awardee under any Fund 
program, and has a balance of undisbursed funds under said prior 
award(s), as of the application deadline of this NOFA, the Fund will 
include the combined awards of the Applicant and such Affiliates when 
calculating the amount of undisbursed funds. For the purposes of this 
section, ``undisbursed funds'' is defined as (i) in the case of prior 
Bank Enterprise Award (BEA) Program award(s), any balance of award 
funds equal to or greater than five (5) percent of the total prior BEA 
Program award(s) for which a BEA award agreement has been fully 
executed that remains undisbursed more than three (3) years after the 
end of the calendar year in which the Fund signed an award agreement 
with the BEA awardee, and (ii) in the case of prior CDFI Program or 
other Fund program award(s), any balance of award funds equal to or 
greater than five (5) percent of the total prior award(s) for which an 
Assistance Agreement has been fully executed that remains undisbursed 
more than two (2) years after the end of the calendar year in which the 
Fund signed an Assistance Agreement with the Awardee. ``Undisbursed 
funds'' does not include (i) tax credit allocation authority allocated 
through the New Markets Tax Credit Program; (ii) any award funds for 
which the Fund received a full and complete disbursement request from 
the Awardee as of the application deadline of this NOFA; (iii) any 
award funds for an award that has been terminated, expired, rescinded 
or deobligated by the Fund; and (iv) any award funds for an award that 
does not have a fully executed assistance or award agreement. The Fund 
strongly encourages Applicants requesting disbursements from prior 
awards to provide the Fund with a complete disbursement request at 
least 10 business days prior to the application deadline of this NOFA.
    (h) Contact the Fund. Accordingly, Applicants that are prior 
Awardees are advised to: (i) comply with requirements specified in 
assistance, award and/or allocation agreement(s), and (ii) contact the 
Fund to ensure that all necessary actions are underway for the 
disbursement of any outstanding balance of said prior award(s). All 
outstanding reports, compliance or disbursement questions should be 
directed to the Grants Management and Compliance Manager by e-mail at 
[email protected]; by telephone at (202) 622-8226; by facsimile at 
(202) 622-6453; or by mail to CDFI Fund, 601 13th Street, NW., Suite 
200 South, Washington, DC 20005. The Fund will respond to Applicants' 
reporting, compliance or disbursement questions between the hours of 9 
a.m. and 5 p.m. ET, starting the date of the publication of this NOFA 
through February 22, 2005 (2 business days before the application 
deadline). The Fund will not respond to Applicants' reporting, 
compliance or disbursement phone calls or e-mail inquiries that are 
received after 5 p.m. on February 22, 2005, until after the funding 
application deadline of February 24, 2005.
    (i) Entities that submit applications together with Affiliates; 
applications from common enterprises: As part of the award application 
review process, the Fund considers whether Applicants are Affiliates, 
as such term is defined in the Interim Rule. If an Applicant and its 
Affiliates wish to submit award applications, they must do so 
collectively, in one application; an Applicant and its Affiliates may 
not submit separate award applications. If Affiliated entities submit 
multiple applications, the Fund reserves the right either to reject all 
such applications received or to select a single application as the 
only one that will be considered for an award. For purposes of this 
NOFA, in addition to assessing whether Applicants meet the definition 
of the term ``Affiliate'' found in the Interim Rule, the Fund will 
consider: (i) whether the activities described in applications 
submitted by separate entities are, or will be, operated or managed as 
a common enterprise that, in fact or effect, could be viewed as a 
single entity; and (ii) whether the business strategies and/or 
activities described in applications submitted by separate entities are 
so closely related that, in fact or effect, they could be viewed as 
substantially identical applications. In such cases, the Fund reserves 
the right either to reject all applications received from all such

[[Page 65250]]

