[Federal Register Volume 89, Number 83 (Monday, April 29, 2024)]
[Notices]
[Pages 33451-33466]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-09124]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Funding Opportunities: Bank Enterprise Award (BEA) Program; FY 
2024 Funding Round

    Funding Opportunity Title: Notice of Funds Availability (NOFA) 
inviting Applications for the Fiscal Year (FY) 2024 Funding Round of 
the Bank Enterprise Award Program (BEA Program).
    Announcement Type: Announcement of funding opportunity.
    Funding Opportunity Number: CDFI-2024-BEA.
    Catalog of Federal Domestic Assistance (CFDA) Number: 21.021.
    Dates:

                  Table 1--FY 2024 BEA Program Funding Round--Critical Deadlines for Applicants
----------------------------------------------------------------------------------------------------------------
                                                              Time (Eastern Time--
            Description                     Deadline                   ET)                Submission method
----------------------------------------------------------------------------------------------------------------
OMB Standard Form (SF)-424           May 28, 2024..........  11:59 p.m. ET.........  Electronically via
 Mandatory form.                                                                      Grants.gov.
Last day to create an AMIS           May 28, 2024..........  11:59 p.m. ET.........  Electronically via Awards
 Organization account and to enter                                                    Management Information
 the Employer Identification Number                                                   System (AMIS).
 (EIN) and the Unique Entity
 Identifier (UEI) number in AMIS.
Last day to contact BEA Program      June 21, 2024.........  5:00 p.m. ET..........  Service Request via AMIS;
 Staff.                                                                               or [email protected];
                                                                                      CDFI Fund BEA Helpdesk:
                                                                                      202-653-0421.
Last day to contact Office of        June 21, 2024.........  5:00 p.m. ET..........  Service Request via AMIS;
 Compliance Monitoring and                                                            or OCME Helpdesk: 202-653-
 Evaluation (OCME) Help Desk.                                                         0423.
Last day to contact Office of        June 21, 2024.........  5:00 p.m. ET..........  Service Request via AMIS;
 Certification Policy and                                                             [email protected];
 Evaluation (OCPE) Help Desk.                                                         or OCPE Helpdesk: 202-653-
                                                                                      0423.
Last day to contact IT Help Desk     June 25, 2024.........  5:00 p.m. ET..........  Service Request via AMIS;
 regarding AMIS support only.                                                         or CDFI Fund IT Helpdesk:
                                                                                      202-653-042.
Last day to submit Title VI          June 25, 2024.........  11:59 pm ET...........  Electronically via AMIS.
 Compliance Worksheet (all
 Applicants).
FY 2024 BEA Program Application and  June 25, 2024.........  11:59 pm ET...........  Electronically via AMIS.
 Required Attachments.
----------------------------------------------------------------------------------------------------------------

    Executive Summary: This NOFA is issued in connection with the 
fiscal year (FY) 2024 funding round of the Bank Enterprise Award 
Program (BEA Program). The BEA Program is administered by the U.S. 
Department of the Treasury's Community Development Financial 
Institutions Fund (CDFI Fund). Through the BEA Program, the CDFI Fund 
awards formula-based grants to depository institutions that are insured 
by the Federal Deposit Insurance Corporation (FDIC) for increasing 
their levels of loans, investments, Service Activities, and Technical 
Assistance to residents and businesses in the most economically 
Distressed Communities, and financial assistance and Technical 
Assistance to Certified Community Development Financial Institutions 
(CDFIs) through equity investments, equity-like loans, grants, stock 
purchases, loans, deposits, and other forms of assistance, during a 
specified period.

I. Program Description

    A. History: The CDFI Fund was established by the Riegle Community 
Development and Regulatory Improvement Act of 1994 to promote economic 
revitalization and community development through investment in and 
assistance to CDFIs.
    The BEA Program encourages the community development activities of 
banks and thrifts (collectively referred to as banks for purposes of 
this NOFA) by providing financial incentives to expand investments in 
CDFIs and to increase lending, investments, and Service Activities 
within Distressed Communities. Providing monetary awards to banks for 
increasing their community development activities leverages the CDFI 
Fund's dollars and puts more capital to work in Distressed Communities 
throughout the nation.
    B. Authorizing Statutes and Regulations: The BEA Program was 
authorized by the Bank Enterprise Award Act of 1991, as amended. The 
regulations governing the BEA Program can be found at 12 CFR part 1806 
(the Interim Rule). The Interim Rule provides the evaluation criteria 
and other requirements of the BEA Program. Detailed BEA Program 
requirements are also found in the application materials associated 
with this NOFA (the Application). The CDFI Fund encourages interested 
parties and Applicants to review the authorizing statute, Interim Rule, 
this NOFA, the Application, and the Uniform Administrative 
Requirements, Cost Principles, and Audit Requirements for Federal 
Awards (Uniform Administrative Requirements) for a complete 
understanding of the BEA Program. Capitalized terms in this NOFA are 
defined in the authorizing statute, the Interim Rule, this NOFA, the 
Application, or the Uniform Administrative Requirements. Details 
regarding Application content requirements are found in the Application 
and related materials. Application materials can be found on Grants.gov 
and the CDFI Fund's website at www.cdfifund.gov/bea.
    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 and Award Recipients must follow. 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

[[Page 33452]]

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 audit findings. In addition, the Uniform Requirements 
include guidance on audit requirements and other award requirements 
with which Award Recipients must comply.
    D. Priorities: Through the BEA Program, the CDFI Fund specifies the 
following priorities:
    1. Estimated Award Amounts: The award percentage used to derive the 
estimated award amount for Applicants that are CDFIs is three times 
greater than the award percentage used to derive the estimated award 
amount for Applicants that are not CDFIs;
    2. Priority Factors: Priority Factors will be assigned based on an 
Applicant's asset size, as described in Section V.A.14 of this NOFA 
(Application Review Information: Priority Factors); and
    3. Priority of Awards: The CDFI Fund will rank Applicants in each 
category of Qualified Activity according to the priorities described in 
Section V of this NOFA .
    E. Baseline Period and Assessment Period Dates: A BEA Program Award 
is based on an Applicant's increase in Qualified Activities from the 
Baseline Period to the Assessment Period, as reported on an individual 
transaction basis in the Application. For the FY 2024 funding round, 
the Baseline Period is January 1, 2022 through December 31, 2022, and 
the Assessment Period is January 1, 2023 through December 31, 2023.
    F. 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. The CDFI Fund also reserves the right to 
reallocate funds from the amount that is available through this NOFA to 
other CDFI Fund programs, or to reallocate remaining funds to a future 
BEA Program funding round, particularly if the CDFI Fund determines 
that the number of awards made through this NOFA is fewer than 
projected.
    G. Persistent Poverty Counties: Pursuant to the Consolidated 
Appropriations Act, 2024 (Pub. L. 118-42), Congress mandated that at 
least ten percent of the CDFI Fund's appropriations be directed to 
counties that meet the criteria for ``Persistent Poverty'' designation. 
Persistent Poverty Counties (PPCs) are defined as any county, including 
county equivalent areas in Puerto Rico, that has had 20 percent or more 
of its population living in poverty over the past 30 years, as measured 
by the 1990, 2000, and 2010 decennial censuses, and the 2016-2020 5-
year data series available from the American Community Survey of the 
Census Bureau or any other territory or possession of the United States 
that has had 20 percent or more of its population living in poverty 
over the past 30 years, as measured by the 1990, 2000 and 2010 Island 
Areas Decennial Censuses, or equivalent data, of the Bureau of the 
Census and published by the CDFI Fund at: https://www.cdfifund.gov/sites/cdfi/files/2023-03/PPC_2020_ACS_Jan20_2023.xlsx. Applicants that 
apply under this NOFA will be required to indicate the percentage of 
the BEA Program Award that the Applicant will commit to investing in 
PPCs.

II. Federal Award Information

    A. Funding Availability: The CDFI Fund expects to award up to $40 
million for the FY 2024 BEA Program Award round under this NOFA. The 
CDFI Fund reserves the right to award in excess of said funds under 
this NOFA, provided that the appropriated funds are available. The 
minimum award size will be $10,000. The maximum award size is $1 
million; however, the CDFI Fund reserves the right to impose a lower 
maximum award amount based on Application demand and availability of 
funds.
    B. Types of Awards: BEA Program Awards are made in the form of 
grants.
    C. Anticipated Start Date and Period of Performance: The CDFI Fund 
anticipates the period of performance for the FY 2024 funding round 
will begin in the fall of calendar year 2024. Specifically, the Period 
of Performance begins on the Federal Award Date and will conclude at 
least one (1) full year after the Federal Award Date as further 
specified in the BEA Program Award Agreement (Award Agreement), during 
which the Award Recipient must meet the performance goals set forth in 
the Award Agreement.
    D. Eligible Activities: Eligible activities for BEA Program 
Applicants are referred to as Qualified Activities and are defined in 
the Interim Rule to include CDFI Related Activities, Distressed 
Community Financing Activities, and Service Activities (12 CFR 
1806.103).
    CDFI Related Activities (12 CFR 1806.103) means CDFI Equity and 
CDFI Support Activities. CDFI Equity consists of Equity Investments, 
Equity-Like Loans, and Grants. CDFI Support Activities includes 
Certificates of Deposits, Loans, and Technical Assistance.
    Distressed Community Financing Activities (12 CFR 1806.103) means 
Consumer Loans and Commercial Loans and Investments. Consumer Loans 
include Affordable Housing Loans; Education Loans; Home Improvement 
Loans; and Small Dollar Consumer Loans. Commercial Loans and 
Investments includes Affordable Housing Development Loans and related 
Project Investments; Commercial Real Estate Loans and related Project 
Investments; and Small Business Loans and related Project Investments. 
Service Activities (12 CFR 1806.103) include Deposit Liabilities, 
Financial Services, Community Services, Targeted Financial Services, 
and Targeted Retail Savings/Investment Products.
    When calculating BEA Program Award amounts, the CDFI Fund will only 
consider the amount of a Qualified Activity that has been fully 
disbursed, subject to the requirements outlined in Section VI of this 
NOFA. In the case of Commercial Real Estate Loans and related Project 
Investments, the total principal amount of the transaction must be $10 
million or less to be considered a Qualified Activity. Notwithstanding 
the foregoing, the CDFI Fund, in its sole discretion, may consider 
transactions with a total principal value of over $10 million, subject 
to review.
    An activity funded with prior BEA Program Award dollars or funded 
to satisfy requirements of an Award Agreement from a prior BEA Program 
award or an agreement under any CDFI Fund program, shall not constitute 
a Qualified Activity for the purposes of calculating or receiving an 
award under this NOFA.
    E. Distressed Community: A Distressed Community must meet certain 
minimum geographic area and eligibility requirements, which are defined 
in the Interim Rule in 12 CFR 1806.103 and more fully described in 12 
CFR 1806.401. Applicants should use the CDFI Information Mapping System 
(CIMS) mapping tool to determine whether a Baseline Period activity or 
Assessment Period activity is located in a qualified Distressed 
Community. The CIMS mapping tool can be accessed through AMIS or the 
CDFI Fund's website at https://www.cdfifund.gov/Pages/mapping-system.aspx. The CIMS mapping tool contains a step-by-step training 
manual on how to use the tool. In addition, further instructions to 
determine whether an activity is located in a qualified BEA Distressed 
Community can be located in the BEA Program Application CIMS3 
Instructions document in the ``Application Materials'' section of the

