[Federal Register Volume 82, Number 125 (Friday, June 30, 2017)]
[Notices]
[Pages 29984-29995]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-13722]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Funding Opportunity Title: Notice of Funds Availability Inviting 
Applications for the Fiscal Year 2017 Funding Round of the Capital 
Magnet Fund (CMF)

    Announcement Type: Announcement of funding opportunity.
    Funding Opportunity Number: CDFI-2017-CMF.
    Catalog of Federal Domestic Assistance (CFDA) Number: 21.011.
    Key Dates:

                  Table 1--FY 2017 CMF Program Funding Round--Critical Deadlines for Applicants
----------------------------------------------------------------------------------------------------------------
             Description                       Deadline         Time (eastern time--ET)     Submission method
----------------------------------------------------------------------------------------------------------------
SF-424 Mandatory form................  July 28, 2017..........  11:59 p.m. ET..........  Electronically via
                                                                                          Grants.gov.
Last day to contact CMF Program Staff  August 29, 2017........  5:00 p.m. ET...........  Service Request via
                                                                                          Awards Management
                                                                                          Information System
                                                                                          (AMIS) or CDFI Fund
                                                                                          Helpdesk: 202-653-0421
                                                                                          or [email protected].
CMF Application and Required           August 31, 2017........  5:00 p.m. ET...........  Electronically via
 Attachments.                                                                             Awards Management
                                                                                          Information System
                                                                                          (AMIS).
----------------------------------------------------------------------------------------------------------------

    Executive Summary: The Capital Magnet Fund (CMF) is administered by 
the Community Development Financial Institutions Fund (CDFI Fund). 
Through the CMF, the CDFI Fund provides financial assistance grants to 
Community Development Financial Institutions (CDFIs), and to qualified 
Nonprofit Organizations that have the development or management of 
affordable housing as one of their principal purposes. All awards 
provided through this Notice of Funds Availability (NOFA) are subject 
to funding availability.

I. Program Description

    A. Authorizing Statute and Regulation: The CMF was established 
through the Housing and Economic Recovery Act of 2008 (HERA), which 
added section 1339 to the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992. For a complete understanding of the program, 
the CDFI Fund encourages Applicants to review the CMF interim rule (12 
CFR part 1807) as amended February 8, 2016 (the CMF Interim Rule), this 
NOFA, the environmental quality regulation (12 CFR part 1815), the CMF 
funding application (referred to hereafter as the ``Application,'' 
meaning the application submitted in response to this NOFA), and the 
Uniform Administrative Requirements, Cost Principles, and Audit 
Requirements for Federal Awards (2 CFR part 200; 78 FR 78590) (Uniform 
Administrative Requirements or UAR). Each capitalized term used in this 
NOFA, but not defined herein, shall have the respective meanings 
assigned to them in the CMF Interim Rule, the Application, or the 
Uniform Administrative Requirements. Details regarding Application 
content requirements are found in the Application and related materials 
at www.cdfifund.gov/cmf.
    B. History: The CDFI Fund was established by the Riegle Community 
Development Banking and Financial Institutions Act of 1994 to promote 
economic revitalization and community development through investment in 
and assistance to CDFIs. Since its creation in 1994, the CDFI Fund has 
awarded nearly $2.6 billion to CDFIs, community development 
organizations, and financial institutions through the CMF, Community 
Development Financial Institutions Program (CDFI Program), the Native 
American CDFI Assistance Program (NACA Program), the Bank Enterprise 
Award Program (BEA Program), and the Financial Education and Counseling 
Pilot Program. In addition, the CDFI Fund has allocated more than $50.5 
billion in tax credit allocation authority through the New Markets Tax 
Credit Program (NMTC Program) and has obligated $1.1 billion in bond 
guarantees to Qualified Issuers and Eligible CDFIs through the CDFI 
Bond Guarantee Program.
    C. Uniform Administrative Requirements, Cost Principles, and Audit 
Requirements for Federal Awards (2 CFR part 200): The Uniform 
Administrative Requirements codify financial, administrative, 
procurement, and program management standards that Federal award-making 
agencies must follow. Per the Uniform Administrative Requirements, when 
evaluating award applications, awarding agencies must evaluate the 
risks to the program posed by each Applicant, and each Applicant's 
merits and eligibility. These requirements are designed to ensure that 
Applicants for Federal assistance receive a fair and consistent review 
prior to an award decision. This review will assess items such as the 
Applicant's financial stability, quality of management systems, history 
of performance, and single audit findings. In addition, the Uniform 
Administrative Requirements include guidance on audit requirements and 
other award compliance requirements for award Recipients.
    D. Priorities: The purpose of the CMF is to attract private capital 
for and increase investment in the Development, Preservation, 
Rehabilitation, or Purchase of Affordable Housing for primarily 
Extremely Low-Income, Very Low-Income, and Low-Income Families, as well 
as Economic Development Activities, which, In Conjunction With 
Affordable Housing Activities, implement a Concerted Strategy to 
stabilize or revitalize a Low-Income Area or Underserved Rural Area. In 
the FY 2017 funding round, the CDFI Fund will implement these 
priorities by funding: (i) Applications where a minimum of 20 percent 
of all Affordable Housing rental units that will be financed and/or 
supported with FY 2017 CMF Award dollars are targeted to Very Low-
Income Families and a minimum of 20 percent of all Affordable Housing 
homeownership units that will

[[Page 29985]]

be financed and/or supported with FY 2017 CMF Award dollars are 
targeted to Low-Income Families; and (ii) Applications that leverage a 
higher amount of private capital to finance and/or support Affordable 
Housing Activities and Economic Development Activities. Additionally, 
the CDFI Fund seeks to fund Applications serving geographically diverse 
areas of economic distress, including Metropolitan Areas and 
Underserved Rural Areas.
    E. Funding limitations: The CDFI Fund reserves the right to fund, 
in whole or in part, any, all, or none of the Applications submitted in 
response to this NOFA.