entities or to select a single application as the only one that will be 
considered for an award.
    4. Limitation on FA Awards: An Applicant may receive only one FA 
award through either the FA Component or the Native American CDFI 
Assistance (NACA) Program in the same funding year. An Applicant may 
apply under both the FA Component and the NACA Program, but will not be 
selected for funding under both. A FA Component Applicant, its 
Subsidiaries or Affiliates also may apply for and receive: (i) a tax 
credit allocation through the New Markets Tax Credit (NMTC) Program, 
but only to the extent that the activities approved for FA Component 
awards are different from those activities for which the Applicant 
receives a NMTC Program allocation; (ii) an award through the BEA 
Program (subject to certain limitations; refer to the Interim Rule at 
12 CFR 1805.102); and (iii) an award through the TA Component of the 
CDFI Program or the Native Initiatives Funding Programs, but only to 
the extent that the activities approved for a FA award are different 
from those for which the Applicant receives a TA or a Native 
Initiatives Funding Program award.
    5. Other Targeted Populations: Other Targeted Populations are 
defined as identifiable groups of individuals in the Applicant's 
service area for which there exists a strong basis in evidence that 
they lack access to loans, Equity Investments and/or Financial 
Services. The Fund has determined that there is strong basis in 
evidence that the following groups of individuals lack access to loans, 
Equity Investments and/or Financial Services on a national level: 
Blacks or African Americans, Native Americans or American Indians, and 
Hispanics or Latinos. In addition, for purposes of this NOFA, the Fund 
has determined that there is a strong basis in evidence that Alaska 
Natives residing in Alaska, Native Hawaiians residing in Hawaii, and 
Other Pacific Islanders residing in other Pacific Islands, lack 
adequate access to loans, Equity Investments or Financial Services. An 
Applicant designating any of the above-cited Other Targeted Populations 
is not required to provide additional narrative explaining the Other 
Targeted Population's lack of adequate access to loans, Equity 
Investments or Financial Services. Additionally, the Fund recognizes 
that there may be other such groups for which there is strong basis in 
evidence that they lack access to loans, Equity Investments and/or 
Financial Services. Such groups may be identified, and evidence of such 
lack of access may be provided, in the Market Need section of the 
application associated with this NOFA, and the application for CDFI 
certification (if not identified in the Target Market of a currently 
certified CDFI).
    For purposes of this NOFA, the Fund will use the following 
definitions, set forth in the Office of Management and Budget (OMB) 
Notice, Revisions to the Standards for the Classification of Federal 
Data on Race and Ethnicity (October 30, 1997), as amended and 
supplemented:
    (a) American Indian, Native American or Alaska Native: A person 
having origins in any of the original peoples of North and South 
America (including Central America) and who maintains tribal 
affiliation or community attachment;
    (b) Black or African American: A person having origins in any of 
the black racial groups of Africa (terms such as ``Haitian'' or 
``Negro'' can be used in addition to ``Black or African American'');
    (c) Hispanic or Latino: A person of Cuban, Mexican, or Puerto 
Rican, South or Central American or other Spanish culture or origin, 
regardless of race (the term ``Spanish origin'' can be used in addition 
to ``Hispanic or Latino''); and
    (d) Native Hawaiian: A person having origins in any of the original 
peoples of Hawaii; and
    (e) Other Pacific Islander: A person having origins in any of the 
original peoples of Guam, Samoa or other Pacific Islands.
    For further detail, please visit the Fund's Web site at http://www.cdfifund.gov, under Certification/Supplemental Information.

B. Matching Funds

    1. Matching Funds Requirements in General: Applicants responding to 
this NOFA must obtain non-Federal matching funds from sources other 
than the Federal government on the basis of not less than one dollar 
for each dollar of FA funds provided by the Fund (matching funds are 
not required for TA grants). Matching funds must be at least comparable 
in form and value to the FA award provided by the Fund (for example, if 
an Applicant seeks an FA grant from the Fund, the Applicant must obtain 
matching funds through grant(s) from non-Federal sources that are at 
least equal to the amount requested from the Fund). Funds used by an 
Applicant as matching funds for a prior FA award under the CDFI Program 
or under another Federal grant or award program cannot be used to 
satisfy the matching funds requirement of this NOFA. If an Applicant 
seeks to use as matching funds monies received from an organization 
that was a prior Awardee under the CDFI Program, the Fund will deem 
such funds to be Federal funds, unless the funding entity establishes 
to the reasonable satisfaction of the Fund that such funds do not 
consist, in whole or in part, of CDFI Program funds or other Federal 
funds. For the purposes of this NOFA, BEA Program awards are not deemed 
to be Federal funds and are eligible as matching funds.
    2. Matching Funds Requirements Per Applicant Category: Due to 
funding constraints and the desire to quickly deploy Fund dollars, the 
Fund will not consider for an FA award any Applicant that does not 
demonstrate any matching funds committed or in-hand as of the 
application deadline under this NOFA. Specifically, FA Applicants must 
meet the following matching funds requirements:
    (a) Category I/SECA Applicants: The Fund expects Category I/SECA 
Applicants to demonstrate eligible matching funds equal to no less than 
30 percent of the amount of the FA award requested in-hand or firmly 
committed as of the application deadline. Matching funds in-hand 
(received) or firm commitments for matching funds made, on or after 
January 1, 2003, and on or before April 30, 2006, will be considered 
when determining matching funds eligibility. The Fund reserves the 
right to rescind all or a portion of an FA award and re-allocate the 
rescinded award amount to other qualified Applicant(s), if an Applicant 
fails to obtain in-hand the required matching funds by April 30, 2006 
(with required documentation of such receipt received by the Fund not 
later than May 12, 2006, or to grant an extension of such matching 
funds deadline for specific Applicants selected to receive FA, if the 
Fund deems it appropriate. For any Applicant that demonstrates that it 
has less than 100 percent of matching funds in-hand or firmly committed 
as of the application deadline, the Fund will evaluate the Applicant's 
ability to raise the remaining matching funds by April 30, 2006.
    (b) Category II/Core Applicants: The Fund expects that FA award 
amounts will not exceed 100 percent of eligible matching funds 
demonstrated in the application as in-hand or firmly committed as of 
the application deadline. Matching funds in-hand (received) or firm 
commitments for matching funds made on or after January 1, 2003, and on 
or before April 30, 2006, will be considered when determining matching 
funds eligibility. The Fund reserves the right to rescind all or a 
portion of an FA award and re-

