[Federal Register Volume 73, Number 159 (Friday, August 15, 2008)]
[Notices]
[Pages 48011-48021]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-18960]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Funding Opportunity Title: Notice of Funds Availability (NOFA) 
Inviting Applications for the FY 2009 Funding Round of the Community 
Development Financial Institutions (CDFI) Program

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

DATES: Application deadlines for the FY 2009 funding round of the CDFI 
Program (hereafter, the FY 2009 Funding Round) are as follows: (i) If 
you wish to apply for Financial Assistance (FA) and/or Technical 
Assistance (TA) funding, your funding application must be received by 
midnight, ET, Wednesday, October 29, 2008; and (ii) if you wish to 
apply for CDFI certification, your certification application must be 
received by midnight, ET, Wednesday, October 1, 2008.

                                     Table 1--FY 2009 CDFI Program Deadlines
                                          [All midnight, ET deadlines]
----------------------------------------------------------------------------------------------------------------
          Application type                Application deadline             Last date to contact fund staff
----------------------------------------------------------------------------------------------------------------
CDFI Certification Application......  Wednesday, October 1, 2008..  Friday, September 26, 2008.
CDFI Program Funding Application (FA  Wednesday, October 29, 2008.  Monday, October 27, 2008.
 and/or TA) (Core/SECA).
----------------------------------------------------------------------------------------------------------------

    Executive Summary: Subject to funding availability, this NOFA is 
issued in connection with the FY 2009 funding round of the CDFI 
Program.

I. Funding Opportunity Description

    A. Through the CDFI Program, the Fund provides: (i) FA awards to 
CDFIs that have Comprehensive Business Plans for creating demonstrable 
community development impact through the deployment of credit, capital, 
and financial services within their respective Target Markets or the 
expansion into new Investment Areas, Low-Income Targeted Populations, 
or Other Targeted Populations, and (ii) TA grants to CDFIs and entities 
proposing to become CDFIs in order to build their

[[Page 48012]]

capacity to better address the community development and capital access 
needs of their existing or proposed Target Markets and/or to become 
certified CDFIs.
    B. The regulations governing the CDFI Program are found at 12 CFR 
Part 1805 (the Regulations) and provide guidance on evaluation criteria 
and other requirements of the CDFI Program. The Fund encourages 
Applicants to review the Regulations. Detailed application content 
requirements are found in the applicable funding application and 
related guidance materials. Each capitalized term in this NOFA is more 
fully defined in the Regulations, the application or the guidance 
materials.
    C. 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.

II. Award Information

    A. Funding Availability:
    1. FY 2009 Funding Round: Through this NOFA, and subject to funding 
availability, the Fund expects that it may award approximately $54 
million in appropriated funds, of which: (i) Approximately $9 million 
in appropriated funds may be awarded to Category I/SECA Applicants in 
the form of FA awards and TA grants; (ii) approximately $43 million in 
appropriated funds may be awarded to Category II/Core Applicants in the 
form of FA awards and TA grants; and (iii) approximately $2 million in 
appropriated funds may be awarded to Applicants in the form of TA 
grants only. The Fund reserves the right to award in excess of $54 
million in appropriated funds to Applicants (and/or more or less than 
$9 million to Category I/SECA Applicants, and/or more or less than $43 
million to Category II/Core Applicants, and/or more or less than $2 
million to TA-only Applicants) in the FY 2009 Funding Round, provided 
that the funds are available and the Fund deems it appropriate.
    2. Availability of Funds for the FY 2009 Funding Round of the CDFI 
Program: Funds for the FY 2009 Funding Round have not yet been 
appropriated. If funds are not appropriated for the FY 2009 Funding 
Round, there will not be an FY 2009 Funding Round. Further, it is 
possible that if funds are appropriated for the FY 2009 Funding Round, 
the amount of such funds may be greater than or less than the amounts 
set forth above. Further, if funds for the FY 2009 funding round of the 
Native American CDFI Assistance (NACA) Program are not appropriated, 
entities that are eligible to apply for CDFI Program funds and that 
might otherwise have applied for NACA Program funds, are encouraged to 
apply for CDFI Program funds through the FY 2009 Funding Round.
    B. Types of Awards: An Applicant may submit an application either 
for: (i) An FA-only award; (ii) an FA award and a TA grant; or (iii) a 
TA-only grant.
    1. FA Awards: FA is intended to provide flexible financial support 
to CDFIs so that they may achieve the strategies outlined in their 
Comprehensive Business Plans. FA awards can be used in the following 
four categories: (i) Financial Products, (ii) Loan Loss Reserves, (iii) 
Capital Reserves, and/or (iv) Operations. For purposes of this NOFA, 
Financial Products means loans, grants, equity investments and similar 
financing activities, including the purchase of loans originated by 
certified CDFIs and the provision of loan guarantees, in the 
Applicant's Target Market, or for related purposes that the Fund deems 
appropriate. Loan Loss Reserves means funds that the Applicant will set 
aside in the form of cash, or through accounting-based accrual, 
reserves to cover losses on loans, accounts and notes receivable made 
in its Target Market, or for related purposes that the Fund deems 
appropriate. Capital Reserves means funds that the Applicant will set 
aside in the form of reserves to support the Applicant's ability to 
leverage other capital, for such purposes as increasing its net assets 
or serving the financing needs of its Target Market, or for related 
purposes that the Fund deems appropriate. Operations means: funds that 
the Applicant will use to undertake Development Services, Financial 
Services, and/or for related purposes that the Fund deems appropriate. 
FA awards are most commonly used for an Applicant's Financial Products 
since FA funds can be used to support the Applicant's community 
development lending activities.
    The Fund may provide FA awards in the form of 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 an FA award in a form and amount other than that 
which the Applicant requests; however, the award amount will not exceed 
the Applicant's award request as stated in its application. The Fund 
reserves the right, in its sole discretion, to provide an FA award to a 
Category I/SECA Applicant on the condition that the Applicant agrees to 
use a TA grant for specified capacity building purposes, even if the 
Applicant has not requested a TA grant.
    2. TA Grants:
    (a) The Fund provides TA awards 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 the Applicant requests; however, 
the award amount will not exceed the Applicant's award request as 
stated in its application and the applicable budget chart.
    (b) TA grants may be used to address a variety of needs including, 
but not limited to, development of strategic planning documents (such 
as strategic or capitalization plans), market analyses or product 
feasibility analyses, operational policies and procedures, curricula 
for Development Services (such as entrepreneurial training, home buyer 
education, financial education or training, borrower credit repair 
training), improvement of underwriting and portfolio management, 
development of outreach and training strategies to enhance product 
delivery, operating support to expand into a new eligible market, and 
tools that allow the Applicant to assess the impact of its activities 
in its community.
    (c) Eligible TA grant uses include, but are not limited to: (i) 
Procuring professional services; (ii) acquiring/enhancing technology 
items, including computer hardware, software and Internet connectivity 
and related MIS; (iii) acquiring training for staff, management and/or 
board members; and (iv) paying recurring expenses, including staff 
salary and other key operating expenses, that will enhance the capacity 
of the Applicant to serve its Target Market and/or to become certified 
as a CDFI. TA funds must be used to support the Applicant's activities; 
TA funds cannot be used to support the creation of a new entity or 
activities of a sponsored entity.
    C. Notice of Award; Assistance Agreement: Each Awardee under this 
NOFA must sign a Notice of Award and an Assistance Agreement in order 
to receive a disbursement of award proceeds by the Fund. The Notice of 
Award and the Assistance Agreement contain the terms and conditions of 
the award. For further information, see Sections VI.A and VI.B of this 
NOFA.

