[Federal Register Volume 60, Number 202 (Thursday, October 19, 1995)]
[Notices]
[Pages 54136-54137]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25723]
[[Page 54135]]
_______________________________________________________________________
Part IV
Department of the Treasury
_______________________________________________________________________
Community Development Financial Institutions Fund
_______________________________________________________________________
Community Development Financial Institutions Program; Funds
Availability Inviting Applications; Notice
Federal Register / Vol. 60, No. 202 / Thursday, October 19, 1995 /
Notices
[[Page 54136]]
DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability (NOFA) Inviting Applications for the
Community Development Financial Institutions Program
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury.
Action: Notice of funds availability inviting applications.
-----------------------------------------------------------------------
SUMMARY: The Community Development Banking and Financial Institutions
Act of 1994 (12 U.S.C. 4701 et seq.) (hereafter referred to as the
``Act'') authorizes the Community Development Financial Institutions
Fund (hereafter referred to as ``the Fund'') to select and provide
financial and technical assistance to eligible applicants under the
Community Development Financial Institutions (``CDFI'') Program. The
Fund reserves the right to award assistance under this Notice up to the
maximum amount authorized by law. As of the date of this Notice and
subject to funding availability, the Fund intends to award up to $31
million in CDFI Program funds. The Fund may award in excess of $31
million if more funds become available. The interim rule (12 CFR part
1805) published separately in today's Federal Register provides
guidance on the contents of the necessary application materials and
program requirements.
DATES: Applications may be submitted at any time after October 19,
1995. The deadline for receipt of an application is 4 p.m. Eastern
Standard Time on Friday, December 22, 1995. Applications received after
that date and time will not be accepted and will be returned to the
sender.
ADDRESSES: Applications may be obtained from the office of the Fund
listed below or by telephone at (202) 622-8662. (This is not a toll-
free number.) Applications must be sent to: The Community Development
Financial Institutions Fund, U.S. Department of the Treasury, 1500
Pennsylvania Avenue NW., Room 5116, Washington, DC 20220. Applications
sent by FAX will not be accepted.
FOR FURTHER INFORMATION CONTACT: The Community Development Financial
Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania
Avenue NW., Room 5116, Washington, DC 20220, (202) 622-8662. (This is
not a toll-free number.)
SUPPLEMENTARY INFORMATION:
I. Background
Credit and investment capital are essential ingredients in creating
and retaining jobs, developing affordable housing, starting or
expanding businesses, revitalizing neighborhoods, and empowering
people. As a key urban and rural policy initiative, the CDFI Program
will facilitate the creation of a national network of financial
institutions that are specifically dedicated to community development.
This strategy will build sustainable institutions that make loans and
investments and provide services to economically distressed investment
areas and disadvantaged targeted populations. The Act, enacted to
implement this vision, authorizes the Fund to select entities to
receive financial and technical assistance. New institutions are
eligible to receive start-up assistance. Institutions in operation at
the time of application are eligible to receive assistance to expand
their activities. This Notice invites applications from eligible
applicants for the purpose of promoting community development
activities and revitalization.
II. Eligibility
The Act specifies the requirements that each applicant must meet in
order to be considered a CDFI. Entities that meet, or propose to meet,
these requirements are eligible to apply for assistance. In general, a
CDFI must have a primary mission of promoting community development,
provide lending or investments, serve an investment area or a targeted
population, provide development services, maintain community
accountability, and be a non-government entity. The details of these
requirements and other program requirements are described in the
interim rule governing the CDFI Program (12 CFR part 1805) which is
published separately in today's Federal Register.
III. Types of Assistance
The Fund will award up to an estimated $31 million of appropriated
funds in CDFI Program assistance. Of assistance amounts available, the
Fund may use up to $4 million to cover the costs of direct loans. The
funds available to cover the cost of direct loans may be used to
support loans with a total principal amount not to exceed $31.6
million. An applicant may submit an application for financial
assistance, technical assistance, or both. All applicants must submit
the materials described in 12 CFR 1805.700 and the application packet.
Applicants for financial assistance shall indicate the dollar amount,
form, terms, and conditions of assistance requested. Applicants for
technical assistance shall describe the types of technical assistance
requested, estimate the cost to obtain such assistance, and provide a
narrative justification of its needs for such assistance.
An applicant may seek certification from the Fund that it meets the
eligibility requirements of a CDFI regardless of whether it is
submitting an application for assistance. Such an applicant shall
submit a letter requesting certification and the materials described in
12 CFR 1805.701 and the application packet.
IV. Matching Funds
Applicants selected to receive assistance under this Notice must
have firm commitments for the matching funds required pursuant to 12
CFR 1805.600 by not later than July 1, 1996. The Fund may recapture and
reprogram funds if an applicant fails to raise the required match by
such date.
V. Selection Factors
Applications will be selected on a competitive basis. The interim
rule specifies three categories of selection factors: (1) Financial and
organizational capacity; (2) strength of external resources; and (3)
community impact. Such categories are based on criteria outlined in the
Act and will be utilized by the Fund in selecting applications for
assistance. Each of the categories is discussed in greater detail in
the interim rule. The Fund may give additional consideration to
applicants that have secured firm commitments for all of the matching
funds at the time of submission of an application. The Fund may also
give additional consideration to applicants that dedicate the greatest
portion of their total resources to lending, investment, or provision
of Development Services. The Fund has sole discretion in the selection
of applications for assistance. The anticipated maximum award per
applicant under this Notice is $2 million. However, the Fund, in its
sole discretion, reserves the right to award amounts in excess of $2
million for applications of exceptional merit.
VI. Workshops
The CDFI Fund will host two workshops to disseminate information to
organizations interested in applying for assistance under the CDFI
Program and the Bank Enterprise Awards Program (12 CFR part 1806). The
[[Page 54137]]
workshops will be held on Monday, November 13, 1995 in Washington, DC
and on Friday, November 17, 1995 in Los Angeles, California. To
register for a workshop call Skip Cooper at (310) 417-5170.
VII. Other Matters
(a) Paperwork Reduction Act. The reader should refer to the interim
rule (12 CFR part 1805) published separately in today's Federal
Register for details on the information collection requirements of the
rule and this Notice.
(b) Environmental Impact. Pursuant to Treasury Directive 75-02, the
Department of the Treasury has determined that implementation of the
CDFI Program under the interim rule is categorically excluded from the
National Environmental Policy Act of 1969 (42 U.S.C. 4332) and does not
require an environmental review. The determination is available for
public inspection between 9:30 a.m. and 4:30 p.m. weekdays at the
office of the Fund.
Authority: 12 U.S.C. 4703, 4717: Chapter X, Pub. L. 104-19, 109
Stat. 237; 12 CFR 1805.700.
Dated: October 11, 1995.
John D. Hawke, Jr.,
Under Secretary (Domestic Finance).
[FR Doc. 95-25723 Filed 10-18-95; 8:45 am]
BILLING CODE 4810-70-P
