Community Development Financial Institutions Fund, 53324-53329 [E9-24861]

Agencies

• DEPARTMENT OF THE TREASURY
• Community Development Financial Institutions Fund

[Federal Register Volume 74, Number 199 (Friday, October 16, 2009)]
[Notices]
[Pages 53324-53329]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-24861]


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DEPARTMENT OF THE TREASURY


Community Development Financial Institutions Fund

    Funding Opportunity Title: Notice of Funds Availability (NOFA) 
inviting applications for the FY 2009 funding round of the Financial 
Education and Counseling (FEC) Pilot Program.
    Announcement Type: Announcement of funding opportunity.
    Catalog of Federal Domestic Assistance (CFDA) Number: 21.010.

DATES: Applications for financial assistance through the FY 2009 
funding round of FEC Pilot Program must be received by 5 p.m. Eastern 
Time (ET), November 19, 2009.
    Executive Summary: This NOFA is issued in connection with the FY 
2009 funding round of the FEC Pilot Program. Through the FEC Pilot 
Program, the Community Development Financial Institutions Fund (the 
CDFI Fund) shall provide grants to Eligible Organizations to provide a 
range of Financial Education and Counseling Services to Prospective 
Homebuyers. The goals of grants that are awarded through the FEC Pilot 
Program are to identify successful methods of Financial Education and 
Counseling Services that result in Positive Behavioral Change for 
financial empowerment, and to establish program models for 
organizations to implement measurably effective Financial Education and 
Counseling Services to Prospective Homebuyers.

I. Funding Opportunity Description

    A. Through the FEC Pilot Program, authorized pursuant to Section 
1132 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-
289), the CDFI Fund provides financial assistance awards to Eligible 
Organizations to provide a range of Financial Education and Counseling 
Services to Prospective Homebuyers.
    B. Definitions: For the purposes of this NOFA, the following terms 
shall have the following definitions:
    1. Act means section 1132(c) of the Housing and Economic Recovery 
Act of 2008 (Pub. L. 110-289).
    2. Affiliate means any company or entity that Controls, is 
Controlled by, or is under common Control with another company.
    3. Applicant means any Eligible Organization.
    4. Application means the CDFI Fund's funding application form, 
including any written or verbal information in connection therewith and 
any attachments, appendices and/or written or verbal supplements 
thereto, submitted by the Awardee to the CDFI Fund in response to this 
NOFA.
    5. Assistance Agreement means the formal agreement between the CDFI 
Fund and an Awardee that includes the terms and conditions of the FEC 
Pilot Program award.
    6. Awardee means an Applicant selected by the CDFI Fund to receive 
an FEC Pilot Program grant.
    7. Collaborative Effort means a joint effort by two or more 
Eligible Organizations to carry out Financial Education and Counseling 
Services to Prospective Homebuyers, as described in the Application and 
as evidenced by a written agreement among the entities for the 
Performance Period. The Collaborative Effort must designate the entity 
that will serve as the primary FEC Pilot Program point of contact for 
the CDFI Fund, and that will serve as signatory to the Assistance 
Agreement, receive and allocate award disbursements, and report on 
behalf of the collaborative.
    8. Community Development Financial Institution (or CDFI) means an 
entity certified as a CDFI by the CDFI Fund pursuant to the CDFI 
Program regulations set forth at 12 CFR 1805.201.
    9. Control means: (i) Ownership, control, or power to vote 25 
percent or more of the outstanding shares of any class of voting 
securities of any company, directly or indirectly or acting through one 
or more other persons; (ii) control in any manner over the election of 
a majority of the directors, trustees, or general partners (or 
individuals exercising similar functions) of any company; or (iii) the 
power to exercise, directly or indirectly, a controlling influence over 
the management, credit or investment decisions, or policies of any 
company.
    10. Credit Union means any credit union that is: (i) Regulated by, 
and/or the member accounts of which are insured by, a State agency or 
instrumentality; or (ii) a cooperative association organized in 
accordance with provisions of the Federal Credit Union Act, chapter 14 
of title 12 of the United States Code (12 U.S.C. 1751).
    11. Eligible Organization means an entity that: (i) Is certified by 
the Department of Housing and Urban Development (HUD) as Housing 
Counseling Agencies, in accordance with section 106(e)(1) of the 
Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(e)) or is 
certified by the Office of Financial Education (OFE) of the Department 
of the Treasury, in accordance with section 1132(c)(2) of the Act; and 
(ii) meets the minimum threshold requirements, as specified in Section 
III(b)(2) of this NOFA, necessary to demonstrate that it has the 
experience and ability to provide Financial Education and Counseling 
Services to Prospective Homebuyers that result in documented Positive 
Behavioral Changes.
    12. Financial Education and Counseling Pilot Program (or FEC Pilot 
Program) means the program created pursuant to the Act, as implemented 
through this NOFA.
    13. Financial Education and Counseling Services means activities 
that increase the financial knowledge and decision-making capabilities 
of Prospective Homebuyers. Such education and counseling services shall 
prepare or assist Prospective Homebuyers to develop monthly budgets, 
build personal savings, finance or plan for major purchases, reduce 
personal debt, improve financial stability, and set and reach financial 
goals. Such services may include: Helping Prospective Homebuyers to 
improve their credit scores by understanding the relationship between 
credit histories and credit scores; and educating Prospective 
Homebuyers about the options available to build savings for short- and 
long-term goals.
    14. HUD Housing Counseling Agency means an entity that is currently 
certified and maintains its certified status in accordance with section 
106(e)(1) of the Housing and Urban Development Act of 1968 (12 U.S.C. 
1701x(e)) through the Performance Period.
    15. Intermediary Organization means an Eligible Organization whose 
strategy for delivering Financial Education and Counseling services to 
Prospective Homebuyers is to provide support, through financial or 
technical assistance, to other organizations that will, in turn, 
provide Financial Education and Counseling services directly to 
Prospective Homebuyers.
    16. Local government means a city, town, township, county, parish, 
village, or other general purpose political subdivision of a State or 
Federal Territory, or a general purpose political subdivision thereof 
that is established pursuant to legislation and designated by the chief 
executive to act on behalf of the jurisdiction.
    17. Low-income means a family or individual income that does not 
exceed 50 percent of the median income of the area in which they 
reside, as determined by the Secretary of Housing and Urban