[[Page 48013]]

III. Eligibility Information

    A. Eligible Applicants: The Regulations specify 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. FA Applicant Categories: All Applicants for FA awards through 
this NOFA must meet the criteria for one of the following two 
categories:

                                         Table 2--FA Applicant Criteria
----------------------------------------------------------------------------------------------------------------
                                                            Applicant may
     FA applicant category          Applicant criteria        apply for:             Application deadline
----------------------------------------------------------------------------------------------------------------
Category I/Small and/or          (1) Is a Certified/      Up to and          Midnight, ET, Wednesday, October
 Emerging CDFI Assistance         Certifiable CDFI;.       including          29, 2008.
 (SECA).                         (2) Has total assets,     $500,000 in FA
                                  as of the end of the     funds, and up to
                                  Applicant's most         $100,000 in TA
                                  recent fiscal year end   funds.
                                  or September 30, 2008,
                                  as follows:.
                                  Insured
                                  Depository
                                  Institutions and
                                  Depository Institution
                                  Holding Companies: up
                                  to $250 million
                                  Insured Credit
                                  Unions: up to $10
                                  million
                                  Venture
                                  capital funds: up to
                                  $10 million
                                  Other CDFIs:
                                  up to $5 million; or
                                 (3) Began operations on
                                  or after January 1,
                                  2005; and
                                 (4) Prior to the
                                  application deadline,
                                  has not been selected
                                  to receive in excess
                                  of $500,000 in FA
                                  award(s) in the
                                  aggregate from the
                                  CDFI Program or Native
                                  Initiatives Funding
                                  Programs
Category II/Core...............  A Certified/Certifiable  Up to and          Midnight, ET, Wednesday, October
                                  CDFI that meets all      including $2       29, 2008.
                                  other eligibility        million in FA
                                  requirements described   funds, and up to
                                  in this NOFA.            $100,000 in TA
                                                           funds.
----------------------------------------------------------------------------------------------------------------

    Please note: (1) The Fund reserves the right, in its sole 
discretion, to award amounts in excess of or less than the anticipated 
maximum award amounts permitted in this NOFA, if the Fund deems it 
appropriate. (2) Any Applicant that requests FA funding in excess of 
$500,000 is classified as a Category II/Core Applicant, regardless of 
its total assets, years in operation, or prior Fund awards. (3) The 
term ``began operations'' is defined as the financing activity start 
date indicated in the Applicant's myCDFIFund account. (4) The term 
``Native Initiatives Funding Programs'' refers to the Native American 
CDFI Assistance (NACA) Program and all prior funding programs, through 
which funds are no longer available, including the Native American CDFI 
Technical Assistance (NACTA) Component of the CDFI Program, the Native 
American CDFI Development (NACD) Program, and the Native American 
Technical Assistance (NATA) Component of the CDFI Program.
    2. TA Applicants: All Applicants for TA grants through this NOFA 
must meet the following criteria:

                                                             Table 3--TA Applicant Criteria
--------------------------------------------------------------------------------------------------------------------------------------------------------
            Applicant type                      Criteria of applicant              Applicant can apply for:               Application due date
--------------------------------------------------------------------------------------------------------------------------------------------------------
TA-Only..............................  A Certified CDFI, a Certifiable CDFI,    Up to $100,000 for capacity-   TA-only: Midnight, ET, Wednesday, October
                                        or an Emerging CDFI.                     building activities.           29, 2008.
FA/TA (Core/SECA)....................  A Certified CDFI, a Certifiable CDFI...  Up to $100,000 for capacity-   FA/TA: Midnight, ET, Wednesday, October
                                                                                 building activities.           29, 2008.
--------------------------------------------------------------------------------------------------------------------------------------------------------