[[Page 65251]]

allocate the rescinded award amount to other qualified Applicant(s), if 
an Applicant fails to obtain in-hand the required matching funds by 
April 30, 2006 (with required documentation of such receipt received by 
the Fund not later than May 12, 2006), or to grant an extension of such 
matching funds deadline for specific Applicants selected to receive FA, 
if the Fund deems it appropriate.
    3. Matching Funds Terms Defined. For purposes of this NOFA, 
``matching funds in-hand'' means that the Applicant has actually 
received the matching funds and has documentation (such as a copy of a 
check) to evidence such receipt; ``firm commitment for matching funds'' 
means that the Applicant has entered into or received a legally binding 
commitment from the matching funds source that the matching funds have 
been committed to be disbursed to the Applicant and the Applicant has 
documentation (such as a copy of a loan agreement, promissory note or 
grant agreement) to evidence such firm commitment. The Fund encourages 
Applicants to review the Interim Rule at 12 CFR 1805.500 et seq. and 
guidance materials on the Fund's Web site for more information on 
eligible matching funds.
    4. Special Rule for Insured Credit Unions. Please note that the 
Interim Rule allows an Insured Credit Union to use retained earnings to 
serve as matching funds for an FA grant in an amount equal to: (i) The 
increase in retained earnings that have occurred over the Applicant's 
most recent fiscal year; (ii) the annual average of such increases that 
have occurred over the Applicant's three most recent fiscal years; or 
(iii) the entire retained earnings that have been accumulated since the 
inception of the Applicant or such other financial measure as may be 
specified by the Fund. For purposes of this NOFA, if option (iii) is 
used, the Applicant must increase its member and/or non-member shares 
or total loans outstanding by an amount that is equal to the amount of 
retained earnings that is committed as matching funds. This amount must 
be raised by April 30, 2006, and will be based on amounts reported in 
the Applicant's Audited or Reviewed Financial Statements or NCUA Form 
5300 Call Report.

IV. Application and Submission Information

A. Form of Application Submission

    Applicants may submit applications under this NOFA either (i) 
partially electronically (via an Internet-based application) and 
partially in paper form or (ii) entirely in paper form. Applications 
sent by facsimile will not be accepted. Detailed application content 
requirements are found in the application related to this NOFA which 
may be found at the Fund's Web site, http://www.cdfifund.gov. In order 
to expedite application review, the Fund requires advance notification 
for applications submitted entirely in paper form ((ii), above). If an 
applicant is unable to submit a partially electronic and partially 
paper application, it must submit to the Fund a request for a complete 
paper application using the FA Component Paper Application Notification 
Form; the request must be received by the Fund no later than 5 p.m. ET 
on February 11, 2005. The Paper Application Notification Form may be 
obtained from the Fund's Web site at http://www.cdfifund.gov or the 
form may be requested by e-mail to [email protected] or by 
facsimile to (202) 622-7754. The completed Paper Application 
Notification Form should be directed to the Fund's Chief Information 
Officer and must be sent by facsimile to (202) 622-7754.

B. Paper Applications

    The Fund will send paper application materials to Applicants that 
are unable to download them from the Web site. To have application 
materials sent to you, contact the Fund by telephone at (202) 622-6355; 
by e-mail at [email protected]; or by facsimile at (202) 622-
7754. These are not toll free numbers.

C. Application Content Requirements

    Detailed application content requirements are found in the FY 2005 
application and guidance. Please note that, pursuant to OMB guidance 
(68 FR 38402), each Applicant must provide, as part of its application 
submission, a Dun and Bradstreet Data Universal Numbering System (DUNS) 
number. In addition, each application must include a valid and current 
Employer Identification Number (EIN), with a letter or other 
documentation from the Internal Revenue Service (IRS) confirming the 
Applicant's EIN. Incomplete applications will be rejected and returned 
to the sender.

D. MyCDFIFund Accounts

    All Applicants must register User and Organization accounts in 
myCDFIFund, the Fund's Internet-based interface. Applicants must be 
registered as both a User and an Organization in myCDFIFund as of the 
application deadline in order to be considered to have submitted a 
complete application. As myCDFIFund is the Fund's primary means of 
communication with Applicants and Awardees, organizations must make 
sure that they update the contact information in their myCDFIFund 
accounts. For more information on myCDFIFund, please see the 
``Frequently Asked Questions'' link posted at https://www.cdfifund.gov/myCDFI/Help/Help.asp.

E. Application Submission Dates and Times; Addresses

    Applicants must submit all materials described in and required by 
the application by the applicable deadline. Applicants will not be 
afforded an opportunity to provide any missing materials or 
documentation after the deadline.
    1. Electronic Submissions: Electronic submission of certain parts 
of the application (as described in the application) must be received 
by the Fund via the Applicant's myCDFIFund account and in accordance 
with the instructions provided on the Fund's Web site, by 5 p.m. ET on 
February 24, 2005. In addition, the required paper portions of the 
application (including the original signature page, a DUNS number, a 
letter or other documentation from the Internal Revenue Service 
confirming the Applicant's EIN, and all other required paper portions) 
must be received at the address set forth below by 5 p.m. ET on 
February 24, 2005. Paper portions of the application must be sent to: 
CDFI Fund Grants Management and Compliance Manager, FA Component, 
Bureau of Public Debt, 200 Third Street, Room 10, Parkersburg, WV 
26101. The telephone number to be used in conjunction with overnight 
delivery or mailings to this address is (304) 480-5450. Paper portions 
received in the Fund's offices will be rejected and returned to the 
sender. Paper portions must be submitted in the format and number of 
copies specified in the application instructions.
    2. Paper submissions: A complete paper application must be received 
at the address set forth below by 5 p.m. ET on February 24, 2005, and 
must include an original signature page (which includes a DUNS number), 
a letter or other documentation from the Internal Revenue Service 
confirming the Applicant's EIN, and all other required paper 
attachments. Paper applications must be submitted in the format and 
with the number of copies specified in the application instructions. 
Paper applications must be sent to: CDFI Fund Grants Management and 
Compliance Manager, FA Component, Bureau of Public Debt, 200 Third 
Street, Room 10, Parkersburg, WV 26101. The telephone