[[Page 53325]]

Development, with adjustments for smaller and larger families pursuant 
to section 102(a)(20) of the Housing and Community Development Act, the 
pertinent provisions of which are codified at 42 U.S.C. 5302(a)(20).
    18. Low-wealth means a Net Worth below the national median as 
defined by the Federal Reserve Board's most recently published Survey 
of Consumer Finances. For more information concerning the Survey of 
Consumer Finances, please refer to https://www.federalreserve.gov/pubs/oss/oss2/scfindex.html.
    19. Moderate-income means a family or individual income that 
exceeds 50 percent, but does not exceed 80 percent, of the median 
income of the area in which they reside, as determined by the Secretary 
of Housing and Urban Development, with adjustments for smaller and 
larger families pursuant to section 102(a)(20) of the Housing and 
Community Development Act, the pertinent provisions of which are 
codified at 42 U.S.C. 5302(a)(20).
    20. Net Worth means assets less liabilities.
    21. Performance Period means the period beginning with the 
effective date of the Assistance Agreement and includes an Awardee's 
three full consecutive fiscal years after such effective date, during 
which the Awardee must meet performance goals set forth in the 
Assistance Agreement, or such other period as may be established by the 
CDFI Fund.
    22. Positive Behavioral Changes means changes in activities, 
especially measurable changes, reflecting increased financial knowledge 
(what consumers know) and management skills (what consumers do). Such 
changes include, but are not limited to, increasing savings, engaging 
in short- or long-term financial planning, tracking expenses and 
income, and better managing credit.
    23. Prospective Homebuyer means an individual of at least 18 years 
of age who, at the time of initial receipt of Financial Education and 
Counseling Services funded in whole or in part through an award under 
the FEC Pilot Program: (i) Is Low-Income, Moderate-Income, and/or Low-
Wealth; and (ii) does not currently own, hold title to, or pay a 
mortgage on a residence.
    24. State government means any State of the United States, the 
District of Columbia, the Commonwealth of Puerto Rico or any Federal 
territory, or any agency or instrumentality thereof that is established 
pursuant to legislation and designated by the chief executive officer 
to act on behalf of the jurisdiction.
    25. Subsidiary means any company which is owned or Controlled 
directly or indirectly by another company.
    26. Tribal government means a unit of local government that is 
established to act on behalf of Native American, Alaskan Native, and 
Native Hawaiian people, or is a political subdivision that is 
designated by the chief executive of the jurisdiction to act on behalf 
of the rights associated with residents of a federally recognized 
Indian Reservation or of Hawaiian Home Lands as defined by the Hawaiian 
Homes Commission Act (42 Stat. 108) or members of corporations 
designated under the Alaska Native Claims Settlement Act (43 U.S.C. 
1601).