II. Federal Award Information

    A. Funding Availability: The CDFI Fund plans to make $119.5 million 
in awards for the CMF FY 2017 round under this NOFA. HERA prohibits the 
CDFI Fund from obligating more than 15 percent of the aggregate 
available CMF funding to any Applicant, its Subsidiaries and Affiliates 
in the same funding round. Affiliated entities are not allowed to apply 
separately under this NOFA. To provide an example of the size of awards 
in past CMF funding rounds, the CDFI Fund notes that in FY 2016 CMF 
round the statutory cap was $13.7 million, but the largest amount 
awarded was $5.5 million. Moreover, given administrative and compliance 
responsibilities for award Recipients, the CDFI Fund will not accept 
Applications in the FY 2017 round that request less than $500,000 and 
will not provide awards below $500,000 to any Applicant receiving an 
award in the FY 2017 CMF Round.
    The CDFI Fund reserves the right, in its sole discretion, to 
provide a CMF Award in an 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. An Applicant may receive 
only one award through the FY 2017 CMF Program Funding Round.
    B. Types of Awards: The CDFI Fund will provide CMF Awards in the 
form of grants. CMF Awards must be used to support the eligible 
activities as set forth in 12 CFR 1807.301. CMF Awards cannot be 
``passed through'' to third-party entities, whether Affiliates, 
Subsidiaries, or others, to undertake the eligible activities set forth 
in 12 CFR 1807.301, without the prior written approval of the CDFI 
Fund.
    C. Limitations on using CMF Awards in conjunction with other CDFI 
Fund awards/allocations: 1. A CMF Award Recipient may not use its CMF 
Award and awards/allocations from other CDFI Fund programs to finance 
activities in the same property unless the CMF Award dollars are used 
to finance/support a different ``phase'' of development than what is 
funded by other CDFI Fund program awards/allocations. The separate 
phases of development financing are considered to be: (1) 
Predevelopment; (2) acquisition; (3) site work (preconstruction); (4) 
construction/rehabilitation; (5) permanent financing; or (6) bridge 
financing between two or more phases. If the Recipient has received 
multiple CMF Awards, these awards are not subject to this phasing 
restriction and may be combined in the same Project phase. The term 
Recipient includes the CMF Award Recipient and any Affiliates.
    If providing Homeownership assistance, a CMF Award may be used in 
conjunction with awards/allocations from other CDFI Fund programs only 
if the Project can be divided into such phases, and the CMF Award is 
used in a different phase from the other CDFI Fund program awards/
allocations. To clarify, a CMF Award cannot be used for a Homeownership 
property that is permanently financed (or supported) by both the 
Recipient's CMF Award and an award/allocation from another CDFI Fund 
program (e.g., down payment assistance funded from CMF dollars may not 
be combined with a permanent mortgage funded from another CDFI Fund 
program).
    2. Costs financed/supported by the Recipient's other awards/
allocations from CDFI Fund programs, including awards from prior CMF 
rounds, may not be counted or reported as Leveraged Costs for the CMF 
Award, as further set forth in the Assistance Agreement. While the 
Recipient's other CMF Awards may be used to finance/support the same 
property, each award must separately meet the program requirements as 
outlined in the applicable Assistance Agreement and the CMF interim 
rule (12 CFR part 1807). The term Recipient includes the CMF Award 
Recipient and any Affiliates.
    In all cases, the CMF Award remains subject to the following 
restriction imposed by the CDFI Bond Guarantee Program: Award funds 
received under any CDFI Fund program cannot be used by any participant 
of the CDFI Bond Guarantee Program, including Qualified Issuers, 
Eligible CDFIs, and Secondary Borrowers, to pay principal, interest, 
fees, administrative costs, or issuance costs (including Bond Issuance 
Fees) related to the CDFI Bond Guarantee Program, or to fund the Risk 
Share Pool for a Bond Issue (all capitalized terms used in this 
sentence, other than ``CMF Award'', shall have the meanings ascribed to 
them in the CDFI Bond Guarantee Program regulations and applicable 
guidance).
    D. Anticipated Start Date and Period of Performance: The CDFI Fund 
anticipates the period of performance for the FY 2017 CMF Program 
Funding Round to begin in late 2017/early 2018. The period of 
performance for each CMF Award begins with the date that the CDFI Fund 
announces the Recipients of CMF Awards and continues until the end of 
the ten-year period of affordability, as set forth at 12 CFR 
1807.401(d) and 12 CFR 1807.402, and as further set forth in the 
Assistance Agreement, during which time the Recipient must meet certain 
performance goals.
    E. Eligible Activities: A CMF Award must support or finance 
activities that attract private capital for and increase investment in 
(i) the Development, Preservation, Rehabilitation, or Purchase of 
Affordable Housing for primarily Low-, Very Low- and Extremely Low-
Income Families, and (ii) Economic Development Activities. CMF Awards 
may only be used as follows: (i) to provide Loan Loss Reserves, (ii) to 
capitalize a Revolving Loan Fund, (iii) to capitalize an Affordable 
Housing Fund, (iv) to capitalize a fund to support Economic Development 
Activities, (v) for Risk-Sharing Loans, or (vi) to provide Loan 
Guarantees. No more than 30 percent of a CMF Award may be used for 
Economic Development Activities. For the FY 2017 CMF Round, the CDFI 
Fund will allow all Recipients to use up to 5 percent of their CMF 
Award for Direct Administrative Expenses. The amount available for 
Direct Administrative Expenses may only be used for direct costs (as 
defined by the Uniform Administrative Requirements) incurred by the 
Recipient and related to the financing and/or support of a Project. The 
CDFI Fund considers the tracking of impacts and outcomes associated 
with Projects financed and/or supported by a CMF Award to fall under 
Direct Administrative Expenses. Any portion of the amount available for 
Direct Administrative Expenses may be used for direct costs related to 
the effective tracking and evaluation of program or evidence-based 
outcomes for CMF-funded Projects.

III. Eligibility Information

    A. Eligible Applicants: In order to be eligible to apply for a CMF 
Award, an Applicant must either be a Certified CDFI or a Nonprofit 
Organization, as defined in 12 CFR 1807.104. Table 2

[[Page 29986]]

indicates the criteria that each entity type must meet in order to be 
eligible for a CMF Award pursuant to this NOFA. Note: A Certified CDFI 
that is also a Nonprofit Organization only needs to meet the Certified 
CDFI eligibility criteria described in Table 2, below, in order to be 
eligible for a CMF Award.

               Table 2--Applicant Eligibility Requirements
------------------------------------------------------------------------
             Category                     Eligibility requirements
------------------------------------------------------------------------
Certified CDFI....................  [squ] Has been in existence as a
                                     legally formed entity for at least
                                     3 years prior to the AMIS
                                     Application deadline under this
                                     NOFA;
                                    [squ] Has been determined by the
                                     CDFI Fund to meet the CDFI
                                     certification requirements set
                                     forth in 12 CFR 1805.201 and as
                                     verified in the CDFI's AMIS account
                                     as of the date of this NOFA; and
                                    [squ] Has not been notified by the
                                     CDFI Fund that its certification is
                                     in default or has been terminated.
                                    [squ] In cases where the CDFI Fund
                                     has provided a Certified CDFI with
                                     written notification that it no
                                     longer meets one or more
                                     certification standards and has
                                     been given an opportunity to cure,
                                     the CDFI Fund will continue to
                                     consider this Applicant to be a
                                     Certified CDFI until it has
                                     received a final determination that
                                     its certification has been
                                     terminated.
Nonprofit Organization............  [squ] Has been in existence as a
                                     legally formed entity for at least
                                     3 years prior to the AMIS
                                     Application deadline under this
                                     NOFA;
                                    [squ] Demonstrates, through articles
                                     of incorporation, by-laws, or other
                                     board-approved documents, that the
                                     development or management of
                                     affordable housing are among its
                                     principal purposes; and
                                    [squ] Demonstrates that at least
                                     thirty-three and one-third percent
                                     of its total assets are dedicated
                                     to the development or management of
                                     affordable housing.
Application type and submission     [squ] All Applicants must submit the
 overview through Grants.gov and     required Application documents
 Awards Management Information       listed in Table 4.
 System (AMIS).                     [squ] The CDFI Fund will only accept
                                     Applications that use the official
                                     application templates provided on
                                     the Grants.gov and AMIS websites.
                                     Applications submitted with
                                     alternative or altered templates
                                     will not be considered.
                                    [squ] All Applicants must submit the
                                     required documents in two
                                     locations: (1) Grants.gov and (2)
                                     AMIS.
                                       [cir] Grants.gov: Applicants must
                                        submit the OMB SF-424 Mandatory
                                        (Application for Federal
                                        Assistance) form.
                                       [cir] AMIS: Applicants must
                                        submit all other required
                                        Application materials.
                                       [cir] All Applicants must
                                        register in the Grants.gov and
                                        AMIS systems to submit an
                                        Application successfully. The
                                        CDFI Fund strongly encourages
                                        Applicants to register as early
                                        as possible.
                                    [squ] Grants.gov and the SF-424
                                     Mandatory form:
                                       [cir] The SF-424 must be
                                        submitted in Grants.gov before
                                        the other Application materials
                                        are submitted in AMIS.
                                        Applicants are strongly
                                        encouraged to submit their SF-
                                        424 as early as possible via the
                                        Grants.gov portal.
                                       [cir] Because the SF-424 is part
                                        of the Application, if the SF-
                                        424 is not accepted by
                                        Grants.gov, the CDFI Fund will
                                        not review any materials
                                        submitted in AMIS and the
                                        Application will be deemed
                                        ineligible.
                                    [squ] AMIS:
                                       [cir] AMIS is the CDFI Fund's
                                        enterprise-wide information
                                        technology system that will be
                                        used to submit and store
                                        organization and Application
                                        information with the CDFI Fund.
                                       [cir] Applicants are only allowed
                                        one submission in AMIS.
Employer Identification Number      [squ] All Applicants must have a
 (EIN).                              unique EIN assigned by the Internal
                                     Revenue Service.
                                    [squ] The CDFI Fund will reject an
                                     Application submitted with the EIN
                                     of a parent or Affiliate
                                     organization.
DUNS number.......................  [squ] Pursuant to OMB guidance (68
                                     FR 38402), each Applicant must
                                     apply using its unique DUNS number
                                     in Grants.gov.
                                    [squ] The CDFI Fund will reject an
                                     Application submitted with the DUNS
                                     number of a parent or Affiliate
                                     organization.
Awards Management Information       [squ] Each Applicant must register
 System (AMIS).                      as an organization in AMIS and
                                     submit all required Application
                                     materials through the AMIS portal.
                                    [squ] The Authorized Representative
                                     must be included as a ``user'' in
                                     the Applicant's AMIS account.
                                    [squ] An Applicant that fails to
                                     properly register and update its
                                     AMIS account may miss important
                                     communications from the CDFI Fund
                                     or not be able to successfully
                                     submit an Application.
501(c)(4) status..................  [squ] Pursuant to 2 U.S.C. 1611, any
                                     501(c)(4) organization that engages
                                     in lobbying activities is not
                                     eligible to apply for or receive a
                                     CMF Award.
Compliance with Nondiscrimination   [squ] An Applicant may not be
 and Equal Opportunity Statutes,     eligible to receive an award if
 Regulations, and Executive Orders.  proceedings have been instituted
                                     against it in, by, or before any
                                     court, governmental agency, or
                                     administrative body, and a final
                                     determination within the last 3
                                     years as of the date of the NOFA
                                     indicates the Applicant has
                                     violated any of the following laws:
                                     Title VI of the Civil Rights Act of
                                     1964, as amended (42 U.S.C.2000d);
                                     Section 504 of the Rehabilitation
                                     Act of 1973 (29 U.S.C. 794); the
                                     Age Discrimination Act of 1975 (42
                                     U.S.C. 6101-6107); Title VIII of
                                     the Civil Rights Act of 1968, as
                                     amended (42 U.S.C. 3601 et seq.);
                                     and Executive Order 13166,
                                     Improving Access to Services for
                                     Persons with Limited English
                                     Proficiency.
------------------------------------------------------------------------

