[Federal Register Volume 90, Number 11 (Friday, January 17, 2025)]
[Notices]
[Pages 6051-6076]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01322]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability
Announcement Type: Announcement of funding opportunity.
Funding Opportunity Title: Notice of Funds Availability (NOFA)
inviting Applications for Financial Assistance (FA) or Technical
Assistance (TA) awards under the Community Development Financial
Institutions Program (CDFI Program) fiscal year (FY) 2025 Funding
Round.
Funding Opportunity Number: CDFI-2025-FATA.
Catalog of Federal Domestic Assistance (CFDA) Number: 21.020.
Dates:
Table 1--FY 2025 CDFI Program Funding RoundCritical Deadlines for Applicants
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Description Deadline Time (Eastern Time- ET) Submission method
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Last day to create an AMIS February 18, 2025........... 11:59 p.m. ET............... AMIS.
Account (all Applicants).
Last day to enter Employer February 18, 2025........... 11:59 p.m. ET............... AMIS.
Identification Number (EIN) and
Unique Entity Identifier (UEI)
in AMIS (all Applicants).
Last day to submit SF-424 February 18, 2025........... 11:59 p.m. ET............... Electronically via
Mandatory Form (Application for Grants.gov.
Federal Assistance).
Last day to contact CDFI Program March 19, 2025.............. 5:00 p.m. ET................ Service Request
staff. via AMIS Or CDFI
Fund Helpdesk:
202-653-0421.
Last day to contact AMIS-IT Help March 21, 2025.............. 5:00 p.m. ET................ Service Request
Desk (regarding AMIS technical via AMIS Or 202-
problems only). 653-0422 Or
[email protected].
Last day to submit Title VI March 21, 2025.............. 11:59 p.m. ET............... AMIS.
Compliance Worksheet (all
Applicants) \1\.
Last day to submit CDFI Program March 21, 2025.............. 11:59 p.m. ET............... AMIS.
Application for Financial
Assistance (FA) or Technical
Assistance (TA).
Last day to submit Excel Housing April 4, 2025............... 11:59 p.m. ET............... Service Request
Production FA (HP-FA) via AMIS.
Application.
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\1\ This requirement also applies to Subsidiary Insured Depository Institutions that will carry out award
activities on behalf of Depository Institution Holding Company Applicants.
[[Page 6052]]
Executive Summary: Through the CDFI Program, the CDFI Fund provides
(i) FA awards to Certified Community Development Financial Institutions
(CDFIs) to build their financial capacity to lend to Eligible Markets
and/or their Target Markets, and (ii) TA awards to build Certified and
Emerging CDFIs' organizational capacity to serve Eligible Markets and/
or their Target Markets. All awards provided through this NOFA are
subject to funding availability.
I. Program Description
A. History: The CDFI Fund was established by the Riegle Community
Development Banking and Financial Institutions Act of 1994 to promote
economic revitalization and community development through investment in
and assistance to CDFIs. The CDFI Program made its first awards in 1996
and the Native American CDFI Assistance (NACA) Program made its first
awards in 2002.
B. Priorities: Through the CDFI Program's FA and TA awards, the
CDFI Fund invests in and builds the capacity of for-profit and non-
profit community-based lending organizations known as CDFIs. These
organizations, Certified as CDFIs by the CDFI Fund, serve rural and
urban Low-Income people, and communities across the nation that lack
adequate access to affordable Financial Products and Financial
Services.
C. Authorizing Statutes and Regulations: The CDFI Program is
authorized by the Riegle Community Development Banking and Financial
Institutions Act of 1994 (Pub. L. 103-325, 12 U.S.C. 4701 et seq.)
(Authorizing Statute). The regulations governing the CDFI Program are
found at 12 CFR parts 1805 and 1815 (the Regulations) and set forth
evaluation criteria and other program requirements. The CDFI Fund
encourages Applicants to review the Regulations; this NOFA; the CDFI
Program Application for Financial Assistance or Technical Assistance
(the Application); all related materials and guidance documents found
on the CDFI Fund's website (Application materials); and the Uniform
Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards (2 CFR part 1000), which is the Department of the
Treasury's codification of the Office of Management and Budget (OMB)
government-wide framework for Federal financial assistance management
at 2 CFR part 200 Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (Uniform Administrative
Requirements) for a complete understanding of the program. Capitalized
terms in this NOFA are defined in the Authorizing Statute, the
Regulations, this NOFA, the Application, Application materials, or the
Uniform Administrative Requirements. Details regarding Application
content requirements are found in the Application and Application
materials.
D. Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (2 CFR part 1000): The Uniform
Administrative Requirements codify financial, administrative,
procurement, and program management standards that Federal award
agencies must follow. When evaluating Applications, awarding agencies
must evaluate the risks posed by each Applicant, and each Applicant's
merits and eligibility. These requirements are designed to ensure that
Applicants for Federal assistance receive a fair and consistent review
prior to an award decision. This review will assess items such as the
Applicant's financial stability, quality of management systems, the
soundness of its business plan, history of performance, ability to
achieve measurable impacts through its products and services, and audit
findings. In addition, the Uniform Administrative Requirements include
guidance on audit requirements and other award compliance requirements
for Recipients.
E. Funding limitations: The CDFI Fund reserves the right to fund,
in whole or in part, any, all, or none of the Applications submitted in
response to this NOFA.
II. Federal Award Information
A. Funding Availability:
1. FY 2025 Funding Round: Subject to final appropriations, the CDFI
Fund expects to award, through this NOFA, approximately $320 million as
indicated in table 2.
Table 2--FY 2025 Funding Round Anticipated Category Amounts
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Estimated Award amount
Funding categories (see total amount ---------------------------------- Estimated Estimated
definition in table 7 for TA to be awarded number of average amount
or table 8 for FA) (millions) FY Minimum \2\ Maximum * awards FY 2025 to be awarded
2025 FY 2025
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Base-FA: Category I/Small and/ $14.8 $125,000........ $700,000 48 $308,000
or Emerging CDFI Assistance
(SECA).
Base-FA: Category II/Core..... 101.2 $500,000, or if 1,000,000 185 547,000
portfolio
outstanding is
less than
$1,666,700 as
of the most
recent historic
fiscal year
end, then 30%
of portfolio
outstanding.
Persistent Poverty Counties-- 21.0 $100,000........ 400,000 137 153,000
Financial Assistance (PPC-FA).
Disability Funds--Financial 20.0 $100,000........ 1,000,000 20 1,000,000
Assistance (DF-FA) **.
Healthy Food Financing 24.0 $500,000........ 5,000,000 15 1,600,000
Initiative--Financial
Assistance (HFFI-FA) **.
Housing Production--Financial 100.0 $1,000,000...... 5,000,000 50 2,000,000
Assistance (HP-FA) **.
TA............................ 39.0 $10,000......... 150,000 260 150,000
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Total..................... 320.0 ................ .............. 715 ..............
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\2\ The FA Application Guidance defines ``the most recent historic fiscal year'' based on an Applicant's fiscal
year end.
* Note that, regardless of the stated maximum award in each award category, in no case will the sum of an
Applicant's Base-FA, TA, PPC-FA and HP-FA Awards in the last three years exceed $5 million.
** DF-FA, HFFI-FA, and HP-FA funding will be allocated in one competitive round between the NACA and CDFI
Program NOFAs.
The CDFI Fund reserves the right to award more or less than the
amounts cited above in each category, based upon available funding and
other factors, as appropriate.
[[Page 6053]]
2. Funding Availability for the FY 2025 Funding Round: Funds for
the FY 2025 Funding Round are subject to change based on passage of a
final FY 2025 appropriations bill; if Congress does not appropriate
funds for the CDFI Program there will not be an FY 2025 Funding Round.
If funds are appropriated for FY 2025, the amount of such funds may be
greater or less than the amounts set forth above. The CDFI Fund
reserves the right to contact Applicants to seek additional information
if final FY 2025 appropriations for the CDFI Program necessitate change
to any of the requirements of this NOFA. As of the date of this NOFA,
the CDFI Fund is operating under a continuing funding resolution as
enacted by the Continuing Appropriations and Extensions Act, 2025 (Pub.
L. 118-83). The HP-FA awards are funded through interest and dividend
payments and sale proceeds received under the Department of the
Treasury's Emergency Capital Investment Program (ECIP). The amount
available for HP-FA awards is estimated based on projected ECIP
proceeds and may vary based on the actual proceeds received by the CDFI
Fund.
3. Anticipated Start Date and Period of Performance: The Period of
Performance for TA awards begins with the date of the award
announcement and includes either (i) an Emerging CDFI Recipient's three
full consecutive fiscal years after the date of the award announcement,
or (ii) a Certified CDFI Recipient's two full consecutive fiscal years
after the date of the award announcement, during which the Recipient
must meet the Performance Goals and Measures (PG&Ms) set forth in the
Assistance Agreement. The Period of Performance for FA awards begins
with the date of the award announcement and includes a Recipient's
three full consecutive fiscal years after the date of the award
announcement, during which time the Recipient must meet the PG&Ms set
forth in the Assistance Agreement.
B. Types of Awards: Through the CDFI Program, the CDFI Fund
provides two types of awards: Financial Assistance (FA) and Technical
Assistance (TA) awards. An Applicant may submit an Application for a TA
award or an FA award under the CDFI Program, but not both. FA awards
include the Base Financial Assistance (Base-FA) award and the following
awards that are provided as a supplement to the Base-FA award: Healthy
Food Financing Initiative-Financial Assistance (HFFI-FA), Persistent
Poverty Counties-Financial Assistance (PPC-FA), Disability Funds-
Financial Assistance (DF-FA), and Housing Production-Financial
Assistance (HP-FA). The HFFI-FA, PPC-FA, DF-FA, and HP-FA Applications
will be evaluated independently from the Base-FA Application and will
not affect the Base-FA Application evaluation or Base-FA award amount.
Alternatively, an Applicant may request only HP-FA by submitting an FA
Application with no Base-FA award request and submitting the Excel HP-
FA Application as well. Additional information on how to complete an FA
Application under this circumstance is provided in the Application
Guidance.
However, Applicants that qualify for the NACA Program may submit
two Applications in certain circumstances: one Application (either for
a TA award or an FA award, but not both) through the CDFI Program, and
one Application (either for a TA award or an FA award, but not both)
through the NACA Program. NACA qualified Applicants that choose to
apply for awards through both the CDFI Program and the NACA Program
must apply for the same type of award under both programs. For example,
an Applicant that applies for an FA award under the NACA Program may
apply for an FA award under the CDFI Program, but not for a TA award
under the CDFI Program. NACA qualified FA Applicants that choose to
apply for an FA award under both the NACA Program and CDFI Program and
are selected for an award under both Programs will be provided the FA
award under the NACA Program. NACA qualified TA Applicants that choose
to apply for a TA award under both the NACA Program and CDFI Program
and are selected for an award under both Programs will be provided the
TA award under the NACA Program. NACA Applicants cannot receive an
award under both Programs within the same funding round. Further, NACA
qualified Applicants who seek to only apply for an HP-FA award with no
Base-FA award can do so by submitting either a CDFI Program FA
Application or a NACA Program FA Application; the FA Application should
be submitted with no Base-FA award request and the additional Excel HP-
FA Application. Further instructions are found in the Application
Guidance. If a NACA qualified Applicant seeks to apply for HP-FA award
only, they should apply through either the CDFI Program or the NACA
Program, but not both. If a NACA qualified Applicant submits an
eligible HP-FA only Application under one program and an eligible
Application with a Base-FA award request under the other program, only
the Application with the Base-FA award request will be reviewed. The
HP-FA only Application will be deemed ineligible.
There are two categories of FA Applicants: Category I (SECA) and
Category II (Core) (see definitions in table 8). Category II (Core) FA
Applicants applying for Base-FA, PPC-FA, and/or DF-FA must provide
evidence of acceptable Matching Funds \3\ (see table 9 for more
information), except Native American CDFIs \4\ applying under this
NOFA, which are exempt from the Matching Funds requirement.\5\ Native
American CDFIs that qualify as a Category II (Core) FA Applicant are
not required to submit Matching Funds for their award requests.
Additionally, the Matching Funds requirement for HFFI-FA and SECA FA
Applicants was waived in the enacted FY 2024 Consolidated
Appropriations Act, and the final FY 2025 appropriations are still
pending. Therefore, HFFI-FA and SECA FA Applicants are not required to
submit Matching Funds for their award requests at the time of
Application. However, the CDFI Fund reserves the right to request
Matching Funds from SECA FA Applicants and/or HFFI-FA Applicants if
Matching Funds are not waived in the final FY 2025 CDFI Program
appropriations. HP-FA Applicants are not required to provide Matching
Funds for HP-FA award requests, as Matching Funds are not required
under the Consolidated Appropriations Act, 2021 (P.L. 116-260). TA
Applicants are not required to provide Matching Funds.
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\3\ Matching Funds shall mean funds from sources other than the
Federal Government as defined in accordance with the CDFI Program
Regulations at 12 CFR 1805.500.
\4\ A Native American CDFI (Native CDFI) is one that Primarily
Serves a Native Community. Primarily Serves is defined as 50% or
more of an Applicant's activities being directed to a Native
Community. For purposes of this NOFA, a Native Community is defined
as Native American, Alaska Native, or Native Hawaiian populations or
Native American areas defined as federally-designated reservations,
Hawaiian homelands, Alaska Native Villages and U.S. Census Bureau-
designated Tribal Statistical Areas.
\5\ The Indian Community Economic Enhancement Act of 2020 (Pub.
L. 116-261) permanently waives the Matching Funds requirement for
Native American CDFIs that receive Assistance from the CDFI Fund.
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1. Base-FA Awards: Base-FA awards can be in the form of loans,
grants, Equity Investments, deposits, and credit union shares. The form
of the Base-FA award is based on the form of the Matching Funds that
the Applicant includes in its Application, unless Congress waives the
Matching Funds requirement. The Matching Funds requirement was
permanently waived
[[Page 6054]]
for Native American CDFIs. Therefore, the Base-FA award will be in the
form of a grant for Native American CDFI Applicants. Matching Funds are
required at the time of Application submission for Category II (Core)
Applicants (except Native American CDFIs) applying for Base-FA awards,
and the CDFI Fund reserves the right to request Matching Funds from
Category I (SECA) Applicants applying for Base FA awards if Matching
Funds are not waived in the final FY 2025 appropriations for these
Applicants. Matching Funds must be from non-Federal sources and cannot
have been used as Matching Funds for any other Federal award. The CDFI
Fund reserves the right, in its sole discretion, to provide a Base-FA
award in an amount other than that which the Applicant requests;
however, the award amount will not exceed the Applicant's award request
as stated in its Application.
2. Persistent Poverty Counties--Financial Assistance (PPC-FA)
Awards: PPC-FA awards will be provided as a supplement to Base-FA
awards; therefore, only those Applicants that are selected to receive a
Base-FA award through the CDFI Program FY 2025 Funding Round will be
eligible to receive a PPC-FA award. PPC-FA awards can be in the form of
loans, grants, Equity Investment, deposits, and credit union shares.
The form of the PPC-FA award is based on the form of the Matching Funds
that the Applicant includes in its Application, unless Congress waives
the Matching Funds requirement. The Matching Funds requirement was
permanently waived for Native American CDFIs. Therefore, the PPC-FA
award will be in the form of a grant for Native American CDFI
Applicants. Matching Funds are required at the time of Application
submission for Category II (Core) Applicants (except Native American
CDFIs) applying for PPC-FA awards, and the CDFI Fund reserves the right
to request Matching Funds from Category I (SECA) Applicants applying
for PPC-FA awards if Matching Funds are not waived in the final FY 2025
appropriations for these Applicants. Matching Funds must be from non-
Federal sources and cannot have been used as Matching Funds for any
other Federal award. The CDFI Fund reserves the right, in its sole
discretion, to provide a PPC-FA award in an amount other than that
which the Applicant requests; however, the award amount will not exceed
the Applicant's award request as stated in its Application.