[[Page 65252]]

number to be used in conjunction with overnight delivery or mailings to 
this address is (304) 480-5450. Paper applications received in the 
Fund's offices will be rejected and returned to the sender.
    1. Late Delivery: The Fund will not grant exceptions or waivers for 
late delivery of documents including, but not limited to, late delivery 
that is caused by third parties such as the United States Postal 
Service, couriers or overnight delivery services.

D. Intergovernmental Review

    Not applicable.

E. Funding Restriction

    For allowable uses of FA award proceeds, please see the Interim 
Rule at 12 CFR 1805.301.

V. Application Review Information

A. Criteria

    The Fund will evaluate each application using numeric scores with 
respect to the following three sections:
    1. Market Need and Community Development Performance Section, 
including an evaluation of Market Need, Product Design and 
Implementation Strategy, and Community Development Performance/Impact:
    (a) Market Need: including: (i) The Applicant's understanding of 
its market and its current and prospective customers; (ii) the extent 
of economic distress within the designated Investment Area(s), 
including economic distress caused by severe natural disasters in an 
Investment Area(s) that has been declared to be a Major Disaster area 
by the Federal Emergency Management Agency (see http://www.fema.gov) or 
an equivalent State or local agency, or the extent of need within the 
designated Targeted Population(s); (iii) the extent of need for Equity 
Investments, loans, Development Services, and Financial Services within 
the designated Target Market; (iv) the extent of demand within the 
Target Market for the Applicant's products and services; and (v) the 
Applicant's business strategy for addressing demand through its Equity 
Investments, loans, Development Services, and Financial Services. The 
Fund, in its sole discretion, may reduce the score and/or amount of 
funding of an Applicant that serves a Target Market that is well served 
by one or more other CDFIs that have received awards from the Fund if 
the Applicant, in the Fund's determination, does not adequately 
demonstrate a distinct market niche not served by other local CDFIs.
    (i) Priority points for Hot Zones: The Fund will award priority 
points in the Market Need subsection as follows:

------------------------------------------------------------------------
  If the Applicant projects that
 the following percentage of its    Then it will receive  the following
activities will be in one or more      percentage  of priority points
            Hot Zones
------------------------------------------------------------------------
75 percent or more...............  100 percent.
50 percent to less than 75         75 percent.
 percent.
25 percent to less than 50         50 percent.
 percent.
10 percent to less than 25         25 percent.
 percent.
------------------------------------------------------------------------

    For purposes of this NOFA, Hot Zones are subsets of Investment 
Areas that are identified and further described (along with the Fund's 
methodology for Hot Zone designation) at the Fund's Web site at http://www.cdfifund.gov.
    (ii) Priority points for severe economic distress and unmet need in 
non-Metropolitan markets: The Fund will award priority points in the 
Market Need subsection to an Applicant that proposes to deploy a 
substantial majority of the requested FA award in one or more non-
Metropolitan markets in which it demonstrates quantitative and/or 
qualitative evidence of severe economic distress and unmet need for 
Financial Products and Financial Services. The Priority Points will be 
allocated as follows:

------------------------------------------------------------------------
  If the Applicant projects that
 the following percentage of its
   activities will be in one or     Then it will receive  the following
 markets meeting the criteria in       percentage  of priority points
         this sub-section
------------------------------------------------------------------------
75 percent or more...............  100 percent.
50 percent to less than 75         75 percent.
 percent.
25 percent to less than 50         50 percent.
 percent.
10 percent to less than 25         25 percent.
 percent.
------------------------------------------------------------------------

    (b) Product Design and Implementation Strategy: including: (i) An 
assessment of the Applicant's products and services, marketing and 
outreach efforts, and delivery strategy (including the Applicant's 
track record in community development and serving the Target Market); 
(ii) the extent to which the Applicant will provide products that meet 
key community development needs; and (iii) the extent, quality and 
nature of coordination with other Financial Service providers, 
government agencies, and other key community development participants.
    (c) Community Development Performance/Impact: including: (i) The 
Applicant's track record and the likelihood of its projections for 
community development impact, including the extent to which the 
Applicant will concentrate its activities on serving its Target Market, 
and the extent to which the activities proposed in the Comprehensive 
Business Plan will expand economic opportunities or promote community 
development within the designated Target Market; (ii) likely 
effectiveness of the proposed use of Fund dollars, including the 
following: (A) an evaluation of the Applicant's effective use of prior 
Fund awards; (B) the Applicant's need for the requested FA award to 
achieve the activities proposed in its application; and (C) the impact 
of the Applicant's projected activities; and (iii) the Applicant's 
track record and projected level of deployment of resources in the form 
of Financial Products.
    (d) Additional considerations: (i) in the case of an Applicant that 
has previously received funding from the Fund through the BEA Program, 
CDFI Program, the NACD Program, the NACTA Program or the NACA Program, 
the Fund will consider the extent and