    The Fund, in its sole discretion, reserves the right to award 
amounts less than the anticipated maximum award amounts permitted in 
this NOFA, if the Fund deems it appropriate.
    3. CDFI Certification Requirements: For purposes of this NOFA, 
eligible FA Applicants include Certified CDFIs and Certifiable CDFIs; 
eligible TA Applicants include Certified CDFIs, Certifiable CDFIs and 
Emerging CDFIs, defined as follows:
    (a) Certified CDFIs: A certified CDFI whose certification has not 
expired and that has not been notified by the Fund that its 
certification has been terminated. Each such Applicant must submit a 
``Certification of Material Event Form'' to the Fund not later than the 
Certification Application deadline stated in Table 1 of this NOFA, or 
such other dates as the Fund may proscribe, in accordance with the 
instructions on the Fund's Web site at www.cdfifund.gov. Please note: 
the Fund provided some CDFIs 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.
    (b) Certifiable CDFIs: For purposes of this NOFA, a Certifiable 
CDFI is an entity from which the Fund receives a complete CDFI 
Certification Application no later than the Certification Application 
deadline stated in Table 1 of this NOFA, or such other dates as the 
Fund may proscribe, evidencing that the Applicant meets the 
requirements to be certified as a CDFI. Applicants may obtain the CDFI 
Certification

[[Page 48014]]

Application through the Fund's Web site at www.cdfifund.gov. 
Applications for certification must be submitted as instructed in the 
application form. Please note: FA Applicants that are Certifiable 
CDFIs: while your organization may be conditionally selected for 
funding (as evidenced through the Notice of Award), the Fund will not 
enter into an Assistance Agreement or disburse award funds unless and 
until the Fund has certified your organization as a CDFI. If the Fund 
is unable to certify your organization as a CDFI based on the CDFI 
certification application that your organization submits to the Fund, 
the Notice of Award may be terminated and the award commitment may be 
cancelled, in the sole discretion of the Fund.
    (c) Emerging CDFIs: For purposes of this NOFA, an Emerging CDFI is 
an entity that demonstrates to the Fund's satisfaction that it has a 
reasonable plan to be certified as a CDFI by December 31, 2011 or such 
other date selected by the Fund. Emerging CDFIs may only apply for TA 
grants; they are not eligible to apply for FA awards. Each Emerging 
CDFI that is selected to receive a TA grant will be required, pursuant 
to its Assistance Agreement with the Fund, to become certified as a 
CDFI by a certain date.
    4. Limitation on Awards: An Applicant may receive only one award 
through the CDFI Program in the FY 2009 Funding Round. No Applicant may 
receive a BEA Program award if it has a CDFI Program and a BEA Program 
application pending in the same funding round (subject to certain 
limitations; refer to the Regulations at 12 CFR 1805.102). A CDFI 
Program Applicant, its Subsidiaries or Affiliates also may apply for 
and receive a tax credit allocation through the NMTC Program, but only 
to the extent that the activities approved for CDFI Program awards are 
different from those activities for which the Applicant receives a NMTC 
Program allocation.
    5. Contacting the Fund. The Fund will respond to questions and 
provide support concerning CDFI certification related to the FY 2009 
Funding Round between the hours of 9 a.m. and 5 p.m. ET, through the 
date that is three business days before the certification application 
deadline. The CDFI Certification Application and other information 
regarding CDFI certification may be obtained from the Fund's Web site 
at http://www.cdfifund.gov.
    B. 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. For purposes of this section, the Fund will consider an 
Affiliate to be any entity that meets the definition of Affiliate in 
the Regulations or any entity otherwise identified as an affiliate by 
the Applicant in its funding Application under this NOFA. Prior 
awardees are eligible to apply under this NOFA, except as follows:
    1. $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. In general, the three-year period extends back three years 
from the date that the Fund signs a Notice of Award; for purposes of 
this NOFA, and for ease of administration, the Fund will consider any 
assistance documented with a Notice of Award dated between July 31, 
2006 and July 31, 2009 (which is the anticipated date that the Fund 
will issue Notices of Award for the FY 2009 Funding Round).
    2. Failure to meet reporting requirements: The Fund will not 
consider an application submitted by an Applicant if the Applicant, or 
an Affiliate of the Applicant is a prior Fund Awardee or allocatee 
under any Fund program and is not current on the reporting requirements 
set forth in a previously executed assistance, allocation or award 
agreement(s), as of the applicable 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.
    3. Pending resolution of noncompliance: If an Applicant is a prior 
Awardee or allocatee under any Fund program and if: (i) It has 
submitted complete and timely reports to the Fund that demonstrate 
noncompliance with a previous assistance, allocation or award 
agreement; and (ii) the Fund has yet to make a final determination as 
to whether the entity is in default of its previous assistance, 
allocation or award agreement, the Fund will consider the Applicant's 
application under this NOFA pending full resolution, in the sole 
determination of the Fund, of the noncompliance. Further, if an 
Affiliate of the Applicant is a prior Fund Awardee or allocatee and if 
such entity: (i) Has submitted complete and timely reports to the Fund 
that demonstrate noncompliance with a previous assistance, allocation 
or award agreement; and (ii) the Fund has yet to make a final 
determination as to whether the entity is in default of its previous 
assistance, allocation, or award agreement, the Fund will consider the 
Applicant's application under this NOFA pending full resolution, in the 
sole determination of the Fund, of the noncompliance.
    4. 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 applicable application deadline of 
this NOFA, the Fund has made a final determination that such Applicant 
is in default of a previously executed assistance, allocation or award 
agreement(s). Further, an entity is not eligible to apply for an award 
pursuant to this NOFA if, as of the applicable application deadline of 
this NOFA, the Fund has made a final determination that an Affiliate of 
the Applicant is a prior Fund Awardee or allocatee under any Fund 
program and has been determined by the Fund to be in default of a 
previously executed assistance, allocation or award agreement(s). Such 
entities will be ineligible to apply for an award pursuant to this NOFA 
so long as the Applicant's, or its Affiliate's, prior award or 
allocation remains in default status or such other time period as 
specified by the Fund in writing.
    5. 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: (i) Within the 12-month period 
prior to the applicable application deadline of this NOFA, the Fund has 
made a final determination that such Applicant's prior award or 
allocation terminated in default of a previously executed assistance, 
allocation or award agreement(s); and (ii) the final reporting period 
end date for the applicable terminated assistance, allocation or award 
agreement(s) falls within the 12-month period prior to the application 
deadline of this NOFA. Further, an entity is not eligible to apply for 
an award pursuant to this NOFA if: (i) Within the 12-month period prior 
to the applicable application deadline, the Fund has made a final 
determination that an Affiliate of the Applicant is a prior Fund 
Awardee or allocatee under any Fund program whose award or allocation 
terminated in default of a previously executed assistance, allocation 
or award agreement(s); and (ii) the final reporting period end date for 
the applicable terminated assistance, allocation or award agreement(s) 
falls within the 12-month period prior to the application deadline of 
this NOFA.
    6. Undisbursed award funds: 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 
award funds (defined