3. Disability Funds--Financial Assistance (DF-FA) Awards: DF-FA
awards will be provided as a supplement to Base-FA awards; therefore,
only those Applicants that have been selected to receive a Base-FA
award through the CDFI Program FY 2025 Funding Round will be eligible
to receive a DF-FA award. DF-FA awards can be in the form of loans,
grants, Equity Investments, deposits, and credit union shares. The form
of the DF-FA award is based on the form of the Matching Funds that the
Applicant includes in its Application unless Congress waives the
Matching Funds requirement. The Matching Funds requirement was
permanently waived for Native American CDFIs. Therefore, the DF-FA
award will be in the form of a grant to Native American CDFI
Applicants. Matching Funds are required for Category II (Core)
Applicants (except Native American CDFIs) applying for DF-FA awards,
and the CDFI Fund reserves the right to request Matching Funds from
Category I (SECA) Applicants applying for DF-FA awards if Matching
Funds are not waived in the final FY 2025 appropriations for these
Applicants. Matching Funds must be from non-Federal sources and cannot
have been used as Matching Funds for any other Federal award. The CDFI
Fund reserves the right, in its sole discretion, to provide a DF-FA
award in an amount other than that which the Applicant requests;
however, the award amount will not exceed the Applicant's award request
as stated in its Application.
4. Healthy Food Financing Initiative--Financial Assistance (HFFI-
FA) Awards: HFFI-FA awards will be provided as a supplement to Base-FA
awards; therefore, only those Applicants that have been selected to
receive a Base-FA award through the CDFI Program FY 2025 Funding Round
will be eligible to receive an HFFI-FA award. HFFI-FA awards can be in
the form of loans, grants, Equity Investments, deposits, and credit
union shares. The form of the HFFI-FA award is based on the form of the
Matching Funds that the Applicant includes in its Application unless
Congress waives the Matching Funds requirement. The Matching Funds
requirement was permanently waived for Native American CDFIs.
Therefore, HFFI-FA awards will be in the form of a grant to Native
American CDFI Applicants. The Matching Funds requirement for HFFI-FA
Applicants was waived in the final appropriations bill for FY 2024, and
the final FY 2025 appropriations are still pending. As a result, HFFI-
FA Applicants are not required to submit Matching Funds for their award
requests at the time of Application. However, the CDFI Fund reserves
the right to request Matching Funds from HFFI-FA Applicants if Matching
Funds are not waived in the final FY 2025 CDFI Program appropriations.
The CDFI Fund reserves the right, in its sole discretion, to provide an
HFFI-FA award in an amount other than that which the Applicant
requests; however, the award amount will not exceed the Applicant's
award request as stated in its Application.
5. Housing Production--Financial Assistance (HP-FA) Awards:
Applicants may apply for an HP-FA award as a supplement to a Base-FA
award or may apply only for an HP-FA award (without a Base-FA award).
If an Applicant applies for an HP-FA award as a supplement to a Base-FA
award, it must be selected to receive a Base-FA award through the FY
2025 CDFI Program Funding Round to be eligible to receive an HP-FA
award. Alternatively, an Applicant may choose to apply for only an HP-
FA award (with no Base-FA award) by completing an FA Application as
instructed in the Application Guidance and submitting the Excel HP-FA
Application as well. If an Applicant chooses to apply only for an HP-FA
Award (with no Base-FA award), it will be ineligible to receive a Base-
FA, PPC-FA, DF-FA, or HFFI-FA award. HP-FA awards will be provided in
the form of a grant. Because HP-FA awards are funded by proceeds
received from ECIP under the Consolidated Appropriations Act, 2021, HP-
FA awards are not subject to the Matching Funds requirements. The CDFI
Fund reserves the right, in its sole discretion, to provide an HP-FA
award in an amount other than that which the Applicant requests;
however, the award amount will not exceed the Applicant's award request
as stated in its Application.
6. TA Awards: TA is provided in the form of grants. The CDFI Fund
reserves the right, in its sole discretion, to provide a TA award in an
amount other than that which the Applicant requests; however, the TA
award amount will not exceed the Applicant's request as stated in its
Application.
C. Eligible Activities:
1. FA Awards: Base-FA, PPC-FA, DF-FA, HFFI-FA, and HP-FA award
funds may be expended for activities serving Commercial Real Estate,
Small Business, Microenterprise, Community Facilities, Consumer
Financial Products, Consumer Financial Services, Commercial Financial
Products, Commercial Financial Services, Affordable Housing,
Intermediary Lending to Non-Profits and CDFIs, Climate-Focused
Financing, and other
[[Page 6055]]
lines of business as deemed appropriate by the CDFI Fund in the
following categories: (i) Financial Products; (ii) Financial Services;
(iii) Loan Loss Reserves; (iv) Development Services; \6\ (v) Capital
Reserves; and (vi) Direct Administrative Expenses, subject to certain
restrictions outlined in this section. The FA Budget is the amount of
the award and must be expended in the eligible activity categories
prior to the end of the Budget Period.\7\ None of the eligible activity
categories will be authorized for Indirect Costs or an associated
Indirect Cost Rate. All FA eligible activities must be in an Eligible
Market or the Applicant's approved Target Market. Eligible Market is
defined as (i) a geographic area meeting the requirements set forth in
12 CFR 1805.201(b)(3)(ii), or (ii) individuals that are Low-Income,
African American, Hispanic, Native American, Native Hawaiian, Alaska
Native, Other Pacific Islander, Filipino, Vietnamese, or Persons with
Disabilities.
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\6\ Although some financial education for youth under 18 years
old do not fall under the definition of Development Services and
thus is not eligible to support Certification, the CDFI Fund allows
FA award funds to be used to provide such financial education.
Financial education for youth means education designed to prepare
youth to engage with the financial system. This includes accessing
Financial Products when they are legally able to and accessing
Financial Services offered by the Applicant or a third party.
\7\ Budget Period means the time interval from the start date of
a funded portion of an award to the end date of that funded portion
during which Recipients are authorized to expend the funds awarded.
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Base-FA Recipients must meet PG&Ms, which will be derived from
projections and attestations provided by the Applicant in its
Application, to achieve one of the following FA Objectives: (i)
Increase Volume of Financial Products in an Eligible Market(s) and/or
in the Applicant's approved Target Market and/or Increase Volume of
Financial Services in an Eligible Market(s) and/or in the Applicant's
approved Target Market; (ii) Serve Eligible Market(s) or the
Applicant's approved Target Market in New Geographic Area or Areas;
(iii) Provide New Financial Products in an Eligible Market(s) and/or in
the Applicant's approved Target Market; and (iv) Serve New Targeted
Population or Populations. FA awards may only be used for Direct Costs
associated with an eligible activity; no indirect expenses are allowed.
Up to 15% of the FA award may be used for Direct Administrative
Expenses associated with an eligible FA activity. ``Direct
Administrative Expenses'' shall mean Direct Costs, as described in
section 2 CFR 200.413 of the Uniform Administrative Requirements, which
are incurred by the Recipient to carry out the Financial Assistance.
Direct Costs incurred to provide Development Services or Financial
Services are not deemed to be Direct Administrative Expenses and
therefore are not subject to the 15% limitation.
The 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
Administrative Requirements,\8\ with respect to any Direct Costs. For
purposes of this NOFA, the five eligible activity categories are
defined in table 3.
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\8\ Section 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 Affiliate of such entities).
Table 3--Base-FA, PPC-FA, DF-FA, HFFI-FA, and HP-FA Eligible Activity Categories
----------------------------------------------------------------------------------------------------------------
Eligible CDFI institution
FA eligible activity FA Eligible activity definition types
----------------------------------------------------------------------------------------------------------------
i. Financial Products................... FA expended as loans, Equity Investments, All.
loan guarantees, and similar financing
activities (as determined by the CDFI
Fund) including the purchase of loans
originated by Certified CDFIs and the
purchase of loans originated by entities
that do not have the CDFI Certification
but were made to members of the
Applicant's Target Market. In the case of
CDFI Intermediaries, Financial Products
may also include loans to CDFIs and/or
Emerging CDFIs, and deposits in Insured
Credit Union CDFIs, Emerging Insured
Credit Union CDFIs, and/or State-Insured
Credit Union CDFIs.
For HFFI-FA, however, financing for
prepared food outlets are not eligible
activities, including the purchase of
loans, loan refinancing, or any other
type of financing for prepared food
outlets..
ii. Financial Services.................. FA expended for providing checking, Regulated Institutions \9\
savings accounts, check cashing, money only.
orders, certified checks, automated Not applicable for HFFI-FA
teller machines, deposit taking, safe or HP-FA Recipients.
deposit box services, and other similar
services.
iii. Loan Loss Reserves................. FA set aside in the form of cash reserves, All.
or through accounting-based accrual
reserves, to cover losses on loans,
accounts, and notes receivable or for
related purposes that the CDFI Fund deems
appropriate.
iv. Development Services................ FA expended for activities undertaken by a All.
CDFI, its Affiliate or contractor that
(i) promote community development and
(ii) prepare or assist current or
potential borrowers or investees to use
the CDFI's Financial Products or
Financial Services. For example, such
activities include financial or credit
counseling; homeownership counseling;
business planning; and management
assistance.
v. Capital Reserves..................... FA set aside as reserves to support the Regulated Institutions
Applicant's ability to leverage other only.
capital, for such purposes as increasing Not applicable for DF-FA.
its net assets or providing financing, or
for related purposes as the CDFI Fund
deems appropriate.
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2. DF-FA Award: DF-FA award funds may only be expended for eligible
FA activities (referenced in table 3) to directly or indirectly benefit
individuals with disabilities. The DF-FA Recipient must close Financial
Products for the primary purpose of directly or indirectly benefiting
people with disabilities, where the majority of the DF-FA supported
loans or investments benefit individuals with disabilities, in an
amount equal to or greater than 85% of the total DF-FA provided.
Eligible DF-FA financing activities may include, among other
activities, loans to develop or purchase affordable, accessible, and
safe housing; loans to provide or facilitate employment opportunities;
[[Page 6056]]
and loans to purchase assistive technology.
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\9\ Regulated Institutions include Insured Credit Unions,
Insured Depository Institutions, State-Insured Credit Unions and
Depository Institution Holding Companies.
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For the purposes of DF- FA, a person with a disability is a person
who has a physical or mental impairment that substantially limits one
or more major life activities, a person who has a record of such an
impairment, or a person who is regarded as having such an impairment,
as defined by the Americans with Disabilities Act (ADA), 42 U.S.C.
12102.
3. HFFI-FA Award: HFFI-FA award funds may only be expended for
eligible FA activities referenced in table 3. The HFFI-FA investments
must comply with the following guidelines:
a. Recipient must close Financial Products for Healthy Food Retail
Outlets and Healthy Food Non-Retail Outlets in its approved Target
Market in an amount equal to or greater than 100% of the total HFFI
Financial Assistance provided. Eligible financing activities to Healthy
Food Retail Outlets and Healthy Food Non-Retail Outlets require that
the majority of the loan or investment be devoted to offering a range
of Healthy Food choices, which may include, among other activities,
investments supporting an existing retail store or wholesale operation
upgrade to offer an expanded range of Healthy Food choices, or
supporting a nonprofit organization that expands the availability of
Healthy Foods in underserved areas.
b. Recipient must demonstrate that it has closed Financial Products
to Healthy Food Retail Outlets located in Low-Income and Low-Access
Food Areas in the Recipient's approved Target Market in an amount equal
to 75% of the total HFFI Financial Assistance provided.
Definitions:
Healthy Foods: Healthy Foods include unprepared nutrient-dense
foods and beverages as set forth in the USDA Dietary Guidelines for
Americans 2020-2025 including whole fruits and vegetables, whole
grains, fat free or low-fat dairy foods, lean meats, and poultry
(fresh, refrigerated, frozen or canned). Healthy Foods should have low
or no added sugars, and be low-sodium, reduced sodium, or no-salt-
added. (See USDA Dietary Guidelines: https://www.dietaryguidelines.gov).
Healthy Food Retail Outlets: Commercial sellers of Healthy Foods
including, but not limited to, grocery stores, mobile food retailers,
farmers markets, retail cooperatives, corner stores, bodegas, stores
that sell other food and non-food items along with a range of Healthy
Foods.
Healthy Food Non-Retail Outlets: Wholesalers of Healthy Foods
including, but not limited to, wholesale food outlets, wholesale
cooperatives, or other non-retail food producers that supply for sale a
range of Healthy Food options; entities that produce or distribute
Healthy Foods for eventual retail sale, and entities that provide
consumer education regarding the consumption of Healthy Foods.
Low-Income and Low-Access Food Areas: Distressed geographic areas
where either a substantial number or share of residents has low access
to a supermarket or large grocery store. For the purpose of satisfying
this requirement, a Low-Income and Low-Access Food Area must either:
(1) be a census tract determined to be a Low-Income and Low-Access Food
Area by the U.S. Department of Agriculture (USDA), in its USDA Food
Access Research Atlas; (2) be a census tract adjacent to a census tract
determined to be a Low-Income and Low-Access Food Area by the USDA, in
its USDA Food Access Research Atlas; which has a median family income
less than or equal to 120% of the applicable Area Median Family Income;
or (3) be a Geographic Unit as defined in 12 CFR part
1805.201(b)(3)(ii)(B), which (i) individually meets at least one of the
criteria in 12 CFR part 1805.201(b)(3)(ii)(D), and (ii) has been
identified as having low access to a supermarket or grocery store
through a methodology that has been adopted for use by another
governmental or philanthropic healthy food initiative.
4. PPC-FA Award: PPC-FA award funds may only be expended for
eligible FA activities referenced in table 3. The PPC-FA Recipient must
close Financial Products in PPC: (1) in an Eligible Market or in the
Applicant's approved Target Market and (2) in an amount equal to or
greater than 100% of the total PPC-FA award. The specific counties that
meet the criteria for ``persistent poverty'' can be found at: https://www.cdfifund.gov/sites/cdfi/files/2024-05/PPC_2020_ACS_May_10_2024.xlsx.
5. HP-FA Award: HP-FA award funds may only be expended for eligible
FA activities authorized in table 3. Additionally, HP-FA award funds
must comply with the following guidelines:
a. Recipient must close Financial Products that finance the
production of rental Housing projects affordable to families making at
or below 120% Area Median Income (AMI) and/or the production of
Homeownership projects affordable to families making at or below 150%
of AMI in an amount equal to or greater than 100% of the total HP-FA
assistance provided to the Recipient. The CDFI Fund will prioritize
funding Applications that focus on financing Homeownership and rental
Housing affordable to families at or below 80% AMI and further income
targeting restrictions will be specified in the Assistance Agreement
based on the Recipient's Application strategy.
b. Recipient must increase the volume of housing units financed
from the baseline period (Recipient's most recent three historic fiscal
years) to the Performance Period, as specified in the Assistance
Agreement.
c. For rental Housing, the Recipient must finance projects that
have a financing gap and are projected to be completed and ready for
occupancy by the end of the Period of Performance as evidenced by a
certificate of occupancy or equivalent. For Homeownership, the
Recipient must finance the development of new for-sale Housing and/or
the acquisition and rehabilitation of for-sale Housing, where such
Housing will be completed and ready for occupancy by the end of the
Period of Performance as evidenced by a certificate of occupancy or
equivalent.
Definitions:
Homeownership means ownership interest in a home in fee simple, or
by condominium, cooperative, mutual housing, or ground lease title
interest, as allowed under State law, in one- to four-unit Single-
family housing, or ownership of a manufactured housing unit. The
ownership interest is subject to the following additional requirements:
(1) Ownership interest may not merely consist of a right of possession
under a contract for deed, installment contract, or land contract
pursuant to which the deed is not given until the final payment is
made; and (2) Ownership interest is subject to the restrictions on
affordability permitted under the Assistance Agreement and this part;
mortgages, deeds of trust, or other liens or instruments securing debt
on the property; or any other restrictions or encumbrances that do not
impair the good and marketable nature of title to the ownership
interest.
Housing means Single-family and Multi-family residential units
including, but not limited to, manufactured housing, permanent
supportive housing, single-room occupancy (SRO) housing, assisted
living, and group homes that are permanent in nature and not temporary,
short term, transitional, or a dormitory, as further set forth by the
CDFI Fund.
Multi-family housing means residential properties consisting of
five or more dwelling units, such as a condominium unit, cooperative
unit, or an apartment.
[[Page 6057]]
Single-family housing means a one- to four- unit family residence,
a condominium unit, a cooperative unit, mutual housing, a manufactured
housing unit only, or the combination of a manufactured housing unit
and lot.
6. TA Awards: TA award funds may be expended for the following
seven eligible activity categories: (i) Compensation--Personal
Services; (ii) Compensation--Fringe Benefits; (iii) Professional
Service Costs; (iv) Travel Costs; (v) Training and Education Costs;
(vi) Equipment; and (vii) Supplies. The TA Budget is the amount of the
award and must be expended in the seven eligible activity categories
before the end of the Budget Period. None of the eligible activity
categories will be authorized for Indirect Costs or an associated
Indirect Cost Rate. Any expenses that are prohibited by the Uniform
Administrative Requirements are unallowable and are generally found in
Subpart E-Cost Principles. The 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 Administrative Requirements, with respect to
any Direct Costs. For purposes of this NOFA, the seven eligible
activity categories are defined in table 4.