    Any Applicant that does not meet the criteria in Table 2 is 
ineligible to apply for a CMF Award under this NOFA. Further, Section 
III.B describes additional considerations applicable to prior award 
Recipients and/or Allocatees under any CDFI Fund program.
    B. Prior award Recipients and/or Allocatees: Applicants must be 
aware that success in a prior round of any of the CDFI Fund's programs 
is not indicative of success under this NOFA. Prior award Recipients 
and/or Allocatees under any CDFI Program are eligible to apply under 
this NOFA, except as noted in Table 3:

[[Page 29987]]



 Table 3--Eligibility Requirements for Applicants Which Are Prior Award
                               Recipients
------------------------------------------------------------------------
             Criteria                            Description
------------------------------------------------------------------------
Pending resolution of               The CDFI Fund will consider an
 noncompliance.                      Application submitted by an
                                     Applicant that has pending
                                     noncompliance issues if the CDFI
                                     Fund has not yet made a final
                                     compliance determination.
Noncompliance status..............  [squ] The CDFI Fund will not
                                     consider an Application submitted
                                     by an Applicant that has a
                                     previously executed award
                                     agreement(s) if, as of the date of
                                     the NOFA, (i) the CDFI Fund has
                                     made a determination that such
                                     entity is noncompliant with a
                                     previously executed agreement and
                                     (ii) the CDFI Fund has provided
                                     written notification that such
                                     entity is ineligible to apply for
                                     or receive any future CDFI Fund
                                     awards or allocations. Such
                                     entities will be ineligible to
                                     submit an Application for such time
                                     period as specified by the CDFI
                                     Fund in writing.
                                    [squ] The CDFI Fund will not
                                     consider any Applicant that has
                                     defaulted on a CDFI program loan
                                     within five years of the AMIS
                                     Application deadline.
------------------------------------------------------------------------

    C. Contacting the CDFI Fund: Accordingly, Applicants that are prior 
Recipients and/or Allocatees under any CDFI Fund program are advised 
to: (i) Comply with requirements specified in an Assistance Agreement, 
award agreement, allocation agreement, bond loan agreement, or 
agreement to guarantee. All outstanding reporting and compliance 
questions should be directed to the Certification, Compliance 
Monitoring, and Evaluation help desk by AMIS Service Requests or by 
telephone at (202) 653-0421. The CDFI Fund will not respond to 
Applicants' reporting, compliance, or disbursement telephone calls or 
email inquiries that are received after 5:00 p.m. ET on August 29, 2017 
until after the Application deadline. The CDFI Fund will respond to 
technical issues related to AMIS Accounts through 5:00 p.m. ET on 
August 31, 2017, via AMIS Service Requests, or at [email protected], 
or by telephone at (202) 653-0422.
    D. Cost sharing or matching funds requirements: Not applicable.
    E. Other Eligibility Criteria:
    1. Debarment/Do not pay verification: The CDFI Fund will conduct a 
debarment check and will not consider an Application if the Applicant 
is delinquent on any Federal debt or otherwise ineligible to receive a 
Federal award. The Do Not Pay Business Center was developed to support 
Federal agencies in their efforts to reduce the number of improper 
payments made through programs funded by the Federal government and 
provides delinquency information to the CDFI Fund to assist with the 
debarment check.
    2. Entities that Submit Applications Together with Affiliates: As 
part of the Application review process, the CDFI Fund considers whether 
Applicants are Affiliates, as such term is defined in 12 CFR1807.104. 
If an Applicant and its Affiliates wish to submit Applications, they 
must do so collectively, in one Application; an Applicant and its 
Affiliates may not submit separate Applications. If Affiliates submit 
multiple or separate Applications, the CDFI Fund will reject all such 
Applications received.
    Furthermore, an Applicant that receives an award in this CMF round 
may not become an Affiliate of another Applicant that receives an award 
in this CMF round at any time after the submission of a CMF Application 
under this NOFA. This requirement will also be a term and condition of 
the Assistance Agreement (see additional Application guidance materials 
on the CDFI Fund's Web site at http://www.cdfifund.gov/cmf for more 
details).
    3. An Applicant will not be eligible to receive a CMF Award if the 
Applicant fails to demonstrate in the Application that its CMF Award 
would result in Eligible Project Costs (Leveraged Costs plus those 
costs funded by the CMF Award) that equal at least 10 times the amount 
of the CMF Award. Note that no costs attributable to Direct 
Administrative Expenses may be considered Eligible Project Costs.
IV. Application and Submission Information
    A. Address to Request Application Package: Application materials 
can be found on the Grants.gov and the CDFI Fund's Web site at 
www.cdfifund.gov/cmf. Applicants may request a paper version of any 
Application material by contacting the CDFI Fund Help Desk by email at 
[email protected] or by phone at (202) 653-0421.
    B. Content and Form of Application Submission: The CDFI Fund will 
post to its Web site, at www.cdfifund.gov/cmf, instructions for 
accessing and submitting an Application. Detailed Application content 
requirements are found in the Application and related guidance 
documents. All Applications must be prepared in English and 
calculations must be made in U.S. dollars. Table 4 lists the required 
funding Application documents for the FY 2017 CMF Program Funding 
Round. Applicants must submit all required documents for the 
Application to be deemed complete. The CDFI Fund reserves the right to 
request and review other pertinent or public information that has not 
been specifically requested in this NOFA or the Application. 
Information submitted by the Applicant that the CDFI Fund has not 
specifically requested will not be reviewed or considered as part of 
the Application. Information submitted must accurately reflect the 
Applicant's activities.

                 Table 4--Funding Application Documents
------------------------------------------------------------------------
      Application document         Submission format       Required?
------------------------------------------------------------------------
Standard Form (SF) 424 Mandatory  Fillable PDF in     Required for all
 Form.                             Grants.gov.         Applicants.
CMF Application.................  AMIS..............  Required for all
                                                       Applicants.
------------------------------------------------------------------------
                     Attachments to the Application
------------------------------------------------------------------------
Audited financial statements      PDF in AMIS.......  Required for all
 (most recent 2 fiscal years).                         Applicants.
Any management letters related    PDF in AMIS.......  Required for all
 to the audited financial                              Applicants.
 statements (most recent 2
 fiscal years).

[[Page 29988]]

 
State Charter, Articles of        PDF in AMIS.......  Required only for
 Incorporation, or other                               Applicants that
 establishing documents                                are not Certified
 designating that the Applicant                        CDFIs.
 is a nonprofit or not-for-
 profit entity under the laws of
 the organization's State of
 formation.
A certification demonstrating     PDF in AMIS.......  Required only for
 tax exempt status from the IRS.                       Applicants that
 For Applicants that are                               are not Certified
 governmental instrumentalities                        CDFIs.
 only, and as long as all other
 eligibility requirements are
 met, the CDFI Fund will accept
 a legal opinion from counsel,
 in form and substance
 acceptable to the CDFI Fund,
 opining that the Applicant is
 exempt from federal taxation.
Articles of incorporation, by-    PDF in AMIS.......  Required only for
 laws or other documents                               Applicants that
 demonstrating that the                                are not Certified
 Applicant has a principal                             CDFIs.
 purpose of managing or
 developing affordable housing.
------------------------------------------------------------------------

