Funds Availability (NOFA) Inviting Applications for the Community Development Financial Institutions (CDFI) Program FY 2012 Funding Round (the FY 2012 Funding Round), 68831-68841 [2011-28684]

Download as PDF Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices 2010, Docket No. EP 558 (Sub-No. 14) (STB served Oct. 3, 2011). This revenue adequacy standard was applied to each Class I railroad. One carrier, Union Pacific Railroad Company, was found to be revenue adequate for 2010. The decision in this proceeding is posted on the Board’s Web site at http://www.stb.dot.gov. Copies of the decision may be purchased by contacting the Office of Public Assistance, Governmental Affairs, and Compliance at (202) 245–0238. Assistance for the hearing impaired is available through FIRS at (800) 877– 8339. This action will not significantly affect either the quality of the human environment or the conservation of energy resources. Decided: November 2, 2011. By the Board, Chairman Elliott, Vice Chairman Begeman, and Commissioner Mulvey. Jeffrey Herzig, Clearance Clerk. [FR Doc. 2011–28748 Filed 11–4–11; 8:45 am] BILLING CODE 4915–01–P DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund Funds Availability (NOFA) Inviting Applications for the Community Development Financial Institutions (CDFI) Program FY 2012 Funding Round (the FY 2012 Funding Round) Announcement Type: Announcement of funding opportunity. Catalog of Federal Domestic Assistance (CFDA) Number: 21.020. DATES: Applications for Financial Assistance (FA) or Technical Assistance (TA) awards through the FY 2012 Funding Round must be received by midnight, Eastern Time (ET), January 11, 2012. SUMMARY: Executive Summary: Subject to funding availability, this NOFA is issued in connection with the FY 2012 Funding Round of the CDFI Program, administered by the Community Development Financial Institutions (CDFI) Fund. mstockstill on DSK4VPTVN1PROD with NOTICES I. Funding Opportunity Description A. Award Requirements Through the CDFI Program, the CDFI Fund provides FA awards and TA grants. FA awards are made to certified CDFIs that complete and submit the CDFI Program Application and meet the VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 requirements set forth in this NOFA, subject to funding availability. In FY 2012, subject to the availability of funding, the CDFI Fund will also make FA awards under the Healthy Food Financing Initiative (HFFI–FA) to certified CDFIs that meet the requirements set forth in this NOFA. TA grants are made to certified CDFIs and entities proposing to become certified that complete and submit the CDFI Program Application and meet the requirements set forth in this NOFA. B. Program Regulations The regulations governing the CDFI Program are found at 12 CFR parts 1805 and 1815 (the Regulations) and provide guidance on evaluation criteria and other requirements. Details regarding application content requirements are found in the Application and related materials. Each capitalized term in this NOFA is more fully defined in this NOFA, the Regulations, or the Application, and the CDFI Fund encourages Applicants to review the Regulations in addition to this NOFA. C. 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. The CDFI Fund reserves the right to reallocate funds from the amount that is anticipated to be available under this NOFA to other CDFI Fund programs, particularly if the CDFI Fund determines that the number of awards made under this NOFA is fewer than projected. In addition, the CDFI Fund invites applications that propose innovative Financial Products and Financial Services to address the current difficult economic conditions of our nation. D. Coordination With Broader Community Development Strategies Consistent with Federal efforts to promote community revitalization, it is important for communities to develop a comprehensive neighborhood revitalization strategy that addresses neighborhood assets that are essential to transforming distressed neighborhoods into healthy and vibrant communities of opportunity. Furthermore, only through the development of comprehensive neighborhood revitalization plans that embrace the coordinated use of programs and resources in order to effectively address the interrelated needs within a community will the broader vision of neighborhood transformation occur. Although not a requirement for participating in the CDFI Program, the Federal government believes that a CDFI will be most PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 68831 successful when it is part of, and contributing to, an area’s broader neighborhood revitalization strategy. II. Award Information A. Funding Availability 1. FY 2012 Funding Round Subject to funding availability, the CDFI Fund expects to award, through this NOFA, approximately $123 million in appropriated funds in the following ways: (i) $15 million in FA awards to Category I/SECA Applicants; (ii) $105 million in FA awards to Category II/ Core Applicants; and (iii) $3 million in TA grants to TA Applicants. In addition, through this NOFA and the Native American CDFI Assistance (NACA) Program NOFA, the CDFI Fund expects to award approximately $25 million total in FA awards to HFFI Applicants under the CDFI and NACA Programs. The CDFI Fund reserves the right to award more or less than the amounts cited above in each category in the FY 2012 Funding Round, based upon available funding and other appropriate factors. 2. Availability of Funds for the FY 2012 Funding Round Funds for the FY 2012 Funding Round have not yet been appropriated. If funds are not appropriated for the CDFI Program, there will not be a FY 2012 Funding Round. If funds are appropriated, the amount of such funds may be greater or less than the amounts set forth above. If funds for the FY 2012 Funding Round for the Native American CDFI Assistance (NACA) Program are not appropriated, entities eligible to apply for CDFI Program funds that would have applied for NACA Program funding, are encouraged to apply for CDFI Program funds through this NOFA. B. Types of Awards An Applicant may submit an application for a TA award or an FA award, which includes CDFI Program FA and HFFI–FA. 1. FA Awards FA awards provide flexible financial support to CDFIs so they may achieve the strategies outlined in their Comprehensive Business Plans. FA awards can be used in the following six categories: (i) Financial Products; (ii) Financial Services; (iii) Development Services; (iv) Loan Loss Reserves; (v) Capital Reserves; and/or (vi) Operations. For purposes of this NOFA, the six categories mean: E:\FR\FM\07NON1.SGM 07NON1 68832 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices TABLE 1—SIX CATEGORIES OF FA (i) Financial Products .................. (ii) Financial Services .................. (iii) Development Services .......... (iv) Loan Loss Reserves ............. (v) Capital Reserves .................... (vi) Operations ............................. Loans, grants, equity investments, and similar financing activities, including the purchase of loans that the Applicant originates and the provision of loan guarantees, in the Applicant’s Target Market, or for related purposes that the CDFI Fund deems appropriate (including administrative funds used to carry out Financial Products). Checking and savings accounts, certified checks, automated teller machines services, deposit taking, remittances, safe deposit box services, and other similar services (including administrative funds used to carry out Financial Services). Activities that promote community development and help the Applicant provide its Financial Products and Financial Services, including financial or credit counseling, housing and homeownership counseling (pre- and post-), self-employment technical assistance, entrepreneurship training, and financial management skillbuilding (including administrative funds used to carry out Development Services). Funds set aside in the form of cash reserves, or through accounting-based accrual reserves, to cover losses on loans, accounts, and notes receivable made in the Target Market, or for related purposes that the CDFI Fund deems appropriate (including administrative funds used to carry out Loan Loss Reserves). Funds set aside as reserves to support the Applicant’s ability to leverage other capital, for such purposes as increasing its net assets or serving the financing needs of its Target Market, or for related purposes that the CDFI Fund deems appropriate (including administrative funds used to carry out Capital Reserves). Funds used to carry out the Comprehensive Business Plan, and/or for related purposes the CDFI Fund deems appropriate, that are not used to carry out or administer any of the foregoing eligible FA uses. mstockstill on DSK4VPTVN1PROD with NOTICES The CDFI Fund may provide FA awards in the form of equity investments (including secondary capital in the case of certain Insured Credit Unions), grants, loans, deposits, credit union shares, or any combination thereof. The CDFI Fund reserves the right, in its sole discretion, to provide an FA award in a form and amount other than that which the Applicant requests; however, the award amount will not exceed the Applicant’s award request as stated in its application. FA awards must be used to support the Applicant’s activities; FA awards cannot be used to support the activities of, or otherwise be passed through, transferred, or co-awarded to, thirdparty entities, whether Affiliates, Subsidiaries, or others. This includes certified CDFI bank holding companies that intend to transfer FA awards to their banks. Such transfers are not permitted. The entity that is to carry out the responsibilities of the award and deploy the award funds must be the entity that applies for the award. 