[[Page 33453]]

BEA web page on the CDFI Fund's website located here: https://www.cdfifund.gov/programs-training/programs/bank-enterprise-award/apply-step. If you have any questions or issues accessing the CIMS 
mapping tool, please contact the CDFI Fund IT Help Desk via an AMIS 
Service Request (select IT) or telephone at (202) 653-0300.
    Please note that a Distressed Community as defined by the BEA 
Program is not the same as an Investment Area as defined by the CDFI 
Program, a Low-Income Community as defined by the NMTC Program, or an 
Area of Economic Distress as defined by the Capital Magnet Fund 
Program.
    1. Designation of Distressed Community by a CDFI Partner: CDFI 
Partners that receive CDFI Support Activities in the form of loans, 
Technical Assistance or deposits from an Applicant must be integrally 
involved in a Distressed Community. Applicants must provide evidence 
that each CDFI Partner that is the recipient of CDFI Support Activities 
is integrally involved in a Distressed Community, as noted in the 
Application. CDFI Partners that receive Equity Investments, Equity-Like 
Loans or Grants are not required to demonstrate Integral Involvement. 
Additional information on Integral Involvement can be found in Section 
V of this NOFA.
    2. Distressed Community Determination by a BEA Applicant: 
Applicants applying for a BEA Program Award for performing Distressed 
Community Financing Activities or Service Activities must verify that 
addresses of both Baseline Period and Assessment Period activities are 
in Distressed Communities when completing their Application.
    A BEA Applicant shall determine an area is a Distressed Community 
by:
    a. selecting a census tract where the Qualified Activity occurred 
that meets the minimum area and eligibility requirements; or
    b. selecting the census tract where the Qualified Activity 
occurred, plus one or more census tracts directly contiguous to where 
the Qualified Activity occurred, that when considered in the aggregate, 
meet the minimum area and eligibility requirements set forth in this 
section.
    F. Award Agreement: Each Award Recipient under this NOFA must 
electronically sign an Award Agreement via AMIS prior to payment of the 
award proceeds by the CDFI Fund. The Award Agreement contains the terms 
and conditions of the award. For further information, see Section VI. 
of this NOFA.
    G. Use of Award: It is the policy of the CDFI Fund that BEA Program 
Awards may not be used by Award Recipients to recover overhead or 
Indirect Costs. The Award Recipient may use up to 15 percent of the 
total BEA Program Award amount on Qualified Activities as Direct 
Administrative Expenses. ``Direct Administrative Expenses'' shall mean 
Direct Costs, as described in section 2 CFR 200.413 of the Uniform 
Requirements, which are incurred by the Award Recipient to carry out 
the Qualified Activities. Such costs must be able to be specifically 
identified with the Qualified Activities and not also recovered as 
Indirect Costs. ``Indirect Costs'' means costs or expenses defined in 
accordance with section 2 CFR 200.1 of the Uniform Requirements. In 
addition, the Award Recipient must comply, as applicable, with the Buy 
American Act of 1933, 41 U.S.C. 8301-8303 and section 2 CFR 200.216 of 
the Uniform Requirements,\1\ with respect to any Direct Costs.
---------------------------------------------------------------------------

    \1\ Sec.  200.216 Prohibition on certain telecommunications and 
video surveillance services or equipment.
    (a) Recipients and subrecipients are prohibited from obligating 
or expending loan or grant funds to:
    (1) Procure or obtain; (2) Extend or renew a contract to procure 
or obtain; or
    (3) Enter into a contract (or extend or renew a contract) to 
procure or obtain, equipment, services, or systems that uses covered 
telecommunications equipment or services as a substantial or 
essential component of any system, or as critical technology as part 
of any system. As described in Public Law 115-232, section 889, 
covered telecommunications equipment is telecommunications equipment 
produced by Huawei Technologies Company or ZTE Corporation (or any 
subsidiary or affiliated of such entities).
---------------------------------------------------------------------------

III. Eligibility Information

    A. Eligible Applicants: For the purposes of this NOFA, the 
following table sets forth the eligibility criteria to receive a BEA 
Program award from the CDFI Fund.

          Table 2--Eligibility Requirements for BEA Applicants
------------------------------------------------------------------------
             Criteria                            Description
------------------------------------------------------------------------
Eligible Applicants...............   Eligible Applicants for the
                                     BEA Program must be Insured
                                     Depository Institutions, as defined
                                     in the Interim Rule.
                                     For the FY 2024 funding
                                     round, an Applicant must have been
                                     FDIC-insured as of the first day of
                                     the Baseline Period, January 1,
                                     2022, and maintain its FDIC-insured
                                     status at the time of Application
                                     submission.
                                     The depository institution
                                     holding company of an Insured
                                     Depository Institution may not
                                     apply on behalf of an Insured
                                     Depository Institution.
                                     Applications received from
                                     depository institution holding
                                     companies will be disqualified.
CDFI Applicant....................   For the FY 2024 funding
                                     round, an eligible Certified-CDFI
                                     Applicant is an Insured Depository
                                     Institution that is one of the
                                     following: (1) is certified as a
                                     CDFI as of December 31, 2023 (end
                                     of the Assessment Period) and
                                     remains certified at the time BEA
                                     Program Awards are announced; OR
                                     (2) has submitted a CDFI
                                     Certification Application by May
                                     28, 2024 and receives its status as
                                     a Certified CDFI by the time BEA
                                     Program Awards are announced.
                                     No Applicant may receive a
                                     FY 2024 BEA Program Award, either
                                     directly or through a community
                                     partnership, if it has: (1) an
                                     application pending for assistance
                                     under the CDFI Program; (2) been
                                     awarded assistance from the CDFI
                                     Fund under the CDFI Program within
                                     the 12-month period prior to the
                                     Federal Award Date of the FY 2024
                                     BEA Program Award Agreement; (3)
                                     ever received assistance under the
                                     CDFI Program based on the same
                                     activities during the same period
                                     for which it is seeking a FY 2024
                                     BEA Program Award; or (4) ever
                                     received assistance from another
                                     CDFI Fund program or federal
                                     program based on the same
                                     activities during the same period
                                     for which it is seeking a FY 2024
                                     BEA Program Award.

[[Page 33454]]

 
Application and submission in        The CDFI Fund will only
 Grants.gov and Awards Management    accept Applications that use the
 Information System (AMIS).          official Application templates
                                     provided on Grants.gov and AMIS.
                                     Applications submitted with
                                     alternative or altered templates
                                     will not be considered.
                                     Applicants undergo a two-
                                     step process that requires the
                                     submission of Application documents
                                     by two separate deadlines in two
                                     different locations: (1) the SF-424
                                     in Grants.gov and (2) all other
                                     Required Application Documents in
                                     AMIS.
                                     Grants.gov and the Standard
                                     Form 424 (SF-424):
                                       [cir] Applicants must submit the
                                        SF-424, Application for Federal
                                        Assistance, through Grants.gov.
                                       [cir] All Applicants must
                                        register in the Grants.gov
                                        system to successfully submit an
                                        Application. The CDFI Fund
                                        strongly encourages Applicants
                                        to register as soon as possible.
                                       [cir] The CDFI Fund will not
                                        extend the SF-424 application
                                        deadline for any Applicant that
                                        started the Grants.gov
                                        registration process on, before,
                                        or after the date of the
                                        publication of this NOFA, but
                                        did not complete it by the
                                        deadline, except in the case of
                                        a federal government
                                        administrative or federal
                                        technological error that
                                        directly resulted in a late
                                        submission of the SF-424.
                                       [cir] The SF-424 must be
                                        submitted in Grants.gov on or
                                        before the deadline listed in
                                        Table 1. Applicants are strongly
                                        encouraged to submit their SF-
                                        424 as early as possible in the
                                        Grants.gov portal. The deadline
                                        for the Grants.gov submission is
                                        before the AMIS submission
                                        deadline.
                                       [cir] The SF-424 must be
                                        submitted under the BEA Program
                                        Funding Opportunity Number.
                                       [cir] If the SF-424 is not
                                        accepted by Grants.gov by the
                                        deadline, the CDFI Fund will not
                                        review any material submitted in
                                        AMIS and the Application will be
                                        deemed ineligible.
                                     AMIS and all other Required
                                     Application Documents:
                                       [cir] The CDFI Fund's Award
                                        Management Information System
                                        (AMIS) is an enterprise-wide
                                        information technology system
                                        (amis.cdfifund.gov). Applicants
                                        will use AMIS to submit and
                                        store organization and
                                        Application information with the
                                        CDFI Fund.
                                       [cir] Applicants are only allowed
                                        one BEA Program Application
                                        submission in AMIS.
                                       [cir] Each Application in AMIS
                                        must be signed by an Authorized
                                        Representative.
                                       [cir] Applicants must ensure that
                                        the Authorized Representative is
                                        an employee or officer of the
                                        Applicant, authorized to sign
                                        legal documents on behalf of the
                                        organization. Consultants
                                        working on behalf of the
                                        organization may not be
                                        designated as Authorized
                                        Representatives.
                                       [cir] Only the Authorized
                                        Representative or Application
                                        Point of Contact listed as an
                                        Organization Contact may submit
                                        the Application in AMIS.
                                       [cir] All Required Application
                                        Documents must be submitted in
                                        AMIS on or before the deadline
                                        specified in Tables 1.
                                     The CDFI Fund will not
                                     extend the deadline for any
                                     Applicant except in the case of a
                                     federal government administrative
                                     or federal technological error that
                                     directly resulted in the late
                                     submission of the Application in
                                     AMIS.
Employer Identification Number       Applicants must have a
 (EIN).                              unique EIN assigned by the Internal
                                     Revenue Service (IRS).
                                     The CDFI Fund will reject
                                     an Application submitted with the
                                     EIN of a parent or Affiliate
                                     organization.
                                     The EIN in the Applicant's
                                     AMIS account must match the EIN in
                                     the Applicant's System for Award
                                     Management (SAM) account. The CDFI
                                     Fund reserves the right to reject
                                     an Application if the EIN in the
                                     Applicant's AMIS account does not
                                     match the EIN in its SAM account.
                                     Applicants must enter their
                                     EIN into their AMIS profile by the
                                     deadline specified in Table 1.
Unique Entity Identifier (UEI)....   The transition from the Dun
                                     and Bradstreet Universal Numbering
                                     System (DUNS) to UEI is a federal,
                                     government-wide initiative.
                                     The CDFI Fund will reject
                                     an Application submitted with the
                                     UEI number of a parent or Affiliate
                                     organization.
                                     The UEI number in the
                                     Applicant's AMIS account must match
                                     the UEI number in the Applicant's
                                     Grants.gov and SAM accounts. The
                                     CDFI Fund will reject an
                                     Application if the UEI number in
                                     the Applicant's AMIS account does
                                     not match the UEI number in its
                                     Grants.gov and SAM accounts.
                                     Applicants must enter their
                                     UEI number into their AMIS profile
                                     on or before the deadline specified
                                     in Table 1.
System for Award Management (SAM).   SAM is a web-based,
                                     government-wide application that
                                     collects, validates, stores, and
                                     disseminates business information
                                     about the federal government's
                                     trading partners in support of the
                                     contract awards, grants, and
                                     electronic payment processes
                                     (SAM.gov).
                                     Applicants must register in
                                     SAM as part of the Grants.gov
                                     registration process.
                                     Applicants that have an
                                     active SAM registration are already
                                     assigned a UEI. Applicants must
                                     also have an EIN number in order to
                                     register in SAM.
                                     Applicants must be
                                     registered in SAM in order to
                                     submit an SF-424 in Grants.gov.
                                     The CDFI Fund reserves the
                                     right to deem an Application
                                     ineligible if the Applicant's SAM
                                     account expires during the time
                                     period between the submission of
                                     the Applicant's SF-424 and the
                                     Award announcement, or is set to
                                     expire before September 30, 2024
                                     and the Applicant does not re-
                                     activate, or renew, as applicable,
                                     the account within the deadlines
                                     that the CDFI Fund communicates to
                                     affected Applicants during the
                                     Application evaluation period.
AMIS Account......................   Each Applicant must
                                     register as an organization in AMIS
                                     and submit its Application and all
                                     required documents through the AMIS
                                     portal (amis.cdfifund.gov).