    The CDFI Fund has a sequential, two-step process that requires the 
submission of Application documents in separate systems and on separate 
deadlines. The SF-424 form must be submitted through Grants.gov and all 
other application documents through the AMIS portal. The CDFI Fund will 
not accept Applications via email, mail, facsimile, or other forms of 
communication, except in extremely rare circumstances that have been 
pre-approved by the CDFI Fund. The separate application deadlines for 
the SF-424 and all other Application materials are listed in Tables 1 
and 5. Only the Authorized Representative or Application Point of 
Contact designated in AMIS may submit the Application through AMIS.
    Applicants are strongly encouraged to submit the SF-424 as early as 
possible through Grants.gov to provide sufficient time to resolve any 
submission problems. Applicants should contact Grants.gov directly with 
questions related to the registration or submission process as the CDFI 
Fund does not administer the Grants.gov system.
    The CDFI Fund strongly encourages Applicants to start the 
Grants.gov registration process as soon as possible as it may take 
several weeks to complete (refer to the following link: http://www.grants.gov/web/grants/register.html). An Applicant that has 
previously registered with Grants.gov must verify that its registration 
is current and active.
    C. Dun and Bradstreet Data Universal Numbering System (DUNS): 
Pursuant to the Uniform Administrative Requirements, each Applicant 
must provide as part of its Application submission, a valid Dun & 
Bradstreet Data Universal Numbering System (DUNS) number. Any Applicant 
without a DUNS number will not be able to register and submit an 
Application in the Grants.gov system. Please allow sufficient time for 
Dun & Bradstreet to respond to inquiries and/or requests for DUNS 
numbers.
    D. System for Award Management (SAM): Any entity applying for 
Federal grants or other forms of Federal financial assistance through 
Grants.gov must be registered in SAM before submitting its Application 
materials through that platform. The SAM registration process can take 
several weeks to complete. Applicants that have previously completed 
the SAM registration process must verify that their SAM accounts are 
current and active. Each Applicant must continue to maintain an active 
SAM registration with current information at all times during which it 
has an active Federal award or an Application under consideration by a 
Federal awarding agency. The CDFI Fund will not consider any Applicant 
that fails to properly register or activate its SAM account and, as a 
result, is unable to submit its Application by the Application 
deadline. Applicants must contact SAM directly with questions related 
to registration or SAM account changes as the CDFI Fund does not 
maintain this system. For more information about SAM, please visit 
https://www.sam.gov.
    E. Submission Dates and Times:
    1. Submission Deadlines: Table 5 lists the deadlines for submission 
of the documents related to the FY 2017 CMF Program Funding Round:

                                  Table 5--FY 2017 CMF Deadlines for Applicants
----------------------------------------------------------------------------------------------------------------
                                                                   Time--eastern time
               Document                        Deadline                   (ET)              Submission method
----------------------------------------------------------------------------------------------------------------
SF-424 Mandatory form................  July 28, 2017..........  11:59 pm ET............  Electronically via
                                                                                          Grants.gov.
CMF Application and Required           August 31, 2017........  5:00 pm ET.............  Electronically via
 Attachments.                                                                             AMIS.
----------------------------------------------------------------------------------------------------------------

    2. Confirmation of Application Submission in Grants.gov and AMIS: 
Applicants are required to submit the OMB SF-424 Mandatory (Application 
for Federal Assistance) form through the Grants.gov system and must 
submit all other required Application materials through the AMIS Web 
site. Application materials submitted through each system are due by 
the applicable deadline listed in Table 5. Applicants must submit the 
SF-424 by an earlier deadline than that of the other required 
application materials in AMIS. If the SF-424 is not successfully 
submitted through Grants.gov by the corresponding deadline, the CDFI 
Fund will not review any of the materials submitted in AMIS, and the 
Application will be deemed ineligible. Thus, Applicants are strongly 
encouraged to submit the SF-424 as early as possible in the Grants.gov 
portal since submission problems may impact the ability to submit the 
overall Application.
    (a) Grants.gov Submission Information: Each Applicant will receive 
an email from Grants.gov immediately after submitting the SF-424 
confirming that the submission has entered the Grants.gov system. This 
email will contain a tracking number for

[[Page 29989]]

the submitted SF-424. Within 48 hours, the Applicant will receive a 
second email which will indicate if the submitted SF-424 was either 
successfully validated or rejected with errors. However, Applicants 
should not rely on the email notification from Grants.gov to confirm 
that their SF-424 was validated. Applicants are strongly encouraged to 
use the tracking number provided in the first email to closely monitor 
the status of their SF-424 by contacting the helpdesk at Grants.gov 
directly. The Application materials submitted in AMIS are not 
officially accepted by the CDFI Fund until Grants.gov has validated the 
SF-424. If using the Grants.gov Workspace function, please note that 
the Application package has not been submitted if you have not received 
a tracking number.
    (b) Award Management Information System (AMIS) Submission 
Information: AMIS is a web-based portal where Applicants will directly 
enter their Application information and add required attachments listed 
in Table 4. AMIS will verify that the Applicant provided the minimum 
information required to submit an Application. Applicants are 
responsible for the quality and accuracy of the information and 
attachments included in the Application submitted in AMIS. The CDFI 
Fund strongly encourages the Applicant to allow sufficient time to 
confirm the Application content, review the material submitted, and 
remedy any issues prior to the Application deadline. Applicants can 
only submit one Application in AMIS. Upon submission, the Application 
will be locked and cannot be resubmitted, edited, or modified in any 
way. The CDFI Fund will not unlock or allow multiple Application 
submissions.
    3. Multiple Application Submissions: If an Applicant submits 
multiple SF-424 Applications in Grants.gov, the CDFI Fund will only 
review the last SF-424 Application submitted in Grants.gov. Applicants 
may only submit one Application through AMIS.
    4. Late Submission: The CDFI Fund will not accept an Application 
submitted after the applicable Grants.gov or AMIS Application deadline, 
except where the submission delay was a direct result of a Federal 
government administrative or technological error. This exception 
includes any errors associated with Grants.gov, SAM.gov, AMIS or any 
other applicable government system. Please note that this exception 
does not apply to errors arising from obtaining a DUNS number from Dun 
& Bradstreet, which is not a government entity. An Applicant unable to 
make timely submission of its Application due to any errors in the 
process of obtaining a DUNS number will not be allowed to submit its 
Application after the application deadline has passed. In the event of 
a government administrative or technological error causing delay, the 
Applicant must submit a request for acceptance of late Application 
submission and include documentation of the error no later than two 
business days after the applicable Application deadline. The CDFI Fund 
will not respond to requests for acceptance of late Application 
submissions after that time period. Applicants must submit late 
Application submission requests via Service Request in AMIS with the 
subject line of ``FY2017 CMF: Late Application Submission Request.''
    5. Intergovernmental Review: Not Applicable.
    6. Funding Restrictions: CMF Awards are limited by the following:
    (a) A Recipient shall use CMF Award funds only for the eligible 
activities set forth in 12 CFR 1807.301 and as described in Section 
II.C and Section II.E of this NOFA and its Assistance Agreement.
    (b) A Recipient may not disburse CMF Award funds to an Affiliate, 
Subsidiary, or any other entity without the CDFI Fund's prior written 
approval.
    (c) CMF Award Payment shall only be made to the Recipient.
    (d) The CDFI Fund, in its sole discretion, may pay CMF Awards in 
amounts, or under terms and conditions, which are different from those 
requested by an Applicant.
    7. Other Submission Requirements: Each Applicant must register as 
an organization in AMIS in order to submit the required Application 
materials through this portal. The Authorized Representative and/or 
application point(s) of contact must be included as ``Contacts'' in the 
Applicant's AMIS account. The Authorized Representative must also be a 
``user'' in AMIS and must electronically sign the Application prior to 
submission through AMIS. An Applicant that fails to properly register 
and update its AMIS account may miss important communications from the 
CDFI Fund or fail to submit an Application successfully. After 
submitting its Application, the Applicant will not be permitted to 
revise or modify its Application in any way or attempt to negotiate the 
terms of an award.

V. Application Review Information

    A. Criteria: All complete and eligible Applications will be 
reviewed in accordance with the criteria and procedures described in 
the CMF Interim Rule, this NOFA, the Application guidance, and the 
Uniform Administrative Requirements. As part of the review process, the 
CDFI Fund reserves the right to contact the Applicant by telephone, 
email, mail, or through an on-site visit for the sole purpose of 
clarifying or confirming Application information at any point during 
the review process. The CDFI Fund reserves the right to collect such 
additional information from Applicants as it deems appropriate. If 
contacted, the Applicant must respond within the time period 
communicated by the CDFI Fund or its Application may be rejected. For 
the sake of clarity, specific application evaluation criteria are 
described in the context of the overall application review and 
selection process described in Section V.B. below.
    B. Review and Selection Process:
    The CDFI Fund will evaluate each complete and eligible Application 
using the multi-phase review process described in this Section.
    1. Quantitative Assessment: Each complete and eligible Application 
will receive a numeric score based on the responses to quantitative 
questions in the Application. Applications may receive a score of up to 
100 points based on the following factors outlined in Table 6.