II. Award Information

    A. Funding Availability: Through this NOFA, the CDFI Fund expects 
that it will award not more than five grants in the aggregate amount of 
$2 million in FY 2009 appropriated funds. The CDFI Fund expects that 
each FEC Pilot Program grant will be made in the amount of $400,000; 
and accordingly, each Applicant is required to apply for a grant in the 
amount of $400,000. However, the CDFI Fund reserves the right to 
provide any grant in an amount other than $400,000 or in an amount 
other than that which the Applicant requests. 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.
    B. Detailed Application content requirements are found in the FEC 
Pilot Program Application and related guidance materials.
    C. The primary purposes of the FEC Pilot Program are: (i) To 
identify successful methods of Financial Education and Counseling 
Services that result in Positive Behavioral Changes for financial 
empowerment of Prospective Homebuyers; and (ii) to establish program 
models for organizations to implement measurably effective Financial 
Education and Counseling Services to Prospective Homebuyers.
    D. To achieve such purposes, the CDFI Fund will award FEC Pilot 
Program grants to Eligible Organizations that provide Financial 
Education and Counseling Services to Prospective Homebuyers with the 
goals of: (i) Increasing the financial knowledge and decision-making 
capabilities of Prospective Homebuyers; (ii) assisting Prospective 
Homebuyers to develop monthly budgets, build personal savings, finance 
or plan for major purchases, reduce personal debt, improve financial 
stability, and set and reach financial goals; (iii) helping Prospective 
Homebuyers to improve their credit scores by understanding the 
relationship between credit histories and credit scores; and (iv) 
educating Prospective Homebuyers about the options available to build 
savings for short- and long-term goals.
    E. Awardees will be selected based upon factors which include, but 
are not limited to, their experience and ability to provide Financial 
Education and Counseling Services to Prospective Homebuyers which 
result in documented Positive Behavioral Changes (see Section V. B.--
C., below, for Criteria and Review and Selection Process).
    F. Uses of Funds: In general, eligible uses of FEC Pilot Program 
awards include all allowable expenses as defined by Office of 
Management and Budget (OMB) Circular A-122, ``Cost Principles For Non-
Profit Organizations,'' and OMB Circular A-87, ``Cost Principles for 
State, Local, and Indian Tribal Governments,'' related to the 
administration, operation, and implementation of a Financial Education 
and Counseling Services program. For example, eligible uses may 
include, but are not limited to, the following:
    1. Personnel (Salary): An Awardee may use FEC Pilot Program grant 
funds to cover the salary paid currently or accrued for services 
rendered by permanent or temporary staff in carrying out a distinct 
project or for a set period during the Performance Period. The CDFI 
Fund will only cover salary for duties that are related to the purpose 
of the award. Compensation paid for employees engaged in activities 
funded with a FEC Pilot Program grant must be consistent with that paid 
for similar work for other Awardee employees.
    2. Personnel (Fringe Benefits): An Awardee may use FEC Pilot 
Program grant funds to cover the fringe benefits paid currently or 
accrued for services rendered by permanent or temporary staff in 
carrying out a distinct project or for a set period during the 
Performance Period. Fringe benefits are for personnel listed in 
Personnel (Salary) and only for the percentage of time devoted to the 
FEC Pilot Program-related activities during the Performance Period. 
Fringe benefits on overtime hours are limited to FICA, Workman's 
Compensation, and Unemployment Compensation. Fringe benefits provided 
to employees engaged in activities funded with a FEC Pilot Program 
grant must be consistent with that paid for similar work for other 
Awardee employees.
    3. Professional Service Costs (Consulting and Contracts): An 
Awardee may use FEC Pilot Program grant funds to acquire external 
expertise that will

[[Page 53326]]