[[Page 33455]]

 
                                     The Application of any
                                     organization that does not properly
                                     register in AMIS by the deadline
                                     set forth in Table 1 will be
                                     rejected without further
                                     consideration.
                                     The Authorized
                                     Representative and/or Application
                                     Point of Contact must be included
                                     as ``users'' in the Applicant's
                                     AMIS account.
                                     An Applicant that fails to
                                     properly register and update its
                                     AMIS account may miss important
                                     communication from the CDFI Fund
                                     and/or may not be able to
                                     successfully submit an Application.
501(c)(4) status..................   Pursuant to 2 U.S.C. 1611,
                                     any 501(c)(4) organization that
                                     engages in lobbying activities is
                                     not eligible to receive a BEA
                                     Program Award.
Compliance with Nondiscrimination    An Applicant may not be
 and Equal Opportunity Statutes,     eligible to receive a BEA 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 time
                                     period beginning three years prior
                                     to the publication of this NOFA
                                     until the execution of the Award
                                     Agreement that indicates the
                                     Applicant has violated any federal
                                     civil rights laws or regulations,
                                     including but not limited to: Title
                                     VI of the Civil Rights Act of 1964,
                                     as amended (42 U.S.C.2000d et
                                     seq.); the Fair Housing Act (42
                                     U.S.C. 3601 et seq.); the Equal
                                     Credit Opportunity Act (15 U.S.C.
                                     1691 et seq.); 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);
                                     and Title IX of the Education
                                     Amendments of 1972 (20 U.S.C. 1681
                                     et seq.).
                                     Applicants will be required
                                     to submit the Title VI Compliance
                                     Worksheet (Worksheet) once annually
                                     to assist the CDFI Fund in
                                     determining whether Applicants are
                                     compliant with the Treasury
                                     regulations implementing Title VI
                                     of the Civil Rights Act of 1964
                                     (Title VI), set forth in 31 CFR
                                     part 22, Nondiscrimination on the
                                     Basis of Race, Color, or National
                                     Origin in Programs or Activities
                                     Receiving Federal Financial
                                     Assistance from the Department of
                                     the Treasury.
                                     In addition, an Applicant
                                     must be compliant with federal
                                     civil rights requirements in order
                                     to be deemed eligible to receive an
                                     Award from the CDFI Fund. The CDFI
                                     Fund will consider an Application
                                     submitted by an Applicant that may
                                     have pending Title VI noncompliance
                                     issues; however, until the CDFI
                                     Fund makes a final determination
                                     that the Applicant is Title VI
                                     compliant, it will not enter into
                                     an Award Agreement.
                                     The Title VI Compliance
                                     Worksheet and program award terms
                                     and conditions do not impose
                                     antidiscrimination requirements on
                                     Tribal governments beyond what
                                     would otherwise apply under federal
                                     law.
Depository Institution Holding       The depository institution
 Company.                            holding company of an Insured
                                     Depository Institution may not
                                     apply on behalf of an Insured
                                     Depository Institution.
                                     Applications received from
                                     depository institution holding
                                     companies will be disqualified.
Regulated Institutions............   Eligible Applicants for the
                                     BEA Program must be Insured
                                     Depository Institutions, as defined
                                     in the Interim Rule.
Use of Award......................   All awards made through
                                     this NOFA must be used to support
                                     the Applicant's Eligibility
                                     Activities per Section II (D).
                                     Awards may not be used to
                                     support the activities of, or
                                     otherwise be passed through,
                                     transferred, or co-awarded to,
                                     third-party entities, whether
                                     Affiliates, Subsidiaries, or
                                     others, unless done pursuant to a
                                     merger or acquisition or similar
                                     transaction, and with the CDFI
                                     Fund's prior written consent. The
                                     Recipient of any award made through
                                     this NOFA must comply, as
                                     applicable, with the Buy American
                                     Act of 1933, 41 U.S.C. 8301-8303
                                     and section 2 CFR 200.216 of the
                                     Uniform Requirements, with respect
                                     to any Direct Costs.
Pending resolution of                If an Applicant (or
 noncompliance or default.           Affiliate of an Applicant) that is
                                     a prior Recipient or Allocatee
                                     under any CDFI Fund program: (i)
                                     Has demonstrated it has been in
                                     noncompliance or default with a
                                     previous assistance agreement,
                                     award agreement, allocation
                                     agreement, bond loan agreement, or
                                     agreement to guarantee and (ii) the
                                     CDFI Fund has yet to make a final
                                     determination as to whether the
                                     entity is in noncompliance with or
                                     default of its previous agreement,
                                     the CDFI Fund will consider the
                                     Applicant's Application under this
                                     NOFA pending full resolution, in
                                     the sole determination of the CDFI
                                     Fund, of the noncompliance or
                                     default.
Noncompliance or default status...   The CDFI Fund will not
                                     consider an Application submitted
                                     by an Applicant that is a prior
                                     CDFI Fund award Recipient or
                                     Allocatee under any CDFI Fund
                                     program if, as of the AMIS
                                     Application deadline in this NOFA,
                                     (i) the CDFI Fund has made a final
                                     determination in writing that such
                                     Applicant (or Affiliate of such
                                     Applicant) is in noncompliance with
                                     or default of a previously executed
                                     assistance agreement, award
                                     agreement, allocation agreement,
                                     bond loan agreement, or agreement
                                     to guarantee, 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.
                                     The CDFI Fund will not
                                     consider any Applicant that has
                                     defaulted on a loan from the CDFI
                                     Fund within five years of the
                                     Application deadline.
Debarment/Do Not Pay Verification.   The CDFI Fund will conduct
                                     a debarment check and will not
                                     consider an Application submitted
                                     by an Applicant (or Affiliate of an
                                     Applicant) if the Applicant is
                                     delinquent on any Federal debt.
                                     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 Do Not Pay Business Center
                                     provides delinquency information to
                                     the CDFI Fund to assist with the
                                     debarment check.
------------------------------------------------------------------------


[[Page 33456]]

    B. Prior Award Recipients: Prior BEA Program Award Recipients and 
prior Award Recipients of other CDFI Fund programs are eligible to 
apply under this NOFA, except as noted in the following table:

  Table 3--Eligibility Requirements for Applicants With Prior CDFI Fund
                                 Awards
------------------------------------------------------------------------
             Criteria                            Description
------------------------------------------------------------------------
Pending resolution of Default or     If an Applicant (or
 Noncompliance.                      Affiliate of an Applicant) that is
                                     a prior Award Recipient or
                                     Allocatee under any CDFI Fund
                                     program: (i) has demonstrated it is
                                     in noncompliance with or default of
                                     a previous assistance agreement,
                                     award agreement, allocation
                                     agreement, bond loan agreement, or
                                     agreement to guarantee and (ii) the
                                     CDFI Fund has yet to make a final
                                     determination as to whether the
                                     entity is in noncompliance with or
                                     default of its previous agreement,
                                     the CDFI Fund will consider the
                                     Applicant's Application under this
                                     NOFA pending full resolution, in
                                     the sole determination of the CDFI
                                     Fund, of the noncompliance or
                                     default.
Default or Noncompliance status...   The CDFI Fund will not
                                     consider an Application submitted
                                     by an Applicant (or Affiliate of
                                     such Applicant) that has a
                                     previously executed assistance
                                     agreement, award agreement, bond
                                     loan agreement, or agreement to
                                     guarantee or allocation agreement
                                     if, as of the date of the
                                     Application, (i) the CDFI Fund has
                                     made a determination that such
                                     entity is noncompliant with and or
                                     in default of such 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.
------------------------------------------------------------------------

    C. Contact the CDFI Fund: Accordingly, Applicants that are prior 
Award Recipients and/or Allocatees under any CDFI Fund program are 
advised to comply with requirements specified in an assistance 
agreement, award agreement, allocation agreement, bond loan agreement, 
or agreement to guarantee. All outstanding reports and compliance 
questions should be directed to the Certification, Compliance 
Monitoring and Evaluation helpdesk by submitting a BEA Compliance and 
Reporting AMIS Service Request or by telephone at (202) 653-0423. The 
CDFI Fund will respond to Applicants' reporting, compliance, or 
disbursement questions between the hours of 9:00 a.m. and 5:00 p.m. ET, 
starting on the date of the publication of this NOFA. The CDFI Fund 
will not respond to Applicants' reporting, compliance, or disbursement 
telephone calls or electronic inquiries received after 5:00 p.m. ET on 
June 21, 2024, until after the Application deadline. The CDFI Fund will 
respond to technical issues related to AMIS Accounts through 5:00 p.m. 
ET on June 25, 2024, via an IT AMIS Service Request, email at 
[email protected], or by telephone at (202) 653-0422.
    D. Cost sharing or matching fund requirements: Not applicable.