                Table 6--Quantitative Assessment Factors
------------------------------------------------------------------------
            Section                Points        Assessment criteria
------------------------------------------------------------------------
Business and Leveraging                  40   Private leverage
 Strategy.                                    multiplier, including the
                                              portion from 3rd parties.
                                ...........   Reasonableness of
                                              projected activities based
                                              on track record.
                                ...........   Applicant-level
                                              leverage multiplier.
Community Impact..............           35   Percent of rental
                                              housing units targeted to
                                              Very Low-Income or below
                                              (50% of AMI or below).

[[Page 29990]]

 
                                ...........   Percent of
                                              homeownership units
                                              targeted to Low-Income or
                                              below (80% of AMI or
                                              below).
                                ...........   Commitment to only
                                              finance Economic
                                              Development Activities in
                                              Low-Income Areas.
                                ...........   Percent of housing
                                              units to be produced in
                                              Areas of Economic
                                              Distress.
Financial Health..............           25   Capitalization.
                                ...........   Operating
                                              Performance.
                                ...........   Net income.
                                ...........   Liquidity.
                                ...........   Audit Results.
------------------------------------------------------------------------

    Within the Business and Leveraging Strategy Section of the 
Quantitative Assessment, an Applicant will generally score more 
favorably to the extent it: Is leveraging a high multiplier of private 
capital, particularly third party capital; has a proven track record; 
and is leveraging some portion of capital at the Applicant-level.
    Within the Community Impact Section, an Applicant will generally 
score more favorably to the extent that it: Commits to producing a 
higher percentage of rental housing units targeted to Very Low-Income 
Families (if proposing to use CMF for rental housing); commits to 
producing a higher percentage of homeownership units targeted to Low-
Income Families (if proposing to use CMF for homeownership); commits to 
only financing Economic Development Activities in Low-Income Areas (if 
proposing to use CMF for economic development); and commits to 
producing a higher percentage of units in Areas of Economic Distress. 
Areas of Economic Distress are census tracts: (a) Where at least 20 
percent of households that are Very Low-Income (50% of AMI or below) 
spend more than half of their income on housing; or (b) where the 
unemployment rate is at least 1.5 times the national average; or (c) 
that are Low-Income Housing Tax Credit Qualified Census Tracts; or (d) 
where greater than 20 percent of households have incomes below the 
poverty rate and the rental vacancy rate is at least 10 percent; or (e) 
where greater than 20 percent of the households have incomes below the 
poverty rate and the homeownership vacancy rate is at least 10 percent; 
or (f) Are Underserved Rural Areas as defined in the CMF Interim Rule 
(as amended February 8, 2016; 12 CFR part 1807). Within the Financial 
Health section, Applicants will generally score more favorably to the 
extent that their 3-year financial data indicates: Strong 
capitalization, operating performance, and liquidity; positive net 
income; and that the Applicant has not had any negative results (e.g. 
opinion other than unqualified; a ``going concern paragraph;'' repeat 
finding of reportable conditions; material weaknesses in internal 
control) in any of the three most recently completed annual audits.
    Once the quantitative score is determined, Applicants will be 
grouped into two categories: (1) Those with a maximum Non-Metropolitan 
Area investment of 50 percent or greater and (2) all other Applicants. 
Applicants in each category will be ranked in descending order based on 
their quantitative review score. The top 75 percent of Applications in 
each category will be forwarded to the next level of review: External 
Application Review. The CDFI Fund reserves the right to forward 
additional Applications to the External Application Review phase in 
order to ensure that a diversity of geographies are served by the 
Applicants reviewed in the External Application Review phase. The CDFI 
Fund also reserves the right not to implement the Quantitative 
Assessment if it receives fewer than 140 CMF Applications.
    2. External Application Review: Applications that advance from the 
Quantitative Assessment will be separately scored by more than one 
external non-Federal reviewer who are selected based on criteria that 
include: A professional background in affordable housing and community 
and economic development finance with extensive background in 
affordable housing. These reviewers must complete the CDFI Fund's 
conflict of interest process and be approved by the CDFI Fund. 
Reviewers will be assigned a set number of Applications to review. The 
reviewer will provide a score for each of the Applications assessed in 
accordance with the scoring criteria outlined in Section V.B.2 of this 
NOFA and the Application materials.
    The external reviewer's evaluation will result in the Application 
being awarded up to 100 total points by each reviewer. These points 
will be distributed across three sections: Business and Leveraging 
Strategy (40 possible points), Community Impact (35 possible points), 
and Organizational Capacity (25 possible points). An Applicant's final 
External Application review score will be a composite based on the 
external reviewers' evaluation and Quantitative Assessment factors. The 
majority of the score will be based on the external reviewers' 
evaluation.
    (a) Business and Leveraging Strategy (40 points): In the Business 
and Leveraging Strategy section, the Applicant will address: (i) The 
needs of communities and persons in its proposed Service Area(s) and 
the extent to which the proposed strategy addresses these needs; (ii) 
the affordable housing and financing gaps addressed by its business 
strategy; (iii) the projected CMF activities and track record; (iv) 
plans to incorporate a CMF Award into project finance; (v) its strategy 
for leveraging private capital with a CMF Award, particularly third-
party capital; and (vi) its strategy for leveraging its CMF Award at 
the Enterprise-level and/or through re-investments (if applicable).
    An Applicant will generally score more favorably in the criteria 
evaluated by the external reviewer to the extent that it: (i) Clearly 
aligns its proposed CMF Award activities with the affordable housing 
and financing gaps it identifies; (ii) demonstrates that its projected 
activities are achievable based on the Applicant's strategy and track 
record; (iii) describes a clear process for locating projects and 
proposes activities that have a clear need for CMF financing; (iv) has 
a clear strategy for and track record of leveraging private capital; 
and (v) has a clear strategy for and demonstrates a track record of 
leveraging funds at the enterprise-level and/or through re-investments 
(if applicable).
    (b) Community Impact (35 points): In the Community Impact Section, 
the Applicant will address: (i) Projected outcomes and impacts of 
Affordable Housing Activities and Economic Development Activities; (ii) 
its strategy and track record of producing housing

[[Page 29991]]