Table 4--TA Eligible Activity Categories, Subject to the Applicable
Provisions of the Uniform Administrative Requirements
------------------------------------------------------------------------
------------------------------------------------------------------------
(i) Compensation-Personal TA paid to cover all remuneration, paid
Services. currently or accrued, for services of
Applicant's employees rendered during
the Period of Performance under the TA
award in accordance with section 2 CFR
200.430 of the Uniform Administrative
Requirements, is allowed.
Any work performed directly but unrelated
to the purposes of the TA award may not
be paid as Compensation through a TA
award. For example, the salaries for
building maintenance would not carry out
the purpose of a TA award and would be
deemed unallowable.
(ii) Compensation--Fringe TA paid to cover allowances and services
Benefits. provided by the Applicant to its
employees as Compensation in addition to
regular salaries and wages, in
accordance with section 2 CFR 200.431 of
the Uniform Administrative Requirements,
is allowed. Such expenditures are
allowable as long as they are made under
formally established and consistently
applied organizational policies of the
Applicant.
(iii) Professional Service TA paid to cover professional and
Costs. consultant services (e.g., such as
strategic and marketing plan
development), rendered by persons who
are members of a particular profession
or possess a special skill (e.g., credit
analysis, portfolio management), and who
are not officers or employees of the
Applicant, in accordance with section 2
CFR 200.459 of the Uniform
Administrative Requirements, is allowed.
Payment for a consultant's services may
not exceed the current maximum of the
daily equivalent rate paid to an
Executive Schedule Level IV Federal
employee. Professional and consultant
services must build the capacity of the
CDFI. For example, professional services
that provide direct Development Services
to the customers do not build the
capacity of the CDFI to provide those
services and would not be eligible. The
Applicant must comply, as applicable,
with section 2 CFR 200.216 of the
Uniform Administrative Requirements,
with respect to payment of Professional
Service Costs.
(iv) Travel Costs............ TA paid to cover costs of transportation,
lodging, subsistence, and related items
incurred by the Applicant's personnel
who are on travel status on business
related to the TA award, in accordance
with section 2 CFR 200.475 of the
Uniform Administrative Requirements, is
allowed. Travel Costs do not include
costs incurred by the Applicant's
consultants who are on travel status.
Any payments for travel expenses
incurred by the Applicant's personnel
but unrelated to carrying out the
purpose of the TA award would be deemed
unallowable. As such, documentation must
be maintained that justifies the travel
as necessary to the TA award.
(v) Training and Education TA paid to cover the cost of training and
Costs. education provided by the Applicant for
employees' development, in accordance
with section 2 CFR 200.473 of the
Uniform Administrative Requirements, is
allowed. TA can only be used to pay for
training costs incurred by the
Applicant's employees. Training and
Education Costs may not be incurred by
the Applicant's consultants.
(vi) Equipment............... TA paid to cover tangible personal
property, having a useful life of more
than one year and a per-unit acquisition
cost of at least $10,000, in accordance
with section 2 CFR 200.1 of the Uniform
Administrative Requirements, is allowed.
For example, items such as office
furnishings and information technology
systems are allowable as Equipment
costs. The Applicant 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
Administrative Requirements, with
respect to the purchase of Equipment.
(vii) Supplies............... TA paid to cover tangible personal
property with a per unit acquisition
cost of less than $10,000, in accordance
with section 2 CFR 200.1 of the Uniform
Administrative Requirements, is allowed.
For example, a desktop computer costing
$1,000 is allowable as a Supply cost.
The Applicant 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
Administrative Requirements, with
respect to the purchase of Supplies.
------------------------------------------------------------------------
III. Eligibility Information
A. Eligible Applicants: For the purposes of this NOFA, table 5
through table 8 set forth the eligibility criteria to receive an award
from the CDFI Fund, along with certain definitions of terms. There are
four categories of Applicant eligibility criteria: (1) CDFI
Certification criteria (table 5); (2) requirements that apply to all
Applicants (table 6); (3) requirements that apply to TA Applicants
(table 7); and (4) requirements that apply to FA Applicants (table 8).
Table 5--CDFI Certification Criteria Definitions
------------------------------------------------------------------------
------------------------------------------------------------------------
Certified CDFI............... An entity that the CDFI Fund has
officially notified that it meets all
CDFI Certification requirements.
Emerging CDFI................ A non-Certified entity that
(TA Applicants).............. demonstrates to the CDFI Fund in its
Application that it has an acceptable
plan to meet CDFI Certification
requirements by the end of its Period of
Performance, or another date that the
CDFI Fund selects.
An Emerging CDFI that has prior
award(s) must comply with CDFI
Certification PG&M(s) stated in its
prior Assistance Agreement(s).
An Emerging CDFI selected to
receive a TA award will be required to
become a Certified CDFI by a date
specified in the Assistance Agreement.
------------------------------------------------------------------------
[[Page 6058]]
Table 6--Eligibility Requirements for All Applicants
------------------------------------------------------------------------
------------------------------------------------------------------------
Applicant.................... An Applicant must be duly
organized as a legal entity (within the
United States or its territories).
Only the entity that will carry
out the proposed award activities may
apply for an award (other than
Depository Institution Holding Companies
(DIHC)\10\--see below). Recipients may
not create a new legal entity to carry
out the proposed award activities.
The information in the
Application should only reflect the
activities of the Applicant, including
the presentation of financial and
portfolio information (other than DIHCs-
see below). Do not include financial or
portfolio information from parent
companies, Affiliates, or Subsidiaries
in the Application unless it relates to
the provision of Development Services.
An Applicant that applies on
behalf of another organization will be
rejected without further consideration,
other than DIHCs (see below).
Application type and Applicants must submit the
submission overview through Required Application Documents listed in
Grants.gov and Awards table 10.
Management Information The CDFI Fund will only accept
System (AMIS). Applications that use the official
Application templates provided on the
Grants.gov and AMIS websites.
Applications submitted with alternative
or altered templates will not be
considered.
Applicants undergo a two-step
process that requires the submission of
Application documents by two separate
deadlines in two different systems: (1)
the SF-424 in Grants.gov and (2) all
other Required Application Documents in
AMIS.
Grants.gov and the SF-424:
o Grants.gov: Applicants must submit the
Standard Form (SF) SF-424, Application
for Federal Assistance.
o All Applicants must register in the
Grants.gov system to successfully submit
an Application. The Grants.gov
registration process can take 30 days or
more to complete. The CDFI Fund strongly
encourages Applicants to register as
early as possible.
o 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
technological error that directly
resulted in a late submission of the SF-
424.
o 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 system.
o The deadline for the Grants.gov
submission is before the AMIS submission
deadline.
o The SF-424 must be submitted under the
CDFI Program Funding Opportunity Number
for the CDFI Program Application. CDFI
Program Applicants should be careful to
not select the NACA Program Funding
Opportunity Number when submitting their
SF-424 for the CDFI Program. CDFI
Program Applicants that submit their SF-
424 for the CDFI Program Application
under the NACA Program Funding
Opportunity Number will be deemed
ineligible for the CDFI Program
Application.
o 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 listed in table
10:
o AMIS is an enterprise-wide information
technology system. Applicants will use
AMIS to submit and store organization
and Application information with the
CDFI Fund.
o Applicants are only allowed one CDFI
Program Application submission in AMIS.
o Each Application in AMIS must be signed
by an Authorized Representative.
o 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.
o Only the Authorized Representative or
Application Point of Contact, included
in the Application, may submit the
Application in AMIS.
o All Required Application Documents must
be submitted in AMIS on or before the
deadline specified in table 1. The CDFI
Fund will not extend the deadline for
any Applicant except in the case of a
Federal Government administrative or
technological error that directly
resulted in the late submission of the
Application in AMIS.
Employer Identification Applicants must have a unique
Number (EIN). 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 on or before the
deadline specified in table 1.
Unique Entity Identifier The transition from the Dun and
(UEI). Bradstreet Universal Numbering System
(DUNS) to UEI is a Federal, government-
wide initiative.
An Applicant must apply using
its UEI in Grants.gov.
The CDFI Fund will reject an
Application submitted with the UEI of a
parent or Affiliate organization.
The UEI in the Applicant's AMIS
account must match the UEI in the
Applicant's Grants.gov and SAM accounts.
The CDFI Fund will reject an Application
if the UEI in the Applicant's AMIS
account does not match the UEI in its
Grants.gov and SAM accounts.
Applicants must enter their UEI
into their AMIS profile on or before the
deadline specified in table 1.
System for Award Management SAM is a web-based, government-
(SAM). 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.
Applicants must register in SAM
as part of the Grants.gov registration
process.
Applicants that have an active
SAM registration have been assigned a
UEI. Applicants must also have an EIN 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 Application evaluation period, or is
set to expire before September 30, 2025,
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 all
Required Application Documents listed in
table 10 through the AMIS system.
The Application of any
organization that does not properly
register in AMIS by the deadline set
forth in table 1--FY 2025 CDFI Program
Funding Round Critical Deadlines for
Applicants--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 CDFI or NACA Program award.
[[Page 6059]]
Compliance with An Applicant* may not be
Nondiscrimination and Equal eligible to receive an award if
Opportunity Statutes, proceedings have been instituted against
Regulations, and Executive it in, by, or before any court,
Orders. governmental agency, or administrative
body, and a final determination has been
issued within the time period beginning
three years prior to the publication of
this NOFA until the execution of the
Assistance Agreement that indicates the
Applicant has violated any Federal civil
rights laws or regulations, including:
Title VI of the Civil Rights Act of
1964, as amended (42 U.S.C. 2000d); 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); and the Age Discrimination
Act of 1975, (42 U.S.C. 6101-6107).
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 (Title VI),
set forth in 31 CFR part 22. These
requirements are set forth in the United
States Department of the Treasury
regulations implementing Title VI
located 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 has pending Title VI noncompliance
issues, if the CDFI Fund has not yet
made a final compliance determination.
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 In the case where a Depository
Holding Company Applicant. Institution Holding Company Applicant
intends to carry out the activities of
an award through its Subsidiary Insured
Depository Institution, the Application
must be submitted by the Depository
Institution Holding Company and reflect
the activities and financial performance
of the Subsidiary Insured Depository
Institution.
If a Depository Institution
Holding Company and its Subsidiary
Insured Depository Institution (through
which it will carry out the activities
of the award) both apply for an award
under this NOFA, only the Depository
Institution Holding Company will receive
an award, not both. In such instances,
the Subsidiary Insured Depository
Institution will be deemed ineligible.
Authorized Representatives of
both the Depository Institution Holding
Company and the Subsidiary Insured
Depository Institution must certify that
the information included in the
Application represents that of the
Subsidiary Insured Depository
Institution, and that the award funds
will be used to support the Subsidiary
Insured Depository Institution for the
eligible activities outlined in the
Application.
Use of award................. All awards made through this
NOFA must be used to support the
Applicant's activities in at least one
of the FA or TA Eligible Activity
Categories (see Section II. (C)).
With the exception of Depository
Institution Holding Company Applicants,
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
Administrative Requirements, with
respect to any Direct Costs.
Requested award amount....... An Applicant must state its
requested award amount in the
Application in AMIS. An Applicant that
does not include this amount will not be
allowed to submit an Application.
Pending resolution of If an Applicant (or Affiliate of
noncompliance or default. an Applicant identified in AMIS) that is
a prior 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.
Noncompliance or default The CDFI Fund will not consider
status. 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 an Applicant
identified in AMIS)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 the Applicant
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.
Additionally, regardless of
whether a sanction or remedy is imposed,
the CDFI Fund will not consider an
Application submitted by an Applicant if
the default on a prior Allocation
Agreement of the Applicant or an
Affiliate occurs during the time period
beginning 12 months prior to the
Application deadline and ending with the
FY 2025 award announcement.
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 The CDFI Fund will contact the
Verification. Do Not Pay Business Center to conduct a
debarment check on the Applicant. The
CDFI Fund will not consider any
Applicant that is debarred.
If the Do Not Pay Business
Center reports that the Applicant has a
pending or delinquent debt to the
Federal Government, the Applicant will
be required to demonstrate that it has
resolved such pending or delinquent
debt. Applicants that fail to
demonstrate resolution of the pending or
delinquent Federal debt will be found
ineligible to receive an award.
In the case where a Depository
Institution Holding Company Applicant
intends to carry out the activities of
an award through its Subsidiary Insured
Depository Institution, the above
debarment requirements apply both to the
Depository Institution Holding Company
and its Subsidiary Insured Depository
Institution.
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.
------------------------------------------------------------------------
* This requirement also applies to Subsidiary Insured Depository
Institutions that will carry out award activities on behalf of
Depository Institution Holding Company Applicants.
---------------------------------------------------------------------------
\10\ Depository Institution Holding Company or DIHC means a Bank
Holding Company or a Savings and Loan Holding Company.
[[Page 6060]]
Table 7--Eligibility Requirements for TA Applicants
------------------------------------------------------------------------
------------------------------------------------------------------------
CDFI Certification status.... (1) Emerging CDFIs (see definition in
table 5), or
(2) Certified CDFIs (see table 5) that
meet the following SECA Applicant
criteria:
(a) Have total assets as of the end of
the Applicant's most recent historic
fiscal year in accordance with the TA
Application Guidance (as stated in the
Applicant's AMIS account and verified by
internally prepared financial statements
and/or audits) in the following amounts:
Insured Depository Institutions
and Depository Institution Holding
Companies: up to $250 million;
Insured Credit Unions and State-
Insured Credit Unions: up to $100
million;
Venture Capital Funds**: up to
$5 million;
Other CDFIs: up to $5 million;
OR
(b) Have begun operations (as indicated
by the financing activity start date
field in the Applicant's AMIS account)
on or after January 1, 2021.
If a TA Applicant is a Certified CDFI at
the time of Application but loses its
CDFI Certification at any point prior to
the award announcement, the Application
will be deemed ineligible and no longer
be considered for an award by the CDFI
Fund.
Matching Funds............... Matching Funds documentation is
not required for TA awards.
Limitation on Awards......... An Emerging CDFI may not receive
a TA award if it has previously received
three or more TA awards in the preceding
ten fiscal years.
$5 Million funding cap....... The CDFI Fund is prohibited from
obligating more than $5 million in CDFI
and NACA Program awards, in the
aggregate, to any one organization and
its Subsidiaries and Affiliates during
any three-year period from the
announcement date.
The CDFI Fund will include CDFI
and NACA Program final awards in the cap
calculation that were provided to an
Applicant (and/or its Subsidiaries or
Affiliates) under the FY 2024 funding
round, as well as the requested FY 2025
award. The $5 million funding cap
includes TA, Base-FA, PPC-FA, and HP-FA
awards, but excludes DF-FA and HFFI-FA
awards.
Proposed Activities.......... Applicants must propose to
directly undertake eligible activities
with TA awards. For example, an
uncertified CDFI Applicant must propose
to become Certified as part of its
Application and a Certified CDFI
Applicant must propose activities that
build its capacity to serve its Target
Market or an Eligible Market.
Applicants may not propose to
use a TA award to create a separate
legal entity to become a Certified CDFI
or otherwise carry out the TA award
activities.
Regulated Institution........ Each Regulated Institution TA
Applicant must have a CAMELS/CAMEL
rating (rating for Insured Depository
Institutions and Credit Unions,
respectively) or equivalent type of
rating by its regulator (collectively
referred to as ``CAMELS/CAMEL rating'')
of at least ``4.''
TA Applicants with CAMELS/CAMEL
ratings of ``5'' will not be eligible
for awards.
In the case of a Depository
Institution Holding Company Applicant
that intends to carry out the award
through a Subsidiary Insured Depository
Institution, the CAMELS/CAMEL rating
eligibility requirements noted above
apply to both the Depository Institution
Holding Company Applicant, as well as
the Subsidiary Insured Depository
Institution.
The CDFI Fund will not approve a
TA award for an Insured Depository
Institution Applicant that has a
Community Reinvestment Act (CRA)
assessment rating of below
``Satisfactory'' on its most recent
examination.
In the case of a Depository
Institution Holding Company Applicant
that intends to carry out the award
through a Subsidiary Insured Depository
Institution, the CDFI Fund will not
approve a TA award if the Subsidiary
Insured Depository Institution has a
Community Reinvestment Act (CRA)
assessment rating of below
``Satisfactory'' on its most recent
examination.
