[Federal Register Volume 60, Number 202 (Thursday, October 19, 1995)]
[Notices]
[Pages 54140-54141]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25724]
[[Page 54139]]
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Part V
Department of the Treasury
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Community Development Financial Institutions Fund
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Bank Enterprise Award Program; Funds Availability Inviting
Applications; Notice
Federal Register / Vol. 60, No. 202 / Thursday, October 19, 1995 /
Notices
[[Page 54140]]
DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability (NOFA) Inviting Applications for the
Bank Enterprise Award Program
Agency: Community Development Financial Institutions Fund, Department
of the Treasury.
Action: Notice of funds availability inviting applications.
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SUMMARY: The Community Development Banking and Financial Institutions
Act of 1994 (12 U.S.C. 4701 et seq.) authorizes the Community
Development Financial Institutions Fund (hereafter referred to as ``the
Fund'') to provide assistance to insured depository institutions for
the purpose of promoting investments in Community Development Financial
Institutions (``CDFIs'') and facilitating increased lending and
provision of financial and other services in economically distressed
communities. Insured depository institutions and CDFIs are defined
terms in an interim rule (12 CFR part 1806) published elsewhere in
today's Federal Register. The Fund reserves the right to award funds
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 $15.5 million in Bank Enterprise Award (``BEA'')
Program funds. The Fund may award in excess of $15.5 million if more
funds become available. The BEA Program shall be subject to the interim
rule. The interim rule establishes the 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 15, 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 D.C. 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 D.C. 20220, (202) 622-8662. (This is
not a toll free number.)
SUPPLEMENTARY INFORMATION:
I. Background
As part of a national strategy to facilitate revitalization and
increased availability of credit and investment capital in distressed
communities, the Community Development Banking and Financial
Institutions Act of 1994 authorizes a portion of funds appropriated to
the Fund to be distributed through the BEA Program. The BEA Program is
largely based on the Bank Enterprise Act of 1991, although Congress
significantly amended the program to facilitate greater coordination
with other activities of the Fund. The BEA Program and the Community
Development Financial Institutions Program (12 CFR part 1805) are
intended to be complementary initiatives that support a wide range of
community development activities and facilitate partnerships between
traditional lenders and CDFIs. This Notice invites applications from
insured depository institutions for the purpose of promoting community
development activities and revitalization.
II. Eligibility
The Act specifies that eligible applicants must be insured
depository institutions as defined under section (3)(c)(2) of the
Federal Deposit Insurance Act.
III. Designation Factors
The interim rule published separately in today's Federal Register
(12 CFR part 1806) describes the process for selecting applicants to
receive assistance and for calculating assistance amounts. The rating
and selection process will give priority to applicants that make equity
investments in CDFIs (as defined in the interim rule). After assistance
for such priorities has been awarded, any remaining funds will be
distributed to applicants pursuing Eligible Development Activities (as
defined in the interim rule). Assistance amounts will be calculated
based on increases in qualified activities that occur during a 6-month
assessment period in excess of activities that occurred during a 6-
month baseline period. In general, estimated award amounts for
applicants making equity investments in CDFIs will be equal to 15
percent of the anticipated increase in such activities. The interim
rule establishes the ranking and selection process. An applicant may
also choose to accept less than the maximum amount of assistance in
order to increase the ranking of its application. For applicants
pursuing Eligible Development Activities, a multi-step procedure is
outlined in the interim rule that will be used to calculate the
estimated award amount. In general, if an applicant is a CDFI, such
estimated award amount will be equal to 15 percent of the total score
calculated in the multi-step procedure. If an applicant is not a CDFI,
such estimated award amount will be equal to 5 percent of the total
score calculated in the multi-step procedure. Applications for such
activities will be ranked and funded based on the total score as
weighted by the asset size of the applicant. The Fund, in its sole
discretion, may adjust the estimated award amount that an applicant may
receive prior to the beginning of an assessment period.
The anticipated maximum award under this Notice is $1 million.
However, the Fund, in its sole discretion, reserves the right to award
amounts in excess of $1 million for applications of exceptional merit.
IV. Baseline and Assessment Period Dates
As part of its application, an applicant shall report the qualified
activities that it actually carried out during a 6-month baseline
period. Such baseline period will begin on April 1, 1995 and end on
September 30, 1995. An applicant shall also project the qualified
activities that it expects to carry out during a 6-month assessment
period. Such assessment period will begin on January 1, 1996 and end on
June 30, 1996. Applicants selected to participate in the program during
the assessment period will be required to report the qualified
activities that it actually carried out during the assessment period.
The Fund will evaluate the performance of applicants in carrying out
projected activities to determine actual award amounts. The Fund will
make every reasonable effort to announce selected applicants by January
16, 1996.
V. Workshops
The CDFI Fund will host two workshops to disseminate information to
organizations interested in applying for assistance under the BEA
Program and the CDFI Program (12 CFR part 1805). The 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.
VI. Other Matters
(a) Paperwork Reduction Act. For details on the information
collection
[[Page 54141]]
requirements of the rule and this Notice, the reader should refer to
the interim rule (12 CFR part 1806) published separately in today's
Federal Register.
(b) Environmental Impact. Pursuant to Treasury Directive 75-02, the
Department of the Treasury has determined that implementation of the
BEA 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 1806.206(a).
Dated: October 11, 1995.
John D. Hawke, Jr.,
Under Secretary (Domestic Finance).
[FR Doc. 95-25724 Filed 10-18-95; 8:45 am]
BILLING CODE 4810-70-P