[[Page 48015]]

below) under said prior award(s), as of the applicable application 
deadline of this NOFA. Further, an entity is not eligible to apply for 
an award pursuant to this NOFA if an Affiliate of the Applicant is a 
prior Fund Awardee under any Fund program, and has a balance of 
undisbursed award funds under said prior award(s), as of the applicable 
application deadline of this NOFA. In a case where 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 award funds under said prior award(s), as of the applicable 
application deadline of this NOFA, the Fund will include the combined 
awards of the Applicant and such Affiliated entities when calculating 
the amount of undisbursed award funds.
    For purposes of the calculation of undisbursed award funds for the 
BEA Program, only awards made to the Applicant (and any Affiliates) 
three to five calendar years prior to the end of the calendar year of 
the application deadline of this NOFA are included (``includable BEA 
awards''). Thus, for purposes of this NOFA, undisbursed BEA Program 
award funds are the amount of FYs 2003, 2004 and 2005 awards that 
remain undisbursed as of the application deadline of this NOFA.
    For purposes of the calculation of undisbursed award funds for the 
CDFI Program and the Native Initiatives Funding Programs, only awards 
made to the Applicant (and any Affiliates) two to five calendar years 
prior to the end of the calendar year of this NOFA are included 
(``includable CDFI/NI awards''). Thus, for purposes of this NOFA, 
undisbursed CDFI Program and NI awards are the amount of FYs 2003, 
2004, 2005 and 2006 awards that remain undisbursed as of the 
application deadline of this NOFA.
    To calculate total includable BEA/CDFI/NI awards: Amounts that are 
undisbursed as of the application deadline of this NOFA cannot exceed 
five percent (5%) of the total includable awards. Please refer to an 
example of this calculation on the Fund's Web site, found in the Q&A 
document for the FY 2009 Funding Round.
    The ``undisbursed award funds'' calculation does not include: (i) 
Tax credit allocation authority made available through the New Markets 
Tax Credit (NMTC) Program; (ii) any award funds for which the Fund 
received a full and complete disbursement request from the Awardee by 
the applicable application deadline of this NOFA; (iii) any award funds 
for an award that has been terminated in writing by the Fund or 
deobligated by the Fund; or (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 of 
``undisbursed funds'' 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. An Applicant that is unsure about 
the disbursement status of any prior award should contact the Fund's 
Financial Manager via e-mail at [email protected] 
for more information, no less than thirty (30) calendar days prior to 
the application deadline of this NOFA. Requests submitted less than 
thirty calendar days prior to the application deadline may not receive 
a response before the application deadline.
    7. Contact the Fund. Applicants that are prior Fund Awardees are 
advised to: (i) Comply with requirements specified in assistance, 
allocation and/or award agreement(s), and (ii) contact the Fund to 
ensure that all necessary actions are underway for the disbursement or 
deobligation of any outstanding balance of said prior award(s). 
Disbursement questions should be directed to Grants Management via e-
mail to [email protected]. Reporting and compliance 
questions should be directed to Compliance, Monitoring and Evaluation 
(CME) at (202) 622-6330 or by e-mail to [email protected]. Telephone 
calls to Grants Management and Financial Management should be directed 
to (202) 622-8226; facsimiles to (202) 622-7754; and mail to CDFI Fund, 
601 13th Street, NW., Suite 200 South, Washington, DC 20005. The Fund 
will respond to Applicants' reporting, disbursement 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 the date that is two business 
days before the applicable application deadline. The Fund will not 
respond to Applicants' reporting, disbursement or compliance phone 
calls or e-mail inquiries that are received after 5 p.m. ET on said 
date, until after the funding application deadline.
    8. Other Targeted Populations as Target Markets: Other Targeted 
Populations are defined as identifiable groups of individuals in the 
Applicant's service area for which there exists a strong basis of 
evidence that they lack access to loans, Equity Investments and/or 
Financial Services. The Fund has determined that there is strong basis 
of 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 of 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. 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.
    C. 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 is requesting a FA grant from the Fund, the Applicant must 
have evidence that it has obtained

[[Page 48016]]