IV. Application and Submission Information

    A. Address to Request an Application Package: Application materials 
can be found on Grants.gov and the CDFI Fund's website at 
www.cdfifund.gov/bea. If an Applicant is unable to access Grants.gov or 
the CDFI Fund's website, an Applicant may request a paper version of 
any Application material by contacting the CDFI Fund Help Desk at 
[email protected] or (202) 653-0421.
    B. Content and Form of Application Submission: The CDFI Fund will 
post to its website, at www.cdfifund.gov/bea, instructions for 
accessing and submitting an Application. Detailed Application content 
requirements are found in the Application and related guidance 
documents. All Application materials must be prepared using the English 
language and calculations must be made in U.S. dollars. Applicants must 
submit all required documents identified in the FY 2024 BEA Program 
Application Instructions 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.
    C. Application Submission: The CDFI Fund has a two-step submission 
process for BEA Applications that requires the submission of required 
application information on two separate deadlines and in two separate 
systems. 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 Table 1 
and Table 4. Only the Authorized Representative for the Organization 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 in order to provide sufficient time to 
resolve any potential submission issues. 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. If an Applicant has not previously registered 
with Grants.gov, it must first successfully register in SAM.gov, as 
described in Section IV.D below.
    D. System for Award Management: 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. When accessing SAM.gov, users will be 
asked to create a login.gov user account (if they do not already have 
one). Registration in SAM is required as part of the Grants.gov 
registration process. Going forward, users will use their login.gov 
username and password every time when logging into SAM.gov. The SAM 
registration process can take four weeks or longer to complete, so 
Applicants are strongly encouraged to begin the registration process 
upon publication of this NOFA in order to avoid potential Application 
submission issues. An original, signed

[[Page 33457]]

notarized letter identifying the authorized entity administrator for 
the entity associated with the UEI number is required by SAM and must 
be mailed to the Federal Service Desk. This requirement is applicable 
to new entities registering in SAM or on existing registrations where 
there is no existing entity administrator. Existing entities with 
registered entity administrators do not need to submit an annual 
notarized letter. Applicants that have previously completed the SAM 
registration process must verify that their SAM accounts are current 
and active. Applicants are required to maintain a current and active 
SAM account at all times during which it has an active federal award or 
an Application under consideration for an award 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 or call 866-606-8220.
    E. Unique Entity Identifier: The Unique Entity Identifier (UEI), 
generated in the System for Award Management (SAM.gov), has become the 
official identifier for doing business with the federal government. 
This allows the federal government to streamline the entity 
identification and validation process, making it easier and less 
burdensome for entities to do business with the federal government. If 
an entity is registered in SAM.gov, its UEI has already been assigned 
and is viewable in SAM.gov, including inactive registrations. New 
registrants will be assigned a UEI as part of their SAM registration.
    F. Submission Dates and Times: Table 4 lists the deadlines for 
submission of the documents related to the FY 2024 BEA Program Funding 
Round.

     Table 4--Submission Deadlines for the FY 2024 BEA Funding Round
------------------------------------------------------------------------
         Description               Deadline        Time (Eastern Time)
------------------------------------------------------------------------
OMB Standard Form (SF)-424     May 28, 2024...  11:59 p.m. ET.
 Mandatory Form.
Submission Method:
 Electronically via
 Grants.gov..
Title VI Compliance Worksheet  June 25, 2024..  11:59 pm ET.
 (all Applicants).
FY 2024 BEA Program AMIS       June 25, 2024..  11:59 pm ET.
 Application and Required
 Attachments.
Submission Method:
 Electronically via AMIS..
------------------------------------------------------------------------

    G. Confirmation of Application Submission in Grants.gov and AMIS: 
Applicants are required to submit the SF-424 Mandatory Form through the 
Grants.gov system under the FY 2024 BEA Program Funding Opportunity 
Number (listed at the beginning of this NOFA). All other required 
Application materials must be submitted through AMIS. Application 
materials submitted through each system are due by the applicable 
deadline listed in Table 1 and Table 4. Applicants must submit the SF-
424 by an earlier deadline than that of the other required Application 
materials in AMIS. If a valid SF-424 is not submitted through 
Grants.gov by the corresponding deadline, the Applicant will not be 
able to submit the additional Application materials 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, given that potential submission issues may impact the ability 
to submit a complete Application.
    (a) Grants.gov Submission Information: Each Applicant will receive 
an initial 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 the submitted SF-424. 
Within forty-eight (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 checking Grants.gov directly. The 
Application materials submitted in AMIS are not accepted by the CDFI 
Fund until Grants.gov has validated the SF-424. In the Grants.gov 
Workspace function, please note that the Application package has not 
been submitted if you have not received a tracking number.
    (b) AMIS Submission Information: AMIS is a web-based portal where 
Applicants will directly enter their Application information and upload 
required documents identified in the FY 2024 BEA Program Application 
Instructions. Each Applicant must register as an organization in AMIS 
in order to submit the required Application materials through this 
portal. 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 AMIS Application 
submissions.
    Prior to submission, each Application in AMIS must be signed by an 
Authorized Representative. An Authorized Representative is an employee 
or officer and has the authority to legally bind and make 
representations on behalf of the Applicant; consultants working on 
behalf of the Applicant cannot be designated as Authorized 
Representatives. The Applicant may include consultants as Application 
point(s) of contact, who will be included on any communication 
regarding the Application and will be able to submit the Application 
but cannot sign the Application. 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. 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. Only an Authorized 
Representative for the organization or an Application point of contact 
can submit

[[Page 33458]]

the Application in AMIS. 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.
    (c)Multiple Application Submissions: Applicants are only permitted 
to submit one complete Application. However, the CDFI Fund does not 
administer Grants.gov, which does allow for multiple submissions of the 
SF-424. If an Applicant submits multiple SF-424 Applications in 
Grants.gov, the CDFI Fund will only review the SF-424 Application 
submitted in Grants.gov that is attached to the AMIS Application. 
Applicants can only submit one Application through AMIS.
    (d) Late Submission or AMIS Account Creation: The CDFI Fund will 
not accept an SF-424 submitted after the applicable Grants.gov, an AMIS 
Application submitted after the AMIS Application deadline, or an 
Application from an Applicant that failed to create an AMIS account by 
the deadlines specified in Table 1 and Table 4, or if an Applicant did 
not submit the required Title VI Compliance Worksheet by the 
Application deadline listed in Table 1 and Table 4, except where the 
submission delay was a direct result of a federal government 
administrative or federal government technological error. This 
exception includes any errors associated with Grants.gov, SAM.gov, 
AMIS, or any other applicable government system. In cases that are not 
the direct result of a federal government administrative or federal 
government technological error, the CDFI Fund will not review any 
material submitted, and the Application will be deemed ineligible. 
However, in cases where a federal government administrative or 
technological error directly resulted in precluding an Applicant from 
submitting the SF-424, the Application, or creating an AMIS account, or 
precluding an Applicant from submitting the Title VI Compliance 
Worksheet by the deadlines stated in this NOFA, Applicants are provided 
the opportunity to submit a written request for acceptance of late 
submissions. The CDFI Fund will not consider the late submission of the 
SF-424, the Application, the Title VI Compliance worksheet, or the late 
creation of an AMIS account that was a direct result of a delay in a 
federal government process, unless such delay was the result of a 
federal government administrative or technological error.
    (1) Creation of AMIS Account: In cases where a federal government 
administrative or technological error directly precluded an Applicant 
from creating an AMIS account by the required deadline, the Applicant 
must submit a written request for approval to create its AMIS account 
after the deadline, and include documentation of the error, no later 
than two business days after the AMIS account creation deadline. The 
CDFI Fund will not respond to requests for creating an AMIS account 
after that time. Applicants must submit such request via an AMIS 
Service Request with a subject line of ``BEA Program--AMIS Account 
Creation Deadline Extension Request.''
    (2) SF-424 Late Submission: In cases where a federal government 
administrative or federal government technological error directly 
resulted in the late submission of the SF-424, the Applicant must 
submit a written request for acceptance of the late SF-424 submission 
and include documentation of the error no later than two business days 
after the SF-424 deadline. The CDFI Fund will not respond to requests 
for acceptance of late SF-424 submissions after that period. Applicants 
must submit late SF-424 submission requests to the CDFI Fund via an 
AMIS service request to the BEA Program with a subject line of ``BEA 
Program--Late SF-424 Submission Request.''
    (3) Title VI Compliance Worksheet Late Submission: In cases where a 
federal government administrative or technological error directly 
precluded an Applicant from submitting the Title VI Compliance 
Worksheet by the required deadline, the Applicant must submit a written 
request for approval to submit the Worksheet after the deadline, and 
include documentation of the error, no later than two business days 
after the Title VI Compliance Worksheet submission deadline. The CDFI 
Fund will not respond to requests for submitting a Title VI Compliance 
Worksheet after that time. Applicants must submit such request via an 
AMIS Service Request to the BEA Program with a subject line of ``BEA 
Program--Title VI Compliance Worksheet Deadline Extension Request.''
    (4) AMIS Application Late Submission: In cases where a federal 
government administrative or federal government technological error 
directly resulted in a late submission of the Application in AMIS, the 
Applicant must submit a written request for acceptance of the late 
Application submission and include documentation of the error no later 
than two business days after the Application deadline. The CDFI Fund 
will not respond to requests for acceptance of late AMIS Application 
submissions after that time period. Applicants must submit late 
Application submission requests to the CDFI Fund via an AMIS service 
request to the BEA Program with a subject line of ``BEA Program--Late 
Application Submission Request.''
    H. Funding Restrictions: BEA Program Awards are limited by the 
following:
    1. The Award Recipient shall use BEA Program Award funds only for 
the eligible activities described in Section II. D. of this NOFA and 
the Authorized BEA Program Activities described in its Award Agreement.
    2. The Award Recipient may not distribute BEA Program Award funds 
to an Affiliate, Subsidiary, or any other entity, without the CDFI 
Fund's prior written approval.
    3. BEA Program Award funds shall only be disbursed to the Award 
Recipient.
    4. The CDFI Fund, in its sole discretion, may disburse BEA Program 
Award funds in amounts, or under terms and conditions, which are 
different from those requested by an Applicant.
    I. Other Submission Requirements: None.