The CDFI Fund will also evaluate
material concerns identified by the
Appropriate Federal Banking Agency in
determining the eligibility of Regulated
Institution Applicants.
------------------------------------------------------------------------
** A Venture Capital Fund is an organization that predominantly invests
funds in businesses, typically in the form of either Equity
Investments or subordinated debt with equity features such as a
revenue participation or warrants, and generally seeks to participate
in the upside returns of such businesses in an effort to at least
partially offset the risk of its investments.
Table 8--Eligibility Requirements for FA Applicants
------------------------------------------------------------------------
------------------------------------------------------------------------
CDFI Certification status.... Each FA Applicant must be a
Certified CDFI as of the publication
date of this NOFA in the Federal
Register.
In the case of a Depository
Institution Holding Company Applicant
that intends to carry out the award
through a Subsidiary Insured Depository
Institution, both the Depository
Institution Holding Company and its
Subsidiary Insured Depository
Institution must be Certified CDFIs as
of the publication date of this NOFA in
the Federal Register.
The CDFI Fund will consider an
Application submitted by an Applicant
that has pending noncompliance issues
with its Annual Certification and Data
Collection Report (ACR) if the CDFI Fund
has not yet made a final compliance
determination.
If a Certified CDFI loses its
CDFI Certification at any point prior to
the award announcement, the Application
will be deemed ineligible and no longer
be considered for an award by the CDFI
Fund.
Matching Funds documentation. Native American CDFIs are not
required to provide Matching Funds.
Applicants that are required to
submit Matching Funds (see table 9) must
submit acceptable documentation
attesting that they have received or
will receive Matching Funds. Applicants
that do not complete the Matching Funds
section in the FA Application in AMIS,
documenting the source(s) of their
Matching Funds, will not be evaluated.
See table 9 for additional information
on Matching Funds requirements for FY
2025 Funding Round. The Matching Funds
requirement for Category I (SECA) FA
Applicants and HFFI-FA Applicants was
waived in the final FY 2024
appropriations, and the final FY 2025
appropriations are still pending.
Therefore HFFI-FA and SECA FA applicants
are not required to submit Matching
Funds for their award requests at the
time of Application. However, the CDFI
Fund reserves the right to request
Matching Funds from Category I (SECA) FA
and HFFI-FA Applicants if Matching Funds
are not waived in the final FY 2025 CDFI
Program appropriations. Category II
(Core) FA Applicants must document their
Matching Funds in the Matching Funds
section in the FA Application in AMIS.
Matching Funds information provided in
another format will not be considered.
Unless Congress waives the
Matching Funds requirement, awards will
be limited to no more than two times the
amount of In-Hand or Committed Matching
Funds documentation provided at the time
of Application (or for Category I (SECA)
FA and HFFI-FA Applicants, upon request
if applicable). See table 9 for the
definitions of Committed and In-Hand.
Unless Congress waives the
Matching Funds requirement, awards will
be obligated in like form to the
Matching Funds provided at time of
Application (or for Category I (SECA) FA
and HFFI-FA Applicants, upon request if
applicable). See table 9. Matching Funds
``Determination of Award Form'' for
additional guidance.
Unless Congress waives the
Matching Funds requirement, award
payments from the CDFI Fund will require
eligible dollar-for-dollar In-Hand
Matching Funds for the total payment
amount. Recipients will not receive a
payment until 100% of their Matching
Funds are In-Hand.
Unless Congress waives the
Matching Funds requirement, the CDFI
Fund will reduce and de-obligate the
remaining balance of any award that does
not demonstrate full dollar-for-dollar
Matching Funds equal to the announced
award amount by the end of the Matching
Funds Window.
[[Page 6061]]
Consideration as a Native For consideration as a Native
American CDFI. American CDFI under this NOFA, an FA
Applicant must Primarily Serve a Native
Community. Primarily Serves is defined
as 50% or more of an Applicant's
activities being directed to a Native
Community.
For purposes of this NOFA, a
Native Community is defined as Native
American, Alaska Native, or Native
Hawaiian populations or Native American
areas defined as federally-designated
reservations, Hawaiian homelands, Alaska
Native Villages and U.S. Census Bureau-
designated Tribal Statistical Areas.
Applicants that do not meet the
above conditions will not be considered
as a Native American CDFI under this
NOFA.
The Indian Community Economic
Enhancement Act of 2020 (Pub. L. 116-
261) permanently waived the Matching
Funds requirements for Native American
CDFIs. Therefore, if the CDFI Fund
determines that a Category II (Core) FA
Applicant that attests in its
Application to meeting the above
conditions does not meet the criteria to
be considered a Native American CDFI,
the Application will be deemed
ineligible for failure to provide
Matching Funds.
$5 Million funding cap....... The CDFI Fund is prohibited from
obligating more than $5 million in CDFI
and NACA Program awards, in the
aggregate, to any one organization and
its Subsidiaries and Affiliates during
any three-year period from the
announcement date.
The CDFI Fund will include CDFI
and NACA Program final awards in the cap
calculation that were awarded to an
Applicant (and/or its Subsidiaries or
Affiliates) under the FY 2024 funding
round, as well as the requested FY 2025
award. The $5 million funding cap
includes TA, Base-FA, PPC-FA, and HP-FA
awards but excludes DF-FA and HFFI-FA
awards.
FA Category I (SECA)......... To be an eligible SECA
Applicant, an Applicant must meet the
following criteria:
(1) Be a Certified CDFI as defined in
table 5;
(2) Request $700,000 or less in Base-FA
award funds; AND EITHER
(3) Have total assets as of the end of
the Applicant's most recent historic
fiscal year in accordance with the FA
Application Guidance (as stated in the
Applicant's AMIS account and verified by
internally prepared financial statements
and/or audits) in the following amounts:
Insured Depository Institutions
and Depository Institution Holding
Companies: up to $250 million;
Insured Credit Unions and State-
Insured Credit Unions: up to $100
million;
Venture Capital Funds: up to $5
million;
Other CDFIs: up to $5 million;
OR
Have begun operations (as
indicated by the financing activity
start date field in the Applicant's AMIS
account) on or after January 1, 2021.
FA Category II (Core)........ A Core Applicant must be a
Certified CDFI as defined in table 5.
An Applicant that meets the SECA
requirements stated above, and that
requests more than $700,000 in Base-FA
award funds is categorized as an FA
Category II (Core) Applicant, regardless
of its total assets and/or years in
operation.
Such Applicants who meet SECA
requirements but wish to apply as a Core
FA Applicant by requesting more than
$700,000 must elect to apply as a Core
Applicant upon Application launch in
AMIS. The CDFI Fund will not change the
Application type (Core FA or SECA FA)
after the Application has been launched
by the Applicant.
FA Applicants with Community A CDFI Applicant can apply for
Partners. assistance jointly with a Community
Partner. The CDFI Applicant must
complete the CDFI Program Application
and address the Community Partnership in
its business plan and other sections of
the Application as specified in the
Application materials.
The CDFI Applicant must be a
Certified CDFI as defined in table 5.
An Application with a Community
Partner must:
o Describe how the CDFI Applicant and
Community Partner will each participate
in the partnership and how the
partnership will enhance eligible
activities serving the Investment Area
and/or Targeted Population.
o Demonstrate that the Community
Partnership activities are consistent
with the strategic plan submitted by the
CDFI Applicant.
Assistance provided upon
approval of an Application with a
Community Partner shall only be
entrusted to the CDFI Applicant and
shall not be used to fund any activity
carried out directly by the Community
Partner or an Affiliate or Subsidiary
thereof.
Applicants for HP-FA only (with
no Base-FA request) are not eligible to
apply with a Community Partner. Only
Certified CDFIs may apply for HP-FA only
(with no Base-FA request).
Regulated Institution........ Each Regulated Institution FA
Applicant must have a CAMELS/CAMEL
rating (rating for Insured Depository
Institutions and Credit Unions,
respectively) or equivalent type of
rating by its regulator (collectively
referred to as ``CAMELS/CAMEL rating'')
of at least ``3.''
FA Applicants with CAMELS/CAMEL
ratings of ``4'' or ``5'' will not be
eligible for awards.
In the case of a Depository
Institution Holding Company Applicant
that intends to carry out the award
through a Subsidiary Insured Depository
Institution, the CAMELS/CAMEL rating
eligibility requirements noted above
apply to both the Depository Institution
Holding Company Applicant, as well as
the Subsidiary Insured Depository
Institution.
The CDFI Fund will not approve
an FA award for an Insured Depository
Institution Applicant that has a
Community Reinvestment Act (CRA)
assessment rating of below
``Satisfactory'' on its most recent
examination.
In the case of a Depository
Institution Holding Company Applicant
that intends to carry out the award
through a Subsidiary Insured Depository
Institution, the CDFI Fund will not
approve an FA award if the Subsidiary
Insured Depository Institution has a
Community Reinvestment Act (CRA)
assessment rating of below
``Satisfactory'' on its most recent
examination.
The CDFI Fund will also evaluate
material concerns identified by the
Appropriate Federal Banking Agency in
determining the eligibility of Regulated
Institution Applicants.
PPC-FA....................... All PPC-FA Applicants must:
o Submit a CDFI or NACA Program FA
Application;
o Meet all FA award eligibility
requirements;
o Submit the PPC-FA Application; and
o Provide a PPC-FA award request amount
in AMIS.
DF-FA........................ All DF-FA Applicants must:
o Submit a CDFI or NACA Program FA
Application;
o Meet all FA award eligibility
requirements;
o Submit the DF-FA Application; and
o Provide a DF-FA award request amount in
AMIS.
HFFI-FA...................... All HFFI-FA Applicants must:
o Submit a CDFI or NACA Program FA
Application;
o Meet all FA award eligibility
requirements;
o Submit the HFFI-FA Application; and
o Provide a HFFI-FA award request amount
in AMIS.
[[Page 6062]]
HP-FA........................ Applicants applying for only HP-
FA (with no Base-FA request) must:
o Submit a CDFI or NACA Program FA
Application;
o Meet all FA award eligibility
requirements;
o Indicate intention to apply for only HP-
FA in the CDFI or NACA Program FA
Application;
o Submit the Excel HP-FA Application;
o Have a track record of having financed
Housing in each of the last 3 historic
fiscal years; and
o Provide an HP-FA award request amount.
Applicants applying for HP-FA as
a supplement to Base-FA request must:
o Submit a CDFI or NACA Program FA
Application;
o Meet all FA award eligibility
requirements;
o Indicate intention to apply for both a
Base-FA award and an HP-FA award in the
CDFI Program or NACA Program FA
Application;
o Submit the Excel HP-FA Application;
o Have a track record of having financed
Housing in each of the last 3 historic
fiscal years; and
o Provide an HP-FA award request amount.
------------------------------------------------------------------------
B. Matching Funds Requirements: In order to receive a Base-FA, PPC-
FA, or DF-FA award, an Applicant must provide evidence of eligible
dollar-for-dollar Matching Funds and attest that it can provide
acceptable documentation upon the CDFI Fund's request as part of the
Application, unless Congress waives the Matching Funds requirement. The
Matching Funds requirement was permanently waived for Native American
CDFIs. Therefore, Native American CDFI Applicants are not required to
submit Matching Funds for their award requests. HP-FA Applicants are
not required to submit Matching Funds for their HP-FA award requests.
The Matching Funds requirement was waived for Category I (SECA) FA
Applicants and HFFI-FA Applicants in the final appropriations bill for
FY 2024, and the final FY 2025 appropriations are still pending for
this funding round. As a result, Category I (SECA) FA Applicants and
HFFI-FA Applicants are not required to submit Matching Funds for their
award requests at the time of Application. However, the CDFI Fund
reserves the right to request Matching Funds from Category I (SECA) FA
Applicants and HFFI-FA Applicants if Matching Funds are not waived in
the final FY 2025 CDFI Program appropriations. An Applicant that
represents that it has Equity Investments and/or deposits Matching
Funds In-Hand at the time of Application submission must provide
documentation of such as part of the Application (or for Category I
(SECA) FA and HFFI-FA Applicants, upon request if applicable). An
Applicant that uses retained earnings as Matching Funds must provide
supporting documentation of In-Hand and/or Committed Matching Funds at
the time of Application submission. The CDFI Fund will review Matching
Funds information, attestations, and supporting Matching Funds
documentation, if applicable, prior to award payment and will pay award
funds to a Recipient based upon eligible In-Hand Matching Funds. The
CDFI Fund encourages Applicants to review the Regulations, the Uniform
Administrative Requirements, and the Matching Funds guidance materials
available on the CDFI Fund's website. Table 9 provides a summary of the
Matching Funds requirements for Applicants for whom Matching Funds are
required. The Matching Funds requirement for Native American CDFIs is
permanently waived. Additional details are set forth in the Application
materials.
Table 9--Matching Funds Requirements *
------------------------------------------------------------------------
------------------------------------------------------------------------
In-Hand Matching Funds Matching Funds are In-Hand when
definition. the Applicant receives payment for the
Matching Funds from the Matching Funds
source and has acceptable documentation
that can be provided to the CDFI Fund
upon request. Acceptable In-Hand
documentation must show the source, form
(e.g., grant, loan, deposit, and Equity
Investment), amount received, and the
date the funds came into physical
possession of the Applicant.
The following documentation,
depending on the Matching Funds type,
must be provided to the CDFI Fund upon
request:
loan--the loan agreement and/or
promissory note;
grant--the grant letter or
agreement;
Equity Investment--the stock
certificate, documentation of total
equity outstanding, and shareholder
agreement;
retained earnings--Retained
Earnings Calculator and audited
financial statements or call reports
from regulating entity for each fiscal
year reported in the Retained Earnings
Calculator;
third party in-kind contribution-
evidence of receipt of contribution and
valuation;
deposits--certificates of
deposit agreement;
secondary capital--secondary
capital agreement and disclosure and
acknowledgement statement; AND
clearly legible documentation
that demonstrates actual receipt of the
Matching Funds including the date of the
transaction and the amount, such as a
copy of a check or a wire transfer
statement.
Unless Congress waives the
Matching Funds requirement, Applicants
must provide information on their In-
Hand Matching Funds in the Matching
Funds section of the FA Application in
AMIS (refer to table 10--Required
Application Documents) at the time of
Application submission.
Although Applicants are not
required to provide further
documentation for In-Hand Matching Funds
at the time of Application submission
(other than supporting documentation for
retained earnings, deposits, and Equity
Investments, which must be provided at
the time of Application submission),
they must be able to provide
documentation to the CDFI Fund upon
request.
Matching Funds requirements The following Applicants must provide
by Application type. evidence of acceptable Matching Funds at
the time of Application:
Category II/Core FA Applicants,
with the exception of Native American
CDFIs, applying for Base-FA, PPC-FA, and
DF-FA.
The CDFI Fund reserves the right to
request Matching Funds from Category I
(SECA) FA Applicants and HFFI-FA
Applicants if Matching Funds are not
waived in the final FY 2025 CDFI Program
appropriations.
TA Applicants and Native American CDFI FA
Applicants are not required to provide
Matching Funds. Matching Funds are also
not required for award requests under HP-
FA.
Amount of required match..... Unless waived by Congress, Applicants
must provide evidence of eligible, In-
Hand, dollar-for-dollar, non-Federal
Matching Funds for every award dollar to
be paid by the CDFI Fund. If awarded,
Applicants that do not demonstrate 100%
In-Hand Matching Funds at the time of
Application submission may experience a
longer payment timeline.
[[Page 6063]]
Determination of award form.. Unless the Matching Funds requirement is
waived by Congress, awards will be made
in comparable form and value to the
eligible In-Hand and/or Committed
Matching Funds submitted by the
Applicant. For awards where Congress has
waived the Matching Funds requirement,
the form of the award will be a grant.
For example, if an Applicant
provides documentation of eligible loan
Matching Funds for $200,000 and eligible
grant Matching Funds of $400,000, the
CDFI Fund will obligate $200,000 of the
FA award as a loan and $400,000 as a
grant.
The CDFI Fund will not permit a
Recipient to change the form of a loan
award.
For awards where Congress
waives the Matching Funds
requirement, the form of the
award will be a grant.
Matching Funds Window The Applicant must receive
definition. eligible In-Hand Matching Funds between
January 1, 2023 and January 15, 2026.
A Recipient must provide the
CDFI Fund with all documentation
demonstrating the receipt of In-Hand
Matching Funds by January 31, 2026 or a
later date as specified by the CDFI
Fund.
