[Federal Register Volume 81, Number 91 (Wednesday, May 11, 2016)]
[Notices]
[Pages 29325-29327]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11099]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Requests for Information: Community Development Financial 
Institutions Prize Competition

ACTION: Notice and request for information.

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

SUMMARY: The Community Development Financial Institutions Fund (CDFI 
Fund), Department of the Treasury, requests comments from the public 
regarding a proposed CDFI Prize Competition to be administered by the 
CDFI Fund in Fiscal Year (FY) 2016. The proposed FY 2016 CDFI Prize 
Competition will reward selected applicants with monetary prizes for 
proposing innovative ideas and approaches to increasing CDFI investment 
and access to capital in underserved rural areas. The CDFI Fund expects 
that, through the proposed competition, it will award no less than 
$1,000,000 of FY 2016 appropriated funds, through the prize competition 
authority granted by the America COMPETES Reauthorization Act of 2010 
(15 U.S.C. 3719) (the Act). The CDFI Fund expects to publish detailed 
information regarding the FY 2016 CDFI Prize Competition, including 
information on how to apply to be considered for prizes to be awarded 
through the competition, through www.challenge.gov, on or about June 1, 
2016. Capitalized terms found in this notice are defined in the 
regulations that govern the CDFI Program, at 12 CFR 1805.104.

DATES: Written comments must be received by 11:59 p.m. May 25, 2016 to 
be assured of consideration.

ADDRESSES: Submit your comments via email to William Girardo, Portfolio 
Manager, CDFI Fund, at [email protected].

FOR FURTHER INFORMATION CONTACT: William Girardo, Portfolio Manager, 
CDFI Fund, 1500 Pennsylvania Avenue NW., Washington, DC 20220, (202) 
653-0383 (not a toll-free number). Other information regarding the CDFI 
Fund and its programs may be obtained through the CDFI Fund's Web site 
at http://www.cdfifund.gov.

SUPPLEMENTARY INFORMATION: Section 3719(d) of the Act states that 
Federal

[[Page 29326]]

agencies must ``consult widely both within and outside the Federal 
Government'' when selecting topics for prize competitions. The topic of 
the proposed FY 2016 CDFI Prize Competition is to stimulate innovation 
that will build capacity to expand CDFI investments in underserved 
rural areas, particularly those that are characterized by persistent 
poverty. As required by the Act, the proposed FY 2016 CDFI Prize 
Competition will award innovative proposals that (i) identify and 
promote new ideas and practices, thereby facilitating their 
implementation by CDFIs that serve rural Target Markets, and/or (ii) 
create value during and after the competition by encouraging 
contestants--and CDFIs that serve rural Target Markets--to change their 
behavior or develop new skills that may have beneficial effects during 
and after the competition. Please note that the purpose of the proposed 
prize competition is to stimulate and reward innovative ideas: Since 
the proposed prize competition is not a grant or contract program, the 
prize funds are to reward ideas and proposals, and not for their 
implementation or the costs of their implementation.
    In addition to seeking feedback on this proposed prize competition 
topic, the CDFI Fund seeks feedback from the public through this 
Request for Information (RFI) regarding a variety of questions on the 
proposed FY 2016 CDFI Prize Competition, including proposed eligibility 
and submission requirements, and evaluation criteria.

I. Request for Information

    The CDFI Fund is seeking public comment through this RFI regarding 
certain aspects of the proposed FY 2016 CDFI Prize Competition, 
including the proposed topic. In particular, we are interested in 
responses to the questions listed in the Section V, Key Questions. We 
also seek any additional information beyond these questions that 
members of the public believe would assist in the implementation of the 
proposed FY 2016 CDFI Prize Competition.
    The CDFI Fund has scheduled a conference call for May 19, 2016, at 
12:00 p.m. EDT, to provide an additional opportunity for public input 
on the proposed FY 2016 CDFI Prize Competition. Please see the CDFI 
Fund's Web site for additional information on how to register to 
participate in the call.
    Please note that the CDFI Fund is not accepting applications for 
the proposed FY 2016 CDFI Prize Competition at this time. This RFI only 
seeks public responses to the questions posed herein. The CDFI Fund 
will publish detailed information regarding the FY 2016 CDFI Prize 
Competition, including information on how to apply to be considered for 
prizes to be awarded through the competition, through www.challenge.gov 
on or about June 1, 2016.

II. Proposed FY 2016 Prize Competition: Overview

    As stated above, the CDFI Fund proposes that the topic of the 
proposed FY 2016 Prize Competition is to stimulate innovation that will 
build capacity to expand CDFI investments in underserved rural areas, 
particularly those that are characterized by persistent poverty. For 
purposes of this RFI, an area that is characterized by ``persistent 
poverty'' is defined as any county that has had 20 percent or more of 
its population living in poverty over the past 30 years, as measured by 
the 1990, 2000, and 2010 decennial censuses. Rural areas, especially 
those that are persistently poor, often lack access to capital and 
financial services that are the lifeblood of a vibrant economy. For 
purposes of this RFI, a ``rural area'' is defined as a county or 
counties that are considered non-Metropolitan Areas under the CDFI 
Program's regulations (12 CFR 1805.104(ff).
    Through the proposed FY 2016 CDFI Prize Competition, the CDFI Fund 
expects to select approximately four winners that will each receive a 
total of approximately $250,000. See Section III for proposed timeline 
and disbursement information.