[[Page 65253]]

effectiveness to which the Applicant has used such prior assistance 
from the Fund and the community development impact that will be created 
with new Fund assistance over and above benefits created by prior Fund 
assistance. (ii) the Fund will take into consideration the Community 
Reinvestment Act (CRA) rating of any Applicant that is an Insured 
Depository Institution or Depository Institution Holding Company. The 
Fund will not approve a FA award to any Applicant that does not 
currently have at least a ``Satisfactory'' CRA rating.
    2. Management and Underwriting Section, including an evaluation of:
    (a) Portfolio quality: the Applicant's underwriting and portfolio 
quality;
    (b) Management controls: risk mitigation strategies and financial 
management; and
    (c) Management team: The capacity, skills and experience of the 
Applicant's management team as appropriate to deliver the proposed 
products and services and manage compliance with the Fund's reporting 
requirements. An Applicant's performance in reporting on prior awards 
with the Fund will be considered in evaluating management.
    3. Financial Health and Viability Section, including an evaluation 
of:
    (a) Financial track record: The Applicant's liquidity and other 
elements of financial strength, including earnings and capital 
adequacy;
    (b) Financial projections: The Applicant's projected financial 
health, including its ability to raise operating support from sources 
other than the Fund, and its capitalization strategy; and
    (c) Safety and Soundness: The Fund will not approve a FA award to 
any Insured Credit Union (other than a State-Insured Credit Union) or 
Insured Depository Institution Applicant that has a CAMEL rating that 
is higher than a ``3'' or for which its Appropriate Federal Banking 
Agency indicates it has safety and soundness concerns, unless the 
Appropriate Federal Banking Agency asserts, in writing, that: (i) An 
upgrade to a CAMEL 3 rating or better (or other improvement in status) 
is imminent and such upgrade is expected to occur not later than 
September 30, 2005 or within such other time frame deemed acceptable by 
the Fund, or (ii) the safety and soundness condition of the Applicant 
is adequate to undertake the activities for which the Applicant has 
requested a FA award and the obligations of an Assistance Agreement 
related to such a FA award.

B. Review and Selection Process

    All applications will be reviewed for eligibility and completeness. 
To be complete, the application must contain, at a minimum, all 
information described as required in the application form. An 
incomplete application will be rejected as incomplete and returned to 
the sender. The application of an Applicant that does not meet the 
eligibility requirements will be rejected.
    If determined to be eligible and complete, the Fund will conduct 
the substantive review of each application in accordance with the 
criteria and procedures described in the Interim Rule, this NOFA and 
the application and guidance. Each application will be reviewed and 
scored by multiple readers. Readers may include Fund staff and other 
experts in community development finance. As part of the review 
process, the Fund may contact the Applicant by telephone or through an 
on-site visit for the purpose of obtaining clarifying or confirming 
application information. The Applicant may be required to submit 
additional information to assist the Fund in its evaluation process. 
Such requests must be responded to within the time parameters set by 
the Fund.
    Category I/SECA and Category II/Core Applicants will be ranked 
separately.
    (i) Under Category I/SECA, the Market Need and Community 
Development Performance section will account for 50 percent of the 
available points while the Management and Underwriting section and the 
Financial Health and Viability section will each account for 25 percent 
of the available points. Category I/SECA Applicants will be ranked 
based on the total scores of all three sections added together.
    (ii) Category II/Core Applicants must receive a score in both the 
Management and Underwriting Section and the Financial Health and 
Viability Section that is equal to 50 percent of the available points 
in each of those sections to be considered for funding. For Category 
II/Core Applicants that exceed this threshold, the Fund will use the 
Market Need and Community Development Performance scores to rank 
Applicants for selection for funding.
    For all applicants, the Fund will award funding in the order of the 
ranking.
    The Fund will consider the institutional and geographic diversity 
of Applicants in making its funding decisions.
    In the case of an Applicant that has previously received funding 
from the Fund through any Fund program, the Fund will consider and will 
deduct points for: (i) The Applicant's noncompliance with any active 
award or award that terminated in calendar year 2004 (meaning the last 
fiscal year end on which the Awardee reported was in calendar year 
2004), in meeting its performance goals, financial soundness covenants 
(if applicable), reporting deadlines and other requirements set forth 
in the assistance or award agreement(s) with the Fund during the 
Applicant's two complete fiscal years prior to the application deadline 
of this NOFA (generally FY 2003 and 2004); and (ii) the Applicant's 
failure to make timely loan payments to the Fund during the Applicant's 
two complete fiscal years prior to the application deadline of this 
NOFA (if applicable). Additionally, the Fund may take into account 
performance on any prior Assistance Agreement as part of the overall 
assessment of the Applicant's ability to carry out its Comprehensive 
Business Plan. All outstanding reports or compliance questions should 
be directed to the Grants Management and Compliance Manager by e-mail 
at [email protected]; by telephone at (202) 622-8226; by facsimile at 
(202) 622-6453; or by mail to CDFI Fund, 601 13th Street, NW., Suite 
200 South, Washington, DC 20005. The Fund will respond to reporting or 
compliance questions between the hours of 9 a.m. and 5 p.m. ET, 
starting the date of the publication of this NOFA through February 22, 
2005. The Fund will not respond to reporting or compliance phone calls 
or e-mail inquiries that are received after 5 p.m. on February 22, 2005 
until after the funding application deadline of February 24, 2005.
    The Fund will make a final funding determination based on the 
Applicant's file, reviewer scores and recommendations, and the amount 
of funds available. In the case of Insured CDFIs, the Fund will take 
into consideration the views of the Appropriate Federal Banking 
Agencies; in the case of State-Insured Credit Unions, the Fund may 
consult with the appropriate State banking agencies (or comparable 
entity).
    Each Applicant will be informed of the Fund's award decision either 
through a Notice of Award if selected for an award (see Notice of Award 
section, below) or written declination if not selected for an award. 
All Applicants that are not selected for awards based on reasons other 
than completeness or eligibility issues will be provided a written 
debriefing on the strengths and weaknesses of their applications. This 
feedback will be provided in a format and within a