2. Healthy Food Financing Initiative (HFFI) and HFFI–FA Awards (a) Overview. The United States Department of Agriculture (USDA), Health and Human Services (HHS), and the United States Department of the Treasury are working together to support projects that increase access to healthy, affordable food in low-income neighborhoods that lack access to healthy food options. As part of a coordinated effort called the Healthy Food Financing Initiative (HFFI), these three departments will aim to expand the availability of nutritious food through the establishment of healthy food retail outlets, including developing and equipping grocery stores, small retailers, corner stores, and farmers VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 markets to help revitalize neighborhoods that currently lack these options. In addition to the CDFI and NACA Programs, the HFFI includes: (i) The New Markets Tax Credit (NMTC) Program, also administered by the CDFI Fund; (ii) the Community and Economic Development (CED) Program, which HHS administers; and (iii) several programs that USDA administers including, among others, the Business and Industry (B&I) Program and the Intermediary Relending Program (IRP). Each of these programs provides a unique mechanism to support initiatives aimed at increasing access to healthy food. When these programs are combined, public dollars can act far more effectively as a market catalyst by providing the full range of financing to local actors—a key step to addressing the problem of limited access to affordable and nutritious food. Instead of approaching this problem through separate agency and program silos, the HFFI will use a collaborative approach involving the resources of all three agencies. For more information about this initiative, please visit the HFFI Web site at http://www.usda.gov/fooddeserts. (b) HFFI–FA Awards. In FY 2012, subject to appropriations, the CDFI Fund may award up to $25 million of HFFI–FA awards through the CDFI and NACA Programs. The CDFI Fund expects to make HFFI–FA awards of up to $3.5 million to certified CDFIs that submit and complete the CDFI/NACA Program Application and the HFFI–FA Supplemental Questionnaire. The HFFI–FA Supplemental Questionnaire will only be sent to those applicants indicating in their FY 2012 application that they intend to apply for an HFFI– FA award. The CDFI Fund reserves the PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 right to make awards less than or greater than $3.5 million based upon the questionnaires received and the funds available. The FY 2012 HFFI–FA supplemental questionnaire will not likely be finalized and made available to prospective applicants until after the FY 2012 CDFI Program Application deadline. However, a copy of the FY 2011 HFFI–FA supplemental questionnaire is available for review on the CDFI Fund’s Web site at http// www.cdfifund.gov. HFFI–FA awards will be provided as a supplement to FA awards; therefore, only those applicants that have been selected to receive an FA award under the FY 2012 CDFI or NACA Funding Round will be eligible to receive an HFFI–FA award. Such applicants will be rated and scored separately based upon the HFFI–FA supplemental questionnaire responses. HFFI–FA Applicants will be rated, among other elements, on the extent of community need, the quality of their HFFI–FA strategy, and their capacity to execute that strategy. The CDFI Fund will collaborate with the other Federal agencies involved in the HFFI prior to making final award selections. The CDFI Fund may, at its discretion, perform additional due diligence on Applicants for this initiative. HFFI–FA awards must be used to support the Applicant’s activities; the awards cannot be used to support the activities of, or otherwise be passed through, transferred, or coawarded to, third-party entities, whether Affiliates, Subsidiaries, or others. This includes the transfer of an award from a Bank Holding Company to a Bank subsidiary. 3. TA Grants (a) The CDFI Fund provides TA as a grant and reserves the right, in its sole E:\FR\FM\07NON1.SGM 07NON1 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices discretion, to provide a grant for uses and amounts other than that which the Applicant requests; however, the grant amount will not exceed the Applicant’s request as stated in its application and the applicable budget chart. (b) For purposes of this NOFA, TA eligible uses are: (i) Personnel/salary; (ii) personnel/fringe; (iii) professional services; (iv) travel; (v) training; (vi) equipment; (vii) materials/supplies; and (viii) other costs. (Please see the Application for details on TA uses.) TA grants must be used to support the Applicant’s capacity building activities. TA grants cannot be used to support the activities of, or otherwise be passed through, transferred, or co-awarded to, third-party entities, whether Affiliates, Subsidiaries, or others. This includes the transfer of an award from a Bank Holding Company to a Bank subsidiary. C. Assistance Agreement Each Awardee under this NOFA must sign an Assistance Agreement before the CDFI Fund will disburse an award or grant. The Assistance Agreement contains the Award’s terms and conditions. For further information, see Section VI.A of this NOFA. III. Eligibility Information A. Eligible Applicants The Regulations specify the eligibility requirements each Applicant must meet in order to be eligible to apply for assistance under this NOFA. CDFI 68833 Program Applicants may apply as either an FA applicant or a TA applicant, but not both. If an Applicant applies for both types of awards, it is in the sole discretion of the CDFI Fund to disqualify the Applicant from competing for either an FA award or a TA grant or to decide to give the Applicant either an FA award or a TA grant. 1. FA Applicant Categories All FA Applicants must meet the criteria listed in Table 2. (Applicants requesting FA funding in excess of the allowable amount for Category I will be classified as Category II Applicants, regardless of their total assets, years in operation, or prior CDFI Fund awards.) TABLE 2—FA APPLICANT CRITERIA FA applicant category Applicant criteria Applicant may apply for: Category I/Small and/or Emerging CDFI Assistance (SECA). (1) Is a Certified/Certifiable CDFI .................... (2) As of the end of the Applicant’s most recent fiscal year end or September 30, 2011, has total assets as follows: • Insured Depository Institutions and Depository Institution Holding Companies: up to $250 million • Insured Credit Unions: up to $10 million • Venture capital funds: up to $10 million • Other CDFIs: up to $5 million OR (3) Began operations * on or after January 1, 2008 A Certified/Certifiable CDFI that meets all other eligibility requirements described in this NOFA. Up to and including $600,000 in FA funds and up to and including $3.5 million in FA funds under the HFFI–FA. Category II/Core ................................................. Up to and including $2 million in FA funds; and up to and including $3.5 million in FA funds under the HFFI–FA. * The term ‘‘began operations’’ is defined as the financing activity start date indicated in the Applicant’s myCDFIFund account. 2. TA Applicants All TA Applicants must meet the following criteria: TABLE 3—TA APPLICANT CRITERIA Applicant type Criteria of applicant TA ........................................ A Certified CDFI, a Certifiable CDFI, or an Emerging CDFI. 3. CDFI Certification Requirements For purposes of this NOFA, eligible FA Applicants include Certified CDFIs Applicant can apply for: Up to $100,000 for capacity-building activities. and Certifiable CDFIs; eligible TA Applicants include Certified CDFIs, Certifiable CDFIs, and Emerging CDFIs, defined as follows: mstockstill on DSK4VPTVN1PROD with NOTICES TABLE 4—CDFI CERTIFICATION REQUIREMENTS DEFINITIONS (a) Certified CDFI ............................................... VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 An entity the CDFI Fund has officially notified that it meets all CDFI certification requirements as of this NOFA’s publication date. CDFIs that have received official notification from the CDFI Fund that their certification has expired or been terminated are not eligible to apply as Certified. If the CDFI Fund has provided certified CDFIs with written notification that their certifications had been extended, the CDFI Fund will consider the extended certification dates to determine whether those certified CDFIs meet this eligibility requirement. PO 00000 Frm 00117 Fmt 4703 Sfmt 4703 E:\FR\FM\07NON1.SGM 07NON1 68834 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices TABLE 4—CDFI CERTIFICATION REQUIREMENTS DEFINITIONS—Continued (b) Certifiable CDFI ............................................. (c) Emerging CDFI .............................................. (d) Material Events Form .................................... (e) Other Targeted Populations as Target Markets. mstockstill on DSK4VPTVN1PROD with NOTICES 4. Limitation on Awards An Applicant may receive only one award under this FY 2012 NOFA. An Applicant may receive only one award through the FY 2012 CDFI Program Funding Round or the FY 2012 NACA Program Funding Round. B. Prior Awardees For purposes of this section, the CDFI Fund will consider an Affiliate to be any entity that meets the definition of Affiliate in the Regulations or any entity otherwise identified as an Affiliate by the Applicant in its funding application and/or its myCDFIFund account. Prior awardees should note the following: 1. $5 Million Funding Cap: Congress waived the $5 million funding cap (i.e., the prohibition that an applicant and its VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 An entity that has submitted an application to the CDFI Fund demonstrating it meets the CDFI certification requirements but the CDFI Fund has not yet officially certified the entity. If the CDFI Fund is unable to certify an Applicant and the Applicant is selected for an FA award, the CDFI Fund may, in its sole discretion, terminate the award commitment. The CDFI Fund will not enter into an Assistance Agreement or disburse FA award funds unless and until an Applicant is Certified. The CDFI Certification application can be found on the CDFI Fund’s Web site at http://www.cdfifund.gov. Certifiable Applicants must have submitted a certification