directly further the purposes and activities of its Financial Education 
and Counseling Services.
    4. Materials and Supplies: An Awardee may use FEC Grant Program 
grant funds to purchase supplies and/or to produce materials that will 
directly further the purposes and activities of its Financial Education 
and Counseling Services. Generally, supplies include any materials that 
are expended or consumed over time.
    5. Equipment and Other Capital Expenditures: An Awardee may use FEC 
Pilot Program grant funds to acquire new equipment or to enhance 
existing equipment that will directly further the purposes and 
activities of its Financial Education and Counseling Services.
    6. Other Program Expenses: An Awardee may use FEC Pilot Program 
grant funds to cover other direct expenses allowable under OMB Circular 
A-122 and OMB Circular A-87, including direct payments made to the 
recipients of the Awardee's Financial Education and Counseling Services 
(e.g., contributions to a matched savings account; compensation for 
participating in follow-on surveys; reimbursement for expenses 
associated with attending training sessions; etc.). For all other costs 
outlined in OMB Circular A-122 and OMB Circular A-87, the Awardee must 
demonstrate to the satisfaction of the CDFI Fund that the activity will 
be directly linked to its Financial Education and Counseling Services. 
Awardees are expected to use a portion of FEC Pilot Program grant funds 
to finance costs related to evaluating the impact of the Financial 
Education and Counseling Services on the financial knowledge, and 
change of skills and behavior, of Prospective Homebuyers. Such uses may 
include development and implementation of assessment tools, including 
both short-term and longitudinal assessments, and other research on 
effectiveness of particular program activities.
    7. Indirect Costs: An Awardee may use no more than fifteen percent 
(15%) of FEC Pilot Program grant funds to cover indirect expenses 
allowable under OMB Circular A-122 and OMB Circular A-87.
    G. FEC Pilot Program grant funds must be used to support the 
Awardee's activities: grant funds cannot be used to support the 
activities of, or otherwise be ``passed through'' to third-party 
entities, including Affiliates or Subsidiaries, without the prior 
written permission of the CDFI Fund. Notwithstanding this general 
prohibition against passing through funds to other entities, 
Intermediary Organizations shall be permitted to apply for FEC Pilot 
Program grant funds in furtherance of their strategy to support other 
providers of Financial Education and Counseling Services to Prospective 
Homebuyers, provided that such funds are not used to provide financial 
or technical assistance to any other organization (or its Affiliates) 
that receives a FEC Pilot Program grant through the FY 2009 funding 
round.
    H. Assistance Agreement: Each Awardee under this NOFA must sign an 
Assistance Agreement in order to receive a disbursement of award 
proceeds from the CDFI Fund. The Assistance Agreement contains the 
terms and conditions of the award. For further information, see Section 
VI.A. of this NOFA.

III. Eligibility Information

    A. Eligible Applicants: An Applicant must be an Eligible 
Organization in order to be eligible to receive an FEC Pilot Program 
award. In addition, as described further below, in order to be deemed 
eligible for an FEC Pilot Program award, an Eligible Organization must 
demonstrate that it meets certain minimum threshold requirements with 
respect to its experience and ability to provide Financial Education 
and Counseling Services to Prospective Homebuyers that result in 
documented Positive Behavioral Changes.
    1. Eligibility Specifications:
    (a) HUD Housing Counseling Agencies: To be eligible for an award 
through this NOFA, a HUD Housing Counseling Agency must be certified as 
such in accordance with section 106(e)(1) of the Housing and Urban 
Development Act of 1968 (912 U.S.C. 1701x(e)), as of November 19, 2009 
and must maintain its status as a HUD Housing Counseling Agency through 
the Performance Period.
    (b) State, Local, and Tribal governments: State, Local, and Tribal 
governments must provide applicable documentation in the form specified 
in the Application.
    (c) CDFIs: To be eligible for an award through this NOFA, a CDFI 
must be certified as a CDFI by the CDFI Fund as of November 19, 2009 
and must maintain its CDFI certification throughout the Performance 
Period.
    (d) Credit Unions: To be eligible for an award through this NOFA, a 
Credit Union must have received its Credit Union charter by or before 
November 19, 2009 and must maintain its status as a Credit Union 
throughout the Performance Period.
    2. Experience and Ability: In order to be deemed an Eligible 
Organization by the Office of Financial Education (OFE), an 
organization must demonstrate that, at the time of Application 
submission, it has the requisite experience and ability to provide 
Financial Education and Counseling Services to Prospective Homebuyers 
that result in documented Positive Behavioral Changes. As specified 
further in the Application, an entity must demonstrate that: (i) It has 
been providing Financial Education and Counseling Services for a period 
of at least three years immediately prior to the Application deadline; 
(ii) it has at least two full-time equivalent positions dedicated to 
the development and/or delivery of Financial Education and Counseling 
Services (this may include the time of more than two staff persons, 
board members, or outside contractors totaling 75.0 hours or more per 
week); (iii) it has provided Financial Education and Counseling 
Services (either directly or, in the case of an Intermediary 
Organization, indirectly) to at least 100 Potential Homebuyers in 
calendar year 2008 or to an average of at least 150 Potential 
Homebuyers per year over the three calendar years prior to the 
Application deadline, and tracked Positive Behavioral Change outcomes 
with respect to such services; and (iv) at the time of Application, it 
has budget resources of at least $50,000 dedicated to the provision of 
Financial Education and Counseling Services. Entities that cannot 
satisfy each of these four requirements do not meet the minimum 
requisite experience and ability to administer an FEC Pilot Program 
award, and will not be eligible for FEC Pilot Program awards.
    3. Eligibility Reviews: Eligibility reviews will be completed at 
the time of Application submission, based on the Application.
    4. Applications Submitted as Part of a Collaborative Effort: In 
such circumstances, the Collaborative Effort must identify in the 
Application the lead organization that will serve as the primary 
administrator of the FEC Pilot Program award. This lead organization 
must be able to assert that it can satisfy each of the four threshold 
criteria identified in Section III.A.2., above.
    5. Entities That Submit Applications Together with Affiliates or 
Subsidiaries; Applications From Common Enterprises: If an Applicant and 
its Affiliates or Subsidiaries wish to submit Applications, they must 
do so collectively, in one Application; an Applicant and its Affiliates 
or Subsidiaries may not submit separate Applications. If Affiliated or 
Subsidiary entities submit multiple Applications, the CDFI Fund 
reserves the right either to reject all such Applications received or 
to select a single Application as the only Application considered for a 
grant.