V. Application Review Information

    A. Contacting Applicant for Clarification: If the Applicant 
submitted a complete and eligible Application, the CDFI Fund will 
conduct a substantive review in accordance with the criteria and 
procedures described in the Regulations, this NOFA, the Application 
guidance, and the Uniform Requirements. The CDFI Fund reserves the 
right to contact the Applicant by telephone, email, or mail for the 
sole purpose of clarifying or confirming Application information. If 
contacted, the Applicant must respond within the time period 
communicated by the CDFI Fund or run the risk that the Applicant's 
Application will be rejected.
    B. Personally Identifiable Information (PII): The CDFI Fund will 
not collect or accept any Personally Identifiable Information (PII) in 
AMIS or in any of the Application submission materials. PII is 
information, which if lost, compromised, or disclosed without 
authorization, could result in substantial harm, embarrassment, 
inconvenience, or unfairness to an individual. Although Applicants are 
required to enter addresses of individual borrowers or residents of 
Distressed Communities in AMIS, Applicants must not include the 
following PII for the individuals who received the financial products 
or services in AMIS or in the supporting documentation: name of the 
individual, Social Security Number, driver's license or state 
identification

[[Page 33459]]

number, passport number, and Alien Registration Number. This 
information should be redacted from all supporting documentation. If 
the CDFI Fund discovers PII during the review of an Application, the 
transaction will be deleted from the application record and deemed 
ineligible.
    C. Qualified Activities Criteria and Requirements: Applicants may 
submit transactions for Qualified Activities for the categories 
outlined below. Applicants must provide all required transaction 
information in the AMIS Application as required in this NOFA and the FY 
2024 BEA Program Application Instructions. If an Applicant fails to 
provide the mandatory information on a transaction, it will be deemed 
ineligible for the purposes of calculating the BEA Award amount.
    1. CDFI Related Activities: For CDFI Related Activities, Applicants 
may select transactions in the following two sub-categories: (1) CDFI 
Equity; and (2) CDFI Support Activities.
    (1) CDFI Equity: This sub-category includes the following three 
components: a. Equity Investments; and b. Equity-Like Loans. Additional 
requirements and limitations for this sub-category are described in 
Parts c. through e.
    a. Equity Investment: An Equity Investment means financial 
assistance provided by an Applicant or its Subsidiary to a CDFI, which 
CDFI meets such criteria as set forth in this NOFA, in the form of a 
grant, a stock purchase, a purchase of a partnership interest, a 
purchase of a limited liability company membership interest, or any 
other investment deemed to be an Equity Investment by the CDFI Fund.
    b. Equity-Like Loan: An Equity-Like Loan is a loan provided by an 
Applicant or its Subsidiary to a CDFI and made on such terms that it 
has characteristics of an Equity Investment, as such characteristics 
may be specified by the CDFI Fund (12 CFR 1806.103). For purposes of 
this NOFA, an Equity-Like Loan must meet the following characteristics:
    (i) At the end of the initial term, the loan must have a definite 
rolling maturity date that is automatically extended on an annual basis 
if the CDFI borrower continues to be financially sound and carry out a 
community development mission;
    (ii) Periodic payments of interest and/or principal may only be 
made out of the CDFI borrower's available cash flow after satisfying 
all other obligations;
    (iii) Failure to pay principal or interest (except at maturity) 
will not automatically result in a default of the loan agreement; and
    (iv) The loan must be subordinated to all other debt except for 
other Equity-Like Loans. Notwithstanding the foregoing, the CDFI Fund 
reserves the right to determine, in its sole discretion and on a case-
by-case basis, whether an instrument meets the above-stated 
characteristics of an Equity-Like Loan.
    c. CDFI Partner: CDFI Partner is defined as a Certified CDFI that 
has been provided assistance in the form of CDFI Related Activities by 
an unaffiliated Applicant (12 CFR 1806.103). For the purposes of this 
NOFA, an eligible CDFI Partner that receives CDFI Support Activities 
from an Applicant must be Integrally Involved in a Distressed Community 
and have been certified as a CDFI as of the date that the BEA Applicant 
made its investment or provided support.
    d. Limitations on eligible Qualified Activities provided to certain 
CDFI Partners: A CDFI Applicant cannot receive credit for any financial 
assistance or Qualified Activities provided to a CDFI Partner that is 
also an FDIC-insured depository institution or a depository institution 
holding company.
    e. CDFI Program Matching Funds: Equity Investments, Equity-Like 
Loans, and CDFI Support Activities (except Technical Assistance) 
provided by a BEA Applicant to a CDFI and used by the CDFI for matching 
funds under the CDFI Program are eligible as a Qualified Activity under 
the CDFI Related Activity category.
    (2) CDFI Support Activity: A CDFI Support Activity is defined as 
assistance provided by an Applicant or its Subsidiary to a CDFI that is 
Integrally Involved in a Distressed Community, in the form of 
certificates of deposits, loans, or Technical Assistance. This sub-
category consists of three components: (a) Certificates of Deposits; 
(b) Loans; and (c) Technical Assistance. Additional requirements and 
limitations for this sub-category are described in Part (d).
    (a) Certificates of Deposit: A Certificate of Deposit (CD), a CDFI 
Support Activity, placed by an Applicant or its Subsidiary in a CDFI 
Partner that is a bank, thrift, or credit union must be: (i) uninsured 
and committed for at least three years; or (ii) insured, committed for 
a term of at least three years, and provided at an interest rate that 
is materially below market rates, in the determination of the CDFI 
Fund.
    i. For purposes of this NOFA, ``materially below market interest 
rate'' is defined as an annual percentage rate that does not exceed the 
yields on Treasury securities at constant maturity as interpolated by 
Treasury from the daily yield curve and available on the Treasury 
website at www.treas.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml. For example, for a three-year CD, Applicants 
should use the three-year rate U.S. Government securities, Treasury 
Yield Curve Rate posted for that business day. The Treasury updates the 
website daily at approximately 5:30 p.m. ET. CDs placed prior to that 
time may use the rate posted for the previous business day. The annual 
percentage rate on a CD should be compounded daily, quarterly, semi-
annually, or annually. If a variable interest rate is used, the CD must 
also have an interest rate that is materially below the market interest 
rate over the life of the CD, in the determination of the CDFI Fund. If 
a variable rate is used, the Applicant must describe its methodology 
for determining that the interest rate over the life of the CD is a 
materially below market interest rate. The CDFI Fund reserves the right 
to follow up with an Applicant regarding variable interest rate CD 
transactions.
    ii. For purposes of this NOFA, a deposit placed by an Applicant 
directly with a CDFI Partner that participates in a deposit network or 
service may be treated as eligible under this NOFA if it otherwise 
meets the criteria for deposits specified in this NOFA and the CDFI 
Partner retains the full amount of the initial deposit or an amount 
equivalent to the full amount of the initial deposit through a deposit 
network exchange transaction.
    (b) Loans: Loans, a CDFI Support Activity, refers to an Applicant 
providing loans to an Eligible CDFI Partner.
    (c) Technical Assistance: Technical Assistance, a CDFI Support 
Activity, refers to the provision of consulting services, resources, 
training, and other nonmonetary support to an Eligible CDFI Partner 
relating to an organization, individual, or operation of a trade or 
business.
    (d) Integrally Involved: Integrally Involved is defined at 12 CFR 
1806.103. For purposes of this NOFA, in order for an Applicant to 
report CDFI Support Activities in its Application, the CDFI Partner 
which received the support must be deemed to be Integrally Involved by 
demonstrating it has: (i) provided at least 10 percent of the number of 
its financial transactions or dollars transacted (e.g., loans or Equity 
Investments), or 10 percent of the number of its Development Service 
Activities (as defined in 12 CFR

[[Page 33460]]

1805.104) or value of the administrative cost of providing such 
services, in one or more Distressed Communities identified by the CDFI 
Partner, in each of the three calendar years preceding the date of this 
NOFA; or (ii) transacted at least 25 percent of the number of its 
financial transactions or dollars transacted (e.g., loans or equity 
investments) in one or more Distressed Communities in at least one of 
the three calendar years preceding the date of this NOFA, or 25 percent 
of the number of its Development Service Activities (as defined in 12 
CFR 1805.104) or value of the administrative cost of providing such 
services, in one or more Distressed Communities identified by the CDFI 
Partner, in at least one of the three calendar years preceding the date 
of this NOFA; or (iii) demonstrated that it has attained at least 10 
percent of market share for a particular financial product in one or 
more Distressed Communities (such as home mortgages originated in one 
or more Distressed Communities) in at least one of the three calendar 
years preceding the date of this NOFA; or (iv) at least 25 percent of 
the CDFI Partner's physical locations (e.g., offices or branches) are 
located in one or more Distressed Communities where it provided 
financial transactions or Development Service Activities during the one 
calendar year preceding the date of the NOFA.
    2. Distressed Community Financing Activities and Service 
Activities: Distressed Community Financing Activities comply with 
consumer protection laws and are defined as the following: (1) Consumer 
Loans; or (2) Commercial Loans and Investments. In addition to the 
requirements set forth in the Interim Rule, this NOFA provides the 
following additional requirements:
    (1) Consumer Loans: Consumer Loans is a sub-category of Distressed 
Community Financing Activities and is defined as the following lending 
activity types: a. Affordable Housing Loans; b. Education Loans; c. 
Home Improvement Loans; and d. Small Dollar Consumer Loans.
    a. Affordable Housing Loans: Affordable Housing Loans are Consumer 
Loans that refer to the origination of a loan to finance the purchase 
or improvement of the borrower's primary residence, and that is secured 
by such property, where such borrower is an Eligible Resident who meets 
Low- and Moderate-Income requirements.
    b. Education Loans: Education Loans are Consumer Loans that refer 
to an advance of funds to a student who is an Eligible Resident who 
meets Low- and Moderate-Income requirements for the purpose of 
financing a college or vocational education.
    c. Home Improvement Loans: Home Improvement Loans are Consumer 
Loans that refer to an advance of funds, either unsecured or secured by 
a one-to-four family residential property, the proceeds of which are 
used to improve the borrower's primary residence, where such borrower 
is an Eligible Resident who meets Low- and Moderate-Income 
requirements.
    d. Small Dollar Consumer Loans: For purposes of this NOFA, eligible 
Small Dollar Consumer Loans are responsible and affordable loans that 
serve as available alternatives to the marketplace for individuals who 
are Eligible Residents who meet Low- and Moderate-Income requirements 
with a total principal value of no less than $500 and no greater than 
$5,000 and have a term of ninety (90) days or more. A responsible Small 
Dollar Loan generally considers the borrower's ability to repay and may 
also reflect repayment terms, pricing, and safeguards that minimize 
adverse customer outcomes, including cycles of debt due to rollovers or 
reborrowing.
    (2) Commercial Loans and Investments: Commercial Loans and 
Investments is a sub-category of Distressed Community Financing 
Activities and is defined as the following lending activity types: a. 
Affordable Housing Development Loans and related Project Investments; 
b. Commercial Real Estate Loans and related Project Investments; and c. 
Small Business Loans and related Project Investments.
    a. Affordable Housing Development Loans and Project Investments: 
Affordable Housing Development Loans are Commercial Loans that refer to 
the origination of a loan to finance the acquisition, construction, 
and/or development of single- or multifamily residential real property, 
where at least 60 percent of the units in such property are affordable, 
to Eligible Residents who meet Low- and Moderate-Income requirements. 
For the purposes of this NOFA, eligible Affordable Housing Development 
Loans and related Project Investments do not include housing for 
students, or school dormitories. In addition, for such transactions, 
Applicants will be required to provide supporting documentation that 
demonstrates that at least 60 percent of the units in the property 
financed are or will be sold or rented to Eligible Residents who meet 
Low-and-Moderate-Income requirements, as noted in the Application 
instructions.
    b. Commercial Real Estate Loans and related Project Investments: 
For purposes of this NOFA, eligible Commercial Real Estate Loans (12 
CFR 1806.103) and related Project Investments are generally limited to 
transactions with a total principal value of $10 million or less. 
Notwithstanding the foregoing, the CDFI Fund, in its sole discretion, 
may consider transactions with a total principal value of over $10 
million, subject to review. For such transactions, Applicants must 
provide a separate narrative, or other information, to demonstrate that 
the proposed project offers, or significantly enhances the quality of, 
a facility or service not currently provided to the Distressed 
Community.
    c. Small Business Loans and Project Investments: Small Business 
Loans are Commercial Loans that refer to the origination of a loan used 
for commercial or industrial activities (other than an Affordable 
Housing Loan, Affordable Housing Development Loan, Commercial Real 
Estate Loan, or Home Improvement Loan) to a business or farm that meets 
the size eligibility standards of the Small Business Administration's 
Development Company or Small Business Investment Company programs (13 
CFR 121.301) and is located in a Distressed Community.
    d. Distressed Community Financing Activities for Transactions Less 
Than $250,000: For purposes of this NOFA, Applicants are expected to 
maintain records for any transaction submitted as part of the FY 2024 
BEA Program Application, including supporting documentation for 
transactions in the Distressed Community Financing Activity category of 
less than $250,000. The CDFI Fund reserves the right to request 
supporting documentation from an Applicant during its Application 
Review process for a Distressed Community Financing Activities 
transaction less than $250,000.
    3. Service Activities: Service Activities consist of the following 
five types: a: Deposit Liabilities; b. Community Services; c. Financial 
Services; d. Targeted Financial Services; and e. Targeted Retail 
Savings/Investment Products.
    a. Deposit Liabilities: Deposit Liabilities are considered Service 
Activities and refer to time or savings deposits or demand deposits. 
Any such deposit must be accepted from Eligible Residents at the 
offices of the Applicant or of the Subsidiary of the Applicant and 
located in the Distressed Community. Deposit Liabilities may only 
include deposits held by individuals in transaction accounts (e.g., 
demand deposits, negotiable order of withdrawal accounts, automated