application as of the date indicated in Section IV.F of this NOFA to be eligible for FA in the FY 2012 round. An entity that demonstrates to the CDFI Fund it has an acceptable plan to become Certified by December 31, 2013, or another date selected by the CDFI Fund. Emerging CDFIs may only apply for TA grants; they are not eligible to apply for FA awards. Each Emerging CDFI selected to receive a TA grant will be required, pursuant to its Assistance Agreement with the CDFI Fund, to become certified as a CDFI by a specified date. Certified applicants must submit a certification of Material Events form if they have experienced a material event. A ‘‘material event’’ is an occurrence that affects an organization’s strategic direction, mission, or business operation and, thereby, its status as a Certified CDFI and/or its compliance with the terms and conditions of an Assistance Agreement. Please see Section IV in this NOFA for deadlines to submit material events forms. The material events form can be found on the CDFI Fund’s Web site at http://www.cdfifund.gov. Other Targeted Populations are defined as identifiable groups of individuals in the Applicant’s service area for which there exists strong evidence that they lack access to loans, equity investments, and/or Financial Services. The CDFI Fund has determined there is strong evidence that the following groups of individuals lack access to such products and services on a national level or within their recognized ancestral areas: (i) Native Americans or American Indians, including Alaska Natives living in Alaska; (ii) Blacks or African Americans; (iii) Hispanics or Latinos; (iv) Native Hawaiians living in Hawaii; and (v) other Pacific Islanders living in other Pacific Islands. An Applicant designating any of the above-cited Other Targeted Populations is not required to provide additional narrative explaining their lack of access to loans, equity investments, or Financial Services. To define these populations for the purposes of this NOFA, the CDFI Fund is using the following definitions, set forth in the Office of Management and Budget (OMB) Notice, Revisions to the Standards for the Classification of Federal Data on Race and Ethnicity (October 30, 1997), as amended and supplemented: (a) American Indian, Native American, or Alaska Native: A person having origins in any of the original peoples of North and South America (including Central America) and who maintains tribal affiliation or community attachment; (b) Black or African American: A person having origins in any of the black racial groups of Africa (terms such as Haitian or Negro can be used in addition to Black or African American); (c) Hispanic or Latino: A person of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture or origin, regardless of race (the term Spanish origin can be used in addition to Hispanic or Latino); (d) Native Hawaiian: A person having origins in any of the original peoples of Hawaii; and (e) Other Pacific Islander: A person having origins in any of the original peoples of Guam, Samoa or other Pacific Islands. Affiliates cannot collectively receive more than $5 million in CDFI Program awards over a three year period) for each of the FY 2009, FY 2010 and the FY 2011 funding rounds, and it is possible that the $5 million funding cap may be waived for the FY 2012 Funding Round. However, as of this NOFA’s publication date such a waiver has not been enacted into law. Accordingly, the CDFI Fund is currently prohibited from obligating more than $5 million in assistance, in the aggregate, to any one organization and its Subsidiaries and Affiliates during any three-year period. In general, the three-year period calculated for the cap extends back three years from the Effective Date of the Assistance Agreement between the Awardee and the CDFI Fund. However, PO 00000 Frm 00118 Fmt 4703 Sfmt 4703 for purposes of this NOFA, because the funding cap was waived for 2009, 2010, and 2011, the CDFI Fund will only include assistance in the cap calculation that will be provided to an Applicant (or its Subsidiaries or Affiliates) in the FY 2012 Funding Round. This means if a waiver of the funding cap is not enacted, Applicants and their Subsidiaries and Affiliates will be limited to a maximum award of $5 million in FA, HFFI–FA, and TA funds in FY 2012. The CDFI Fund will assess the $5 million funding cap applicability during the award selection phase if a Congressional waiver has not been enacted by that time. Please see Table 5 for other Prior Awardee Requirements and Considerations: E:\FR\FM\07NON1.SGM 07NON1 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices 68835 TABLE 5—PRIOR AWARDEE REQUIREMENTS AND CONSIDERATIONS Prior awardee situation Requirements and considerations Failure to Meet Reporting Requirements ........... The CDFI Fund will not consider an application if the Applicant or its Affiliate is a prior Awardee/Allocatee under any CDFI Fund program and is not current on the reporting requirements set forth in a previously executed assistance, allocation, or award agreement(s), as of this NOFA’s application deadline. The CDFI Fund only acknowledges receipt of reports that are complete; incomplete reports or reports that are deficient of required elements will not be considered as having been received. It is in the CDFI Fund’s sole discretion to consider the Applicant’s application pending until full resolution of a noncompliance issue if the Applicant, is a prior Awardee/Allocatee under any CDFI Fund program and if: (i) The entity has submitted reports to the CDFI Fund indicating noncompliance with a previously executed agreement with the CDFI Fund, and (ii) the CDFI Fund has yet to make a final determination as to whether the entity is in default of its previously executed agreement. The CDFI Fund will not consider an application if an Applicant is a prior Awardee/Allocatee under any CDFI Fund program and is in default of a previously executed agreement with the CDFI Fund at the time that the application is due under this NOFA. Such entities will be ineligible to apply for an award under this NOFA as long as the Applicant or its Affiliate’s prior award or allocation remains in default status or such other time period as the CDFI Fund has specified in writing. The CDFI Fund will not consider an application if an Applicant is a prior Awardee/Allocatee under any CDFI Fund program and the CDFI Fund has made a final determination that the Awardee/Allocatee’s prior award was terminated in default: (i) Within the 12-month period prior to this NOFA’s application deadline, and (ii) the final reporting period end date for the applicable terminated award falls within the 12-month period prior to this NOFA’s application deadline. The CDFI Fund encourages Applicants with undisbursed funds to request the undisbursed funds from the CDFI Fund at least 10 business days prior to this NOFA’s application deadline. The CDFI Fund will not consider an application if the Applicant is an Awardee under any CDFI Fund program and has undisbursed award funds (as defined below) as of this NOFA’s application deadline. The CDFI Fund will include the combined undisbursed prior awards, as of this NOFAs application deadline, of the Applicant and its affiliated entities, including those in which the affiliated entity Controls the Applicant, is Controlled by the Applicant, or shares common management officials with the Applicant as the CDFI Fund determines. For the BEA Program, undisbursed award funds will be included in the calculation of undisbursed awards for the Applicant and any three to five calendar years prior to the end of the calendar year of this NOFA’s application deadline. For purposes of this NOFA, therefore, undisbursed awards made in FYs 2006, 2007, and 2008 will be included in the calculation for the Applicant’s undisbursed award amounts if the funds have not been disbursed as of this NOFA’s application deadline. The CDFI Program undisbursed funds will be calculated by adding all undisbursed award amounts made to the Applicant two to five calendar years prior to the end of the calendar year of this NOFA. Therefore, undisbursed CDFI Program awards made in FYs 2006, 2007, 2008, and 2009 will be included in the undisbursed calculation as of this NOFA’s application deadline. Undisbursed awards cannot exceed five percent of the total includable awards for the Applicant’s BEA/CDFI/NACA awards, as of this NOFA’s application deadline. (The total ‘‘includable’’ award amount is the total award amount from the relevant CDFI Fund program.) Please refer to an example of this calculation on the CDFI Fund’s Web site, found in the Q&A document for the FY 2012 Funding Round. The ‘‘undisbursed award funds’’ calculation does not include: (i) Tax credit allocation authority made available through the NMTC Program; (ii) award funds that the Awardee has requested from the CDFI Fund by submitting a full and complete disbursement request before this NOFA’s application deadline; (iii) award funds for an award that the CDFI Fund has terminated or de-obligated; or (iv) award funds for an award that does not have a fully executed assistance or award agreement. Pending Resolution of Noncompliance .............. Default Status: .................................................... Termination in Default: ....................................... Undisbursed Award Funds: ................................ • BEA Program Undisbursed Awards Calculations: • CDFI Program Undisbursed Awards Calculations: • Undisbursed Award Calculations: ................... mstockstill on DSK4VPTVN1PROD with NOTICES 2. Contact the CDFI Fund Applicants that are prior CDFI Fund Awardees are advised to: (i) Comply with requirements specified in assistance, allocation, and/or award agreement(s), and (ii) contact the CDFI Fund to ensure necessary actions are underway for the disbursement or deobligation of any prior outstanding award balance(s) as referenced above. An Applicant that is unsure about the disbursement status of any prior award should contact the CDFI Fund by VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 sending an email to CDFI.disburseinquiries@cdfi.treas.gov. C. Matching Funds 1. Matching Funds Requirements in General FA Applicants must obtain nonFederal matching funds, on the basis of not less than one dollar for each dollar of FA funds the CDFI Fund provides. (This requirement pertains to FA Applicants only; matching funds are not required for TA Applicants). Matching PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 funds must be comparable in form and value to the FA award. This means that if an Applicant is requesting an FA award, the Applicant must show it has obtained matching funds through commitment(s) from non-Federal sources that are equal to the amount requested from the CDFI Fund. Applicants cannot use matching funds from a prior FA award under the CDFI Program or under another federal grant or award program to satisfy the matching funds requirement of this E:\FR\FM\07NON1.SGM 07NON1 68836 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices percent of matching funds in-hand or firmly committed as of the application deadline, the CDFI Fund will evaluate the Applicant’s ability to raise the remaining matching funds by March 14, 2013. (b) Category II/Core Applicants: A Category II/Core Applicant must demonstrate that it has eligible matching funds equal to no less than 25 percent of the amount of the FA award requested in-hand or firmly committed, on or after January 1, 2010 and on or before the application deadline. The CDFI Fund reserves the right to rescind all or a portion of an FA award and reallocate the rescinded award amount to other qualified Applicant(s), if an Applicant fails to obtain in-hand 100 percent of the required matching funds by March 14, 2013 (with required documentation of such receipt received by the CDFI Fund not later than March 31, 2013). The CDFI Fund may grant an extension of such matching funds deadline for specific Applicants selected to receive FA, if the CDFI Fund deems it appropriate. For any Applicant that demonstrates it has less than 100 percent of matching funds in-hand or firmly committed as of the application deadline, the CDFI Fund will evaluate the Applicant’s ability to raise the remaining matching funds by March 14, 2013. (c) HFFI–FA Applicants: It is possible that the matching funds requirements for HFFI–FA awards may be waived for the FY 2012 Funding Round. However, as of this NOFA’s publication such a waiver has not been enacted. An Applicant requesting an HFFI–FA award that does not include matching funds documentation in its application NOFA. If an Applicant seeks to use matching funds from an organization that was a prior Awardee under the CDFI Program, the CDFI Fund will deem such funds as federal funds, unless the funding entity establishes and the CDFI Fund agrees, that such funds do not consist, in whole or in part, of CDFI Program funds or other federal funds. The CDFI Fund encourages Applicants to review the Regulations at 12 CFR 1805.500 et seq. and matching funds guidance materials on the CDFI Fund’s Web site for further information. 2. The CDFI Fund will not consider any FA Applicant for an award that has no matching funds in-hand or firmly committed as of this NOFA’s application deadline. Specifically, FA Applicants must meet the following matching funds requirements: (a) Category I/SECA: A Category I/ SECA Applicant must demonstrate that it has eligible matching funds equal to no less than 25 percent of the FA amount requested in-hand or firmly committed, on or after January 1, 2010, and on or before the application deadline. The CDFI Fund reserves the right to rescind all or a portion of an FA award and re-allocate the rescinded award amount to other qualified Applicant(s), if an Applicant fails to obtain in-hand 100 percent of the required matching funds by March 14, 2013 (with required documentation of such receipt received by the CDFI Fund not later than March 31, 2013). The CDFI Fund may grant an extension of such matching funds deadline for specific Applicants selected to receive FA awards, if the CDFI Fund deems it appropriate. For any Applicant that demonstrates it has less than 100 will be deemed ineligible for funding under the FY 2012 Funding Round if a matching funds waiver is not enacted. An Applicant requesting an HFFI–FA award that would not satisfy the matching funds requirements but is otherwise eligible under this NOFA may wish to submit an application in the event a matching funds waiver is enacted. Accordingly, subject to the immediately preceding paragraph: A HFFI–FA Applicant must demonstrate that it has eligible matching funds equal to no less than 25 percent of the FA amount requested in-hand or firmly committed, on or after January 1, 2010, and on or before the deadline for the submitting the HFFI–FA supplemental questionnaire. The CDFI Fund reserves the right to rescind all or a portion of an FA award and re-allocate the rescinded award amount to other qualified Applicant(s), if an Applicant fails to obtain in-hand 100 percent of the required matching funds by March 14, 2013 (with required documentation of such receipt received by the CDFI Fund not later than March 31, 2013). The CDFI Fund may grant an extension of such matching funds deadline for specific Applicants selected to receive FA awards, if the CDFI Fund deems it appropriate. For any Applicant that demonstrates it has less than 100 percent of matching funds in-hand or firmly committed as of the application deadline, the CDFI Fund will evaluate the Applicant’s ability to raise the remaining matching funds by March 14, 2013. 3. Matching Funds Terms Defined; Required Documentation TABLE 6—MATCHING FUNDS DEFINITIONS Type of matching funds Definition (a) Matching funds ‘‘in-hand’’ ............................. The Applicant has actually received disbursement of the matching funds and provides to the CDFI Fund acceptable written documentation, showing the source, form, and amount of the matching funds (i.e., grant, loan, deposit, and equity investment). Applicants must provide copies of the following documentation depending on the type of award being requested: (i) Loans—the loan agreement and promissory note; (ii) grant—the grant letter or agreement for all grants of $50,000 or more; (iii) equity investment—the stock certificate and any related shareholder agreement. The Applicant must also provide acceptable documentation that demonstrates receipt of the matching funds, such as a copy of a check or a wire transfer statement. The Applicant has entered into or received a legally binding commitment from the matching funds source showing the funds will be disbursed to the Applicant. The Applicant must also provide acceptable written documentation showing the source, form, and amount of the firm commitment (and, in the case of a loan, the terms thereof), as well as the anticipated disbursement date of the committed funds. mstockstill on DSK4VPTVN1PROD with NOTICES (b) Matching Funds ‘‘firmly committed’’ .............. 4. The CDFI Fund may contact the matching funds source to discuss the matching funds and the documentation that the Applicant has provided. If the VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 CDFI Fund determines that any portion of the Applicant’s matching funds is ineligible under this NOFA, the CDFI Fund, in its sole discretion, may permit PO 00000 Frm 00120 Fmt 4703 Sfmt 4703 the Applicant to offer alternative matching funds as a substitute for the ineligible matching funds. In such instances: (i) The Applicant must E:\FR\FM\07NON1.SGM 07NON1 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices provide acceptable alternative matching funds documentation within two business days of the CDFI Fund’s request, and (ii) the alternative matching funds documentation will not increase the total amount of FA the Applicant requested. 5. Special Rule for Insured Credit Unions The Regulations allow an Insured Credit Union to use retained earnings to serve as matching funds for an FA award in an amount equal to: (i) The increase in retained earnings that has occurred over the Applicant’s most recent fiscal year; (ii) the annual average of such increases that has occurred over the Applicant’s three most recent fiscal years; or (iii) the entire retained earnings that have been accumulated since the inception of the Applicant, as provided in the Regulations. For purposes of this NOFA, if option (iii) is used, the Applicant must increase its member and/or non-member shares or total loans outstanding by an amount equal to the amount of retained earnings committed as matching funds. This increase must occur by the end of the Awardee’s second performance period, as set forth in its Assistance Agreement, and will be based on amounts reported in the Applicant’s Audited or Reviewed Financial Statements or NCUA Form 5300 Call Report. The CDFI Fund will assess the likelihood of this increase during the application review process. An award will not be made to any Applicant that has not demonstrated in the relevant Financial Statements or NCUA Call Report that it has increased shares or loans by at least 25 percent of the requested FA award amount between December 31, 2010, and December 31, 2011. IV. Application and Submission Information A. Application Submission Under this NOFA, all Applicants must submit their applications electronically through Grants.gov. The CDFI Fund will not accept applications through myCDFIFund accounts nor will applications be accepted via email, mail, facsimile, or other forms of communication, except in circumstances approved by the CDFI Fund beforehand. B. Grants.gov In compliance with Public Law 106– 107 and Section 5(a) of the Federal Financial Assistance Management Improvement Act, the CDFI Fund is required to accept applications submitted through the Grants.gov electronic system. The CDFI Fund strongly recommends Applicants start the registration process as soon as possible and visit http://www.grants.gov immediately. Applicants that have used Grants.gov in the past