[[Page 53327]]

    For purposes of this NOFA, in addition to assessing whether 
Applicants are Affiliates or Subsidiaries, the CDFI Fund will consider 
whether Applicants constitute a common enterprise. For the purposes of 
this NOFA, a common enterprise may exist: (i) Where the activities 
described in Applications submitted by separate entities are, or will 
be, operated and/or managed such that, in fact or effect, they may be 
viewed as a single entity; (ii) where the Applications submitted by 
separate entities contain significant narrative, textual or other 
similarities; or (iii) where the strategies and/or activities described 
in Applications submitted by separate entities are so closely related, 
in fact or effect, they may be viewed as substantially identical 
Applications. In such cases, the CDFI Fund reserves the right: to 
reject all Applications received from all such entities; to select a 
single Application as the only one that will be considered for an 
award; and/or, in the event that an Application is selected to receive 
an award, to deem certain activities ineligible.
    B. Limitations on Awards: Awardees are required to account for the 
use of all FEC Pilot Program award dollars. FEC Pilot Program award 
funds cannot be used to cover expenses of any same activities for which 
the Awardee has received, or will receive, awards from other sources of 
federal financial assistance; notwithstanding this limitation, FEC 
Pilot Program award funds can be used to increase the population served 
by the Awardee, and/or to increase the scope of the Awardee's Financial 
Education and Counseling Services. Intermediary Organizations that 
receive FEC Pilot Program awards may not use those dollars to provide 
assistance to other FEC Pilot Program awardees (or their Affiliates) 
that receive awards through this funding round.
    C. Matching Funds: There are no matching fund requirements for the 
FEC Pilot Program.

IV. Application and Submission Information

    A. MyCDFIFund Accounts: All Applicants must register User and 
Organization accounts in myCDFIFund, the CDFI Fund's Internet-based 
interface. An Applicant must be registered as both a User and an 
Organization in myCDFIFund as of the Application deadline in order to 
be considered to have submitted a complete Application. As myCDFIFund 
is the CDFI Fund's primary means of communication with Applicants and 
Awardees, organizations must make sure that they update the contact 
information in their myCDFIFund accounts before the Application 
deadline. For more information on myCDFIFund, please see the 
``Frequently Asked Questions'' link posted at https://www.cdfifund.gov/myCDFI/Help/Help.asp.
    B. Applications Submitted via myCDFIFund: Applicants must submit 
Applications under this NOFA electronically, through myCDFIFund, the 
CDFI Fund's Internet-based interface. No paper submittals or 
attachments will be accepted. Applications sent by mail, facsimile or 
other form will generally not be accepted, except in circumstances 
approved in advance by the CDFI Fund, in its sole discretion. The CDFI 
Fund will post to its Web site at https://www.cdfifund.gov instructions 
for accessing and submitting Applications as soon as they become 
available.
    C. Application Content Requirements: Detailed Application content 
requirements are found in the Application and guidance materials. Each 
Applicant must provide, as part of its Application, a Dun and 
Bradstreet Data Universal Numbering System (DUNS) number pursuant to 
OMB guidance (68 FR 38402). In addition, each Application must include 
a valid and current Employer Identification Number (EIN). Applicants 
should allow sufficient time for the IRS and/or Dun and Bradstreet to 
respond to inquiries and/or requests for identification numbers. An 
Application that does not include an EIN is incomplete and cannot be 
transmitted to the CDFI Fund. The preceding sentences do not limit the 
CDFI Fund's ability to contact an Applicant for the purpose of 
obtaining clarifying or confirming application information such as a 
DUNS number or EIN information. Once an Application is submitted, the 
Applicant will not be allowed to change any element of the Application.
    D. Application Deadlines: The FEC Pilot Program Application must be 
submitted to the CDFI Fund, in accordance with the instructions 
provided in the Application guidance materials, by no later than 5 p.m. 
ET on November 19, 2009. Applicants and potential Applicants with 
technical or programmatic questions must contact the CDFI Fund by 5 
p.m. ET on November 17, 2009 in order to receive a response to their 
inquiries. The CDFI Fund will not respond to Applicants and potential 
Applicants that submit questions after this date until after the 
Application deadline.
    E. 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. Pursuant to the Paperwork Reduction Act, the Application has 
been assigned the following control number: [1559-0034].
    F. Late Delivery: The CDFI Fund will neither accept a late 
Application nor any portion of an Application that is late; an 
Application that is late, or for which any portion is late, will be 
rejected. The CDFI Fund will not grant exceptions or waivers. Any 
Application that is deemed ineligible will not be returned to the 
Applicant.
    G. Intergovernmental Review: Not applicable.
    H. Funding Restrictions: For allowable uses of FEC Pilot Program 
award proceeds, please see Section II.F. above.