units targeted to Low-Income Families (for homeownership) and to Very 
Low-Income Families (for rental); (iii) if applicable, its strategy and 
track record of financing and/or supporting Economic Development 
Activities and how these activities will benefit the residents of 
nearby Affordable Housing; and (iv) its strategy for engaging low-
income stakeholders to inform its business strategy. An Applicant will 
generally score more favorably in the criteria evaluated by the 
external reviewer to the extent that it: (i) Demonstrates how the 
expected outcomes will address community needs; (ii) demonstrates a 
clear and compelling strategy for producing housing units targeted to 
Low-Income Families (for homeownership) and Very-Low Income Families 
(for rental); (iii) for Economic Development Activities, it 
demonstrates how its proposed Economic Development Activities fit 
within a Concerted Strategy and will benefit the residents of the 
surrounding Affordable Housing; and (iv) demonstrates that feedback 
from Low-Income stakeholders will inform the Applicant's business 
strategy.
    (c) Organizational Capacity (25 points): In the Organizational 
Capacity section, the Applicant will discuss: (i) Its management team 
and key staff; (ii) the roles and responsibilities of those staff in 
managing a CMF Award; (iii) its past experience managing other Federal 
Awards; and (iv) its financial health and lending portfolio (if 
applicable).
    An Applicant will generally score more favorably in the criteria 
evaluated by the external reviewer to the extent that it demonstrates: 
(i) Strong qualifications of its key personnel with respect to their 
skills and experience identifying investments, underwriting similar 
projects, managing a portfolio of similar activities and ensuring 
compliance with program requirements; (ii) success in administering 
prior CMF Awards and/or other Federal program awards; (iii) strong 
financial health; and (iv) solid portfolio performance (if applicable).
    (d) Scoring anomaly: If, in the case of a particular Application, 
the reviewers' total external Application review scores vary 
significantly, the CDFI Fund may, in its sole discretion, obtain the 
evaluation and numeric scoring of an additional reviewer to determine 
whether the anomalous score should be replaced with the score of the 
additional reviewer.
    3. Internal Application Review: At the conclusion of the External 
Application Review phase, Applications will be ranked based on their 
external review score. Up to 50 of the highest scoring Applications in 
the External Application Review phase will be forwarded to Internal 
Application Review in descending order of rank score to receive further 
consideration for an Award. These forwarded applications will 
constitute the highly qualified pool. During the Internal Application 
Review, CDFI Fund staff will prioritize the Applications in the highly 
qualified pool for award based on the following criteria: (i) Final 
external Application review score, (ii) alignment with CMF statutory 
and policy priorities, and (iii) the overall quality of the Applicant's 
strategy.
    In assessing the Application's alignment with CMF statutory and 
policy priorities, CDFI Fund staff will consider the following factors, 
including, but not limited to: The Applicant's proposed outcomes and 
benefits in areas of economic distress; income targeting of the 
portfolio of affordable units to be produced; and the amount of third-
party private capital that the Applicant will attract to its Service 
Area.
    In assessing the quality of the Applicant's strategy, the CDFI Fund 
staff will consider the following factors, including, but not limited 
to: (i) The quality of the Applicant's strategy with respect to how the 
strategy and financing activities address community needs; (ii) whether 
these outcomes are likely to be achieved if the Applicant's strategy is 
implemented and the extent to which these outcomes are quantifiable and 
evidence-based; (iii) whether the Applicant's projections are supported 
by its track record; (iv) whether the proposed financing activities 
will help to fill the financing gaps in their market; (v) whether the 
CMF funds will contribute to the Applicant offering more favorable 
rates and terms than are currently available in that market; (vi) the 
likely success of the strategy to leverage private capital; (vii) 
whether the strategy is adaptable to changing market conditions; (viii) 
whether the proposed deployment/redeployment schedule is realistic and 
achievable; and (ix) whether the Applicant has the appropriate 
financial, organizational, and programmatic capacity to implement the 
strategy.
    The Internal Review will also include an analysis of the 
Applicant's likely capacity to: Meet award management standards; file 
appropriate reports and address findings from audits; and the 
Applicant's ability to effectively implement Federal requirements. 
Applicants may be re-prioritized for an award or award amounts may be 
reduced as a result of this analysis. In the case of an Applicant that 
has received awards from other Federal programs, the CDFI Fund reserves 
the right to contact officials from the appropriate Federal agency or 
agencies to determine whether the Recipient is in compliance with 
current or prior assistance agreements, and to take such information 
into consideration before making a CMF Award. In the case of an 
Applicant that has previously received funding through any CDFI Fund 
program, the CDFI Fund will consider and may, in its discretion, deduct 
up to 5 points from the External Application Review score for those 
Applicants (or their Affiliates) that, within 24 months prior to the 
Application deadline, are late in meeting reporting requirements for 
existing awards.
    4. Selection: Once Applications have been internally evaluated and 
preliminary award determinations have been made, the Applications will 
be forwarded to a selecting official for a final award determination. 
After preliminary award determinations are made, the selecting official 
will review the list of potential Recipients to determine whether the 
Recipient pool meets the following statutory objectives:
    (a) The potential Recipients' proposed Service Areas collectively 
represent broad geographic coverage throughout the United States; and
    (b) The potential Recipients' proposed activities equitably 
represent both Metropolitan Areas and Non-Metropolitan Areas, as 
defined in the CMF Interim Rule, and as further set forth in the 
Application.
    To the extent practicable, the CDFI Fund reserves the right to 
modify CMF Award amounts and/or the CMF Recipient pool if deemed 
necessary to achieve either of these desired outcomes. In order to 
evaluate the geographic coverage of the potential CMF Recipient pool, 
Applicants will be asked to designate one of the following three 
Service Area types in their Applications: Local, Statewide, or Multi-
State. These Service Area types are further defined in the Application; 
the largest Service Area an Applicant can propose is a 10 state Multi-
State Service Area. To achieve greater investment in Non-Metropolitan 
Areas and/or broader geographic coverage, the CDFI Fund may consider an 
Application ranked outside of the highly qualified pool to receive an 
award. However, the CDFI Fund will not award an Application that scores 
in the bottom 50 percent of the External Review score rankings.
    In cases where the selecting official's award determination varies 
significantly from the initial CMF Award amount recommended by the CDFI 
Fund staff

[[Page 29992]]

review, the CMF Award recommendation will be forwarded to a reviewing 
official for final determination. The CDFI Fund, in its sole 
discretion, reserves the right to reject an Application and/or adjust 
CMF Award amounts as appropriate based on information obtained during 
the review process.
    (c) Insured Depository Institution Applicants: In the case of 
Applicants that are Insured Depository Institutions or Insured Credit 
Unions, the CDFI Fund will consider safety and soundness information 
from the Appropriate Federal Banking Agency or Appropriate State 
Agency, as applicable. If the Applicant is a CDFI Depository 
Institution Holding Company, the CDFI Fund will consider information 
provided by the Appropriate Federal Banking Agency and Appropriate 
State Agency about both the CDFI Depository Institution Holding Company 
and the CDFI Insured Depository Institution that will expend and carry 
out the award. If the Appropriate Federal Banking Agency or Appropriate 
State Agency identifies safety and soundness concerns, the CDFI Fund 
will assess whether the concerns cause or will cause the Applicant to 
be incapable of undertaking the activities for which funding has been 
requested.
    5. Right of Rejection: The CDFI Fund reserves the right to reject 
an Application if information (including administrative errors) comes 
to the attention of the CDFI Fund that adversely affects an Applicant's 
eligibility for an award, adversely affects the CDFI Fund's evaluation 
or scoring of an Application, or indicates fraud or mismanagement on 
the Applicant's part. If the CDFI Fund determines that any portion of 
the Application is incorrect in any material respect, the CDFI Fund 
reserves the right, in its sole discretion, to reject the Application. 
The CDFI Fund reserves the right to change its eligibility and 
evaluation criteria and procedures, if the CDFI Fund deems it 
appropriate. If said changes materially affect the CDFI Fund's award 
decisions, the CDFI Fund will provide information regarding the changes 
through the CDFI Fund's Web site. There is no right to appeal the CDFI 
Fund's award decisions. The CDFI Fund's award decisions are final.
    6. Anticipated Award Announcement: The CDFI Fund anticipates making 
CMF Award announcements in late 2017 or early 2018.

VI. Federal Award Administration Information

    A. Award Notification: Each successful Applicant will receive an 
email notification from the CDFI Fund stating that its Application has 
been approved for an award. Each Applicant not selected for an award 
will receive an email stating that a debriefing document has been 
provided in its AMIS account.
    B. Administrative and National Policy Requirements: The CDFI Fund 
may, in its discretion and without advance notice to the Recipient, 
terminate the award or take other actions as it deems appropriate if, 
prior to entering into an Assistance Agreement, information (including 
an administrative error) comes to the CDFI Fund's attention that 
adversely affects the following: The Recipient's eligibility for an 
award; the CDFI Fund's evaluation of the Application; the Recipient's 
compliance with any requirement listed in the Uniform Requirements; or 
indicates fraud or mismanagement on the Recipient's part.
    If the Recipient's certification status as a CDFI changes, the CDFI 
Fund reserves the right, in its sole discretion, to re-calculate the 
CMF Award, or modify the Assistance Agreement based on the Recipient's 
non-CDFI status.
    By executing an Assistance Agreement, the Recipient agrees that, if 
the CDFI Fund becomes aware of any information (including an 
administrative error) prior to the Effective Date of the Assistance 
Agreement that either adversely affects the Recipient's eligibility for 
an CMF Award, or adversely affects the CDFI Fund's evaluation of the 
award Recipient's Application, or indicates fraud or mismanagement on 
the part of the Recipient, the CDFI Fund may, in its discretion and 
without advance notice to the Recipient, terminate the Assistance 
Agreement or take other actions as it deems appropriate.
    The CDFI Fund reserves the right, in its sole discretion, to 
rescind an award if the Recipient fails to return the Assistance 
Agreement, signed by an Authorized Representative of the award 
Recipient, and/or provide the CDFI Fund with any other requested 
documentation, within the CDFI Fund's deadlines.
    In addition, the CDFI Fund reserves the right, in its sole 
discretion, to terminate and rescind the Assistance Agreement and the 
award made under this NOFA for any criteria described in Table 7:

    Table 7--Requirements Prior to Executing an Assistance Agreement
------------------------------------------------------------------------
         Requirement                            Criteria
------------------------------------------------------------------------
Failure to meet reporting      If a Recipient is a prior CDFI Fund award
 requirements.                  Recipient or Allocatee under any CDFI
                                Fund program and is not current on the
                                reporting requirements set forth in the
                                previously executed assistance, award,
                                allocation, bond loan agreement(s), or
                                agreement to guarantee, as of the date
                                of the Notice of Award, the CDFI Fund
                                reserves the right, in its sole
                                discretion, to delay entering into an
                                Assistance Agreement and/or to delay
                                making a Payment of CMF Award, until
                                said prior Recipient or Allocatee is
                                current on the reporting requirements in
                                the previously executed assistance,
                                award, allocation, bond loan
                                agreement(s), or agreement to guarantee.
                                Please note that automated systems
                                employed by the CDFI Fund for receipt of
                                reports submitted electronically
                                typically acknowledge only a report's
                                receipt; such acknowledgment does not
                                warrant that the report received was
                                complete, nor that it met reporting
                                requirements. If said prior Recipient or
                                Allocatee is unable to meet this
                                requirement within the timeframe set by
                                the CDFI Fund, the CDFI Fund reserves
                                the right, in its sole discretion, to
                                terminate and rescind the Notice of
                                Award and the CMF Award made under this
                                NOFA.
Failure to maintain CDFI       A Recipient must be a Certified CDFI or
 Certification (if              an eligible Nonprofit Organization, as
 applicable) or eligible        each is defined in the CMF Interim Rule
 Nonprofit Organization         and this NOFA, prior to entering into an
 status (if applicable).        Assistance Agreement as well as during
                                the application process.
                               If, at any time prior to entering into an
                                Assistance Agreement under this NOFA, an
                                Applicant that is a Certified CDFI has
                                submitted reports (or failed to submit
                                an annual certification report as
                                instructed by the CDFI Fund) to the CDFI
                                Fund that demonstrate noncompliance with
                                the requirements for certification, but
                                the CDFI Fund has yet to make a final
                                determination regarding whether or not
                                the entity is Certified, the CDFI Fund
                                reserves the right, in its sole
                                discretion, to delay entering into an
                                Assistance Agreement and/or to delay
                                making a Payment of CMF Award, pending
                                full resolution, in the sole
                                determination of the CDFI Fund, of the
                                noncompliance.
                               If the Applicant is unable to meet this
                                requirement, in the sole determination
                                of the CDFI Fund, the CDFI Fund reserves
                                the right, in its sole discretion, to
                                terminate and rescind the Notice of
                                Award and the CMF Award made under this
                                NOFA.

[[Page 29993]]

 
Pending resolution of          If, at any time prior to entering into an
 noncompliance.                 Assistance Agreement under this NOFA, an
                                Applicant that is a prior CDFI Fund
                                award Recipient or Allocatee under any
                                CDFI Fund program has submitted reports
                                to the CDFI Fund that demonstrate
                                noncompliance with a previous
                                assistance, award, or allocation
                                agreement, but the CDFI Fund has yet to
                                make a final determination regarding
                                whether or not the entity is in default
                                of its previous assistance, award,
                                allocation, bond loan agreement, or
                                agreement to guarantee, the CDFI Fund
                                reserves the right, in its sole
                                discretion, to delay entering into an
                                Assistance Agreement and/or to delay
                                making a Payment of CMF Award, pending
                                full resolution, in the sole
                                determination of the CDFI Fund, of the
                                noncompliance.
                               If said prior Recipient or Allocatee is
                                unable to meet this requirement, in the
                                sole determination of the CDFI Fund, the
                                CDFI Fund reserves the right, in its
                                sole discretion, to terminate and
                                rescind the Notice of Award and the CMF
                                Award made under this NOFA.
Default or Noncompliance       If, at any time prior to entering into an
 status.                        Assistance Agreement, the CDFI Fund
                                determines that a Recipient is in
                                default of a previously executed
                                agreement with the CDFI Fund and the
                                Recipient has been provided written
                                notification of such determination, the
                                CDFI Fund can delay entering into an
                                Assistance Agreement, until the
                                Recipient has cured the default, if
                                applicable, by taking actions the CDFI
                                Fund has specified within the specified
                                timeframe. Further, if, at any time
                                prior to entering into an Assistance
                                Agreement, the CDFI Fund determines that
                                a Recipient is noncompliant with an FY
                                2015 agreement, or with agreements for
                                fiscal years thereafter, under any CDFI
                                Fund program, the CDFI Fund can delay
                                entering into an Assistance Agreement,
                                until the Recipient has cured the
                                noncompliance by taking actions the CDFI
                                Fund has specified within the specified
                                timeframe. If the Recipient is unable to
                                meet the cure requirement, if
                                applicable, within the specified
                                timeframe, the CDFI Fund may terminate
                                and rescind the Assistance Agreement and
                                the CMF Award made under this NOFA.
Final Default and Sanctions..  If the CDFI Fund has found the Recipient
                                in final default of a prior executed
                                agreement and provided notification of
                                sanctions, the CDFI Fund may delay
                                entering into an Assistance Agreement
                                with the Recipient, impose conditions
                                prior to entering in Assistance
                                Agreement, or modify or rescind the CMF
                                Award made under this NOFA within the
                                time period specified in such
                                notification.
Compliance with Federal civil  The CDFI Fund will terminate and rescind
 rights requirements.           the Assistance Agreement and the CMF
                                Award made under this NOFA if, prior to
                                entering into an Assistance Agreement
                                under this NOFA, the Recipient receives
                                a final determination, made within the
                                last 3 years, in any proceeding
                                instituted against the Recipient in, by,
                                or before any court, governmental, or
                                administrative body or agency, declaring
                                that the CMF Award Recipient has
                                violated the following laws: Title VI of
                                the Civil Rights Act of 1964, as amended
                                (42 U.S.C. 2000d); Section 504 of the
                                Rehabilitation Act of 1973 (29 U.S.C.
                                794); the Age Discrimination Act of 1975
                                (42 U.S.C. 6101-6107); Title VIII of the
                                Civil Rights Act of 1968, as amended (42
                                U.S.C. 3601 et seq.); and Executive
                                Order 13166, Improving Access to
                                Services for Persons with Limited
                                English Proficiency.
Do Not Pay...................  The Do Not Pay Business Center was
                                developed to support Federal agencies in
                                their efforts to reduce the number of
                                improper payments made through programs
                                funded by the Federal government.
                               The CDFI Fund reserves the right, in its
                                sole discretion, to rescind an award if
                                the award Recipient is identified as
                                ineligible to be a Recipient on the Do
                                Not Pay database.
Safety and soundness.........  If it is determined that the Recipient is
                                or will be incapable of meeting its CMF
                                Award obligations, the CDFI Fund will
                                deem the Recipient to be ineligible or
                                require it to improve safety and
                                soundness conditions prior to entering
                                into an Assistance Agreement.
------------------------------------------------------------------------

    C. Assistance Agreement: Each Applicant that is selected to receive 
an award under this NOFA must enter into an Assistance Agreement with 
the CDFI Fund in order to become a Recipient and receive Payment. Each 
CMF Award under this NOFA generally will have a period of performance 
that begins with the announcement date of the award and continues until 
the end of the period of affordability, as set forth at 12 CFR 
1807.401(d) and 12 CFR 1807.402, and as further set forth in the 
Assistance Agreement.
    1. The Assistance Agreement will set forth certain required terms 
and conditions of the CMF Award, which will include, but not be limited 
to:
    (a) The amount of the award;
    (b) The approved uses of the award;
    (c) The approved Service Area in which the award may be used;
    (d) Performance goals and measures; and
    (e) Reporting requirements for all Recipients.
    2. The Assistance Agreement shall provide that, prior to any 
determination by the CDFI Fund that a Recipient has failed to comply 
substantially with the Act, the CMF Interim Rule, or the environmental 
quality regulations, the CDFI Fund shall provide the Recipient with 
reasonable notice and opportunity for hearing. For failure by the 
Recipient to comply substantially with the Assistance Agreement, the 
CDFI Fund may:
    (a) Require changes in the performance goals set forth in the 
Assistance Agreement;
    (b) Reduce or terminate the CMF Award; or
    (c) Require repayment of any CMF Award that has been distributed to 
the Recipient.
    3. The Assistance Agreement shall also provide that, if the CDFI 
Fund determines noncompliance with the terms and conditions of the 
Assistance Agreement on the part of the Recipient, the CDFI Fund may:
    (a) Bar the Recipient from reapplying for any assistance from the 
CDFI Fund; or
    (b) Take such other actions as the CDFI Fund deems appropriate or 
as set forth in the Assistance Agreement.
    4. In addition to entering into an Assistance Agreement, each 
Applicant selected to receive a CMF Award must furnish to the CDFI Fund 
a certificate of good standing from the jurisdiction in which it was 
formed. The CDFI Fund may, in its sole discretion, also require the 
Applicant to furnish an opinion from its legal counsel, the content of 
which may be further specified in the Assistance Agreement, and which, 
among other matters, opines that:
    (a) The Recipient is duly formed and in good standing in the 
jurisdiction in which it was formed and the jurisdiction(s) in which it 
transacts business;
    (b) The Recipient has the authority to enter into the Assistance 
Agreement and