III. Proposed Eligibility, Application Requirements, and Timeline

    Proposed Eligibility: An applicant for the proposed FY 2016 CDFI 
Prize Competition will be: (i) A certified CDFI (as defined in 12 CFR 
1805.104(h) and 1805.200) that serves a Target Market that comprises a 
rural area; (ii) a collaboration of certified CDFIs that serve Target 
Markets that comprise rural areas; (iii) an institution that has 
partnered with a certified CDFI that serves a Target Market that 
comprises a rural area; or (iv) a collaboration of certified CDFIs that 
serve Target Market(s) that comprise rural areas. The CDFI Fund expects 
that preference will be given to applicants that serve Target Markets 
that comprise rural areas that are characterized by persistent poverty.
    Proposed Application Requirements: To be considered for an award 
through the proposed FY 2016 CDFI Prize Competition, the CDFI Fund 
expects that it will require applicants to submit an application of not 
more than 10 pages that describes:
    A. The Target Market(s) addressed through the proposal;
    B. A description of the problem(s) creating barriers to accessing 
capital in Target Market(s) that comprise rural areas (and, if 
applicable, that are characterized by persistent poverty);
    C. A narrative description that includes:
    1. An innovative idea or strategy for solving the problem(s) 
described above;
    2. If the idea or strategy has not yet been implemented, expected 
(within one year) short-term outcomes and expected long-term outcomes 
(within five years);
    3. If the idea or strategy has been implemented, achieved outcomes, 
if applicable;
    D. An explanation of any partnerships (and partnership 
documentation) that have been or will be created to increase capacity 
and expand investments in the Target Market(s), including the roles of 
each partner;
    Proposed Timeline (dates are approximate and should not be relied 
upon): Publication of notice announcing the opening of the FY 2016 CDFI 
Prize Competition: June 1, 2016.
    Application deadline: July 1, 2016.
    Selection of prize winners: September 2016.
    Award disbursement: No later than September 30, 2016.
    Milestone payment (if applicable): No later than June 30, 2017.
    Proposed Disbursements and Reports: As currently proposed, an award 
payment of at least 50 percent of the total prize will be disbursed to 
each winner by September 30, 2016. For ideas or strategies that have 
already been implemented, the award payment will be for 100 percent of 
the total prize. For ideas or strategies that have not yet been 
implemented, a first milestone payment of the remaining prize amount 
would be disbursed no later than June 20, 2017, upon submittal of a 
report evaluating the outcomes through the prize winner's efforts to 
implement the proposed idea or strategy.
    Capacity-building Purposes: For the purposes of furthering its CDFI 
capacity-building initiative and disseminating best practices across 
the country, the CDFI Fund, in its sole discretion will release to the 
public applications, supporting documentation, reports, and any related 
information that describes the proposals and successful strategies that 
applicants and award winners have taken and will take to expand CDFI 
investments in underserved rural areas. Notwithstanding the CDFI Fund's 
intention to publicly disseminate the proposals and the winning 
applications, please note that intellectual property

[[Page 29327]]

submitted to the proposed prize competition will remain with the 
applicants and the award winners.

IV. Proposed Judges; Proposed Evaluation Criteria

    The CDFI Fund expects that the judges for the proposed FY 2016 CDFI 
Prize Competition will include staff of the CDFI Fund, the Department 
of the Treasury, and other Federal government agencies, as well as 
certain members of the public who are qualified and experienced in 
community and economic development in rural areas. The experience of 
proposed judges will be reviewed to determine whether there are any 
conflicts of interest with applicants.
    The CDFI Fund is considering whether application evaluation 
criteria will include, but not be limited to, the following:
    A. The depth of need for investment capital and the lack of access 
to such capital within the Target Market;
    B. The potential to leverage private, public, and philanthropic 
capital, including matching funds, if any, for the prize purse;
    C. Alignment of the proposed capacity building plan with the 
expertise of the applicant;
    D. If applicable, the complementarity of the proposed 
partnership(s) and the potential it holds for building scale and/or 
deepening the capacity of CDFIs;
    E. The degree of innovation applied to resolving the problem; and
    F. The proposed design of the evaluation and the likelihood that it 
has yielded or will yield meaningful insights into the effectiveness of 
the solution.
    V. Questions for Public Comment: Through this RFI, the CDFI Fund 
invites comments and responses to the following questions regarding the 
above-described proposed FY 2016 CDFI Prize Competition:
    A. Is the proposed topic of the proposed FY 2016 CDFI Prize 
Competition appropriate and clearly stated?
    B. Has the CDFI Fund adequately described the goals, structure and 
submission requirements for the proposed FY 2016 CDFI Prize 
Competition?
    C. Do you feel that the proposed FY 2016 CDFI Prize Competition 
will encourage innovative approaches, which might not surface 
otherwise, to build the capacity of CDFIs to invest in underserved 
rural areas, including those that are characterized by persistent 
poverty?
    D. As proposed, would the prize(s) enable new partnerships to 
increase access to capital in underserved rural areas?
    E. Are the proposed prize amounts (approximately $250,000 per 
award) appropriate? Are there other incentives, in addition to the 
proposed monetary prize, such as convening the winners to share best 
practices that might be valuable to include as part of the proposed 
prize competition?
    F. Are the proposed application requirements sufficient in detail 
for the scope of the proposed prize?
    G. Are the proposed proposal evaluation criteria appropriate and 
sufficient in detail for this prize?
    H. Do you feel that the proposed timeline and milestones are 
appropriate?
    I. Do you have any further suggestions on how to improve the topic, 
eligibility and submission requirements, and evaluation criteria for 
the proposed FY 2016 CDFI Prize Competition?
    J. Please indicate if your organization has interest in competing 
in the proposed FY 2016 CDFI Prize Competition, if it is convened. If 
not, why not?

    Authority: 12 U.S.C. 4701 et seq.; 15 U.S.C. 3719; 12 CFR 1805.

Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2016-11099 Filed 5-10-16; 8:45 am]
 BILLING CODE 4810-70-P