must verify that their registration is current and active. New applicants must properly register, which may take several weeks to complete. Pursuant to OMB guidance (68 FR 38402), each Applicant must provide, as part of its application submission, a Dun and Bradstreet Data Universal Numbering System (DUNS) number. In addition, each application must include a valid and current Employer Identification Number (EIN). An electronic application that does not include either a DUNS or an EIN is incomplete and may not be transmitted to the CDFI Fund from Grants.gov. As a result, Applicants without a DUNS or EIN should allow sufficient time for the IRS and/or Dun and Bradstreet to respond to inquiries and/or requests for identification numbers. The CDFI Fund will not consider Applicants that fail to properly register in Grants.gov or to confirm they are properly registered and as a result, are unable to submit their applications before the deadline. Applicants are reminded that the CDFI Fund does not maintain the Grants.gov registration or submittal process so Applicants must contact Grants.gov directly for issues related to that aspect of the application submission process. Please see the following link for information on getting started on Grants.gov: http://grants.gov/ applicants/organization_registration.jsp 68837 C. myCDFIFund Accounts myCDFIFund is the CDFI Fund’s primary means of communication with Applicants. Applicants are responsible for ensuring their myCDFIFund account is updated at all times. All Applicants must register as an organization and as a user with myCDFIFund before the application deadline. Applicants failing to properly register and update their myCDFIFund accounts may miss important communication with the CDFI Fund that could impact their application. For more information on myCDFIFund, please see the ‘‘Frequently Asked Questions’’ link posted at https://www.cdfifund.gov/ myCDFI/Help/Help.asp. D. Application Content Requirements The Application and related documents can be found on the Grants.gov and the CDFI Fund’s Web sites. The CDFI Fund anticipates posting the Application and related documents to the CDFI Fund’s Web site on the same day that the NOFA is released or shortly thereafter. Once an application is submitted to Grants.gov, the Applicant will not be allowed to change any element of the application. The CDFI Fund, however, may contact the Applicant to clarify or confirm application information. 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 CDFI Program funding Application has been assigned the following control number: 1559–0021. F. Application Deadlines 1. Please see the following table for critical deadlines that are relevant to the FY 2012 Funding Round. All times listed are Eastern Standard Time (ET): TABLE 7—FY 2012 FUNDING ROUND APPLICATION CRITICAL DATES mstockstill on DSK4VPTVN1PROD with NOTICES Description Date due Certification application .................................................................................................. Certification Material Events Form ................................................................................ Last day to contact Program staff ................................................................................. Last day to contact Compliance staff ............................................................................ Combined Program Application ..................................................................................... December 14, 2011 ...................................... December 14, 2011 ...................................... January 9, 2012 ............................................ January 9, 2012 ............................................ January 11, 2012 .......................................... VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 PO 00000 Frm 00121 Fmt 4703 Sfmt 4703 E:\FR\FM\07NON1.SGM 07NON1 Time 5:00 p.m. 5:00 p.m. 5:00 p.m. 5:00 p.m. midnight. 68838 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices 2. Late Delivery 2012 Application is a fillable electronic PDF form, with pre-set text limits and font size restrictions. Applicants should not submit information that has not been specifically requested in this NOFA or the Application. Applicants should not submit documents such as strategic plans or market studies unless the CDFI Fund has specifically requested such documents in the Application. The CDFI Fund will not accept an application, nor any portion of an application, delivered after the application deadline. The CDFI Fund will not grant exceptions or waivers. Any application that is deemed ineligible or rejected will not be returned to the Applicant. G. Intergovernmental Review B. Review and Selection Process Not applicable. H. Funding Restrictions For allowable uses of FA proceeds, please see the Regulations at 12 CFR 1805.301. V. Application Review Information A. Format Applicants must complete, and the CDFI Fund will only accept, the Application as provided in Grants.gov and the CDFI Fund’s Web site. The FY 1. Eligibility and Completeness Review The CDFI Fund will review each application to determine whether it is complete and the Applicant meets the eligibility requirements described in Section III of this NOFA. An incomplete application or one that does not meet eligibility requirements will be rejected. 2. Substantive Review If the Applicant has submitted a complete and eligible application, the CDFI Fund will conduct a substantive review in accordance with the criteria and procedures described in the Regulations, this NOFA, and the Application guidance. The CDFI Fund reserves the right to contact the Applicant by telephone, email, or mail for the sole purpose of clarifying or confirming application information. If contacted, the Applicant must respond within the CDFI Fund’s time parameters or run the risk of their application being rejected. 3. Application Scoring and Award Selection (FA and TA Applicants) (a) Application Scoring: The CDFI Fund will evaluate each application on the criteria categories and the scoring scale described in the Application. An Applicant must receive a minimum score in each evaluation criteria in order to be considered for an award. The CDFI Fund will score each part as indicated in the following table: TABLE 8—APPLICATION SCORING CRITERIA Application parts Scoring points Financial Assistance (FA) Applicants High Impact Narrative ...................................................................................................................................................................... Target Market Needs** .................................................................................................................................................................... Responsiveness to Target Market Needs ....................................................................................................................................... Delivery Capacity ............................................................................................................................................................................. 10 10 40 40 TOTAL POINTS ........................................................................................................................................................................ 100 Technical Assistance (TA) Applicants Technical Assistance Proposal ........................................................................................................................................................ Target Market Needs ....................................................................................................................................................................... Responsiveness to Target Market Needs ....................................................................................................................................... Delivery Capacity ............................................................................................................................................................................. 20 10 30 40 TOTAL POINTS ........................................................................................................................................................................ 100 mstockstill on DSK4VPTVN1PROD with NOTICES ** Includes up to 4 points based on a quantitative distress index for FA applicants only. (b) In the FY 2012 Funding Round, the CDFI Fund will allow FA Applicants to earn up to 4 extra distressed points for serving eligible highly distressed target markets. Such markets are identified by a quantitative index of distress based on high poverty rates, high unemployment rates, low median family income, and for nonMetro areas, population loss. Applicants can identify distressed markets by using the index, which identifies the most distressed markets with the highest rank number. The index is posted to the CDFI Fund’s Web site at http:// www.cdfifund.gov/distressindex. Applicants will be required to deploy award funds into the distressed markets as identified in the application and for which distressed points were awarded. VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 (c) Applicants whose activities are part of a broader neighborhood revitalization strategy and/or that target marginalized or isolated populations will be scored more favorably under the section of the application pertaining to ‘‘Responsiveness to Target Market Needs.’’ (d) Evaluating Prior Award Performance: The CDFI Fund will deduct points for any Applicant that is a prior awardee or allocatee of any CDFI Fund program if the Applicant: (i) is noncompliant with any active award or award that terminated in the current calendar year by failing to meet performance goals and measures, reporting deadlines, or other requirements set forth in the CDFI Fund’s assistance, allocation, or award PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 agreement(s) during the Applicant’s two complete fiscal years prior to this NOFA’s application deadline; (ii) failed to make timely loan payments to the CDFI Fund during the Applicant’s two complete fiscal years prior to this NOFA’s application deadline (if applicable); and (iii) did not perform on any prior assistance, allocation, or award agreement, which is determined during the application review process. In addition, the CDFI Fund will deduct points if an FA Applicant had funds deobligated for FA awards issued in FY 2009, 2010 or 2011 if: (i) The amount of de-obligated funds is at least $200,000 and (ii) the de-obligation occurred within the 12 months prior to this NOFA’s application deadline. Point deductions for a de-obligation in this E:\FR\FM\07NON1.SGM 07NON1 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices funding round will not be counted against future FA applications. The CDFI Fund has the sole discretion to deduct points from prior Awardees/ Allocates if those Applicants have proceedings instituted against them in, by, or before any court, governmental, agency, or administrative body and has received a final determination within the last three years indicating the Applicant has discriminated on the basis of race, color, national origin, disability, age, marital status, receipt of income from public assistance, religion, or sex. (e) Award Selection: The CDFI Fund will make its final award selections based on the Applicants’ scores, ranked from highest to lowest, and the amount of funds available. In the case of tied scores, Applicants will be ranked first according to each Applicant’s Delivery Capacity score; then the number of distressed points indicated. TA Applicants, Category I, and Category II Applicants will be grouped and ranked separately. In addition, the CDFI Fund may consider the institutional and geographic diversity of Applicants when making its funding decisions. mstockstill on DSK4VPTVN1PROD with NOTICES 4. Insured CDFIs In the case of Insured Depository Institutions and Insured Credit Unions, the CDFI Fund will consider the views of the Appropriate Federal Banking Agencies. Throughout the award review process, the CDFI Fund will consult with the Appropriate Federal Banking Agency about the Applicant’s financial safety and soundness. If the Appropriate Federal Banking Agency identifies safety and soundness concerns, the CDFI Fund will assess whether the concerns cause or will cause the Applicant to be incapable of undertaking the activities for which funding has been requested. If it is determined the Applicant is incapable of meeting its obligations, the CDFI Fund reserves the right to rescind the award decision. The CDFI Fund also reserves the right to require insured CDFI Applicants to improve safety and soundness conditions prior to receiving an award disbursement. In addition, the CDFI Fund will take into consideration Community Reinvestment Act assessments of Insured Depository Institutions and/or their Affiliates. 5. Award Notification Each Applicant will be informed of the CDFI Fund’s award decision through a notification in the Applicant’s myCDFIFund account. This includes notification to Applicants that have not been selected for an award if the decision is based on reasons other than VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 completeness or eligibility. Applicants that have not been selected for an award will receive a debriefing in their myCDFIFund account. The CDFI Fund will provide this feedback in a format and within a timeframe dependent on available resources. 6. Application Rejection The CDFI Fund reserves the right to reject an application if information (including administrative errors) comes to the CDFI Fund’s attention that either adversely affects an Applicant’s eligibility for an award, adversely affects the CDFI Fund’s evaluation or scoring of an application, or indicates fraud or mismanagement on the Applicant’s part. If the CDFI Fund determines any portion of the application is incorrect in a 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 the changes materially affect the CDFI Fund’s award decisions the CDFI Fund will provide information about the changes through the CDFI Fund’s Web site. The CDFI Fund’s award decisions are final and there is no right to appeal the decisions. VI. Award Administration Information A. Assistance Agreement Each Applicant selected to receive an award under this NOFA must enter into an Assistance Agreement with the CDFI Fund in order to receive disbursement of the award funds. The Assistance Agreement will set forth the award terms and conditions, including but not be limited to the award: (i) Amount; (ii) type; (iii) uses; (iv) targeted market or activities; (v) performance goals and measures; and (vi) reporting requirements. FA Assistance Agreements will usually have three-year performance periods; TA Assistance Agreements will usually have two-year performance periods. All FA and TA awardees that are not Insured CDFIs will be required to provide the CDFI Fund with a Certificate of Good Standing from the Secretary of State for the Awardee’s state of incorporation. This certificate can often be acquired online on the secretary of state Web site for the Awardee’s state of incorporation and must generally be dated within 270 days of the date the Awardee executes the Assistance Agreement. Due to considerable backlogs in state government offices, Applicants are advised to submit requests for Certificates of Good Standing at the time that they submit their applications. If PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 68839 prior to entering into an Assistance Agreement with the CDFI Fund, information (including administrative error) comes to the CDFI Fund’s attention that either adversely affects the Awardee’s eligibility for an award, or adversely affects the CDFI Fund’s evaluation of the Awardee’s application, or indicates fraud or mismanagement on the Awardee’s part, the CDFI Fund may, in its discretion and without advance notice to the Awardee, terminate the award or take such other actions as it deems appropriate. Moreover, if prior to entering into an Assistance Agreement, the CDFI Fund determines that the Awardee or an Affiliate of the Awardee is in default of any previously executed agreement with the CDFI Fund, the CDFI Fund may, in its discretion and without advance notice to the Awardee, either terminate the award or take such other actions as it deems appropriate. For purposes of this section, the CDFI Fund will consider an Affiliate to mean any entity that meets the definition of Affiliate in the Regulations or is otherwise identified by the Awardee as an Affiliate. The CDFI Fund reserves the right, in its sole discretion, to 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 CDFI Fund’s deadlines. 1. Failure To Meet Reporting Requirements If an Awardee is a prior Awardee/ Allocatee under any CDFI Fund program and is not current with the reporting requirements set forth in the previously executed agreement(s) with the CDFI Fund, the CDFI Fund reserves the right, in its sole discretion, to delay entering into an Assistance Agreement until the Awardee/Allocatee is current with the reporting requirements. Please note that the CDFI Fund only acknowledges the receipt of reports that are complete. As such, incomplete reports or reports that are deficient of required elements will not be recognized as having been received. If said prior Awardee/Allocatee is unable to meet this requirement within the timeframe the CDFI Fund sets, the CDFI Fund reserves the right, in its sole discretion, to terminate and rescind the Assistance Agreement and the award made under this NOFA. 2. Pending Resolution of Noncompliance If an Applicant is a prior Awardee under any CDFI Fund program and if: (i) it has submitted reports to the CDFI E:\FR\FM\07NON1.SGM 07NON1 68840 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices Fund that demonstrate noncompliance with a previous executed agreement with the CDFI Fund; and (ii) the CDFI Fund has yet to make a final determination as to whether the entity is in default of its agreement, the CDFI Fund reserves the right, in its sole discretion, to delay entering into an Assistance Agreement, pending full resolution of the noncompliance issue to the CDFI Fund’s satisfaction. If the said prior Awardee/Allocatee is unable to satisfactorily resolve the compliance issues, the CDFI Fund reserves the right, in its sole discretion, to terminate and rescind the Assistance Agreement and the award made under this NOFA. 3. Default Status If, at any time prior to entering into an Assistance Agreement through this NOFA, the CDFI Fund has made a final determination that an Awardee is a prior Awardee/Allocatee under any CDFI Fund program is in default of a previously executed assistance, allocation, or award agreement(s), the CDFI Fund reserves the right, in its sole discretion, to delay entering into an Assistance Agreement, until said prior Awardee/Allocatee has submitted a complete and timely report demonstrating full compliance within the CDFI Fund’s timeframe. If said prior Awardee/Allocatee is unable to meet this requirement and the CDFI Fund has not specified in writing that the prior Awardee/Allocatee is otherwise eligible to receive an Award under this NOFA, the CDFI Fund reserves the right, in its sole discretion, to terminate and rescind the Assistance Agreement and the award made under this NOFA. mstockstill on DSK4VPTVN1PROD with NOTICES 4. Termination in Default The CDFI Fund reserves the right, in its sole discretion, to delay entering into or not to enter into an Assistance Agreement if: (i) Within the 12-month period prior to entering into an Assistance Agreement for this funding round, the CDFI Fund has made a final determination that a prior Awardee under any CDFI Fund program whose award or allocation agreement was terminated in default, and (ii) the final reporting period end date for the applicable terminated agreement falls within the 12-month period prior to this NOFA’s application deadline. 