[[Page 65254]]

timeframe to be determined by the Fund, based on available resources. 
The Fund will notify Awardees by e-mail using the addresses maintained 
in the Awardee's myCDFIFund account (postal mailings will be used only 
in rare cases).
    The Fund reserves the right to change its eligibility and 
evaluation criteria and procedures, if the Fund deems it appropriate; 
if said changes materially affect the Fund's award decisions, the Fund 
will provide information regarding the changes through the Fund's Web 
site.
    There is no right to appeal the Fund's award decisions. The Fund's 
award decisions are final.

VI. Award Administration Information

A. Notice of Award

    The Fund will signify its selection of an Applicant as an Awardee 
by delivering a signed Notice of Award to the Applicant. The Notice of 
Award will contain the general terms and conditions underlying the 
Fund's provision of assistance including, but not limited to, the 
requirement that the Awardee and the Fund enter into an Assistance 
Agreement. The Applicant must execute the Notice of Award and return it 
to the Fund. By executing a Notice of Award, the Awardee agrees that, 
if prior to entering into an Assistance Agreement with the Fund, 
information (including administrative error) comes to the attention of 
the Fund that either adversely affects the Awardee's eligibility for an 
award, or adversely affects the Fund's evaluation of the Awardee's 
application, or indicates fraud or mismanagement on the part of the 
Awardee, the Fund may, in its discretion and without advance notice to 
the Awardee, terminate the Notice of Award or take such other actions 
as it deems appropriate. Moreover, by executing a Notice of Award, the 
Awardee agrees that, if prior to entering into an Assistance Agreement 
with the Fund, the Fund determines that the Awardee is in default of 
any Assistance Agreement previously entered into with the Fund, the 
Fund may, in its discretion and without advance notice to the Awardee, 
either terminate the Notice of Award or take such other actions as it 
deems appropriate. The Fund reserves the right, in its sole discretion, 
to rescind its award if the Awardee fails to return the Notice of 
Award, signed by the authorized representative of the Awardee, along 
with any other requested documentation, within the deadline set by the 
Fund.
    1. Failure to meet reporting requirements: If an Applicant or an 
entity that Controls the Applicant, is Controlled by the Applicant or 
shares common management officials with the Applicant (as determined by 
the Fund) is a prior Fund Awardee or allocatee under any Fund program 
and is not current on the reporting requirements set forth in the 
previously executed assistance, award or allocation agreement(s), as of 
the date of the Notice of Award, the Fund reserves the right, in its 
sole discretion, to delay entering into an Assistance Agreement and/or 
to delay making a disbursement of award proceeds, until said prior 
Awardee or allocatee is current on the reporting requirements in the 
previously executed assistance, award or allocation agreement(s). 
Please note that the Fund only acknowledges the receipt of reports that 
are complete. As such, incomplete reports or reports that are deficient 
of required elements will not be recognized as having been received. If 
said prior Awardee or allocatee is unable to meet this requirement 
within the timeframe set by the Fund, the Fund reserves the right, in 
its sole discretion, to terminate and rescind the Notice of Award and 
the award made under this NOFA.
    2. Pending resolution of noncompliance: If (i) an Applicant is a 
prior Fund Awardee or allocatee under any Fund program and has 
submitted complete and timely reports to the Fund that demonstrate 
noncompliance with a previous assistance, award or allocation 
agreement, and (ii) the Fund has yet to make a final determination 
regarding whether or not the entity is in default of its previous 
assistance, award of allocation agreement, then the Fund reserves the 
right, in its sole discretion, to delay entering into an Assistance 
Agreement and/or to delay making a disbursement of award proceeds, 
pending full resolution, in the sole determination of the Fund, of the 
noncompliance. Further, if (i) another entity that Controls the 
Applicant, is Controlled by the Applicant or shares common management 
officials with the Applicant (as determined by the Fund) is a prior 
Fund Awardee or allocatee under any Fund programand such entity has 
submitted complete and timely reports to the Fund that demonstrate 
noncompliance with a previous assistance, award or allocation 
agreement, and (ii) the Fund has yet to make a final determination as 
to whether the entity is in default of its previous assistance, award 
or allocation agreement, then the Fund reserves the right, in its sole 
discretion, to delay entering into an Assistance Agreement and/or to 
delay making a disbursement of award proceeds pending full resolution, 
in the sole determination of the Fund, of the noncompliance. If said 
prior Awardee or allocatee is unable to meet this requirement, the Fund 
reserves the right, in its sole discretion, to terminate and rescind 
the Notice of Award and the award made under this NOFA.
    3. Default status: If, at any time prior to entering into an 
Assistance Agreement under this NOFA, the Fund (i) has made a final 
determination that an Applicant that is a prior Fund Awardee or 
allocatee under any Fund program is in default of a previously executed 
assistance, award or allocation agreement(s), and (ii) has provided 
written notification of such determination to the Applicant, then the 
Fund reserves the right, in its sole discretion, to delay entering into 
an Assistance Agreement and/or to delay making a disbursement of award 
proceeds until said prior Awardee or allocatee has submitted a complete 
and timely report demonstrating full compliance with said agreement 
within a timeframe set by the Fund. Further, if, at any time prior to 
entering into an Assistance Agreement under this NOFA, the Fund (i) has 
made a final determination that another entity which Controls the 
Applicant or shares common management officials with the Applicant (as 
determined by the Fund) is a prior Fund Awardee or allocatee under any 
Fund program, and is in default of a previously executed assistance, 
award or allocation agreement(s) and (ii) has provided written 
notification of such determination to the defaulting entity, then the 
Fund reserves the right, in its sole discretion, to delay entering into 
an Assistance Agreement and/or to delay making a disbursement of award 
proceeds until said prior Awardee or allocatee has submitted a complete 
and timely report demonstrating full compliance with said agreement 
within a timeframe set by the Fund. If said prior Awardee or allocatee 
is unable to meet this requirement, the Fund reserves the right, in its 
sole discretion, to terminate and rescind the Notice of Award and the 
award made under this NOFA.
    4. Termination in default: If, within the 12-month period prior to 
entering into an Assistance Agreement under this NOFA, the Fund (i) has 
made a final determination that an Applicant with a prior award or 
allocation has been terminated in default of such prior agreement and 
(ii) has provided written notification of such determination to