[[Page 33461]]

transfer service accounts, and telephone or preauthorized transfer 
accounts) or non-transaction accounts (e.g., money market deposit 
accounts, other savings deposits, and all time deposits), as defined by 
the Appropriate Federal Banking Agency.
    b. Community Services: Community Services are considered Service 
Activities and refer to the following forms of assistance provided by 
officers, employees or agents (contractual or otherwise) of the 
Applicant: (1) Provision of Technical Assistance and financial 
education to Eligible Residents regarding managing their personal 
finances; (2) Provision of Technical Assistance and consulting services 
to newly formed small businesses and nonprofit organizations located in 
the Distressed Community; (3) Provision of Technical Assistance and 
financial education to, or servicing the loans of, homeowners who are 
Eligible Residents and meet Low- and Moderate-Income requirements; and 
(4) Other services provided to Eligible Residents who meet Low- and 
Moderate-Income requirements or enterprises that are Integrally 
Involved in a Distressed Community, as deemed appropriate by the CDFI 
Fund.
    c. Financial Services: Financial Services are Service Activities 
that refer to check cashing, providing money orders and certified 
checks, automated teller machines, safe deposit boxes, new branches, 
and other comparable services, that are provided by the Applicant to 
Eligible Residents or enterprises that are Integrally Involved in the 
Distressed Community.
    The CDFI Fund will value the administrative cost of providing 
certain Financial Services using the following per unit values:
    (1) $100.00 per account for Targeted Financial Services including 
safe transaction accounts, youth transaction accounts, Electronic 
Transfer Accounts (ETA) and Individual Development Accounts (IDA);
    (2) $50.00 per account for checking and savings accounts that do 
not meet the definition of Targeted Financial Services;
    (3) $5.00 per check cashing transaction;
    (4) $50,000 per new ATM installed at a location in a Distressed 
Community;
    (5) $500,000 per new retail bank branch office opened in a 
Distressed Community, including school-based bank branches approved by 
the Applicant's Federal bank regulator;
    (6) In the case of Applicants engaging in Financial Services 
activities not described above, the CDFI Fund will determine the unit 
value of such services;
    (7) When reporting the opening of a new retail bank branch office, 
the Applicant must certify that such new branch is intended to remain 
in operation for at least the next five years;
    (8) Financial Service Activities must be provided by the Applicant 
to Eligible Residents or enterprises that are located in a Distressed 
Community. An Applicant may determine the number of Eligible Residents 
who are Award Recipients of Financial Services by either: (i) 
collecting the addresses of its Financial Services customers, or (ii) 
certifying that the Applicant reasonably believes that such customers 
are Eligible Residents or enterprises located in a Distressed Community 
and providing a brief analytical narrative with information describing 
how the Applicant made this determination. Citations must be provided 
for external sources. In addition, if external sources are referenced 
in the narrative, the Applicant must explain how it reached the 
conclusion that the cited references are directly related to the 
Eligible Residents or enterprises to whom it is claiming to have 
provided the Financial Services.
    (9) When reporting changes in the dollar amount of deposit 
accounts, only calculate the net change in the total dollar amount of 
eligible Deposit Liabilities between the Baseline Period and the 
Assessment Period. Do not report each individual deposit. Instructions 
for determining the net change is available in the FY 2024 BEA Program 
Application Instructions in AMIS.
    d. Targeted Financial Services: Targeted Financial Services are 
Service Activities that are targeted to Eligible Residents, including 
Electronic Transfer Accounts (ETAs), Individual Development Accounts 
(IDAs), and similar banking products.
    e. Targeted Retail Savings/Investment Products: Targeted Financial 
Services are Service Activities targeted to Eligible Residents that 
include certificates of deposit, mutual funds, and life insurance.
    C. Priority Factors: Priority Factors are the numeric values 
assigned to individual types of activity within: (i) the Distressed 
Community Financing Activities, and (ii) Services Activities categories 
of Qualified Activities. For the purposes of this NOFA, Priority 
Factors will be based on the Applicant's asset size as of the end of 
the Assessment Period (December 31, 2023) as reported by the Applicant 
in the Application. Asset size classes (i.e., small institutions, 
intermediate-small institutions, and large institutions) will 
correspond to the Community Reinvestment Act (CRA) asset size classes 
set by the three Federal bank regulatory agencies and that were 
effective as of the end of the Assessment Period. The Priority Factor 
works by multiplying the change in a Qualified Activity by the assigned 
Priority Factor to achieve a ``weighted value.'' This weighted value of 
the change would be multiplied by the applicable Award percentage to 
yield the Award amount for that particular activity. For purposes of 
this NOFA, the CDFI Fund is establishing Priority Factors based on 
Applicant asset size to be applied to all activity types within the 
Distressed Community Financing Activities and Service Activities 
categories only, as follows:

                 Table 5--CRA Asset Size Classification
------------------------------------------------------------------------
                                                             Priority
                                                              factor
------------------------------------------------------------------------
Small institutions (assets of less than $391 million as              5.0
 of 12/31/2023).........................................
Intermediate--small institutions (assets of at least                 3.0
 $391 million but less than $1.564 billion as of 12/31/
 2023)..................................................
Large institutions (assets of $1.564 billion or greater              1.0
 as of 12/31/2023)......................................
------------------------------------------------------------------------

    D. Certain Limitations on Qualified Activities:
    1. Low-Income Housing Tax Credits: Financial assistance provided by 
an Applicant for which the Applicant receives benefits through Low-
Income Housing Tax Credits, authorized pursuant to Section 42 of the 
Internal Revenue Code, as amended (26 U.S.C. 42), shall not constitute 
an Equity Investment, Project Investment, or other Qualified Activity, 
for the purposes of calculating or receiving a BEA Program Award.

[[Page 33462]]