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. The Fund 
encourages Applicants to review the Regulations at 12 CFR 1805.500 et 
seq. and matching funds guidance materials on the Fund's Web site for 
further information.
    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 a FA award any Applicant that has no 
matching funds in-hand or firmly committed as of the application 
deadline of this NOFA. Specifically, FA Applicants must meet the 
following matching funds requirements:
    (a) Category I/SECA Applicants: A Category I/SECA Applicant must 
demonstrate that it has eligible matching funds equal to no less than 
25 percent of the amount of the FA award requested in-hand or firmly 
committed, on or after January 1, 2007, and on or before the 
application deadline. The Fund reserves the right to rescind all or a 
portion of a FA award and re-allocate the rescinded award amount to 
other qualified Applicant(s), if an Applicant fails to obtain in-hand 
100 percent of the required matching funds by March 14, 2010 (with 
required documentation of such receipt received by the Fund not later 
than March 31, 2010), 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 March 14, 2010.
    (b) Category II/Core Applicants: A Category II/Core Applicant must 
demonstrate that it has eligible matching funds equal to no less than 
100 percent of the amount of the FA award requested in-hand or firmly 
committed, on or after January 1, 2007, and on or before the 
application deadline. The Fund reserves the right to rescind all or a 
portion of a FA award and re-allocate the rescinded award amount to 
other qualified Applicant(s), if an Applicant fails to obtain in-hand 
100 percent of the required matching funds by March 14, 2010 (with 
required documentation of such receipt received by the Fund not later 
than March 31, 2010), 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; Required Documentation.
    (a) ``Matching funds in-hand'' means that the Applicant has 
actually received the matching funds. If the matching funds are ``in-
hand,'' the Applicant must provide the Fund with acceptable written 
documentation of the source, form and amount of the Matching Funds 
(i.e., grant, loan, deposit, and equity investment). For a loan, the 
Applicant must provide the Fund with a copy of the loan agreement and 
promissory note. For a grant, the Applicant must provide the Fund with 
a copy of the grant letter or agreement for all grants of $50,000 or 
more. For an equity investment, the Applicant must provide the Fund 
with a copy of the stock certificate and any related shareholder 
agreement. Further, if the matching funds are ``in-hand,'' the 
Applicant must provide the Fund with acceptable documentation that 
evidences its receipt of the matching funds proceeds, such as a copy of 
a check or a wire transfer statement.
    (b) ``Firmly committed matching funds'' means that the Applicant 
has entered into or received a legally binding commitment from the 
matching funds source that the matching funds will be disbursed to the 
Applicant. If the matching funds are ``firmly committed,'' the 
Applicant must provide the Fund with acceptable written documentation 
to evidence the source, form, and amount of the firm commitment (and, 
in the case of a loan, the terms thereof), as well as the anticipated 
date of disbursement of the committed funds.
    (c) The Fund may contact the matching funds source to discuss the 
matching funds and the documentation provided by the Awardee. If the 
Fund determines that any portion of the Applicant's matching funds is 
ineligible under this NOFA, the Fund, in its sole discretion, may 
permit the Applicant to offer alternative matching funds as substitute 
for the ineligible matching funds; provided, however, that (i) the 
Applicant must provide acceptable alternative matching funds 
documentation within 2 business days of the Fund's request and (ii) the 
alternative matching funds documentation cannot increase the total 
amount of Financial Assistance requested by the Applicant.
    4. Special Rule for Insured Credit Unions. Please note that the 
Regulations allow an Insured Credit Union to use retained earnings to 
serve as matching funds for a 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 the end of the Awardee's second performance period, as set 
forth in its Assistance Agreement, and will be based on amounts 
reported in the Applicant's Audited or Reviewed Financial Statements or 
NCUA Form 5300 Call Report. The Fund will assess the likelihood of this 
increase during the application review process. An award will not be 
made to any Applicant that has not demonstrated that it has increased 
shares or loans by at least 25 percent of the requested FA award amount 
between December 31, 2007 and December 31, 2008, as demonstrated by the 
corresponding NCUA report.

IV. Application And Submission Information

    A. Form of Application Submission: Applicants may submit 
applications under this NOFA only electronically, through Grants.gov. 
Applications sent by mail, facsimile or other form will not be 
accepted, except in circumstances that the Fund, in its sole 
discretion, deems acceptable.
    B. Grants.gov: For the FY 2009 Funding Round, in compliance with 
Public Law 106-107 and Section 5(a) of the Federal Financial Assistance 
Management Improvement Act of 1999, the Fund is accepting applications 
submitted through the Grants.gov electronic system. The Fund will post 
to its Web site at www.cdfifund.gov instructions for accessing and 
submitting an application through

[[Page 48017]]

Grants.gov. The application instructions will be posted as soon as they 
are available and once the application materials are accessible through 
Grants.gov. The anticipated release date for the application 
instructions is Friday, August 8, 2008. Applicants are encouraged to 
start the registration process now at www.Grants.gov as the process may 
take several weeks to fully complete. See the following link for 
information on getting started on Grants.gov: http://grants.gov/assets/GrantsgovCoBrandBrochure8X11.pdf.
    C. Application Content Requirements: Detailed application content 
requirements are found in the 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. An electronic 
application that does not include an EIN is incomplete and cannot be 
transmitted to the Fund. Applicants should allow sufficient time for 
the IRS and/or Dun and Bradstreet to respond to inquiries and/or 
requests for identification numbers. Once an application is submitted, 
the Applicant will not be allowed to change any element of the 
application. The preceding sentence does not limit the Fund's ability 
to contact an Applicant for the purpose of obtaining clarifying or 
confirming application information (such as a DUNS number or EIN 
information).
    D. MyCDFIFund Accounts: All Applicants must register User and 
Organization accounts in myCDFIFund, the Fund's Internet-based 
interface. An Applicant must be registered as both a User and an 
Organization in myCDFIFund as of the applicable 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 before the applicable 
application deadline. For more information on myCDFIFund, please see 
the ``Frequently Asked Questions'' link posted at https://www.cdfifund.gov/myCDFI/Help/Help.asp.
    E. Application Deadlines: Applicants must submit all materials 
described in and required by the application by the applicable 
deadline.
    1. Application Deadlines: Applications must be received in 
accordance with this NOFA by the following deadlines:

