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Grant Community.com Catalog of Federal Domestic Assistance Program Descriptions |
CATALOG OF FEDERAL DOMESTIC
ASSISTANCE
21.020: Community Development Financial Institutions Program
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| PROGRAM AND AWARD | FINANCIAL AND INFORMATION CONTACTS |
| ELIGIBILITY REQUIREMENTS | FINANCIAL AND ADMINISTRATIVE INFO. |
| APPLICATION AND AWARD PROCESS | INFORMATION CONTACTS |
| RELATED PROGRAMS | ASSISTANCE CONSIDERATIONS |
| PROGRAM ACCOMPLISHMENTS | POST ASSISTANCE REQUIREMENTS |
Applicant Eligibility: Private nonprofit institutions/organizations, other private institutions/organizations, profit organizations. Only Community Development Financial Institutions or entities that provide information necessary for the awarding agency to certify the applicant organization as a Community Development Financial Institution or is seeking to become a CDFI, are eligible to apply for this program.
Beneficiary Eligibility: Private nonprofit institutions/organizations, other private institutions/organizations, profit organizations. Awards to eligible applicants under this program provide financial and /or technical assistance to select applicants in order to enhance their ability to make loans and development investments and provide development services that benefit a designated investment area(s), targeted population(s), or both.
Credentials/Documentation: An applicant shall provide information necessary to establish that it is, or will be, a Community Development Financial Institution.
Preapplication Coordination: None. This program is excluded from coverage under E.O. 12372 and OMB Circular No. A-102.
Application Procedure: Each applicant must complete a Community Development Financial Institutions application package. This program follows OMB Circular No. A-110 guidance.
Award Procedure: Applications are reviewed and grant awardees are selected by the Community Development Financial Institution Fund.
Deadlines: Annual notice of funds availability, published in the Federal Register, announces deadline dates for submission of applications. Deadline dates generally range from 30 to 90 days subsequent to the notice publication date.
Range of Approval/Disapproval Time: Generally, 9 to 12 months from submission of application.
Appeals: None.
Renewals: None.
Criteria for Selecting Proposals: Evaluation factors include: (1) Financial strength and organizational capacity of applicant organization, (2) External resources or matching fund commitment/ability to obtain commitments, (3) Community Impact (The community need for award and activities to be executed), (4) Community Partnerships (Ability to carry out activities and work effectively), and (5) Other factors deemed appropriate under this program and published in the notice of funds availability.
Examples of Funded Projects: One award of $1,500,000, along with required matching funds, was issued to retain and expand manufacturing companies and other businesses that employ low-income resident of a city empowerment zone. Another award, with matching funds, is providing funding so that loans can be originated to assist in working to restore or establish small business development and affordable housing opportunities in targeted population areas.
Range and Average of Financial Assistance: $78,500 to 3,200,000; $797,902.
For fiscal year 1999, 112 awards were issued.
Federal Agency: U.S. DEPARTMENT OF TREASURY, UNDER SECRETARY FOR DOMESTIC FINANCE, COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND
Type of Assistance: Project Grants.
Obligations: (Grants) FY 99 $72,762,000; FY 00 est $58,050,000; and FY 01 est $66,500,000.
Budget Account Number: 20-1881-0-1-451.
Authorization: Public Law 103-325, 12 U.S.C. 4701 et. seq.
Regulations, Guidelines, and Literature: 12 CFR Part 1805, Revised Interim Rule, April 4, 1997. Community Development Financial Institutions Program Application Kit.
Regional or Local Office: Not applicable.
Headquarters Office: Mrs. Jean A. Morrow, Awards Manager, Community Development Financial Institution Fund, 601 13th Street, NW., Suite 200 South, Washington, DC 20005. Phone: (202) 622-8662, Fax: (202) 622-7754.
(See Appendix IV for more contact info.)
Formula and Matching Requirements: All awards of financial assistance shall be matched by the recipient on a one dollar to one dollar basis using funds from sources other than the Federal government. Also matching funds must be at least comparable in form (e.g., equity investments, deposits, credit union shares, loans or grants).
Length and Time Phasing of Assistance: Generally, awards may be issued up to a five (5) year maximum. Disbursement of funds may be provided in a lump sum or over the life of the award depending on the terms and conditions established at time of award issuance.
Uses and Use Restrictions: Awards under this program are issued to provide financial and/or technical assistance that enhance the awardee's ability to make loans or development investments and to provide development services that will promote economic revitalization and community development. Each awardee is required to enter into an assistance agreement that requires the awardee to comply with performance goals and abide by other terms and conditions pertinent to assistance received under this program. No awards may be issued to Federal Government agencies, departments or instrumentalities. No awards may be issued to any State or local government or any agency or instrumentality thereof.
Reports: The type and schedule of reports is arranged at the time of award negotiations.
Audits: Costs incurred are subject to audits throughout the award period subject to the award terms and conditions. In accordance with the provisions of OMB Circular No. A-133 (Revised, June 24, 1997), nonfederal entities that receive financial assistance of $300,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $300,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in OMB Circular No. A-133.
Records: Award recipients are expected to maintain records to substantiate total costs incurred and to assure that all performance measures were met. Records must be retained in accordance with the provisions of OMB Circular No. A-110.
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Last Updated, November, 2000
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