V. Application Review Information

    A. Format: Applications must be single-spaced and use a 12-point 
font with 1-inch margins. Each section in the Application that is 
reviewed has recommended page limitations. Applicants are encouraged to 
read each section carefully and to remain within the page limitations 
for each section. There is also an absolute page limitation of 25 pages 
for the entire Application. The CDFI Fund will not consider responses 
beyond the 25 page limitation. Also, the CDFI Fund will read only 
information requested in the Application and will not read attachments 
that have not been specifically requested in this NOFA or the 
Application.
    B. Criteria: Applicants will be evaluated across several key areas:
    1. Implementation Plan: The Applicant must provide a detailed, 
successful strategy for developing and delivering innovative Financial 
Education and Counseling Services to Prospective Homebuyers. The 
Applicant is required to identify and describe, among other things: (i) 
Its particular target market; (ii) the types of Financial Education and 
Counseling Services that the Applicant will provide to its target 
market, including any proposed innovations that will enhance the 
likelihood of success within the Performance Period; (iii) the need and 
demand for such services among the target market; and (iv) the delivery 
strategy for providing such services to the target market, including 
how it collaborates with other entities, and any proposed innovations 
that will enhance the likelihood of success within the Performance 
Period.

[[Page 53328]]

    2. Proposed Impacts: The Applicant must be able to demonstrate that 
the effective delivery of its proposed Financial and Education 
Counseling Services will result in documented Positive Behavioral 
Changes among Prospective Homebuyers. To this end, the Applicant must 
identify and describe, among other things: (i) Its benchmarks for 
measuring Positive Behavioral Changes; (ii) its strategy for tracking 
and documenting Positive Behavioral Changes over time; and (iii) the 
extent to which it believes its model, if successful, can be readily 
replicated by other providers of Financial Education and Counseling 
Services.
    3. Organizational Capacity: The Applicant must demonstrate the 
ability and capacity to undertake its proposed delivery of the 
Financial Education and Counseling Services to Prospective Homebuyers, 
to measure and report on outcomes, and to manage its FEC Pilot Program 
award dollars. To this end, the Applicant will be required to identify 
and describe, among other things: (i) Its key personnel and staffing 
resources (current and proposed); (ii) its track record of providing 
Financial Education and Counseling Services and tracking program 
outcomes; (iii) its current financial condition, including results of 
recent audits; and (iv) its experience administering other federal 
government grant awards, if applicable.
    4. Budget/Sources and Use of Funds: The Applicant must demonstrate 
that it has a strategy to effectively and efficiently make use of the 
FEC Pilot Program award dollars. To this end, the Applicant will be 
required to complete a table outlining its proposed sources and uses of 
funds, and to provide a narrative explanation of how its award dollars 
will be used to: (i) Further the development and delivery of its 
Financial Education and Counseling Services; (ii) track customer 
performance; (iii) evaluate program effectiveness; and/or (iv) 
facilitate program replication.
    C. Review and Selection Process:
    1. Eligibility and Completeness Review: The CDFI Fund will review 
each Application for completeness. The OFE will review each Application 
to determine whether the Applicant meets the eligibility requirements 
set forth in this NOFA. An incomplete Application does not meet 
eligibility requirements and will be rejected. Any Application that 
does not meet eligibility requirements will not be returned to the 
Applicant.
    2. Substantive Review: If an Application is determined to be 
complete and the Applicant is determined to be an Eligible 
Organization, the CDFI Fund will conduct the substantive review of the 
Application in accordance with the criteria and procedures described in 
this NOFA, the Application, and any Application guidance. As part of 
the review process, the CDFI Fund may contact the Applicant by 
telephone, email, mail, or through an on-site visit for the sole 
purpose of obtaining clarifying or confirming Application information. 