                                     Table 4--FY 2009 CDFI Program Deadlines
                                          [All midnight, ET deadlines]
----------------------------------------------------------------------------------------------------------------
          Application type                Application deadline             Last date to contact fund staff
----------------------------------------------------------------------------------------------------------------
CDFI Certification Application......  Wednesday, October 1, 2008..  Friday, September 26, 2008.
CDFI Program Funding Application (FA  Wednesday, October 29, 2008.  Monday, October 27, 2008.
 and/or TA) (Core/SECA).
----------------------------------------------------------------------------------------------------------------

    All funding applications must be electronic and submitted through 
Grants.gov: no paper submittals or attachments will be accepted (please 
see the CDFI Certification Application for requirements specific to 
that application).
    2. Late Delivery: The Fund will neither accept a late application 
nor any portion of an application that is late; an application that is 
late, or for which any portion is late, will be rejected. The Fund will 
not grant exceptions or waivers. Any application that is deemed 
ineligible will not be returned to the Applicant.
    F. Intergovernmental Review: Not applicable.
    G. Funding Restrictions: For allowable uses of FA proceeds, please 
see the Regulations at 12 CFR 1805.301.

V. Application Review Information

    A. Format: Funding applications must be single-spaced and use a 12-
point font with 1-inch margins. Each section in the Application that is 
scored has page limitations. Applicants are encouraged to read each 
section carefully and to remain within the page limitations for each 
section. The Fund will not consider responses beyond the specified page 
limitation in each section. Also, the Fund will read only information 
requested in the Application and will not read attachments that have 
not been specifically requested in this NOFA or the Application, such 
as the Applicant's five-year strategic or marketing plans.
    B. Criteria: The Fund will evaluate each application on a 100-point 
scale using numeric scores with respect to the five sections required 
in the Application. The Fund will score each section as follows:

                  Table 5--Application Scoring Criteria
------------------------------------------------------------------------
          Application sections                    Scoring points
------------------------------------------------------------------------
 Market Analysis........................   TA-only--25.
                                          SECA--25.
                                          Core--20.
 Business Strategy......................   TA-only--25.
                                          SECA--25.
                                          Core--20.
 Community Development Performance &       TA-only--20.
 Effective Use.                           SECA--20.
                                          Core--20.
 Management.............................   TA-only--20.
                                          SECA--20.
                                          Core--20.
 Financial Health & Viability...........   TA-only--10.
                                          SECA--10.
                                          Core--20.
------------------------------------------------------------------------

    C. Technical Assistance Proposal: Any Applicant applying for a TA 
grant, either alone or in conjunction with a request for a FA award, 
must complete a Technical Assistance Proposal (TAP) as part of its 
application. The TAP consists of a summary of the organizational 
improvements needed to achieve the objectives of the Comprehensive 
Business Plan, a budget, and a description of the requested goods and/
or services comprising the TA award request. The budget and 
accompanying narrative will be evaluated for the eligibility and 
appropriateness of the proposed uses of the TA award (described above). 
In addition, if the Applicant identifies a capacity-building need 
related to any of the evaluation criteria above (for example, if the 
Applicant requires a market need analysis or a community development 
impact tracking/reporting system), the Fund will assess its plan to use 
the TA grant to address said needs.
    1. Non-Certified Applicants: An Applicant that is not a Certified 
CDFI and that requests TA to address certification requirements must 
explain how the requested TA grant will assist the Applicant in meeting 
the certification requirements. The Fund will assess the reasonableness 
of the

[[Page 48018]]