    2. New Markets Tax Credits: Financial assistance provided by an 
Applicant for which the Applicant receives benefits as an investor in a 
Community Development Entity that has received an allocation of New 
Markets Tax Credits, authorized pursuant to Section 45D of the Internal 
Revenue Code, as amended (26 U.S.C. 45D), shall not constitute an 
Equity Investment, Project Investment, or other Qualified Activity, for 
the purposes of calculating or receiving a BEA Program Award. Leverage 
loans used in New Markets Tax Credit structured transactions that meet 
the requirements outlined in this NOFA are considered Distressed 
Community Financing Activities. The Application materials will provide 
further guidance on requirements for BEA transactions which were 
leverage loans used in a New Markets Tax Credit structured transaction.
    3. Loan Renewals and Refinances: Financial assistance provided by 
an Applicant shall not constitute a Qualified Activity, as defined in 
this part, for the purposes of calculating or receiving a BEA Program 
Award if such financial assistance consists of a loan to a borrower 
that has matured and is then renewed by the Applicant, or consists of a 
loan to a borrower that is retired or restructured using the proceeds 
of a new commitment by the Applicant.
    4. Certain Business Types: Financial assistance provided by an 
Applicant shall not constitute a Qualified Activity for the purposes of 
financing the following business types: adult entertainment providers, 
golf courses, race tracks, gambling facilities, country clubs, 
facilities offering massage services, hot tub facilities, suntan 
facilities, or stores where the principal business is the sale of 
alcoholic beverages for consumption off premises.
    5. Prior BEA Program Awards: Qualified Activities funded with prior 
funding round BEA Program Award dollars or funded to satisfy 
requirements of the BEA Program Award Agreement shall not constitute a 
Qualified Activity for the purposes of calculating or receiving a BEA 
Program Award.
    6. Prior CDFI Fund Awards: No Applicant may receive a BEA Program 
Award for the same activities funded by another CDFI Fund program or 
federal program.
    B. Review and Selection Process:
    1. Application Review Process: All Applications will be initially 
evaluated by external non-federal reviewers. Reviewers are selected 
based on their experience in understanding various financial 
transactions, analyzing and interpreting financial documentation, 
strong written communication skills, and strong mathematical skills. 
Reviewers must complete the CDFI Fund's conflict of interest process 
and be approved by the CDFI Fund.
    2. Selection Process: The Interim Rule and this NOFA describe the 
process for selecting Applicants to receive a BEA Program Award and 
determining Award amounts. If the amount of funds available during the 
funding round is insufficient for all estimated Award amounts, Award 
Recipients will be selected based on the process described in the 
Interim Rule at 12 CFR 1806.404. This process gives funding priority to 
Applicants that undertake activities in the following order: (i) CDFI 
Related Activities, (ii) Distressed Community Financing Activities, and 
(iii) Service Activities.
    a. Award percentages: In the CDFI Related Activities subcategory of 
CDFI Equity, for all Applicants, the estimated award amount will be 
equal to 18 percent of the increase in Qualified Activities reported in 
this subcategory.
    In the CDFI Related Activities subcategory of CDFI Support 
Activities, for a Certified CDFI Applicant, the estimated award amount 
will be equal to 18 percent of the increase in Qualified Activities in 
this subcategory. If an Applicant is not a Certified CDFI, the 
estimated award amount will be equal to 6 percent of the increase in 
Qualified Activities in this subcategory.
    In the Distressed Community Financing Activities subcategory of 
Consumer Lending, the estimated award amount for Certified CDFI 
Applicants will be 18 percent of the weighted value of the increase in 
Qualified Activities in this subcategory. If an Applicant is not a 
Certified CDFI Applicant, the estimated award amount will be equal to 6 
percent of the weighted value of the increase in Qualified Activities 
in this subcategory.
    In the Distressed Community Financing Activities subcategory of 
Commercial Lending and Investments, for a Certified CDFI Applicant, the 
estimated award amount will be equal to 9 percent of the weighted value 
of the increase in Qualified Activities in this subcategory. If an 
Applicant is not a Certified CDFI, the estimated award amount will be 
equal to 3 percent of the weighted value of the increase in Qualified 
Activity in this subcategory.
    In the Service Activities category, for a Certified CDFI Applicant, 
the estimated award amount will be equal to 9 percent of the weighted 
value of the increase in Qualified Activity for the category. If an 
Applicant is not a Certified CDFI, the estimated award amount will be 
equal to 3 percent of the weighted value of the increase in Qualified 
Activity for the category.
    Within each category, CDFI Applicants will be ranked first based on 
the ratio of the award amount calculated by the CDFI Fund for the 
category relative to the Applicant's total assets, followed by 
Applicants that are not CDFIs based on the ratio of the award amount 
calculated by the CDFI Fund for the category relative to the 
Applicant's total assets.
    Selections within each priority category will be based on the 
Applicants' relative rankings within each such category, subject to the 
availability of funds and any established maximum dollar amount of 
total awards that may be awarded for the Distressed Community Financing 
Activities category of Qualified Activities, as determined by the CDFI 
Fund.
    b. Award Amounts: An Applicant's estimated award amount will be 
calculated according to the procedure outlined in the Interim Rule (at 
12 CFR 1806.403 and 1806.404). As outlined in the Interim Rule, the 
CDFI Fund will determine actual award amounts based on the availability 
of funds, increases in Qualified Activities from the Baseline Period to 
the Assessment Period, and the priority ranking of each Applicant.
    In calculating the increase in Qualified Activities, the CDFI Fund 
will determine the eligibility of each transaction for which an 
Applicant has applied for a BEA Program Award.
    The CDFI Fund, in its sole discretion: (i) may adjust the estimated 
award amount that an Applicant may receive; (ii) may establish a 
maximum amount that may be awarded to an Applicant; and (iii) reserves 
the right to limit the amount of an award to any Applicant if the CDFI 
Fund deems it appropriate.
    The CDFI Fund reserves the right to change its eligibility and 
evaluation criteria and procedures. If those changes materially affect 
the CDFI Fund's award decisions, the CDFI Fund will provide information 
regarding the changes through the CDFI Fund's website.
    3. Programmatic and Financial Risk: The CDFI Fund will consider 
safety and soundness information from the appropriate Federal bank 
regulatory agency as defined in Section 3 of the Federal Deposit 
Insurance Act (12 U.S.C. 1813(q)). If the appropriate Federal bank 
regulatory agency identifies safety and soundness concerns, the CDFI 
Fund will assess whether the concerns cause or will cause the Applicant 
to be incapable of completing the activities for which funding has been 
requested. The CDFI Fund will not approve a BEA Program Award under any 
circumstances for an

[[Page 33463]]

Applicant if the appropriate Federal bank regulatory agency indicates 
that the Applicant received a composite rating of ``5'' on its most 
recent examination, performed in accordance with the Uniform Financial 
Institutions Rating System.
    Furthermore, the CDFI Fund will not approve a BEA Program Award for 
an Applicant if the CDFI Fund determines that the Applicant has:
    (i) a CRA assessment rating of below ``Satisfactory'' on its most 
recent examination; (ii) a financial audit with: a going concern 
paragraph, an adverse opinion, a disclaimer of opinion, or a withdrawal 
of an opinion on its most recent audit; or (iii) a Prompt Corrective 
Action directive from its regulator imposing restrictions on its level 
of lending activities, that was active at the time the Applicant 
submitted its Application to the CDFI Fund or becomes active during the 
CDFI Fund's evaluation of the Application for: activities for which 
funding has been requested, activities which meet the BEA Program 
criteria of Qualified Activities, or other circumstances which may 
impact an Applicant's ability to successfully manage, re-invest, and/or 
report on a FY 2024 BEA Program Award.
    Applicants and/or their appropriate Federal bank regulator agency 
may be contacted by the CDFI Fund to provide additional information 
related to Federal bank regulatory or CRA information. The CDFI Fund 
will consider this information and may choose to not approve a FY 2024 
BEA Program Award for an Applicant if the information indicates that 
the Applicant may be unable to responsibly manage, re-invest, and/or 
report on a FY 2024 BEA Program Award during the period of performance.
    4. Persistent Poverty Counties: Should the CDFI Fund determine, 
upon analysis of the initial pool of BEA Program Award Recipients, that 
it has not achieved the 10 percent PPC requirement mandated by 
Congress, Award preference will be given to Applicants that committed 
to deploying at least 10 percent of their FY 2024 BEA Program Award in 
PPCs. Applicants that committed to serving PPCs and are selected to 
receive a FY 2024 BEA Program award, will have their PPC commitment 
incorporated into their Award Agreement as a Performance Goal which 
will be subject to compliance and reporting requirements. No Applicant, 
however, will be disqualified from consideration for not making a PPC 
commitment in its BEA Program Application.
    5. Application Rejection: The CDFI Fund reserves the right to 
reject an Application if information (including administrative error) 
comes to the CDFI Fund's attention that either: 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 any 
portion of the Application is incorrect in a material respect, the CDFI 
Fund reserves the right, in its sole discretion, to reject the 
Application.
    There is no right to appeal the CDFI Fund's award decisions. The 
CDFI Fund's award decisions are final. The CDFI Fund will not discuss 
the specifics of an Applicant's FY 2024 BEA Program Application or 
provide reasons why an Applicant was not selected to receive a FY 2024 
BEA Program Award. The CDFI Fund will only respond to general questions 
regarding the FY 2024 BEA Program Application and award decision 
process until 30 days after the award announcement date.
    C. Anticipated Announcement: The CDFI Fund anticipates making its 
FY 2024 BEA Program award announcement in the fall of 2024.

VI. Federal Award Administration Information

    A. Federal Award Notices: Each successful Applicant will receive 
notification from the CDFI Fund stating that its Application has been 
approved for an Award. Each Applicant not selected for an Award will 
receive notification and provided a debriefing document in its AMIS 
account.
    B. Administrative and Policy Requirements Prior to Entering into an 
Award Agreement: If, prior to entering into an Award Agreement, 
information (including an administrative error) comes to the CDFI 
Fund's attention that: adversely affects the CDFI Fund's evaluation of 
the Application; indicates that the Recipient is not in compliance with 
any requirement listed in the Uniform Requirements; indicates that the 
Recipient is not in compliance with a term or condition of any prior 
Award Agreement, Assistance Agreement, and/or Allocation Agreement from 
the CDFI Fund; indicates the Recipient has failed to execute and return 
a prior round Award Agreement Assistance Agreement, and/or Allocation 
Agreement to the CDFI Fund within the CDFI Fund's deadlines; or 
indicates fraud or mismanagement on the Recipient's part, the CDFI Fund 
may, in its discretion and without advance notice to the Recipient, 
terminate the award or take such other actions as it deems appropriate. 
If a Certified CDFI Award Recipient's certification status ceases, the 
CDFI Fund reserves the right, in its sole discretion, to re-calculate 
the award, and modify the Award Agreement based on the Award 
Recipient's non-CDFI status.
    By executing an Award Agreement, the Award Recipient agrees that, 
if the CDFI Fund becomes aware of any information (including an 
administrative error) prior to the effective date of the Award 
Agreement that either adversely affects the Award Recipient's 
eligibility for an 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 Award Recipient, the CDFI Fund may, in 
its discretion and without advance notice to the Award Recipient, 
terminate the Award 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 Award Recipient fails to return the Award 
Agreement, signed by the 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 Award Agreement and the award 
made under this NOFA for any criteria described in the following table:

   Table 6--Criteria That May Result in Award Termination Prior to the
                     Execution of an Award Agreement
------------------------------------------------------------------------
             Criteria                            Description
------------------------------------------------------------------------
Failure to maintain FDIC-insured     If prior to entering into
 status.                             an Award Agreement under this NOFA,
                                     the Award Recipient does not
                                     maintain its FDIC-insured status,
                                     the CDFI Fund will terminate and/or
                                     rescind the Award Agreement and the
                                     award made under this NOFA.