[[Page 65255]]

such organization, the Fund reserves the right, in its sole discretion, 
to delay entering into an Assistance Agreement and/or delay making a 
disbursement of award proceeds under this NOFA. Further, if, within the 
12-month period prior to entering into an Assistance Agreement under 
this NOFA, the Fund (i) has made a final determination that another 
entity which Controls the Applicant, is Controlled by the Applicant or 
shares common management officials with the Applicant (as determined by 
the Fund) is a prior Fund Awardee or allocatee under any Fund program, 
whose award or allocation terminated in default of such prior 
agreement(s), and (ii) has provided written notification of such 
determination to the defaulting entity, the Fund reserves the right, in 
its sole discretion, to delay entering into an Assistance Agreement 
and/or to delay making a disbursement of award proceeds.

B. Assistance Agreement

    Each Applicant that is selected to receive an award under this NOFA 
must enter into an Assistance Agreement with the Fund prior to 
disbursement of award proceeds. The Assistance Agreement will set forth 
certain required terms and conditions of the award, which will include, 
but not be limited to: (i) The amount of the award; (ii) the type of 
award; (iii) the approved uses of the award; (iv) the approved Target 
Market to which the funded activity must be targeted; (v) performance 
goals and measures; and (vi) reporting requirements for all Awardees. 
Assistance Agreements under this NOFA will generally have three-year 
performance periods.
    The Fund reserves the right, in its sole discretion, to rescind its 
award if the Awardee fails to return the Assistance Agreement, signed 
by the authorized representative of the Awardee, and/or provide the 
Fund with any other requested documentation, within the deadlines set 
by the Fund.
    In addition to entering into an Assistance Agreement, each Awardee 
that receives an award either (i) in the form of a loan, equity 
investment, credit union shares/deposits, or secondary capital, in any 
amount, or (ii) a FA grant in an amount greater than $500,000, must 
furnish to the Fund an opinion from its legal counsel, the content of 
which will be specified in the Assistance Agreement, to include, among 
other matters, an opinion that the Awardee: (A) Is duly formed and in 
good standing in the jurisdiction in which it was formed and/or 
operates; (B) has the authority to enter into the Assistance Agreement 
and undertake the activities that are specified therein; and (C) has no 
pending or threatened litigation that would materially affect its 
ability to enter into and carry out the activities specified in the 
Assistance Agreement. Each other Awardee must provide the Fund with a 
good standing certificate (or equivalent documentation) from its state 
(or jurisdiction) of incorporation.

