[Federal Register Volume 61, Number 228 (Monday, November 25, 1996)]
[Notices]
[Page 59928]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-29994]
[[Page 59928]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability (NOFA); Amendments to Previously
Published Notice for the Bank Enterprise Award Program
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury.
ACTION: Notice of funds availability; amendment to previously published
notice.
-----------------------------------------------------------------------
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 under an interim rule (12 CFR part 1806) published in the Federal
Register on October 19, 1995 and subsequently amended on January 23,
1996 and February 29, 1996. The BEA Program is subject to the interim
rule. The interim rule establishes the program requirements. This
notice amends a Notice of Funds Availability published in the Federal
Register on October 19, 1995. The notice is amended to permit
applicants to select, with the consent of the Fund, a six-month
Assessment Period that differs from the six-month period specified in
the previously published NOFA. The notice also gives the Fund more
flexibility with respect to establishing any limitations on the maximum
amount that may be awarded to an applicant.
ADDRESSES: All questions concerning this notice should be addressed to
the Director, Community Development Financial Institutions Fund,
Department of the Treasury, 1500 Pennsylvania Ave., N.W., Washington DC
20220.
FOR FURTHER INFORMATION CONTACT: Kirsten S. Moy, Director, Community
Development Financial Institutions Fund at (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 provides that a portion of funds appropriated
to the Fund 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 program is designed to encourage
insured depository institutions to make equity investments or otherwise
support Community Development Financial Institutions or increase
lending and other services provided within distressed communities. This
Notice amends the Notice of Funds Availability published in the Federal
Register on October 19, 1995 inviting applications for assistance.
II. Award Amounts
The October 19, 1995 notice indicated that ``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.'' This notice revises
the earlier notice by deleting the last two sentences under the heading
III. ``Designation Factors'' and substituting in their place the
following sentence: ``The Fund may, in its sole discretion, establish
any limitations on the maximum amount that may be awarded to an
applicant, as deemed appropriate by the Fund.''
III. Baseline Period and Assessment Period Dates
In the notice published in the Federal Register on October 19,
1995, Applicants were instructed to project Qualified Activities that
they anticipated carrying out during a six-month Assessment Period.
Such Assessment Period began on January 1, 1996 and ended on June 30,
1996. However, the Fund has determined that in order to achieve the
purposes of the Bank Enterprise Award Program it is necessary to permit
Applicants to select from several alternative six-month Assessment
Period options. Such alternative Assessment Period options are intended
to give Applicants adequate time to complete the activities proposed in
their original application. Since the Fund, for a variety of reasons,
took longer than originally anticipated to complete all reviews and
evaluations necessary to estimate whether any Applicant potentially
qualified for a Bank Enterprise Award, and since Applicants reasonably
waited to hear from the Fund with respect to whether they potentially
qualified for an award before completing many of their proposed
activities, the Fund concluded that in order to be fair to Applicants
it needed to allow Applicants the option of choosing a different six-
month Assessment Period from the one originally contemplated by the
October 19, 1995 Notice. All Applicants were notified of their
Assessment Period options through written correspondence issued on
August 19, 1996.
The October 19, 1995 notice is revised in the fourth sentence under
the heading IV. ``Baseline and Assessment Period Dates.'' In the
notice, the sentence currently reads as follows: ``Such assessment
period will begin January 1, 1996 and end on June 30, 1996.'' It is
hereby amended to read as follows: ``Unless another six-month period is
agreed to by the Fund and the Applicant, such assessment period will
begin on January 1, 1996 and end on June 30, 1996.''
IV. Other Matters
(a) Paperwork Reduction Act. For details on the information
collection requirements of the rule and this Notice, the reader should
refer to the interim rule (12 CFR Part 1806) published in the Federal
Register on October 19, 1995 and subsequently amended on January 23,
1996 and February 29, 1996.
(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 (21 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
offices of the Fund at 1777 F Street, N.W., 7th Floor, Washington D.C.
20006.
Authority: 12 U.S.C. 4703, 4717; Chapter X, Pub. L. 104-19, 109
Stat. 237; 12 CFR 1806.206(a).
Dated: November 18, 1996.
Kirsten S. Moy,
Director, Community Development Financial Institutions Fund.
[FR Doc. 96-29994 Filed 11-22-96; 8:45 am]
BILLING CODE 4810-70-P