The CDFI Fund reserves the right to collect such additional information 
from Applicants as it deems appropriate including, for example, copies 
of financial education curricula and organizational information. After 
submitting its Application, the Applicant will not be permitted to 
revise or modify its Application in any way nor attempt to negotiate 
the terms of an award. If contacted for clarifying or confirming 
information, the Applicant must respond within the time parameters set 
by the CDFI Fund.
    3. Application Review; Selection: Awards will be made based on 
Applicants' experience and ability to provide Financial Education and 
Counseling Services to Prospective Homebuyers that result in documented 
Positive Behavioral Changes, in accordance with the criteria set forth 
above in Section V.B.
    (a) Application Review: Applications will be sorted into peer 
groupings based on factors such as the delivery strategy used to 
provide Financial Education and Counseling Services and the target 
market (geographic or otherwise) that is identified. To the extent 
possible, based primarily on the number of Applications received, 
Applications will be reviewed by multiple reviewers. Reviewers will be 
assigned a set number of Applications within each peer grouping. With 
respect to each Application reviewed, the reviewer will give equal 
weight to all elements of the Application proposal (i.e., each plan 
will be reviewed holistically--no one element will be scored higher or 
lower than any other element). Once the reviewer has completed all of 
his/her review assignments, he/she will provide a ranking of each 
Application relative to the other Applications that were reviewed.
    (b) Application Selection: Once all Applications have been 
reviewed, those Applications that were ranked the highest by the 
reviewers will be reviewed by a selection committee. Each member of the 
selection committee will review and rate each of these Applications, 
and based upon their ratings, will select up to five organizations that 
will be provided with awards. As part of this process, the selection 
committee will take into consideration the diversity of the Awardee 
pool, to ensure to the extent practicable that a broad cross-section of 
geographic areas served, target markets and delivery strategies are 
represented.
    (c) Evaluating Prior Award Performance: In the case of an Applicant 
that has received awards from any federal programs, the CDFI Fund 
reserves the right to contact officials from the appropriate federal 
agency or agencies to determine whether the Awardee is in compliance 
with current or prior award agreements, and to take such information 
into consideration before making an award under the FEC Pilot Program.
    4. Award Notification: Each Applicant will be informed of the CDFI 
Fund's award decision either through a notification from the CDFI Fund 
if selected for an award or written declination if not selected for an 
award. The CDFI Fund will notify Awardees by e-mail using the addresses 
maintained in the Awardee's myCDFIFund account.
    5. The CDFI Fund reserves the right to reject an application if 
information (including administrative errors) comes to the attention of 
the CDFI Fund that either adversely affects an Applicant's eligibility 
for an award, or adversely affects the CDFI Fund's evaluation or 
scoring of an Application, or indicates fraud or mismanagement on the 
part of an Applicant. If the CDFI Fund determines that any portion of 
the Application is incorrect in any 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 said changes materially affect the CDFI Fund's award 
decisions, the CDFI Fund will provide information regarding the changes 
through the CDFI Fund's Web site. There is no right to appeal the CDFI 
Fund's award decisions. The CDFI Fund's award decisions are final.

VI. Award Administration Information

    A. Assistance Agreement: Each Applicant that is selected to receive 
an award under this NOFA must enter into an Assistance Agreement with 
the CDFI Fund in order to receive disbursement of award proceeds. The 
Assistance Agreement will set forth certain required terms and 
conditions of the award, which will include but not be limited to: (i) 
The amount of the award; (ii) the type of award; (iii) the approved 
uses of the award; (iv) the approved target market to which the funded 
activity must be directed; (v) performance goals and measures; and

[[Page 53329]]