plan to become certified (as specified above in Section III, 
Eligibility Requirements; A.3. CDFI Certification Requirements), taking 
into account the requested TA. For example, if the Applicant does not 
currently make loans and therefore does not meet the Financing Entity 
requirement, it might describe how the TA funds will be used to hire a 
consultant to develop underwriting policies and procedures to support 
the Applicant's ability to start its lending activity.
    2. Recurring Activities: An Applicant that requests a TA grant for 
recurring activities must clearly describe the benefit that would 
accrue to its capacity or to its Target Market(s) (such as plans for 
expansion of staff, market, or products) as a result of the TA award. 
If the Applicant is a prior Fund Awardee, it must describe how it has 
used the prior assistance and explain the need for additional Fund 
dollars over and above such prior assistance. The Fund will not provide 
funding for the same activities funded in prior awards.
    D. Review and Selection Process
    1. Eligibility and Completeness Review: The Fund will review each 
application to determine whether it is complete and the Applicant meets 
the eligibility requirements set forth above. An incomplete application 
does not meet eligibility requirements and will be rejected. Any 
application that does not meet eligibility requirements will not be 
returned to the Applicant.
    2. Substantive Review: If an application is determined to be 
complete and the Applicant is determined to be eligible, the Fund will 
conduct the substantive review of the application in accordance with 
the criteria and procedures described in the Regulations, this NOFA and 
the application and guidance. As part of the review process, the Fund 
may contact the Applicant by telephone, e-mail, mail, or through an on-
site visit for the sole purpose of obtaining clarifying or confirming 
application information (such as statements of work, matching funds 
documentation, EINs, DUNS numbers, for example). After submitting its 
application, the Applicant will not be permitted to revise or modify 
its application in any way nor attempt to negotiate the terms of an 
award. If contacted for clarifying or confirming information, the 
Applicant must respond within the time parameters set by the Fund.
    3. Application Scoring; Ranking:
    (a) Application Scoring: The Fund will evaluate each application on 
a 100-point scale, comprising the five criteria categories described 
above, and assign numeric scores. An Applicant must receive a minimum 
score in each evaluation criteria in order to be considered for an 
award.
    (i) Evaluating Prior Award Performance: 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 2008 in meeting its performance goals and 
measures, 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; (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); (iii) performance on 
any prior Assistance Agreement as part of the overall assessment of the 
Applicant's ability to carry out its Comprehensive Business Plan; and 
(iv) funds deobligated from a FY 2005, FY 2006 or FY 2007 FA award (if 
the Applicant is applying for a FA award under this NOFA) if (A) the 
amount of deobligated funds is at least $200,000 and (B) the 
deobligation occurred subsequent to the expiration of the period of 
award funds availability (generally, any funds deobligated after the 
September 30th following the year in which the award was made). Any 
award deobligations that result in a point deduction under an 
application submitted pursuant to either funding round of this NOFA 
will not be counted against any future application for FA through the 
CDFI Program. Furthermore, in the case of an Applicant that has 
previously received funding through any Fund program, the Fund will 
consider and may, in its discretion, deduct points for those Applicants 
that have in any proceeding instituted against the Applicant in, by or 
before any court, governmental or administrative body or agency 
received a final determination within the last three (3) years 
indicating that the Applicant has discriminated on the basis on the 
basis of race, color, national origin, disability, age, marital status, 
receipt of income from public assistance, religion, or sex.
    (b) Ranking: The Fund then will rank the applications by their 
scores, from highest to lowest.
    4. Award Selection: The Fund will make its final award selections 
based on the rank order of Applicants by their scores and the amount of 
funds available. TA-only Applicants, Category I/ SECA and Category II/
Core Applicants will be ranked separately. In addition, the Fund may 
consider the institutional and geographic diversity of Applicants when 
making its funding decisions.
    5. Insured CDFIs: In the case of Insured Depository Institutions 
and Insured Credit Unions, 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). The Fund will not 
approve a FA award or a TA grant to any Insured Credit Union (other 
than a State-Insured Credit Union) or Insured Depository Institution 
Applicant for which its Appropriate Federal Banking Agency indicates it 
has safety and soundness concerns, unless the Appropriate Federal 
Banking Agency asserts, in writing, that improvement in status is 
imminent and such improvement is expected to occur not later than 
September 30, 2009 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.
    6. Award Notification: 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. Each Applicant that is not selected for an 
award based on reasons other than completeness or eligibility issues 
will be provided a written debriefing on the strengths and weaknesses 
of its application. This feedback will be provided in a format and 
within a 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).
    7. The Fund reserves the right to reject an application if 
information (including administrative errors) comes to the attention of 
the Fund that either adversely affects an applicant's eligibility for 
an award, or adversely affects the Fund's evaluation or scoring of an 
application, or indicates fraud or mismanagement on the part of an 
Applicant. If the Fund determines that any portion of the application 
is incorrect in any material respect, the Fund reserves the right, in 
its sole

[[Page 48019]]

discretion, to reject the application. 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 conditional selection 
of an Applicant as an Awardee by delivering a signed Notice of Award to 
the Applicant through its myCDFIFund account. 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, among other things, 
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 or an Affiliate of 
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. For purposes of 
this section, the Fund will consider an Affiliate to mean any entity 
that meets the definition of Affiliate in the Regulations or any entity 
otherwise identified as an Affiliate by the Applicant in its funding 
Application under this NOFA.
    1. Failure to meet reporting requirements: If an Awardee, or an 
Affiliate of the Awardee 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, allocation or award 
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 until said prior Awardee or allocatee is current on the 
reporting requirements in any previously executed assistance, 
allocation or award 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 an Applicant is a prior 
Awardee or allocatee under any Fund program and if: (i) It 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, the Fund reserves the right, in its sole 
discretion, to delay entering into an Assistance Agreement, pending 
full resolution, in the sole determination of the Fund, of the 
noncompliance. Further, if an Affiliate of the Awardee is a prior Fund 
Awardee or allocatee and if such entity: (i) 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, the 
Fund reserves the right, in its sole discretion, to delay entering into 
an Assistance Agreement, pending full resolution, in the sole 
determination of the Fund, of the noncompliance. If the prior Awardee 
or allocatee in question is unable to satisfactorily resolve the issues 
of noncompliance, in the sole determination of 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.
    3. Default status: If, at any time prior to entering into an 
Assistance Agreement through this NOFA, the Fund has made a final 
determination that an Awardee that is a prior Fund Awardee or allocatee 
under any Fund program is in default of a previously executed 
assistance, allocation or award agreement(s), the Fund reserves the 
right, in its sole discretion, to delay entering into an Assistance 
Agreement, 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 through this NOFA, the 
Fund has made a final determination that an Affiliate of the Awardee is 
a prior Fund Awardee or allocatee under any Fund program and is in 
default of a previously executed assistance, allocation or award 
agreement(s), the Fund reserves the right, in its sole discretion, to 
delay entering into an Assistance Agreement, 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 
and the Fund has not specified in writing that the prior Awardee or 
allocatee is otherwise eligible to receive an Award under this NOFA, 
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 (i) within the 12-month period prior 
to entering into an Assistance Agreement through this NOFA, the Fund 
has made a final determination that an Awardee that is a prior Fund 
Awardee or allocatee under any Fund program whose award or allocation 
was terminated in default of such prior agreement; and (ii) the final 
reporting period end date for the applicable terminated agreement falls 
within the 12-month period prior to the application deadline of this 
NOFA, the Fund reserves the right, in its sole discretion, to delay 
entering into an Assistance Agreement. Further, if (i) within the 12-
month period prior to entering into an Assistance Agreement through 
this NOFA, the Fund has made a final determination that an Affiliate of 
the Awardee is a prior Fund Awardee or allocatee under any Fund program 
whose award or allocation was terminated in default of such prior 
agreement; and (ii) the final reporting period end date for the 
applicable terminated agreement falls within the