Matching Funds and form of Recipients will be approved for
award. a maximum award size of two times the
total amount of eligible In-Hand and/or
Committed Matching Funds included in the
Application (or for Category I (SECA) FA
and HFFI-FA Applicants, upon request if
applicable), so long as they do not
exceed the requested award amount.
The form of the Matching Funds
documented in the Application determines
the form of the award.
Committed Matching Funds Matching Funds are Committed
definition. when the Applicant has entered into or
received a legally binding commitment
from the Matching Funds source
demonstrating that the Matching Funds
will be disbursed to the Applicant at a
future date.
The Applicant must provide
information on their Committed Matching
Funds in the Matching Funds section of
the FA Application in AMIS (refer to
table 10--Required Application
Documents) at the time of Application
submission.
Although the Applicant is not
required to provide further
documentation for Committed Matching
Funds at the time of Application
submission (other than supporting
documentation for retained earnings,
deposits, and Equity Investments, which
must be provided at the time of
Application submission), it must be able
to provide the CDFI Fund, upon request,
acceptable written documentation showing
the source, form, and amount of the
Committed Matching Funds (including, in
the case of a loan, the terms thereof),
as well as the anticipated payment date
of the Committed Matching Funds.
Limitations on Matching Funds Matching Funds must be from non-
Federal sources.
Applicants cannot proffer
Matching Funds that were accepted as
Matching Funds for a prior award that
required Matching Funds under the CDFI
Program, NACA Program, or under another
Federal grant or award program.
Matching Funds must comply with
the Regulations.
The Matching Funds source(s)
must support at least one of the
eligible FA activities (see Section II
(C) of this NOFA).
Rights of the CDFI Fund...... The CDFI Fund reserves the right
to contact the Matching Funds source to
discuss the Matching Funds and the
documentation that the Applicant
provided.
The CDFI Fund may grant an
extension of the Matching Funds Window
(defined in table 9), on a case-by-case
basis, if the CDFI Fund deems it
appropriate.
The CDFI Fund reserves the right
to rescind all or a portion of an award
requiring Matching Funds and re-allocate
the rescinded award amount to other
qualified Applicant(s) if a Recipient
fails to provide evidence of In-Hand
Matching Funds obtained during the
Matching Funds Window totaling its award
amount.
Matching Funds in the form of Third party in-kind
third-party in-kind contributions are non-cash contributions
contributions. (i.e., property or services) provided by
non-Federal third parties to the
Applicant.
Third party in-kind
contributions will be deemed in the form
of a grant for Matching Funds purposes.
Third party in-kind
contributions may be in the form of real
property, equipment, supplies, and other
expendable property. The value of goods
and services must directly benefit the
eligible FA activities.
For third party in-kind
contributions, the fair market value of
goods and services must be documented as
the grant match.
Applicants will be responsible
for documenting the value of all in-kind
contributions pursuant to the Uniform
Administrative Requirements.
Matching Funds in the form of An award made in the form of a
a loan. loan will have the following
standardized terms:
i. A 13-year term with semi-annual
interest-only payments due in years 1
through 10, and fully amortizing
payments due each year in years 11
through 13; and
ii. A fixed interest rate of 4.04%, which
was calculated by the CDFI Fund based on
the U.S. Department of the Treasury's 10-
year Treasury note.
The Applicant's Matching Funds
loan(s) must:
i. have a minimum of a 3-year term (loans
presented as Matching Funds with less
than a 3-year term will not qualify as
eligible match); and
ii. be from a non-Federal source.
Matching Funds in the form of An Equity Investment source must
Equity Investments. meet the terms outlined in 12 CFR
1805.401(a): Equity: The CDFI Fund may
make non-voting equity investments in a
Recipient, including, without
limitation, the purchase of non-voting
stock. Such stock shall be transferable
and, in the discretion of the CDFI Fund,
may provide for convertibility to voting
stock upon transfer. The CDFI Fund shall
not own more than 50 percent of the
equity of a Recipient and shall not
control its operations.
The CDFI Fund's ownership of
equity is calculated by dividing the
shares owned by the CDFI Fund by the
total number of shares issued by the
Recipient.
The CDFI Fund reserves the
right, in its sole discretion, to
perform its own valuation of Equity
Investment source(s) and to determine if
the equity value is acceptable to the
CDFI Fund.
Severe Constraints Waiver.... In the case of an Applicant
demonstrating severe constraints on
available sources of Matching Funds, the
CDFI Fund, in its sole discretion, may
provide a Severe Constraints Waiver,
which permits such Applicant to comply
with the Matching Funds requirements by
reducing such requirements by up to 50%.
In order to be considered
eligible for a Severe Constraints
Waiver, an Applicant must meet all of
the SECA eligibility criteria described
in table 8. Instructions for requesting
a Severe Constraints Waiver will be made
available if required.
No more than 25% of the total
funds available for obligation under
this funding round may qualify for a
Severe Constraints Waiver.
Ineligible Matching Funds.... Applicants will not be given the
opportunity to correct or amend the
Matching Funds information included in
the FA Application after Application
submission if the CDFI Fund determines
that any portion of the Applicant's
Matching Funds is ineligible.
Use of Matching Funds from a If an Applicant offers Matching Funds
prior CDFI Program Recipient. documentation from an organization that
was a prior Recipient under the CDFI
Program or NACA Program, the Applicant
must be able to prove to the CDFI Fund's
satisfaction that such funds do not
consist, in whole or in part, of CDFI
Program funds, NACA Program funds, or
other Federal funds.
[[Page 6064]]
Matching Funds in the form of Retained earnings are eligible
retained earnings. for use as Matching Funds in an amount
equal to the CDFI Fund's calculation of:
i. the increase in retained earnings that
occurred over any one of the Applicant's
fiscal years within the Matching Funds
Window; or
ii. the annual average of such increases
that occurred over any three consecutive
fiscal years of the Applicant with at
least one of the fiscal years occurring
within the Matching Funds Window.
Any increases as measured in (i)
and (ii) will be adjusted to remove
revenue and expenses derived from
Federal sources and Matching Funds used
for prior Federal awards.
Retained earnings will be
matched in the form of a grant.
Depository Institution Holding
Company Applicants must provide call
reports for the Depository Institution
Holding Company in order to verify their
retained earnings, even if the requested
award will support its Subsidiary
Insured Depository Institution.
Special rule for Regulated A Regulated Institution's
Institutions. retained earnings are eligible for use
as Matching Funds in an amount equal to
the CDFI Fund's calculation of:
i. the increase in retained earnings that
occurred over any one of the Applicant's
fiscal years within the Matching Funds
Window; or
ii. the annual average of such increases
that occurred over any three consecutive
fiscal years of the Applicant with at
least one of the fiscal years occurring
within the Matching Funds Window; or
iii. the entire retained earnings that
have been accumulated since the
inception of the Applicant, as provided
in the Regulations.
Any increases as measured in (i)
and (ii) will be adjusted to remove
revenue and expenses derived from
Federal sources and Matching Funds used
for prior Federal awards.
If option (iii) is used for
Insured Credit Unions or State-Insured
Credit Unions, the Applicant must
increase its member and/or non-member
shares and/or total loans outstanding by
an amount equal to the amount of
retained earnings committed as Matching
Funds.
This increase (1) will be
measured on a quarterly basis from March
31, 2025; (2) must occur by December 31,
2026; and (3) will be based on amounts
reported in the Applicant's National
Credit Union Administration (NCUA) form
5300 Call Report, or equivalent.
The CDFI Fund will assess the
likelihood of this increase during the
Application review process.
An award will not be made to any
Applicant that has not demonstrated in
the relevant NCUA form 5300 call reports
or equivalent that it has increased
shares and/or total loans outstanding by
at least 25% of the requested FA award
amount (including all awards requiring
Matching Funds) between December 31,
2023, and December 31, 2024.
The Matching Funds are not In-
Hand until the Recipient has increased
its member and/or non-member shares,
deposits and/or total loans outstanding
by the amount of retained earnings since
inception that are being used as
Matching Funds.
If option (iii) is used for
Insured Depository Institutions or
Depository Institution Holding
Companies, the Applicant, or its
Subsidiary Insured Depository
Institution (in the case of a Depository
Institution Holding Company), must
increase deposits and/or total loans
outstanding by an amount equal to the
amount of retained earnings committed as
Matching Funds. Depository Institution
Holding Company Applicants must use the
call reports of the Subsidiary Insured
Depository Institution that the
requested FA award will support.
This increase (1) will be
measured on a quarterly basis from March
31, 2025; (2) must occur by December 31,
2026; and (3) will be based on amounts
reported in the call report.
The CDFI Fund will assess the
likelihood of this increase during the
Application review process.
An award will not be made to any
Applicant that has not demonstrated in
the relevant call reports that it has
increased deposits and/or total loans
outstanding by at least 25% of the
requested FA award amount (including all
awards requiring Matching Funds) between
December 31, 2023, and December 31,
2024.
The Matching Funds are not In-
Hand until the Recipient has increased
its deposits and/or total loans
outstanding by the amount of retained
earnings since inception that are being
used as Matching Funds.
All regulated Applicants
utilizing the option (iii) should refer
to the Retained Earnings Guidance
included in the Retained Earnings
Calculator Excel Workbook found on the
CDFI Fund's website.
------------------------------------------------------------------------
* The requirements set forth in table 9 are applicable to Category II
(Core) FA Applicants, with the exception of Native American CDFIs,
applying for Base-FA, PPC-FA, and DF-FA. The Matching Funds
requirements were permanently waived for Native American CDFIs.
Therefore, the requirements set forth in table 9 are not applicable to
Native American CDFI Applicants for the FY 2025 Funding Round.
Category I (SECA) FA Applicants and HFFI-FA Applicants are not
required to submit Matching Funds at the time of Application
submission, but the CDFI Fund reserves the right to request Matching
Funds from these Applicants if the Matching Funds requirement is not
waived in the final FY 2025 CDFI Program appropriations. Matching
Funds are not required for award requests under HP-FA.
IV. Application and Submission Information
A. Address to Request an Application Package: Application materials
can be found on the CDFI Fund's website at https://www.cdfifund.gov/cdfi. Applicants may request a paper version of any Application
material by contacting the CDFI Fund Help Desk at
[email protected]. Paper versions of Application materials will
only be provided if an Applicant cannot access the CDFI Fund's website.
B. Content and Form of Application Submission: All Applications
must be prepared using the English language, and calculations must be
computed in U.S. dollars. The following table lists the Required
Application Documents for the FY 2025 Funding Round. 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. Financial data, portfolio, and activity
information provided in the Application should only include the
Applicant's activities. Information submitted must accurately reflect
the Applicant's activities (other than Depository Institution Holding
Companies--see table 6).
Table 10--Required Application Documents
------------------------------------------------------------------------
Application documents Applicant type Submission format
------------------------------------------------------------------------
Active AMIS Account............. All Applicants.... AMIS.
SF-424.......................... All Applicants.... Fillable PDF in
Grants.gov.
Title VI Compliance Worksheet *. All Applicants.... AMIS.
[[Page 6065]]
CDFI Program Application All Applicants.... AMIS.
Components:.
Funding Application
Detail.
Data, Charts, and
Narrative sections as listed in
AMIS and outlined in
Application materials.
Matching Funds (FA Core
Applicants, with the exception
of Native American CDFIs).
PPC-FA Application Components:.. PPC-FA Applicants. AMIS.
Funding Application
Detail.
Narratives.............
AMIS Charts............
DF-FA Application Components:... DF-FA Applicants.. AMIS.
Funding Application
Detail.
Narratives.............
AMIS Charts............
HFFI-FA Application Components:. HFFI-FA Applicants AMIS.
Funding Application
Detail.
Narratives.............
AMIS charts............
HP-FA Application Components: HP-FA Applicants.. Attachment to AMIS
The Excel HP-FA Application Service Request.
will not be completed as part
of the AMIS Application. The
Application component is
anticipated to be released at a
later date than the other
Application components under
this NOFA and will be due at a
later date, as noted in table
1. Applicants will be provided
at least 30 days to complete
the Excel HP-FA Application
which will be an Excel
spreadsheet that contains two
sections:.
Narratives.............
Tables.................
Attachments to the Application:
Key Staff Resumes........... All Applicants.... PDF or Word
document in AMIS.
Organizational Chart........ All Applicants.... PDF in AMIS.
Completed, final audited FA Applicants and PDF in AMIS.
financial statements for the TA Applicants, if
Applicant's Three Most Recent available: loan
Historic Fiscal Years. funds, Venture
Capital Funds,
and other non-
Regulated
Institutions.
Unaudited financial statements FA and TA PDF in AMIS.
for Applicant's Three Most Applicants, if
Recent Historic Years (required available: loan
if available, and only if funds, Venture
audited financial statements Capital Funds,
are not available). and other non-
Regulated
Institutions.
Community Partnership Agreement. FA Applicants, if PDF or Word
applicable. document in AMIS.
Retained Earnings Calculator FA Core Excel Workbook in
Excel Workbook (required only Applicants, if AMIS. Applicants
if using retained earnings as applicable. must submit CDFI
Matching Funds). Fund-provided
template in the
original format
(.xlsm).
Call reports for each fiscal FA Core PDF in AMIS.
year reported in the Retained Applicants:
Earnings Calculator. Regulated
Institutions that
are using
retained earnings
as Matching Funds.
Equity Investment Matching Funds FA Core PDF or Word
Documentation. Applicants: For- document in AMIS.
profit CDFIs that
are using In-Hand
Equity
Investment(s) as
Matching Funds.
Deposits Matching Funds FA Core PDF or Word
Documentation. Applicants: document in AMIS.
Regulated
Institutions that
are using In-Hand
Deposits as
Matching Funds.
------------------------------------------------------------------------
* This requirement also applies to Subsidiary Insured Depository
Institutions that will carry out award activities on behalf of
Depository Institution Holding Company Applicants.
C. Application Submission: The CDFI Fund has a multiple step
process that requires the submission of Required Application Documents
(listed in table 10) on separate deadlines and locations. The SF-424
must be submitted through Grants.gov and all other Required Application
Documents through the CDFI Fund's Award Management Information System
(AMIS). 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 in writing by the CDFI Fund.
The deadlines for submitting the relevant Application materials are
listed in table 1.
First, all Applicants must register in the Grants.gov system to
successfully submit the SF-424. The Grants.gov registration process can
take 45 days or longer to complete and the CDFI Fund strongly
encourages Applicants to start the Grants.gov registration process as
early as possible (refer to the following link: https://www.grants.gov/register). Since the Grants.gov registration process requires
Applicants to have a UEI and an EIN, Applicants without these required
items should allow for additional time to complete the Grants.gov
registration process. The CDFI Fund will not extend the Application
deadline for any Applicant that started the Grants.gov registration
process but did not complete it by the deadline. An Applicant that has
previously registered with Grants.gov must verify that its registration
is current and active. Applicants should contact Grants.gov directly
with questions related to the registration or submission process as the
CDFI Fund does not maintain the Grants.gov system.
Each Application must be signed by a designated Authorized
Representative in AMIS before it can be submitted. The Excel HP-FA
Application must be submitted via a Service Request in AMIS by an
Authorized Representative of the Applicant or an Application Point of
Contact. Applicants must ensure that an Authorized Representative is an
employee or officer and is authorized to sign legal documents on behalf
of the Applicant. Consultants working on behalf of the Applicant may
not be designated as Authorized Representatives. Only a designated
Authorized Representative or Application Point of Contact, included in
the Application, may submit the Application in AMIS. If an AMIS
[[Page 6066]]
Application is not submitted by an Authorized Representative or
Application Point of Contact, the Application will be deemed
ineligible.
D. Unique Entity Identifier (UEI): The UEI has replaced the Dun and
Bradstreet Data Universal Numbering System (DUNS) number. The UEI,
generated in the System for Award Management (SAM.gov), has become the
official identifier for doing business with the Federal Government.
This transition 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 today, 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.
E. System for Award Management (SAM): Any entity applying for
Federal grants or other forms of Federal financial assistance through
Grants.gov must be registered in SAM before submitting its Application.
When accessing SAM.gov, users will be asked to create a Login.gov user
account (if they don't already have one). Going forward, users will use
their Login.gov username and password every time when logging into
SAM.gov. Registration in SAM is required as part of the Grants.gov
registration process. The SAM registration process may take one month
or longer to complete. An original, signed notarized letter identifying
the authorized entity administrator for the entity associated with the
UEI is required. This requirement is applicable to new entities
registering in SAM or an existing registration where there is no
existing entity administrator. Existing entities with registered entity
administrators do not need to submit an annual notarized letter.