C. Reporting

    1. Reporting requirements: The Fund will collect information, on at 
least an annual basis, from each Awardee including, but not limited to, 
an Annual Report that comprises the following components: (i) Financial 
Report; (ii) Institution Level Report; (iii) Transaction Level Report; 
(iv) Financial Status Report (for Awardees receiving TA); (v) Uses of 
Financial Assistance and Matching Funds Report; (vi) Explanation of 
Noncompliance (as applicable); and (vii) such other information as the 
Fund may require. Each Awardee is responsible for the timely and 
complete submission of the Annual Report, even if all or a portion of 
the documents actually is completed by another entity or signatory to 
the Assistance Agreement. If such other entities or signatories are 
required to provide Institution Level Reports, Transaction Level 
Reports, Financial Reports, or other documentation that the Fund may 
require, the Awardee is responsible for ensuring that the information 
is submitted timely and complete. The Fund reserves the right to 
contact such additional signatories to the Assistance Agreement and 
require that additional information and documentation be provided. The 
Fund will use such information to monitor each Awardee's compliance 
with the requirements set forth in the Assistance Agreement and to 
assess the impact of the CDFI Program. The Institution Level Report and 
the Transaction Level Report must be submitted through the Fund's Web-
based data collection system, the Community Investment Impact System 
(CIIS). The Financial Report may be submitted through CIIS, or by fax 
or mail to the Fund. All other components of the Annual Report may be 
submitted to the Fund in paper form or other form to be determined by 
the Fund. The Fund reserves the right, in its sole discretion, to 
modify these reporting requirements if it determines it to be 
appropriate and necessary; however, such reporting requirements will be 
modified only after notice to Awardees.
    2. Accounting: The Fund will require each Awardee that receives FA 
and TA awards through this NOFA to account for and track the use of 
said FA and TA awards. This means that for every dollar of FA and TA 
awards received from the Fund, the Awardee will be required to inform 
the Fund of its uses. This will require Awardees to establish separate 
administrative and accounting controls, subject to the applicable OMB 
Circulars. The Fund will provide guidance to Awardees outlining the 
format and content of the information to be provided on an annual 
basis, outlining and describing how the funds were used. Each Awardee 
that receives a FA award must establish a separate bank account for the 
FA funds and provide the Fund with the required complete and accurate 
Automated Clearinghouse (ACH) form for that separate bank account prior 
to award closing and disbursement.

VII. Agency Contacts

    The Fund will respond to questions and provide support concerning 
this NOFA and the funding application between the hours of 9 a.m. and 5 
p.m. ET, starting the date of the publication of this NOFA through 
February 22, 2005. The Fund will not respond to questions or provide 
support concerning the application that are received after 5 p.m. ET on 
February 22, 2005, until after the funding application deadline of 
February 24, 2005. Applications and other information regarding the 
Fund and its programs may be obtained from the Fund's Web site at 
http://www.cdfifund.gov. The Fund will post on its Web site responses 
to questions of general applicability regarding the CDFI Program.

A. Information Technology Support

    Technical support can be obtained by calling (202) 622-2455 or by 
e-mail at [email protected]. People who have visual or mobility 
impairments that prevent them from creating an Investment Area map 
using the Fund's Web site should call (202) 622-2455 for assistance. 
These are not toll free numbers.

B. Programmatic Support

    If you have any questions about the programmatic requirements of 
this NOFA, contact the Fund's Program Operations Manager by e-mail at 
[email protected], by telephone at (202) 622-6355, by facsimile 
at (202) 622-7754, or by mail at CDFI Fund, 601 13th Street, NW., Suite 
200 South, Washington, DC 20005. These are not toll-free numbers.

C. Administrative Support

    If you have any questions regarding the administrative requirements 
of this

[[Page 65256]]

NOFA, including questions regarding submission requirements, contact 
the Fund's Grants Management and Compliance Manager by e-mail at 
[email protected], by telephone at (202) 622-8226, by facsimile at 
(202) 622-6453, or by mail at CDFI Fund, 601 13th Street, NW., Suite 
200 South, Washington, DC 20005. These are not toll free numbers.

D. Legal Counsel Support

    If you have any questions or matters that you believe require 
response by the Fund's Office of Legal Counsel, please refer to the 
document titled ``How to Request a Legal Review,'' found on the Fund's 
Web site at http://www.cdfifund.gov.

E. Communication With the CDFI Fund

    The Fund will use its myCDFIFund Internet interface to communicate 
with Applicants and Awardees under this NOFA. Applicants must register 
through myCDFIFund in order to submit a complete application for 
funding. Awardees must use myCDFIFund to submit required reports. The 
Fund will notify Awardees by e-mail using the addresses maintained in 
each Awardee's myCDFIFund account. Therefore, the Awardee and any 
Subsidiaries, signatories, and Affiliates must maintain accurate 
contact information (including contact person and authorized 
representative, e-mail addresses, fax numbers, phone numbers, and 
office addresses) in their myCDFIFund account(s). For more information 
about myCDFIFund, please see the Help documents posted at https://www.cdfifund.gov/myCDFI/Help/Help.asp.

VIII. Information Sessions and Outreach

    In connection with the Fiscal Year 2005 funding round, the Fund may 
conduct Information Sessions to disseminate information to 
organizations contemplating applying to, and other organizations 
interested in learning about, the Fund's programs. For further 
information on the Fund's Information Sessions, dates and locations, or 
to register to attend an Information Session, please visit the Fund's 
Web site at http://www.cdfifund.gov or call the Fund at (202) 622-9046.

    Authority: 12 U.S.C. 4703, 4703 note, 4704, 4706, 4707, 4717; 12 
CFR part 1805.

    Dated: November 2, 2004.
Arthur A. Garcia,
Director, Community Development Financial Institutions Fund.
[FR Doc. 04-24986 Filed 11-9-04; 8:45 am]
BILLING CODE 4810-70-P