[[Page 29994]]

undertake the activities that are specified therein;
    (c) The Recipient 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;
    (d) The Recipient is not in default of its articles of 
incorporation or formation, bylaws or operating agreements, other 
organizational or establishing documents, or any agreements with the 
Federal government; and
    (e) The CMF affordability restrictions that are to be imposed by 
deed restrictions, covenants running with the land, or other CDFI Fund 
approved mechanisms are recordable and enforceable under the laws of 
the State and locality where the Recipient will undertake its CMF 
activities.
    D. Paperwork Reduction Act: Under the Paperwork Reduction Act (44 
U.S.C. chapter 35), an agency may not conduct or sponsor a collection 
of information, and an individual is not required to respond to a 
collection of information, unless it displays a valid OMB control 
number. If applicable, the CDFI Fund may inform Applicants that they do 
not need to provide certain Application information otherwise required. 
Pursuant to the Paperwork Reduction Act, the CMF Program Application 
has been assigned the following control number: 1559-0036.
    E. Reporting: The CDFI Fund will require each Recipient that 
receives a CMF Award through this NOFA to account for and report to the 
CDFI Fund on the use of the CMF Award. This will require Recipients to 
establish administrative controls, subject to the Uniform 
Administrative Requirements and other applicable OMB guidance. The CDFI 
Fund will collect information from each such Recipient on its use of 
the CMF Award at least once following Payment and more often if deemed 
appropriate by the CDFI Fund in its sole discretion. The CDFI Fund will 
provide guidance to Recipients outlining the format and content of the 
information required to be provided to describe how the funds were 
used.
    The CDFI Fund may collect information from each Recipient 
including, but not limited to, an Annual Report with the components 
listed in Table 8:

                     Table 8--Reporting Requirements
------------------------------------------------------------------------
             Criteria                            Description
------------------------------------------------------------------------
Single Audit Narrative Report (or   The Recipient must submit, via AMIS,
 like report).                       a Single Audit Narrative Report for
                                     each year of its period of
                                     performance notifying the CDFI Fund
                                     whether it is required to have a
                                     single audit pursuant to OMB Single
                                     Audit requirements.
Single Audit (if applicable) (or    A Recipient that is a non-profit
 similar report).                    entity that expends $750,000 or
                                     more in Federal Awards during its
                                     fiscal year must have a single
                                     audit conducted for that year.
                                    If a Recipient is required to
                                     complete a Single Audit Report, it
                                     should be submitted to the Federal
                                     Audit Clearinghouse. See 2 CFR part
                                     200, subpart F-Audit Requirements
                                     in the Uniform Federal Award
                                     Requirements.
                                    For-profit award Recipients will be
                                     required to complete and submit a
                                     similar report directly to the CDFI
                                     Fund.
Performance Report................  The Recipient must submit a
                                     performance report not less than
                                     annually, which is a progress
                                     report on the Recipient's use of
                                     the CMF Award towards meeting its
                                     Performance Goals, affordable
                                     housing outcomes, and the
                                     Recipient's overall performance.
                                     The CMF performance report covers
                                     the Announcement Date through the
                                     Investment Period for the CMF Award
                                     and the ten-year Affordability
                                     Period for each project. The
                                     Investment Period shall mean the
                                     period beginning with the effective
                                     date of the Assistance Agreement
                                     and ending not earlier than the
                                     fifth year anniversary of the
                                     effective date or as otherwise
                                     established in the Assistance
                                     Agreement. The Affordability Period
                                     shall mean, for each CMF-funded
                                     project, the period beginning on
                                     the date when the project is placed
                                     into service and consisting of the
                                     full ten consecutive years
                                     thereafter or as otherwise
                                     established in the Assistance
                                     Agreement.
Explanation of Noncompliance (as    If the award Recipient fails to meet
 applicable) or successor report.    a performance goal or reporting
                                     requirements, it must submit the
                                     Explanation of Noncompliance via
                                     AMIS.
------------------------------------------------------------------------

    Each Recipient is responsible for the timely and complete 
submission of the annual reporting documents. The CDFI Fund will use 
such information to monitor each Recipient's compliance with the 
requirements set forth in the Assistance Agreement and to assess the 
impact of the CMF. The CDFI 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 Recipients.
    F. Financial Management and Accounting: The CDFI Fund will require 
Recipients to maintain financial management and accounting systems that 
comply with Federal statutes, regulations, and the terms and conditions 
of the CMF Award. These systems must be sufficient to permit the 
preparation of reports required by general and program specific terms 
and conditions, including the tracing of funds to a level of 
expenditures adequate to establish that such funds have been used in 
accordance with the Federal statutes, regulations, and the terms and 
conditions of the CMF Award.
    The cost principles used by Recipients must be consistent with 
Federal cost principles; must support the accumulation of costs as 
required by the principles; and must provide for adequate documentation 
to support costs charged to the CMF Award. In addition, the CDFI Fund 
will require Recipients to: Maintain effective internal controls; 
comply with applicable statutes and regulations, the Assistance 
Agreement, and related guidance; evaluate and monitor compliance; take 
action when not in compliance; and safeguard personally identifiable 
information.

VII. Agency Contacts

    A. Availability: The CDFI Fund will respond to questions and 
provide support concerning this NOFA and the Application between the 
hours of 9:00 a.m. and 5:00 p.m. ET, starting on the date of the 
publication of this NOFA until the close of business on the third day 
preceding the Application deadline. The CDFI Fund will not respond to 
questions or provide support concerning the Application that are 
received after 5:00 p.m. ET on said date, until after the Application 
deadline. CDFI Fund IT support will be available until 5:00 p.m.

[[Page 29995]]

ET on date of the Application deadline. Applications and other 
information regarding the CDFI Fund and its programs may be obtained 
from the CDFI Fund's Web site at http://www.cdfifund.gov/cmf. The CDFI 
Fund will post on its Web site responses to questions of general 
applicability regarding the CMF.
    B. The CDFI Fund's contact information is listed in Table 9:

                                          Table 9--Contact Information
----------------------------------------------------------------------------------------------------------------
                                                   Telephone
               Type of question                   number (not         Email addresses/AMIS Service Request
                                                  toll free)
----------------------------------------------------------------------------------------------------------------
CMF...........................................    202-653-0421  Submit an AMIS Service Request in AMIS or
                                                                 [email protected].
CDFI Certification............................    202-653-0421  Submit an AMIS Service Request in AMIS.
Compliance Monitoring and Evaluation..........    202-653-0421  Submit an AMIS Service Request in AMIS.
Information Technology Support................    202-653-0422  Submit an AMIS Service Request or email
                                                                 [email protected].
----------------------------------------------------------------------------------------------------------------

    The preferred method of contact is to submit a Service Request (SR) 
within AMIS. For a CMF Application question, select ``General Inquiry'' 
for the record type and select ``CMF-Application'' for the type. For a 
CDFI Certification or Compliance question, select ``General Inquiry'' 
for the record type and select the appropriate type. For Information 
Technology, select ``General Inquiry'' for the record type and select 
``CMF-AMIS technical problem'' for the type. Failure to select the 
appropriate type of SR could result in delays in responding to your 
question.
    C. Communication with the CDFI Fund: The CDFI Fund will use AMIS to 
communicate with Applicants and Recipients, using the contact 
information maintained in their respective AMIS accounts. Therefore, 
the Recipient and any Subsidiaries, signatories, and Affiliates must 
maintain accurate contact information (including contact persons and 
Authorized Representatives, email addresses, fax numbers, phone 
numbers, and office addresses) in its AMIS account(s). For more 
information about AMIS please see the Help documents posted at https://amis.cdfifund.gov/s/Training.

    Authority: Pub. L. 110-289. 12 U.S.C. 4701, 12 CFR part 1805, 12 
CFR part 1807, 12 CFR part 1815, 12 U.S.C. 4502.

Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2017-13722 Filed 6-29-17; 8:45 am]
BILLING CODE 4810-70-P