Applicants without an EIN should allow for additional time as an
Applicant cannot register in SAM without an EIN. Applicants that have
previously completed the SAM registration process must verify that
their SAM accounts are current and active. Each Applicant must continue
to maintain an active SAM registration with current information at all
times during which it has an active Federal award or an Application
under consideration by a Federal awarding agency. The CDFI Fund will
deem ineligible any Applicant that fails to properly register or
activate its SAM account and, as a result, is unable to submit the SF-
424 in Grants.gov or Application in AMIS by the applicable Application
deadlines. These restrictions also apply to organizations that have not
yet received a UEI or EIN by the established deadline. Applicants must
contact SAM directly with questions related to registration or SAM
account changes as the CDFI Fund does not maintain this system and has
no ability to make changes or correct errors of any kind. For more
information about SAM, visit https://www.sam.gov.
Table 11_Grants.gov Registration Timeline Summary
------------------------------------------------------------------------
Estimated
Step Agency minimum time to
complete
------------------------------------------------------------------------
Obtain an EIN................. Internal Revenue Two (2) Weeks.*
Service (IRS).
Register in SAM.gov........... System for Award Four (4) Weeks.*
Management (SAM.gov).
This step will
include obtaining a
UEI..
Register in Grants.gov........ Grants.gov............ One (1) Week.**
------------------------------------------------------------------------
* Applicants are advised that the stated durations are estimates only
and represent minimum timeframes. Actual timeframes may take longer.
The CDFI Fund will deem ineligible any Applicant that fails to
properly register or activate its SAM account, has not yet received a
UEI or EIN, and/or fails to properly register in Grants.gov.
** This estimate assumes an Applicant has a UEI, an EIN, and is already
registered in SAM.gov.
F. Submission Instructions
1. Submission Deadlines: Table 1 provides the critical deadlines
for the FY 2025 Funding Round.
2. Confirmation of Application Submission in Grants.gov and AMIS:
Applicants are required to submit the SF-424, Application for Federal
Assistance through the Grants.gov system, under the CDFI Program
Funding Opportunity Number by the applicable deadline. All other
Required Application Documents (listed in table 10) must be submitted
through the AMIS website by the applicable deadline. Note, the Excel
HP-FA Application will be submitted separately via a Service Request in
AMIS by the date specified in table 1. Applicants must submit the SF-
424 prior to submitting the Application in AMIS. If the SF-424 is not
successfully accepted by Grants.gov by the deadline, the CDFI Fund will
not review the Application submitted in AMIS, and the Application will
be deemed ineligible.
a. Grants.gov Submission Information: Each Applicant will receive
an email from Grants.gov immediately after submitting the SF-424
confirming that the submission has entered the Grants.gov system. This
email will contain a tracking number for the submitted SF-424. Within
48 hours, the Applicant will receive a second email, which will
indicate if the submitted SF-424 was either successfully validated or
rejected with errors. However, Applicants should not rely on the email
notification from Grants.gov to confirm that their SF-424 was
validated. Applicants are strongly encouraged to use the tracking
number provided in the first email to closely monitor the status of
their SF-424 by contacting the helpdesk at Grants.gov directly. The
Application material submitted in AMIS is not officially accepted by
the CDFI Fund until Grants.gov has validated the SF-424.
b. AMIS Submission Information: AMIS is a web-based system where
Applicants will directly enter their Application information and add
the required attachments listed in table 10. The Base-FA, PPC-FA, DF-
FA, HFFI-FA, and TA Application components will all be submitted as
part of a single AMIS Application. 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 Excel HP-FA Application will be a fillable Excel spreadsheet
and must be separately submitted as an attachment to a Service Request
in AMIS. The CDFI Fund strongly encourages Applicants to allow for
sufficient time to review and complete all Required Application
Documents listed in table 10 and remedy any issues prior to the
Application deadline. Each Application submitted in AMIS must be signed
by an Authorized Representative listed in the organization's AMIS
account before it can be submitted. Applicants must ensure that the
[[Page 6067]]
Authorized Representative is an employee or officer and is authorized
to sign legal documents on behalf of the Applicant. Consultants working
on behalf of the Applicant may not be designated as Authorized
Representatives. Only an Authorized Representative or an Application
Point of Contact may submit an Application. If an Application is not
submitted by an Authorized Representative or Application Point of
Contact, the Application will be deemed ineligible. Applicants may only
submit one Base-FA or TA Application under the CDFI Program. Upon
submission, the Application will be locked and cannot be resubmitted,
edited, or modified in any way. The CDFI Fund will not unlock or allow
multiple Application submissions.
3. Late Submission or AMIS Account Creation: The CDFI Fund will not
accept an Application if the SF-424 is not submitted and accepted by
Grants.gov by the SF-424 deadline listed in table 1. Additionally, the
CDFI Fund will not accept an Application if it is not signed by an
Authorized Representative and submitted in AMIS by the Application
deadline or if an Applicant did not submit the required Title VI
Compliance Worksheet by the Application deadline listed in table 1. The
CDFI Fund will also not accept an Application from an Applicant that
failed to create an AMIS account by the deadlines specified in table 1.
The CDFI Fund will not accept the Excel HP-FA Application if it is not
submitted via a Service Request in AMIS by the deadline in table 1. In
these cases, 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, from submitting the AMIS Application, from
submitting the Excel HP-FA Application, from creating an AMIS account,
or 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. Be aware that
unexpected delay in a Federal Government process does not in and of
itself constitute a Federal Government administrative or technological
error. The CDFI Fund will only approve the late submission of the SF-
424, the AMIS Application, the Excel HP-FA Application, the Title VI
Compliance worksheet, or the late creation of an AMIS account if the
Applicant demonstrates that an unexpected delay was the direct result
of a Federal Government administrative or technological error.
a. Creation of AMIS Account: In cases where a Federal Government
administrative or technological error directly resulted in precluding
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 to the CDFI Program or an email to
[email protected] with a subject line of ``AMIS Account Creation
Deadline Extension Request.''
b. SF-424 Late Submission: In cases where a Federal Government
administrative or technological error directly resulted in precluding
an Applicant from submitting the SF-424 by the required deadline, 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 time
period. Applicants must submit late SF-424 submission requests to the
CDFI Fund via an AMIS Service Request to the CDFI Program with a
subject line of ``Late SF-424 Submission Request.''
c. 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 CDFI Program with a subject line of ``CDFI
Program--Title VI Compliance Worksheet Deadline Extension Request.''
d. AMIS Application Late Submission, including Late Excel HP-FA
Application Submission: In cases where a Federal Government
administrative or technological error directly resulted in precluding
an Applicant from submitting the Application in AMIS by the required
deadline, 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
Application submissions after that time period. Applicants must submit
late Application submission requests to the CDFI Fund via an AMIS
Service Request to the CDFI Program with a subject line of ``Late
Application Submission Request.''
G. Funding Restrictions: Base-FA, PPC-FA, DF-FA, HFFI-FA, HP-FA,
and TA awards are limited by the following:
1. Base-FA Awards:
a. A Recipient shall use Base-FA award funds only for the eligible
activities described in Section II. (C)(1) of this NOFA and its
Assistance Agreement.
b. With the exception of Depository Institution Holding Company
Applicants, Base-FA 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.
c. Base-FA award funds shall only be paid to the Recipient.
d. The CDFI Fund, in its sole discretion, may pay Base-FA award
funds in amounts, or under terms and conditions, which are different
from those requested by an Applicant.
e. The 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 Administrative Requirements, with respect to any Direct Costs.
2. PPC-FA Awards:
a. A Recipient shall use PPC-FA award funds only for the eligible
activities described in Section II. (C)(5) of this NOFA and its
Assistance Agreement.
b. With the exception of Depository Institution Holding Company
Applicants, PPC-FA 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.
c. PPC-FA award funds shall only be paid to the Recipient.
[[Page 6068]]
d. The CDFI Fund, in its sole discretion, may pay PPC-FA award
funds in amounts, or under terms and conditions, which are different
from those requested by an Applicant.
e. The 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 Administrative Requirements, with respect to any Direct Costs.
3. DF-FA Awards:
a. A Recipient shall use DF-FA award funds only for the eligible
activities described in Section II. (C)(2) of this NOFA and its
Assistance Agreement.
b. With the exception of Depository Institution Holding Company
Applicants, DF-FA 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.
c. DF-FA award funds shall only be paid to the Recipient.
d. The CDFI Fund, in its sole discretion, may pay DF-FA award funds
in amounts, or under terms and conditions, which are different from
those requested by an Applicant.
e. The 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 Administrative Requirements, with respect to any Direct Costs.
4. HFFI-FA Awards:
a. A Recipient shall use HFFI-FA award funds only for the eligible
activities described in Section II. (C)(4) of this NOFA and its
Assistance Agreement.
b. With the exception of Depository Institution Holding Company
Applicants, HFFI-FA 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.
c. HFFI-FA award funds shall only be paid to the Recipient.
d. The CDFI Fund, in its sole discretion, may pay HFFI-FA award
funds in amounts, or under terms and conditions, which are different
from those requested by an Applicant.
e. The 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 Administrative Requirements, with respect to any Direct Costs.
5. HP-FA Awards:
a. A Recipient shall use HP-FA award funds only for the eligible
activities described in Section II. (C)(5) of this NOFA and its
Assistance Agreement.
b. With the exception of Depository Institution Holding Company
Applicants, HP-FA 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.
c. HP-FA award funds shall only be paid to the Recipient.
d. The CDFI Fund, in its sole discretion, may pay HP-FA award funds
in amounts, or under terms and conditions, which are different from
those requested by an Applicant.
e. The 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 Administrative Requirements, with respect to any Direct Costs.
6. TA Awards:
a. A Recipient shall use TA award funds only for the eligible
activities described in Section II. (C)(3) of this NOFA and its
Assistance Agreement.
b. With the exception of Depository Institution Holding Company
Applicants, TA 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.
c. TA award funds shall only be paid to the Recipient.
d. The CDFI Fund, in its sole discretion, may pay TA award funds in
amounts, or under terms and conditions, which are different from those
requested by an Applicant.
e. The 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 Administrative Requirements, with respect to any Direct Costs.
V. Application Review Information
A. Criteria: If the Applicant has submitted an 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
Administrative Requirements. The CDFI Fund reserves the right to
contact the Applicant by telephone, email, or mail for the purpose of
clarifying or confirming Application information. If contacted, the
Applicant must respond within the time period communicated by the CDFI
Fund or risk that its Application will be rejected. The CDFI Fund will
review the Base-FA, DF-FA, PPC-FA, HFFI-FA, HP-FA, and TA Applications
in accordance with the process below. All internal and external
reviewers will complete the CDFI Fund's conflict of interest process.
1. Base-FA Application Scoring, Award Selection, Review, and
Selection Process: The CDFI Fund will evaluate each Application using a
five-step review process illustrated in the sections below. Applicants
that meet the minimum criteria will advance to the next step in the
review process. Applicants applying as a Community Partnership must
describe the partnership in the Application pursuant to the
requirements set forth in table 8 and will be evaluated in accordance
with the review process described below.
a. Step 1: Eligibility Review: The CDFI Fund will evaluate each
Application to determine its eligibility status pursuant to Section III
of this NOFA.
b. Step 2: Financial Analysis and Compliance Risk Evaluation:
i. Step 2: Financial Analysis: For Regulated Institutions, the CDFI
Fund will consider financial safety and soundness information from the
Appropriate Federal or State Banking Agency. As detailed in table 8,
each Regulated Institution FA Applicant (including a Subsidiary Insured
Depository Institution that will expend and carry out the activities of
an award on behalf of a Depository Institution Holding Company
Applicant) must have a CAMELS/CAMEL rating of at least ``3'' and/or no
significant material concerns from its regulator. Each Insured
Depository Institution Applicant and each Subsidiary Insured Depository
Institution that will expend and carry out the activities of an award
on behalf of a Depository Institution Holding Company Applicant must
have a CRA assessment rating of at least ``Satisfactory.''
For non-regulated Applicants, the CDFI Fund will evaluate the
financial health and viability of each non-regulated Applicant using
financial information provided by the Applicant. For the financial
analysis, each non-regulated Applicant will receive a Total Financial
Composite Score on a scale of one (1) to five (5), with one (1) being
the highest rating. The Total Financial Composite Score is based on the
[[Page 6069]]
analysis of twenty-three (23) financial indicators. Applications will
be grouped based on the Total Financial Composite Score. Applicants
must receive a Total Financial Composite Score of one (1), two (2), or
three (3) to advance to Step 3. Applicants that receive an initial
Total Financial Composite Score of four (4) or five (5) will be re-
evaluated and re-scored by CDFI Fund staff. If the Total Financial
Composite Score remains four (4) or five (5) after CDFI Fund staff
review, the Applicant will not advance to Step 3.
ii. Step 2: Compliance Risk Evaluation: For the compliance
analysis, the CDFI Fund will evaluate the compliance risk of each
Applicant using information provided in the Application, as well as an
Applicant's reporting history, reporting capacity, and performance risk
with respect to meeting the PG&Ms set forth in the Assistance
Agreement. Each Applicant will receive a Total Compliance Composite
Score on a scale of one (1) to five (5), with one (1) being the highest
rating. Applicants that receive an initial Total Compliance Composite
Score of four (4) or five (5) will be re-evaluated by CDFI Fund staff.
If the Applicant is deemed a high compliance risk after CDFI Fund staff
review, the Applicant will not advance to Step 3.
c. Step 3: Business Plan Review: Applicants that proceed to Step 3
will be evaluated on the soundness of their comprehensive business
plan. Two external non-CDFI Fund Reviewers will conduct the Step 3:
Business Plan Review. Reviewers will evaluate the Application sections
listed in table 12. All Applications will be reviewed in accordance
with standard reviewer evaluation materials. At the conclusion of the
Step 3 evaluation, Applications will be ranked based on Total Business
Plan Scores, in descending order from highest Total Business Plan Score
to lowest Total Business Plan Score. Each category of Applicant type
(Core and SECA) will be ranked separately. An amount up to but not
exceeding the highest scoring 60% of Core Applicants in the Core
Applicant pool and an amount up to, but not exceeding, the highest
scoring 70% of SECA Applicants in the SECA Applicant pool will progress
to Step 4. Within each category of Applicant type (Core and SECA)
respectively, if a tie in Total Business Plan Scores would prevent an
Applicant from advancing to Step 4, all Applicants with the same score
will progress to Step 4. Lastly, the CDFI Fund may consider the
geographic diversity of Applicants based on primary geographic market
served (Major Urban Area, Micropolitan Area, Minor Urban Area, and
Rural Area) when determining the Step 4 Applicant pool.
Based on funding availability for Core and SECA Base-FA Applicant
types, the CDFI Fund reserves the right to limit the number of
Applicants that progress from Step 3 to Step 4 to ensure that the CDFI
Program can meaningfully vary award amounts among Applicants with
different Step 4 Policy Objective scores, while maintaining minimum
award amounts specified in table 2. In cases where funding availability
is not sufficient to progress all Applicants within the top 60% of the
Core Applicant pool and within the top 70% of the SECA Applicant pool
from Step 3 to Step 4, priority will be given to Applicants that score
highest on the Total Business Plan Score in each Applicant type (Core
and SECA).
Applicants who request only an HP-FA award (with no Base-FA award)
will be evaluated in a separate pool from the Core and SECA Base-FA
Applicant types, utilizing the criteria outlined in table 12. This pool
will combine any HP-FA only Applications under both the CDFI Program
and the NACA Program. The Step 3 review questions under these criteria
will be modified to reflect the fact that Applications requesting only
HP-FA without Base-FA will not have an FA Objective. This review will
be completed by CDFI Fund or other Federal staff, rather than external
reviewers. Upon completion of the Step 3: Business Plan Review, the
Applications requesting only an HP-FA award without a Base-FA award
will be ranked according to Step 3 score. The CDFI Fund will forward
the same percentage of HP-FA only applications to Step 4 as the
percentage of the CDFI Program Core Applicant pool requesting Base-FA
forwarded to Step 4. For example, if the CDFI Fund forwards the highest
scoring 60% of the CDFI Program Core Applicant pool requesting Base-FA
to Step 4, and it received 8 Applications requesting only HP-FA (across
both the CDFI and NACA Programs), it will multiply 8 by 60% to
calculate 4.8 and forward five Applicants to Step 4, as five is the
closest whole number to 4.8.
Table 12--Step 3: Base-FA Business Plan Review Scoring Criteria
------------------------------------------------------------------------
Score needed to
Base-FA application sections Possible score advance
------------------------------------------------------------------------
Mission and Community Needs... Scored as a N/A.
component of the
other Base-FA
Application
Sections.