5. Compliance With Federal AntiDiscrimination Laws If the Awardee has previously received funding through any CDFI VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 Fund program, and if at any time prior to entering into an Assistance Agreement through this NOFA, the CDFI Fund is made aware of a final determination, made within the last three years, in any proceeding instituted against the Awardee in, by, or before any court, governmental, or administrative body or agency, declaring that the Awardee has discriminated on the basis of race, color, national origin, disability, age, marital status, receipt of income from public assistance, religion, or sex, the CDFI Fund reserves the right, in its sole discretion, to terminate and rescind the Assistance Agreement and the award made under this NOFA. account. The Institution Level Report and the Transaction Level Report must be submitted through the CDFI Fund’s Web-based data collection system, the Community Investment Impact System (CIIS). The Financial Reports may be uploaded to the Awardee’s myCDFIFund account. All other components of the Annual Report may be submitted electronically, as the CDFI Fund directs. 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. B. Reporting 2. Accounting 1. Reporting Requirements At least on an annual basis, the CDFI Fund will collect information from each Awardee including, but not limited to, an Annual Report with the following components: (i) Financial Reports, (ii) OMB A–133 audit; (iii) A–133 Narrative Report; (iv) Institution Level Report; (v) Transaction Level Report (for Awardees receiving FA awards); (vi) Financial Status Report SF–425 (for Awardees receiving TA grants); (vii) Uses of Financial Assistance (for Awardees receiving FA awards); (viii) Uses of Technical Assistance (for Awardees receiving TA grants); (ix) Explanation of Noncompliance (as applicable); and (x) such other information as the CDFI Fund may require. Each Awardee is responsible for the timely and complete submission of the Annual Report, even if all or a portion of the documents is actually completed by another entity or signatory to the Assistance Agreement. If such other entities or signatories are required to provide Institution Level Reports, Transaction Level Reports, Financial Reports, or other documentation that the CDFI Fund may require, the Awardee is responsible for ensuring that the information submitted is 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 in the Assistance Agreement and to assess the impact of the CDFI Program. All reports must be electronically submitted to the CDFI Fund via the Awardee’s myCDFIFund The CDFI Fund will require each FA and TA Awardee to account for and track the use of its award. This means that FA and TA Awardees must track every dollar and must inform the CDFI Fund of its uses. This will require Awardees to establish separate administrative and accounting controls, subject to the applicable OMB Circulars. The CDFI Fund will provide guidance on the format and content of the annual information to be provided, outlining and describing how the funds were used. All Awardees must provide the CDFI Fund with an accurate and completed Automated Clearinghouse (ACH) form prior to award closing and disbursement. PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 VII. Agency Contacts A. The CDFI Fund will respond to questions concerning this NOFA and the funding Application between the hours of 9 a.m. and 5 p.m. Eastern Time, starting on the date that the NOFA is published through three business days prior to the application deadline. During the three business days prior to the application deadline, the CDFI Fund will not respond to questions for Applicants 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 http:// www.cdfifund.gov. The CDFI Fund will post on its Web site responses to questions of general applicability regarding the CDFI Program. B. Applicants may contact the CDFI Fund as follows: E:\FR\FM\07NON1.SGM 07NON1 Federal Register / Vol. 76, No. 215 / Monday, November 7, 2011 / Notices 68841 TABLE 9—CONTACT INFORMATION Telephone number (not toll free) Type of question Email addresses Fax number for all offices: (202) 622–7754 CDFI Program .............................................................................................................. Certification, Compliance Monitoring and Evaluation .................................................. Information Technology Support .................................................................................. (202) 622–6355 ................. (202) 622–6330 ................. (202) 622–2455 ................. C. Information Technology Support DEPARTMENT OF THE TREASURY People who have visual or mobility impairments that prevent them from creating a Target Market map using the CDFI Fund’s Web site should call (202) 622–2455 for assistance (this is not a toll free number). Community Development Financial Institutions Fund D. Communication With the CDFI Fund The CDFI Fund will use the Applicants’ and Awardees’ contact information in their myCDFIFund accounts to communicate. It is imperative; therefore, that Applicants, Awardees, Subsidiaries, Affiliates, and signatories maintain accurate contact information in their accounts. This includes information like contact names, especially for the authorized representative; email addresses; fax and phone numbers; and office locations. For more information about myCDFIFund, as well as information on the Community Investment Impact System, please see the following Web site: http://www.cdfifund.gov/ciis/ accessingciis.pdf. VIII. Information Sessions and Outreach The CDFI Fund may conduct Webinars or host information sessions for organizations that are considering applying to, or are interested in learning about, the CDFI Fund’s programs. For further information, please visit the CDFI Fund’s Web site at http:// www.cdfifund.gov. Authority: 12 U.S.C. 4701, et seq.; 12 CFR parts 1805 and 1815. Dated: October 31, 2011. Donna J. Gambrell, Director, Community Development Financial Institutions Fund. mstockstill on DSK4VPTVN1PROD with NOTICES [FR Doc. 2011–28684 Filed 11–4–11; 8:45 am] BILLING CODE 4810–70–P VerDate Mar<15>2010 17:50 Nov 04, 2011 Jkt 226001 New Markets Tax Credit Program Community Development Financial Institutions Fund, U.S. Department of the Treasury ACTION: Request for public comment. AGENCY: This notice invites comments from the public regarding the New Markets Tax Credit (NMTC) Program, which is jointly administered by the Community Development Financial Institutions Fund (CDFI Fund) and the Internal Revenue Service (IRS). All materials submitted will be available for public inspection and copying. DATES: All comments and submissions must be received by February 6, 2012. ADDRESSES: Comments may be sent by mail to: Bob Ibanez, Manager, New Markets Tax Credit Program, CDFI Fund, U.S. Department of the Treasury, 601 13th Street NW., Suite 200 South, Washington, DC 20005; by email to cdfihelp@cdfi.treas.gov; or by facsimile at (202) 622–7754. Please note this is not a toll-free number. FOR FURTHER INFORMATION CONTACT: Information regarding the CDFI Fund may be found on the CDFI Fund’s Web site at http://www.cdfifund.gov. SUPPLEMENTARY INFORMATION: The New Markets Tax Credit Program was authorized by the Community Renewal Tax Relief Act of 2000 (Pub. L. 106– 554). It has been extended and amended since initial authorization. The CDFI Fund periodically seeks the views of the public on the NMTC Program, seeking to increase its effectiveness, while reducing cost and burden on program participants. Currently the CDFI Fund is conducting through a third-party a long term, longitudinal study of the NMTC Program, including an evaluation of investor behavior. This study will be completed in 2012. Once this study is complete, the CDFI Fund may seek comments from the public about whether additional modifications to the program should be made based upon study findings. SUMMARY: PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 cdfihelp@cdfi.treas.gov. ccme@cdfi.treas.gov. IThelpdesk@cdfi.treas.gov. In response to this Request for Public Comment, the CDFI Fund invites and encourages all comments and suggestions germane to the mission, purpose and implementation of the NMTC Program. The CDFI Fund is particularly interested in comments in the following areas: 1. Low-Income Communities and Areas of Higher Distress The NMTC Program targets LowIncome Communities (LICs), including Targeted Populations, as defined in 12 U.S.C. 4702(20). To encourage investment in areas experiencing greater economic distress, the CDFI Fund also provides an opportunity for applicants to score more highly by committing to making investments in Areas of Higher Distress. The CDFI Fund welcomes comments on the definition of ‘‘Low Income Community’’ and designation as an Area of Higher Distress. Specifically: LICs are generally defined by statute as census tracts with a poverty rate of at least 20 percent or a median family income at or below 80 percent of the area median income. The CDFI Fund has relied upon decennial census data in determining whether census tracts meet these qualifications, and deems as eligible those census tracts which meet the statutory criteria, provided that the decennial census data shows that the ‘‘population for which poverty is determined’’ is greater than zero. (a) Should the CDFI Fund consider using different standards or methodologies for determining whether census tracts meet the statutory definition of low-income communities? For example, could using different census data or a different methodology appropriately include census tracts that are currently excluded? Conversely, could using different census data or a different methodology appropriately exclude census tracts that are currently eligible (e.g., census tracts with low populations)? Please cite specific examples of census tract types (not individual census tracts) and sources of national census tract-level data the CDFI Fund could use to both map eligibility and monitor compliance. E:\FR\FM\07NON1.SGM 07NON1