[[Page 48020]]

12-month period prior to the application deadline of this NOFA, the 
Fund reserves the right, in its sole discretion, to delay entering into 
an Assistance Agreement.
    5. Deobligated awards: An Awardee that receives an FA award 
pursuant to this NOFA for which an amount over $200,000 is deobligated 
by the Fund subsequent to the expiration of the period of award funds 
availability (generally, any funds deobligated after the September 30th 
following the year in which the award was made) but within the 12 
months prior to the application deadline, may not apply for a new award 
through the NOFA for another CDFI Fund program funding round after the 
date of said deobligation.
    6. Compliance with Federal Anti-Discrimination Laws: If the Awardee 
has previously received funding through any Fund program, and if at any 
time prior to entering into an Assistance Agreement through this NOFA, 
the Fund is made aware of a final determination, made within the last 
three (3) years, in any proceeding instituted against the Awardee in, 
by or before any court, governmental or administrative body or agency, 
declaring that the Awardee has discriminated on the basis of race, 
color, national origin, disability, age, marital status, receipt of 
income from public assistance, religion, or sex, the Fund reserves the 
right, in its sole discretion, to terminate and rescind the Notice of 
Award and the award made under this NOFA.
    B. Assistance Agreement: Each Applicant that is selected to receive 
an award under this NOFA must enter into an Assistance Agreement with 
the Fund in order to receive 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 eligible market to which the 
funded activity must be targeted; (v) performance goals and measures; 
and (vi) reporting requirements for all Awardees. FA-only and FA/TA 
Assistance Agreements under this NOFA generally will have three-year 
performance periods; TA-only Assistance Agreements generally will have 
two-year performance periods.
    The Fund reserves the right, in its sole discretion, to terminate 
the Notice of Award and rescind an 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 
Reports (including an OMB A-133 audit, as applicable); (ii) Institution 
Level Report; (iii) Transaction Level Report (for Awardees receiving FA 
awards); (iv) Financial Status Report (for Awardees receiving TA 
grants); (v) Uses of Financial Assistance and Matching Funds Report 
(for Awardees receiving FA awards); (vi) Uses of Technical Assistance 
(for Awardees receiving TA grants); (vii) Explanation of Noncompliance 
(as applicable); and (viii) 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. All reports must be 
electronically submitted to the Fund via the Awardee's myCDFIFund 
account. 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. All other components of the Annual Report 
may be submitted electronically, as directed, 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 an award must provide the Fund with the required complete 
and accurate Automated Clearinghouse (ACH) form for its bank account 
prior to award closing and disbursement.

VII. Agency Contacts

    A. 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 the date that is two business days prior to the applicable 
application deadline. The Fund will not respond to questions or provide 
support concerning the application that are received after 5 p.m. ET on 
said dates, until after the respective funding application deadline. 
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.
    B. The Fund's contact information is as follows:

[[Page 48021]]



                                          Table 6--Contact Information
                                   [Fax number for all offices: 202-622-7754]
----------------------------------------------------------------------------------------------------------------
                                       Telephone number (not
          Type of question                  toll free)                         E-mail addresses
----------------------------------------------------------------------------------------------------------------
Information Technology/Technical      202-622-2455..........  [email protected].
 Support.
CDFI Program........................  202-622-6355..........  [email protected].
CDFI Certification..................  202-622-6355..........  [email protected].
Grants Management...................  202-622-8226..........  [email protected].
Compliance, Monitoring and            202-622-6330..........  [email protected].
 Evaluation.
----------------------------------------------------------------------------------------------------------------

    C. Information Technology Support: People who have visual or 
mobility impairments that prevent them from creating a Target Market 
map using the Fund's Web site should call (202) 622-2455 for assistance 
(this is not a toll free number).
    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 www.cdfifund.gov. Further, if you wish 
to review the Assistance Agreement form document from a prior funding 
round, you may find it posted on the Fund's Web site (please note that 
there may be revisions to the Assistance Agreement that will be used 
for Awardees under this NOFA and thus the sample document on the Fund's 
Web site is provided for illustrative purposes only and should not be 
relied on for purposes of this NOFA).
    E. Communication with the CDFI Fund: The Fund will use the 
myCDFIFund Internet interface to correspond with Applicants and 
Awardees, using the contact information maintained in their respective 
myCDFIFund accounts. Therefore, the Applicant 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 its 
myCDFIFund account(s). For more information about myCDFIFund (which 
includes information about the Fund's Community Investment Impact 
System), please see the Help documents posted at http://www.cdfifund.gov/ciis/accessing_ciis.pdf.

VIII. Information Sessions and Outreach

    The Fund may conduct webcasts or host information sessions for 
organizations that are considering applying to, or are interested in 
learning about, the Fund's programs. For further information, please 
visit the Fund's Web site at http://www.cdfifund.gov.

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

    Dated: August 12, 2008.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. E8-18960 Filed 8-14-08; 8:45 am]
BILLING CODE 4810-70-P