Business Strategy............. 12............... N/A.
Market and Competitive 7................ N/A.
Analysis.
Products and Services......... 12............... N/A.
Management and Track Record... 12............... N/A.
Growth and Projections........ 7................ N/A.
-------------------
Total Business Plan Score. 50............... Core Applicants: Up
to, but not
exceeding, top 60%
of all Core
Applicants.
SECA Applicants: Up
to, but not
exceeding, top 70%
of all SECA
Applicants.
------------------------------------------------------------------------
d. Step 4: Policy Objective Review: The CDFI Fund internal
reviewers will evaluate each Application to determine its ability to
meet policy objectives of the CDFI Fund. Each Applicant will be
evaluated in each of the categories listed in table 13 and will receive
a Total Policy Objective Review Score on a scale of one (1) to five
(5), with one (1) being the highest score. Applicants are then grouped
according to Total Policy Objective Review Scores. For Applications
requesting only HP-FA (with no Base-FA request), the Step 4 policy
objective review will be conducted using the same categories listed in
table 13. Where appropriate, the evaluation criteria for reviewers will
be modified to reflect the fact that Applications requesting only HP-FA
without Base-FA will not have an FA Objective.
The CDFI Fund also conducts a due diligence review for Applicants
that
[[Page 6070]]
includes an analysis of programmatic risk factors including, but not
limited to: history of performance in managing Federal awards
(including timeliness of reporting and compliance); ability to meet FA
Objectives selected by Base-FA Applicants in their Applications;
reports and findings from audits; and ability to effectively implement
Federal requirements, each of which could impact the Total Policy
Objective Review Score. For Applications requesting only HP-FA (with no
Base-FA), the due diligence review will consist of all of the above
components except the FA Objective due diligence review; due diligence
related to the Application's HP-FA strategy will be conducted as part
of the HP-FA Application review.
Table 13--Step 4: Base-FA Policy Review Scoring Criteria
----------------------------------------------------------------------------------------------------------------
Section Possible scores High score Score needed to advance
----------------------------------------------------------------------------------------------------------------
Economic Distress.................... 1, 2, 3, 4, or 5................ 1 N/A.
Economic Opportunities............... 1, 2, 3, 4, or 5................ 1 N/A.
Community Collaboration.............. 1, 2, 3, 4, or 5................ 1 N/A.
Total Policy Objective Review 1, 2, 3, 4, or 5................ 1 All Scores Advance.
Composite Score.
----------------------------------------------------------------------------------------------------------------
e. Step 5: Award Amount Determination: The CDFI Fund determines an
award amount for each Application based on the Step 4 Total Policy
Objective Review Score, the Applicant's request amount, and on certain
other factors, including, but not limited to, the Applicant's
deployment track record, minimum award size, and funding availability.
Applicants may have award amounts reduced from the requested award
amount or not funded as a result of this analysis. Based on funding
availability for Core, SECA, and/or NACA Base-FA Applicant types, the
CDFI Fund reserves the right to not award all Applicants that advance
to Step 5. In cases where funding availability is not sufficient to
award all Applications, priority will be given to Applicants that score
highest on the Step 4: Policy Objective Review in each Applicant type
Category (Core and SECA). For Core FA Applicants, the award cannot
exceed 30% of the Applicant's total portfolio outstanding as of the
Applicant's most recent historic fiscal year end in accordance with the
FA Application Guidance. For SECA FA Applicants, the award cannot
exceed 75% of the Applicant's total portfolio outstanding as of the
Applicant's most recent historic fiscal year end in accordance with the
FA Application Guidance, or the minimum award size as noted in table 2,
whichever is greater.
2. HFFI-FA Application Scoring, Award Selection, Review, and
Selection Process: A CDFI Fund internal reviewer will evaluate each
HFFI-FA Application associated with a Base-FA Application that
progresses to Step 4 of the FA Application review process. The reviewer
will evaluate the Application sections listed in table 14 and assign a
Total HFFI- FA Score up to 60 points. The CDFI Fund will make awards to
the highest scoring Applicants first. All Applications will be reviewed
in accordance with standard reviewer evaluation materials. Applicants
that fail to receive a Base-FA award will not be considered for a HFFI-
FA award.
The CDFI Fund conducts additional levels of due diligence for
Applications that are under consideration for an HFFI-FA award. Award
amounts may be reduced from the requested award amount as a result of
this analysis. The CDFI Fund may reduce awards sizes from requested
amounts based on certain variables, including but not limited to, an
Applicant's deployment track record, total portfolio outstanding, or
compliance with prior HFFI-FA awards. Lastly, the CDFI Fund may
consider the geographic diversity of Applicants when making its funding
decisions.
Table 14--Step 4 HFFI-FA Application Scoring Criteria
------------------------------------------------------------------------
Sections Possible score
------------------------------------------------------------------------
Target Market Profile........................ 10 points
Healthy Food Financial Products.............. 10 points
Projected HFFI-FA Activities................. 15 points
HFFI Track Record............................ 20 points
Management Capacity for Providing Healthy 5 points
Food Financing.
--------------------------
Total HFFI-FA Score...................... 60 points
------------------------------------------------------------------------
3. PPC-FA Application Scoring, Award Selection, Review, and
Selection Process: A CDFI Fund internal reviewer will evaluate the PPC-
FA request of each PPC-FA Application associated with a Base-FA
Application that progresses to Step 4 of the FA Application review
process. PPC-FA requests are not scored. PPC-FA award amounts will be
determined based on the total number of eligible Applicants and funding
availability, the Applicant's requested amount, and on certain factors,
including but not limited to, an Applicant's total portfolio
outstanding, historical track record of deployment in PPC, pipeline of
projects in PPC, minimum award size, and funding availability.
Applicants that fail to receive a Base-FA award will not be considered
for a PPC-FA award.
4. DF-FA Application Scoring, Award Selection, Review, and
Selection Process: A CDFI Fund internal reviewer will evaluate each DF-
FA Application associated with a Base-FA Application that progresses to
Step 4 of the FA Application review process. The reviewer will evaluate
the Application and assign a Total DF-FA Score on a scale of one (1) to
three (3), with one (1) being the highest score. Applicants are then
grouped according to Total DF-FA Score. All Applications will be
reviewed in accordance with standard reviewer evaluation materials.
Applicants that fail to receive a Base-FA award will not be considered
for a DF-FA award. Award amounts will be determined on the basis of the
Total DF-FA Score, the Applicant's requested amount, and on certain
factors,
[[Page 6071]]
including but not limited to, an Applicant's deployment track record,
total portfolio outstanding, minimum award size, and funding
availability. Award amounts may be reduced from the requested award
amount as a result of this analysis. The CDFI Fund will make awards to
the highest scoring Applicants first.
Table 15--Step 3 DF-FA Application Scoring Criteria
------------------------------------------------------------------------
Section Possible scores High score
------------------------------------------------------------------------
DF-FA Narrative Questions......... 1, 2, or 3.......... 1
Total DF-FA Score............. 1, 2, or 3.......... 1
------------------------------------------------------------------------
5. HP-FA Application Scoring, Award Selection, Review, and
Selection Process: A CDFI Fund internal reviewer will evaluate each HP-
FA Application that progresses to Step 4 of the review process. The
reviewer will evaluate the Application and assign a Total HP-FA Score
on a scale of one (1) to three (3), with one (1) being the highest
score, based on the Applicant's projected financing activity supporting
housing production, the extent it intends to target 51% or more of
Homeownership and rental Housing to families with incomes at 80% AMI or
below, its track record of financing housing, its projected timeline
for Housing to be completed, and the effectiveness of its strategy to
mitigate any risks. Applicants are then grouped according to Total HP-
FA Score. All Applications will be reviewed in accordance with standard
reviewer evaluation materials. Applicants that would not qualify for an
award based on Step 4 Total Policy Objective Review Score and due
diligence evaluation will not be considered for an HP-FA award.
Applicants that request an HP-FA award as a supplement a Base-FA award
must be selected to receive a Base-FA award to be considered for an HP-
FA award. Award amounts will be determined based on the Total HP-FA
Score, the Applicant's requested amount, and on certain factors,
including but not limited to, an Applicant's deployment track record,
total portfolio outstanding, minimum award size, proximity to the $5
million over three years award cap, geographies served, and funding
availability. The CDFI Fund may reduce an Applicant's award amount as a
result of this analysis. The CDFI Fund will make awards to the highest
scoring Applicants first.
6. TA Application Scoring, Award Selection, Review, and Selection
Process: The CDFI Fund will evaluate each Application to determine its
eligibility pursuant to Section III of this NOFA. If the Application
satisfies the eligibility criteria, the CDFI Fund will conduct the TA
Business Plan Review in two parts. Emerging CDFI Applicants must
receive a rating of Low Risk or Medium Risk in Part I of the TA
Business Plan Review to progress to Part II of the TA Business Plan
Review. Emerging CDFI Applicants that receive a rating of High Risk in
Part I of the TA Business Plan Review will not be considered for an
award. Part I of the TA Business Plan Review is not applicable for
Certified CDFI Applicants. Emerging CDFI and Certified CDFI Applicants
must receive a rating of Low Risk or Medium Risk in Part II of the TA
Business Plan Review to be considered for an award. Applicants that
receive a rating of High Risk in Part II of the TA Business Plan Review
will not be considered for an award. An Applicant that is a Certified
CDFI will be evaluated on the demonstrated need for a TA award to build
the CDFI's capacity, further the Applicant's strategic goals, and
achieve impact within the Applicant's Target Market. An Applicant that
is an Emerging CDFI will be evaluated on the Applicant's demonstrated
capability and plan to achieve CDFI Certification within three years,
or if a prior Recipient, the CDFI Certification PG&M stated in its
prior Assistance Agreement. An Applicant that is an Emerging CDFI will
also be evaluated on its demonstrated need for a TA award to build the
CDFI's capacity and further its strategic goals. The CDFI Fund will
rate each part of the TA Business Plan Review as indicated in table 16.
Table 16--TA Business Plan Review
------------------------------------------------------------------------
Business plan review component Applicant type Ratings
------------------------------------------------------------------------
Part I:
Primary Mission............. Emerging CDFI Low Risk, Medium
Applicants. Risk, or High
Risk.
Financing Entity............ Emerging CDFI
Applicants.
Target Market............... Emerging CDFI
Applicants.
Accountability.............. Emerging CDFI
Applicants.
Development Services........ Emerging CDFI
Applicants.
Part II:
Target Market Needs & Emerging and Low Risk, Medium
Strategy. Certified CDFI Risk, or High
Applicants. Risk.
Organizational Capacity..... Emerging and
Certified CDFI
Applicants.
Management Capacity......... Emerging and
Certified CDFI
Applicants.
------------------------------------------------------------------------
Each TA Application will be evaluated by one internal CDFI Fund
reviewer. The Business Plan Review of all Applications will be reviewed
in accordance with CDFI Fund standard reviewer evaluation materials.
The CDFI Fund conducts additional levels of due diligence for
Applications that are under consideration for an award. This due
diligence includes an analysis of programmatic and financial risk
factors including, but not limited to, financial stability, history of
performance in managing Federal
[[Page 6072]]
awards (including timeliness of reporting and compliance), reports and
findings from audits, and the Applicant's ability to effectively
implement Federal requirements. The CDFI Fund will also evaluate the
compliance risk of each Applicant using information provided in the
Application, as well as an Applicant's reporting history, reporting
capacity, and performance risk with respect to meeting the PG&Ms set
forth in the Assistance Agreement. Each Applicant will receive a Total
Compliance Composite Score on a scale of one (1) to five (5), with one
(1) being the highest rating. Applicants that receive an initial Total
Compliance Composite Score of four (4) or five (5) will be re-evaluated
by CDFI Fund staff. If the Applicant is deemed a high compliance risk
after CDFI staff review, the Applicant will not be considered for an
award. The CDFI Fund will also evaluate the Applicant's ability to meet
CDFI Certification criteria of being a legal entity and a non-
government entity. Award amounts may be reduced as a result of the due
diligence analysis in addition to consideration of the Applicant's
funding request and similar factors. Lastly, the CDFI Fund may consider
the geographic diversity of Applicants when making its funding
decisions.
6. Regulated Institutions: The CDFI Fund will consider safety and
soundness information from the Appropriate Federal or State Banking
Agency. If the Applicant is a Depository Institution Holding Company,
the CDFI Fund will consider information provided by the Appropriate
Federal or State Banking Agencies about both the Depository Institution
Holding Company and the Subsidiary Insured Depository Institution that
will expend and carry out the award. If the Appropriate Federal or
State Banking Agency identifies safety and soundness concerns
(including any concerns for Subsidiary Insured Depository Institutions
carrying out the activities of an award on behalf of a Depository
Institution Holding Company), the CDFI Fund will assess whether such
concerns cause or will cause the Applicant to be incapable of
undertaking the activities for which funding has been requested.
7. Non-Regulated Institutions: The CDFI Fund must ensure, to the
maximum extent practicable, that Recipients which are non-regulated
CDFIs are financially and managerially sound and maintain appropriate
internal controls (12 U.S.C. 4707(f)(1)(A) and 12 CFR 1805.800(b)).
Further, the CDFI Fund must determine that an Applicant's capacity to
operate as a CDFI and its continued viability will not be dependent
upon assistance from the CDFI Fund (12 U.S.C. 4704(b)(2)(A)). If it is
determined that the Applicant is incapable of meeting these
requirements, the CDFI Fund reserves the right to deem the Applicant
ineligible or terminate the award.
8. Consideration of the Three-Year Award Cap: The CDFI Fund is
prohibited from obligating more than $5 million in CDFI and NACA
Program awards, in the aggregate, to any one organization and its
Subsidiaries and Affiliates during any three-year period from the
announcement date. Base-FA, TA, PPC-FA, and HP-FA are expected to be
considered in this determination, based on existing statutory authority
and past appropriations bill language. DF-FA and HFFI-FA were excluded
from consideration towards the three-year award cap in the enacted FY
2024 Consolidated Appropriations Act; however, the final FY 2025
appropriations are still pending. Thus, the CDFI Fund reserves the
right to include FY 2025 DF-FA and HFFI-FA awards in calculating the
three-year award cap if these programs are not excluded in the final FY
2025 CDFI Program appropriations. The CDFI Fund may reduce award
amounts or deny certain supplemental awards if necessary to stay under
the $5 million award cap for a Recipient.
B. Anticipated Award Announcement: The CDFI Fund anticipates making
the CDFI Program award announcement before September 30, 2025. However,
the anticipated award announcement date is subject to change without
notice.
C. Application Rejection: The CDFI Fund reserves the right to
reject an Application if information (including administrative errors)
comes to the CDFI Fund's attention that: adversely affects an
Applicant's eligibility for an award; adversely affects the Recipient's
CDFI Certification (to the extent that the award is conditional upon
CDFI Certification); 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. The CDFI
Fund reserves the right to change its eligibility and evaluation
criteria and procedures, if the CDFI Fund deems it appropriate. If the
changes materially affect the CDFI Fund's award decisions, the CDFI
Fund will provide information about the changes through its website.
The CDFI Fund's award decisions are final, and there is no right to
appeal decisions.
D. External Non-CDFI Fund Reviewers: All external non-CDFI Fund
reviewers are selected based on criteria that includes a professional
background in community and economic development finance, and
experience reviewing the financial statements of all CDFI institution
types. Reviewers must complete the CDFI Fund's conflict of interest
process and be approved by the CDFI Fund.
VI. Federal Award Administration Information
A. Award Notification: Each successful Applicant will receive an
email ``notice of award'' notification from the CDFI Fund stating that
its Application has been approved for an award. Each Applicant not
selected for an award will receive an email stating that a debriefing
notice has been provided in its AMIS account.
B. Assistance Agreement: Each Applicant selected to receive an
award must enter into an Assistance Agreement with the CDFI Fund in
order to receive a payment(s). The Assistance Agreement will set forth
the award's terms and conditions, including but not be limited to the:
(i) award amount; (ii) award type; (iii) award uses; (iv) eligible use
of award funds; (v) PG&Ms; and (vi) reporting requirements. FA
Assistance Agreements have three-year Periods of Performance. TA
Assistance Agreements have two-year Periods of Performance for
Certified CDFIs and three-year Periods of Performance for Emerging
CDFIs.