(vi) reporting requirements for all Awardees. Assistance Agreements 
under this NOFA generally will have three-year performance periods.
    B. The CDFI Fund reserves the right, in its sole discretion, to 
terminate the Assistance Agreement and rescind an award if the Awardee 
fails to return the Assistance Agreement, signed by the authorized 
representative of the Awardee, and/or provide the CDFI Fund with any 
other requested documentation, within the deadlines set by the CDFI 
Fund. Each Awardee must provide the CDFI Fund with a certificate of 
good standing (or equivalent documentation) from its State (or 
jurisdiction) of incorporation.
    C. Reporting:
    1. Reporting requirements: The CDFI Fund will collect information, 
on at least an annual basis, from each Awardee which may include, but 
shall not be limited to: (i) Use of FEC Pilot Program award dollars; 
(ii) aggregated characteristics of individuals that received Financial 
Education and Counseling Services funded by FEC Pilot Program award 
dollars; and (iii) the extent to which the Awardee satisfied its 
performance goals and measures, to include measures of the 
effectiveness of the Awardee's strategy and ability to create Positive 
Behavioral Change among Prospective Homebuyers. Each Awardee is 
responsible for the timely and complete submission of such reports, 
even if all or a portion of the documents actually is completed by 
another entity or signatory to the Assistance Agreement. If such other 
entities or signatories are required to provide reports or other 
documentation that the CDFI Fund may require, the Awardee is 
responsible for ensuring that the information is submitted timely and 
complete. The CDFI Fund reserves the right to contact such additional 
entities or signatories to the Assistance Agreement and require that 
additional information and documentation be provided. The CDFI Fund 
will use such information to monitor each Awardee's compliance with the 
requirements set forth in the Assistance Agreement and to assess the 
impact of the FEC Pilot Program. The CDFI Fund reserves the right, in 
its sole discretion, to modify these reporting requirements if it 
determines it to be appropriate and necessary; however, such reporting 
requirements will be modified only after notice to Awardees.
    2. Accounting: The CDFI Fund will require each Awardee that 
receives an award through this NOFA to account for and track the use of 
the grant award. This means that for every dollar of an award received 
from the CDFI Fund, the Awardee will be required to inform the CDFI 
Fund of its uses. This will require Awardees to separately account for 
the proceeds and use of the award, subject to the applicable OMB 
Circulars. The CDFI Fund will provide guidance to Awardees outlining 
the format and content of the information to be provided on an annual 
basis, outlining and describing how the funds were used. Each Awardee 
that receives an award must provide the CDFI Fund with the required 
complete and accurate Automated Clearinghouse (ACH) form for its bank 
account prior to award closing and disbursement.

VII. Agency Contacts

    A. The CDFI Fund will respond to questions and provide support 
concerning this NOFA and the Application between the hours of 9 a.m. 
and 5 p.m. ET, starting the date of the publication of this NOFA 
through two days prior to the Application deadline. The CDFI Fund will 
not respond to questions or provide support concerning the Applications 
that are received after 5 p.m. ET on said dates, until after the 
Application deadline. Applications and other information regarding the 
CDFI Fund and its programs may be obtained from the CDFI Fund's Web 
site at https://www.cdfifund.gov. The CDFI Fund will post responses on 
its Web site to questions of general applicability regarding the FEC 
Pilot Program.
    B. The CDFI Fund's contact information is as follows:

                                          Table 4--Contact Information
----------------------------------------------------------------------------------------------------------------
                                    Fax number for all offices: 202-622-7754
-----------------------------------------------------------------------------------------------------------------
                                              Telephone number
              Type of question                (not toll free)                   E-mail addresses
----------------------------------------------------------------------------------------------------------------
FEC Pilot Program..........................       202-622-6355  cdfihelp@cdfi.treas.gov
Compliance, Monitoring and Evaluation......       202-622-6330  cme@cdfi.treas.gov
Information Technology Support.............       202-622-2455  IThelp@cdfi.treas.gov
----------------------------------------------------------------------------------------------------------------

     C. Communication with the CDFI Fund: The CDFI Fund will use the 
myCDFIFund Internet interface to communicate with Applicants and 
Awardees, using the contact information maintained in their respective 
myCDFIFund accounts. Therefore, the Applicant and any Subsidiaries, 
signatories, and Affiliates must maintain accurate contact information 
(including contact person and authorized representative, e-mail 
addresses, fax numbers, phone numbers, and office addresses) in its 
myCDFIFund account(s). For more information about myCDFIFund (which 
includes information about the CDFI Fund's Community Investment Impact 
System), please see the Help documents posted at https://www.cdfifund.gov/ciis/accessingciis.pdf.

VIII. Information Sessions and Outreach

    The CDFI Fund may conduct webinars or host information sessions for 
organizations interested in applying to, or learning about, the CDFI 
Fund's programs. For further information, please visit the CDFI Fund's 
Web site at https://www.cdfifund.gov.

    Authority:  Pub. L. 110-289.

    Dated: October 9, 2009.
Jose Villar,
Chief Operating Officer, Community Development Financial Institutions 
Fund.
[FR Doc. E9-24861 Filed 10-15-09; 8:45 am]
BILLING CODE 4810-70-P