[[Page 33464]]

 
Failure to meet reporting            If a Recipient received a
 requirements.                       prior award or allocation 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 BEA
                                     Program 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.
                                     If such a 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
                                     BEA Program Award made under this
                                     NOFA.
                                     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.
Pending resolution of Default or     The CDFI Fund will delay
 Noncompliance.                      entering into an Award Agreement
                                     with a Recipient that has pending
                                     noncompliance or default issue with
                                     any of its previously executed CDFI
                                     Award Agreement(s), Allocation
                                     Agreement(s), and/or Assistance
                                     Agreement(s), if the CDFI Fund has
                                     not yet made a final compliance
                                     determination.
                                     If the Recipient is unable
                                     to satisfactorily resolve the
                                     compliance issues, the CDFI Fund
                                     may terminate and rescind the
                                     Assistance Agreement and the award
                                     made under this NOFA.
Default or Noncompliance status...   If, at any time prior to
                                     entering into an Award Agreement,
                                     the CDFI Fund determines that a
                                     Recipient is noncompliant or found
                                     in default with any previously
                                     executed Award Agreement(s),
                                     Allocation Agreement(s), and/or
                                     Assistance Agreement(s), and the
                                     CDFI Fund has provided written
                                     notification that the Recipient is
                                     ineligible to apply for or receive
                                     any future awards or allocations
                                     for a time period specified by the
                                     CDFI Fund in writing, the CDFI Fund
                                     may delay entering into an Award
                                     Agreement until the Recipient has
                                     cured the noncompliance or default
                                     by taking actions the CDFI Fund has
                                     specified within such specified
                                     timeframe. If the Recipient is
                                     unable to cure the noncompliance or
                                     default within the specified
                                     timeframe, the CDFI Fund may
                                     terminate and rescind the Award
                                     Agreement and the award made under
                                     this NOFA.
Compliance with Federal civil        If, within the period
 rights requirements.                starting three years prior to this
                                     NOFA and through the date of the
                                     Award Agreement, the Recipient
                                     received a final determination, in
                                     any proceeding instituted against
                                     the Recipient in, by, or before any
                                     court, governmental, or
                                     administrative body or agency,
                                     declaring that the Recipient
                                     violated any federal civil rights
                                     laws or regulations, including, but
                                     not limited to: Title VI of the
                                     Civil Rights Act of 1964, as
                                     amended (42 U.S.C. 2000d et seq.);
                                     Fair Housing Act (42 U.S.C. 3601 et
                                     seq.); Equal Credit Opportunity Act
                                     (15 U.S.C. 1691 et seq.); 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); and Title IX of
                                     the Education Amendments of 1972
                                     (20 U.S.C. 1681 et seq.), the CDFI
                                     Fund may terminate and rescind the
                                     Award Agreement and the Award made
                                     under this NOFA. The CDFI Fund will
                                     delay entering into an Award
                                     Agreement with a Recipient that has
                                     pending Title VI noncompliance
                                     issues, if the CDFI Fund has not
                                     yet made a final compliance
                                     determination.
                                     If the Recipient is unable
                                     to satisfactorily resolve the Title
                                     VI noncompliance issues, the CDFI
                                     Fund may terminate and rescind the
                                     Award Agreement and the award made
                                     under this NOFA.
                                     The Title VI Compliance
                                     Worksheet and program award terms
                                     and conditions do not impose
                                     antidiscrimination requirements on
                                     Tribal governments beyond what
                                     would otherwise apply under federal
                                     law.
Do Not Pay........................   The CDFI Fund reserves the
                                     right, in its sole discretion, to
                                     rescind an award if the Recipient
                                     (or Affiliate of a Recipient) is
                                     determined to be ineligible based
                                     on data in the Do Not Pay database.
                                     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.
Safety and Soundness..............   If it is determined the
                                     Recipient is or will be incapable
                                     of meeting its 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 Award Agreement.
------------------------------------------------------------------------

    C. Award Agreement: After the CDFI Fund selects an Award Recipient, 
except as otherwise specified in this NOFA, the CDFI Fund and the Award 
Recipient will enter into an Award Agreement. The Award Agreement will 
set forth certain required terms and conditions of the award, which 
will include, but not be limited to: (i) the amount of the award; (ii) 
the approved uses of the award; (iii) the Performance Goals and 
measures; (iv) the period of performance; and (v) the reporting 
requirements. The Award Agreement shall provide that an Award Recipient 
shall: (i) carry out its Qualified Activities in accordance with 
applicable law, the approved Application, and all other applicable 
requirements; (ii) not receive any disbursement of award dollars until 
the CDFI Fund has

[[Page 33465]]

determined that the Award Recipient has fulfilled all applicable 
requirements; and (iii) use the BEA Program Award amount for Qualified 
Activities. Award Recipients which committed to serving PPCs will have 
their PPC commitment incorporated into their Award Agreement as a 
Performance Goal, which will be subject to compliance and reporting 
requirements.
    D. Reporting: Through this NOFA, the CDFI Fund will require each 
Award Recipient to account for and report to the CDFI Fund on the use 
of the award. This will require Award Recipients to establish 
administrative controls, subject to applicable OMB Circulars. The CDFI 
Fund will collect information from each such Award Recipient on its use 
of the award at least once following the award and more often if deemed 
appropriate by the CDFI Fund in its sole discretion. The CDFI Fund will 
provide guidance to Award 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 Award Recipient 
including, but not limited to, an Annual Report with the following 
components:

                     Table 7--Reporting Requirements
------------------------------------------------------------------------
             Criteria                            Description
------------------------------------------------------------------------
Use of BEA Program Award Report--   Award Recipients must submit the Use
 for all Award Recipients.           of Award Report to the CDFI Fund
                                     via AMIS.
Use of BEA Program Award Report--   The CDFI Fund will require each
 Funds Deployed in Persistent        Award Recipient with Persistent
 Poverty Counties--as applicable.    Poverty County commitments to
                                     report data for Award funds
                                     deployed in persistent poverty
                                     counties and maintain proper
                                     supporting documentation and
                                     records which are subject to review
                                     by the CDFI Fund.
Explanation of Noncompliance or     If the Award Recipient fails to meet
 successor report--as applicable.    a Performance Goal or reporting
                                     requirement, it must submit the
                                     Explanation of Noncompliance via
                                     AMIS.
------------------------------------------------------------------------

    Each Award Recipient is responsible for the timely and complete 
submission of the reporting requirements. The CDFI Fund reserves the 
right to contact the Award Recipient to request additional information 
and documentation. The CDFI Fund may consider financial information 
filed with Federal regulators during its compliance review. The CDFI 
Fund will use such information to monitor each Award Recipient's 
compliance with the requirements in the Award Agreement and to assess 
the impact of the BEA Program. 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 has been provided to 
Award Recipients.
    E. Financial Management and Accounting: The CDFI Fund will require 
Award Recipients to maintain financial management and accounting 
systems that comply with federal statutes, regulations, and the terms 
and conditions of the 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 
according to the federal statutes, regulations, and the terms and 
conditions of the award.
    Each of the Qualified Activities categories will be ineligible for 
indirect costs and an associated indirect cost rate. The cost 
principles used by Award Recipients must be consistent with Federal 
cost principles and support the accumulation of costs as required by 
the principles and must provide for adequate documentation to support 
costs charged to the BEA Program Award. In addition, the CDFI Fund will 
require Award Recipients to: maintain effective internal controls; 
comply with applicable statutes, regulations, and the Award Agreement; 
evaluate and monitor compliance; take action when not in compliance; 
and safeguard personally identifiable information, as described in 
Section V.A. of this NOFA.

VII. Federal Awarding Agency Contacts

    A. Questions Related to Application and Prior Award Recipient 
Reporting, Compliance and Disbursements: The CDFI Fund will respond to 
questions concerning this NOFA, the Application and reporting, 
compliance, or disbursements between the hours of 9:00 a.m. and 5:00 
p.m. Eastern Time, starting on the date that this NOFA is published 
through the date listed in Table 1 and Table 4. The CDFI Fund will post 
responses to frequently asked questions in a separate document on its 
website. Other information regarding the CDFI Fund and its programs may 
be obtained from the CDFI Fund's website at https://www.cdfifund.gov.
    The following table lists contact information for the CDFI Fund, 
Grants.gov and SAM:

                      Table 8--Contact Information
------------------------------------------------------------------------
                                 Telephone number    Electronic contact
       Type of question          (not toll free)           method
------------------------------------------------------------------------
BEA Program...................  (202) 653-0421...  BEA AMIS Service
                                                    Request; or
                                                    [email protected].
Certification, Compliance       (202) 653-0423...  BEA Compliance and
 Monitoring, and Evaluation.                        Reporting AMIS
                                                    Service Request.
AMIS--IT Help Desk............  (202) 653-0422...  IT AMIS Service
                                                    Request.
Grants.gov Help Desk..........  (800) 518-4726...  [email protected].
SAM.gov (Federal Service Desk)  (866) 606-8220...  https://www.sam.gov.
------------------------------------------------------------------------

    B. Information Technology Support: People who have visual or 
mobility impairments that prevent them from using the CDFI Fund's 
website should call (202) 653-0422 for assistance (this is not a toll-
free number).
    C. Communication with the CDFI Fund: The CDFI Fund will use AMIS to 
communicate with Applicants and Award Recipients under this NOFA. Award 
Recipients must use AMIS to submit required reports. The CDFI Fund

[[Page 33466]]

will notify Award Recipients by email using the addresses maintained in 
each Award Recipient's AMIS account. Therefore, an Award Recipient and 
any Subsidiaries, signatories, and Affiliates must maintain accurate 
contact information (including contact person and authorized 
representative, email addresses, fax numbers, phone numbers, and office 
addresses) in their AMIS account(s).
    D. Civil Rights and Equal Opportunity: Any person who is eligible 
to receive benefits or services from the CDFI Fund or its Recipients 
under any of its programs or activities is entitled to those benefits 
or services without being subjected to prohibited discrimination. The 
Department of the Treasury's Office of Civil Rights and Equal 
Employment Opportunity enforces various federal statutes and 
regulations that prohibit discrimination in financially assisted and 
conducted programs and activities of the CDFI Fund. If a person 
believes that they have been subjected to discrimination and/or 
reprisal because of race, color, religion, national origin, age, sex, 
marital status, familial status, disability and/or reprisal, they may 
file a complaint with: Director, Office of Civil Rights and Equal 
Employment Opportunity, 1500 Pennsylvania Ave. NW, Washington, DC 20220 
or by email at [email protected].
    E. Statutory and National Policy Requirements: The CDFI Fund will 
manage and administer the Federal award in a manner to ensure that 
Federal funding is expended and associated programs are implemented in 
full accordance with the U.S. Constitution, federal law, and public 
policy requirements: including but not limited to, those protecting 
free speech, religious liberty, public welfare, the environment, and 
prohibiting discrimination.

VIII. Other Information

    A. Reasonable Accommodations: Requests for reasonable 
accommodations under section 504 of the Rehabilitation Act should be 
directed to Mr. Jay Santiago, Community Development Financial 
Institutions Fund, U.S. Department of the Treasury, at 
[email protected] no later than 72 hours in advance of the 
application deadline.
    B. 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. Pursuant to the Paperwork Reduction Act, the BEA Program 
funding Application has been assigned the following control number: 
1559-0005.
    C. Application Information Sessions: The CDFI Fund may conduct 
webinars or host information sessions for organizations that are 
considering applying to, or are interested in learning about, the CDFI 
Fund's programs. For further information, please visit the CDFI Fund's 
website at https://www.cdfifund.gov.
    Authority: 12 U.S.C. 1834a, 4703, 4703 note, 4713; 12 CFR part 
1806.

Pravina Raghavan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2024-09124 Filed 4-26-24; 8:45 am]
BILLING CODE 4810-05-P