1. Certificate of Good Standing: All FA and TA Recipients that are
not Regulated Institutions will be required to provide the CDFI Fund
with a certificate of good standing from the secretary of state for the
Recipient's jurisdiction of formation prior to closing. This
certificate can often be acquired online on the secretary of state
website for the Recipient's jurisdiction of formation and must
generally be dated within 180 days prior to the Federal Award Date of
the Assistance Agreement. Due to potential backlogs in state government
offices, Applicants are advised to submit requests for certificates of
good standing no later than 60 days after they submit their
Applications.
2. Closing: Pursuant to the Assistance Agreement, there will be an
initial closing at which point the Assistance Agreement and related
documents will be properly executed and delivered, and an initial
payment of FA or TA may be made. FA Recipients that are subject to the
Matching Funds requirement will
[[Page 6073]]
not receive a payment until 100% of their Matching Funds are In-Hand.
The first payment is the estimated amount of the award that the
Recipient states in its Application that it will use for eligible FA or
TA activities in the first 12 months after the award announcement. The
first payment request amount entered in the Application must be greater
than zero. The CDFI Fund reserves the right to increase the first
payment amount on any award to ensure that any subsequent payments are
at least $25,000 for FA and $5,000 for TA awards.
The CDFI Fund will minimize the time between the Recipient
incurring costs for eligible activities and award payment(s) in
accordance with the Uniform Administrative Requirements. Advanced
payments for eligible activities will occur no more than one year in
advance of the Recipient incurring costs for the eligible activities.
Following the initial closing, there may be subsequent closings
involving additional award payments. Any documentation in addition to
the Assistance Agreement that is connected with such subsequent
closings and payments shall be properly executed and timely delivered
by the Recipient to the CDFI Fund.
3. Requirements Prior to Entering into an Assistance Agreement: If,
prior to entering into an Assistance Agreement, information (including
administrative errors) comes to the CDFI Fund's attention that:
adversely affects the Recipient's eligibility for an award; adversely
affects the Recipient's CDFI Certification (to the extent that the
award is conditional upon CDFI Certification); 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
Administrative 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
Assistance 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. The CDFI Fund reserves the right, in its sole discretion,
to rescind an award if the Recipient fails to return the Assistance
Agreement, signed by the Authorized Representative of the Recipient,
and/or provide the CDFI Fund with any requested documentation, within
the CDFI Fund's deadlines.
In addition, the CDFI Fund reserves the right, in its sole
discretion, to terminate and rescind the Assistance Agreement and the
award made under this NOFA pending the criteria described in table 17.
Table 17--Requirements Prior to Executing an Assistance Agreement
------------------------------------------------------------------------
Requirement Criteria
------------------------------------------------------------------------
Failure to meet reporting If a Recipient received a prior
requirements. 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 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 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.
Failure to maintain CDFI An FA Recipient must be a
Certification. Certified CDFI.
If an FA Recipient fails to
maintain CDFI Certification, the CDFI
Fund will not execute the Assistance
Agreement and will terminate and rescind
the award made under this NOFA.
If a TA Recipient is a Certified
CDFI at the time of award announcement,
it must maintain CDFI Certification.
If a Certified CDFI TA Recipient
fails to maintain CDFI Certification,
the CDFI Fund will not execute the
Assistance Agreement and will terminate
and rescind the award made under this
NOFA.
Pending resolution of The CDFI Fund will delay
noncompliance or default. entering into an Assistance Agreement
with a prior Recipient or allocatee (or
Affiliate of the Recipient identified in
AMIS) that has pending noncompliance or
default issues with any of its
previously executed CDFI Fund award(s),
allocation(s), bond loan agreement(s),
or agreement(s) to guarantee.
If said prior Recipient or
allocatee is unable satisfactorily
resolve the compliance issues, the CDFI
Fund reserves the right, in its sole
discretion, to terminate and/or rescind
the notice of award and the award made
under this NOFA.
Noncompliance or default If, at any time prior to
status. entering into an Assistance Agreement,
the CDFI Fund determines that a
Recipient (or Affiliate of the Recipient
identified in AMIS) is noncompliant or
found in default with any previously
executed CDFI Fund award(s),
allocation(s), bond loan agreement(s),
or agreement(s) to guarantee, 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 Assistance Agreement
until the Recipient has cured the
noncompliance and/or default by taking
actions the CDFI Fund has specified
within such specified timeframe.
Additionally, regardless of whether a
sanction or remedy is imposed, the CDFI
Fund will not consider an Application
submitted by an Applicant if the default
on a prior Allocation Agreement of the
Applicant or an Affiliate occurs during
the time period beginning 12 months
prior to the Application deadline and
execution of the FY 2025 Assistance
Agreement. If the Recipient is unable to
cure the noncompliance and/or default
within the specified timeframe, the CDFI
Fund may terminate and rescind the
Assistance Agreement and the award made
under this NOFA.
Compliance with Federal civil If, within the period starting
rights requirements. three years prior to this NOFA and
through the date of the Assistance
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: 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); and the Age
Discrimination Act of 1975 (42 U.S.C.
6101-6107), the CDFI Fund may terminate
and rescind the Assistance Agreement and
the award made under this NOFA. The CDFI
Fund will delay entering into an
Assistance 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 Assistance
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.
[[Page 6074]]
Do Not Pay................... The Do Not Pay Business Center
was developed to support Federal
agencies in their efforts to reduce the
number of improper payments made through
programs funded by the Federal
Government.
If the Do Not Pay Business
Center reports that the Recipient has a
pending or delinquent debt to the
Federal Government, the Recipient will
be required to demonstrate that it has
resolved such pending or delinquent
debt. The CDFI Fund reserves the right,
in its sole discretion, to rescind an
award if the Recipient fails to
demonstrate resolution of the pending or
delinquent Federal debt.
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 its
safety and soundness prior to entering
into an Assistance Agreement.
------------------------------------------------------------------------
C. Reporting
1. Reporting requirements: On an annual basis during the Period of
Performance, the CDFI Fund may collect information from each Recipient
including, but not limited to, an Annual Report with the following
components (Annual Reporting Requirements):
Table 18--Annual Reporting Requirements *
------------------------------------------------------------------------
------------------------------------------------------------------------
Financial Statement Audit A Non-profit Recipient (including Insured
Report (Non-profit Recipient Credit Unions and State-Insured Credit
including Insured Credit Unions) must submit a Financial
Unions and State-Insured Statement Audit (FSA) Report in AMIS,
Credit Unions). along with the Recipient's statement of
financial condition audited or reviewed
by an independent certified public
accountant, if any are prepared.
Under no circumstances should this be
construed as the CDFI Fund requiring the
Recipient to conduct or arrange for
additional audits not otherwise required
under Uniform Administrative
Requirements or otherwise prepared at
the request of the Recipient or parties
other than the CDFI Fund.
Financial Statement Audit For-profit Recipients must submit an FSA
Report (For-Profit Report in AMIS, along with the
Recipient). Recipient's statement of financial
condition audited or reviewed by an
independent certified public accountant.
Financial Statement Audit If the Recipient is a Depository
Report (Depository Institution Holding Company or an
Institution Holding Company Insured Depository Institution, it must
and Insured Depository submit an FSA Report in AMIS.
Institution).
Single Audit Report (Non- A non-profit Recipient must complete an
Profit Recipients, if annual Single Audit pursuant to the
applicable). Uniform Administrative Requirements (see
2 CFR Subpart F-Audit Requirements) if
it expends $1,000,000 or more in Federal
awards in its fiscal year, or such other
dollar threshold established by OMB
pursuant to 2 CFR 200.501. If a Single
Audit is required, it must be submitted
electronically to the Federal Audit
Clearinghouse (FAC) (see 2 CFR Subpart F-
Audit Requirements in the Uniform
Administrative Requirements) and
optionally through AMIS.
Federal Financial Report/OMB The Recipient must annually submit the SF-
Standard Form 425 (SF-425). 425 Federal Financial Report to the CDFI
Fund through AMIS to disclose how much
of the CDFI Program award funds were
expended during the Federal Government's
fiscal year of October 1 through
September 30.
Uses of Award Report......... The Recipient must submit the Uses of
Award Report to the CDFI Fund in AMIS.
If the Recipient is a Depository
Institution Holding Company that deploys
all or a portion of its Financial
Assistance through its Subsidiary
Insured Depository Institution, the
Depository Institution Holding Company
must submit all uses in a Uses of Award
Report.
Shareholders Report.......... If the Assistance is in the form of an
Equity Investment, the Recipient must
submit shareholder information to the
CDFI Fund showing the class, series,
number of shares and valuation of
capital stock held or to be held by each
shareholder. The Shareholders Report
must be submitted for as long as the
CDFI Fund is an equity holder. The
Shareholders Report is submitted through
AMIS.
Performance Progress Report.. The Recipient must submit the Performance
Progress Report through AMIS.
If the Recipient is a Depository
Institution Holding Company that deploys
all or a portion of its Financial
Assistance through its Subsidiary
Insured Depository Institution, the
Depository Institution Holding Company
must submit all deployed activity in a
Performance Progress Report.
Transaction Level Report The Recipient must submit a TLR to the
(TLR). CDFI Fund through AMIS.
If the Recipient is a Depository
Institution Holding Company that deploys
all or a portion of its Financial
Assistance through its Subsidiary
Insured Depository Institution, the
Depository Institution Holding Company
must create and submit the TLR for this
award. The Subsidiary Insured Depository
Institution does not submit and create a
TLR related to this award.
The full-length TLR completed by FA
Recipients is not required for TA
Recipients. However, TA Recipients who
are Certified CDFIs must complete the
abbreviated TLR through AMIS as a
requirement of CDFI Certification.
Annual Certification and Data TA Recipients that are Certified at the
Collection Report (ACR). time of award announcement and all FA
Recipients must submit the ACR to the
CDFI Fund through AMIS per the ACR
reporting schedule.
If a TA Recipient is a Certified CDFI at
the time of the award announcement, it
must also submit the abbreviated TLR in
conjunction with its ACR to the CDFI
Fund through AMIS as per the ACR and
abbreviated TLR reporting schedule.
If a TA Recipient is an uncertified CDFI
at the time of award announcement, it
must submit the ACR and abbreviated TLR
to the CDFI Fund through AMIS subsequent
to obtaining CDFI Certification as per
the ACR and abbreviated TLR reporting
schedule.
------------------------------------------------------------------------
* Personally Identifiable Information (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/residents of Distressed Communities in AMIS,
Applicants should not include the following PII for the individuals
who received the Financial Products or Financial Services in AMIS or
in the supporting documentation (i.e., name of the individual, Social
Security Number, driver's license or state identification number,
passport number, Alien Registration Number, etc.). This information
should be redacted from all supporting documentation.
Each Recipient is responsible for the timely and complete
submission of the Annual Reporting Requirements. The CDFI Fund reserves
the right to require Recipients to take training on how to accurately
complete any reporting required pursuant to the Assistance Agreement.
The CDFI Fund reserves the right to contact the Recipient and
additional entities or signatories to the Assistance Agreement to
request additional information and/or documentation. The CDFI Fund will
use such information to monitor each Recipient's compliance with the
requirements of the Assistance Agreement and to assess the impact of
the CDFI Program. The CDFI Fund reserves the right, in its sole
discretion, to modify these reporting requirements, including
increasing the scope and frequency of reporting, if it determines it to
be appropriate and necessary; however, such reporting requirements
[[Page 6075]]
will be modified only after notice to Recipients.
2. Financial Management and Accounting: The CDFI Fund will require
Recipients to maintain financial management and accounting systems that
comply with Federal statutes, regulations, and the terms and conditions
of the Federal award. These systems must be sufficient to permit the
preparation of reports required by the CDFI Fund to ensure compliance
with the terms and conditions of the CDFI Program, including the
tracing of award funds to a level of expenditures adequate to establish
that such award funds have been used in accordance with Federal
statutes, regulations, and the terms and conditions of the Federal
award.
The cost principles used by 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 CDFI Program award. In addition, the
CDFI Fund will require Recipients to: maintain effective internal
controls; comply with applicable statutes, regulations, and the
Assistance Agreement; evaluate and monitor compliance; take appropriate
action when not in compliance; and safeguard personally identifiable
information.
VII. Agency Contacts
A. The CDFI Fund will respond to questions concerning this NOFA and
the Application between the hours of 9:00 a.m. and 5:00 p.m. Eastern
Time, starting on the date that the NOFA is published through the date
listed in table 1. The CDFI Fund strongly recommends Applicants submit
questions to the CDFI Fund via an AMIS Service Request to the CDFI
Program, Certification, Compliance Monitoring and Evaluation, or IT
Help Desk. The CDFI Fund will post on its website responses to
reoccurring questions received about the NOFA and Application. Other
information regarding the CDFI Fund and its programs may be obtained
from the CDFI Fund's website at https://www.cdfifund.gov. Table 19
lists CDFI Fund contact information:
Table 19--Contact Information
----------------------------------------------------------------------------------------------------------------
Type of question Preferred method Telephone number (not toll free) Email addresses
----------------------------------------------------------------------------------------------------------------
CDFI Program..................... Service Request via 202-653-0421, option 1............ [email protected]
AMIS. .gov.
Compliance Monitoring and Service Request via 202-653-0423...................... [email protected]
Evaluation. AMIS. .
CDFI Certification............... Service Request via 202-653-0423...................... [email protected]
AMIS. .gov.
AMIS--IT Help Desk............... Service Request via 202-653-0422...................... [email protected]
AMIS. .
Grants.gov Help Desk............. N/A................. (800) 518-4726.................... [email protected].
SAM.gov (Federal Service Desk)... N/A................. (866) 606-8220.................... https://sam.gov/.
----------------------------------------------------------------------------------------------------------------
B. Information Technology Support: For IT assistance, the preferred
method of contact is to submit a Service Request within AMIS. For the
Service Request, select ``Technical Issues'' from the Program dropdown
menu of the Service Request. 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 the
contact information in AMIS to communicate with Applicants and
Recipients. It is imperative, therefore, that Applicants, Recipients,
Subsidiaries, Affiliates, and signatories maintain accurate contact
information in their accounts. This includes information such as
contact names (especially for the Authorized Representative), email
addresses, fax and phone numbers, and office locations.
D. Revisions to Federal Funding Accountability and Transparency Act
of 2006: Each Applicant that does not have an exception related to
reporting subaward and executive compensation information under 2 CFR
part 170 must have the necessary processes and systems in place to
comply with reporting requirements should they receive an award.
E. Civil Rights and Equal Employment Opportunity: Any person who is
eligible to receive benefits or services from the CDFI Fund or
Recipients under any of its programs or activities is entitled to those
benefits or services without being subject 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 s/he has been subjected to discrimination and/or reprisal
because of race, color, religion, national origin, age, sex, marital
status, familial status, disability and/or reprisal, s/he may file a
complaint with: Director, Office of Civil Rights and Equal Employment
Opportunity, 1500 Pennsylvania Ave, NW, Washington, DC 20230 or (202)
622-1160 (not a toll-free number).
F. Whistleblower Protections: An employee of a Recipient or
Subrecipient must not be discharged, demoted, or otherwise
discriminated against as a reprisal for disclosing to a person or body
described in paragraph (a)(2) of 41 U.S.C. 4712 information that the
employee reasonably believes is evidence of gross mismanagement of a
Federal contract or grant, a gross waste of Federal funds, an abuse of
authority relating to a Federal contract or grant, a substantial and
specific danger to public health or safety, or a violation of law,
rule, or regulation related to a Federal contract (including the
competition for or negotiation of a contract) or grant. The Recipient
and Subrecipient must inform their employees in writing of employee
whistleblower rights and protections under 41 U.S.C. 4712. See
statutory requirements for whistleblower protections at 10 U.S.C. 4701,
41 U.S.C. 4712, 41 U.S.C. 4304, and 10 U.S.C. 4310.
G. 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. Paperwork Reduction Act: Under the Paperwork Reduction Act (44
U.S.C. chapter 35), an agency may not conduct or sponsor a collection
of information, and an individual is not required to respond to a
collection of information, unless it displays a valid OMB control
number. If applicable, the CDFI Fund may inform Applicants that they do
not need to provide certain Application
[[Page 6076]]
information otherwise required. Pursuant to the Paperwork Reduction
Act, the CDFI Program, and NACA Program Applications have been assigned
the following control number: 1559-0021.
B. 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, visit the CDFI Fund's website
at https://www.cdfifund.gov.
Authority: 12 U.S.C. 4701, et seq; 12 CFR parts 1805 and 1815; 2
CFR part 200.
Pravina Raghavan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2025-01322 Filed 1-16-25; 8:45 am]
BILLING CODE 4810-05-P