Agencies

[Federal Register Volume 76, Number 215 (Monday, November 7, 2011)]
[Notices]
[Pages 68831-68841]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-28684]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Funds Availability (NOFA) Inviting Applications for the Community 
Development Financial Institutions (CDFI) Program FY 2012 Funding Round 
(the FY 2012 Funding Round)

    Announcement Type: Announcement of funding opportunity.
    Catalog of Federal Domestic Assistance (CFDA) Number: 21.020.

DATES: Applications for Financial Assistance (FA) or Technical 
Assistance (TA) awards through the FY 2012 Funding Round must be 
received by midnight, Eastern Time (ET), January 11, 2012.
SUMMARY: Executive Summary: Subject to funding availability, this NOFA 
is issued in connection with the FY 2012 Funding Round of the CDFI 
Program, administered by the Community Development Financial 
Institutions (CDFI) Fund.

I. Funding Opportunity Description

A. Award Requirements

    Through the CDFI Program, the CDFI Fund provides FA awards and TA 
grants. FA awards are made to certified CDFIs that complete and submit 
the CDFI Program Application and meet the requirements set forth in 
this NOFA, subject to funding availability. In FY 2012, subject to the 
availability of funding, the CDFI Fund will also make FA awards under 
the Healthy Food Financing Initiative (HFFI-FA) to certified CDFIs that 
meet the requirements set forth in this NOFA. TA grants are made to 
certified CDFIs and entities proposing to become certified that 
complete and submit the CDFI Program Application and meet the 
requirements set forth in this NOFA.

B. Program Regulations

    The regulations governing the CDFI Program are found at 12 CFR 
parts 1805 and 1815 (the Regulations) and provide guidance on 
evaluation criteria and other requirements. Details regarding 
application content requirements are found in the Application and 
related materials. Each capitalized term in this NOFA is more fully 
defined in this NOFA, the Regulations, or the Application, and the CDFI 
Fund encourages Applicants to review the Regulations in addition to 
this NOFA.
    C. 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. The CDFI Fund reserves the right to reallocate funds from the 
amount that is anticipated to be available under this NOFA to other 
CDFI Fund programs, particularly if the CDFI Fund determines that the 
number of awards made under this NOFA is fewer than projected. In 
addition, the CDFI Fund invites applications that propose innovative 
Financial Products and Financial Services to address the current 
difficult economic conditions of our nation.

D. Coordination With Broader Community Development Strategies

    Consistent with Federal efforts to promote community 
revitalization, it is important for communities to develop a 
comprehensive neighborhood revitalization strategy that addresses 
neighborhood assets that are essential to transforming distressed 
neighborhoods into healthy and vibrant communities of opportunity. 
Furthermore, only through the development of comprehensive neighborhood 
revitalization plans that embrace the coordinated use of programs and 
resources in order to effectively address the interrelated needs within 
a community will the broader vision of neighborhood transformation 
occur. Although not a requirement for participating in the CDFI 
Program, the Federal government believes that a CDFI will be most 
successful when it is part of, and contributing to, an area's broader 
neighborhood revitalization strategy.

II. Award Information

A. Funding Availability

1. FY 2012 Funding Round
    Subject to funding availability, the CDFI Fund expects to award, 
through this NOFA, approximately $123 million in appropriated funds in 
the following ways: (i) $15 million in FA awards to Category I/SECA 
Applicants; (ii) $105 million in FA awards to Category II/Core 
Applicants; and (iii) $3 million in TA grants to TA Applicants. In 
addition, through this NOFA and the Native American CDFI Assistance 
(NACA) Program NOFA, the CDFI Fund expects to award approximately $25 
million total in FA awards to HFFI Applicants under the CDFI and NACA 
Programs. The CDFI Fund reserves the right to award more or less than 
the amounts cited above in each category in the FY 2012 Funding Round, 
based upon available funding and other appropriate factors.
2. Availability of Funds for the FY 2012 Funding Round
    Funds for the FY 2012 Funding Round have not yet been appropriated. 
If funds are not appropriated for the CDFI Program, there will not be a 
FY 2012 Funding Round. If funds are appropriated, the amount of such 
funds may be greater or less than the amounts set forth above. If funds 
for the FY 2012 Funding Round for the Native American CDFI Assistance 
(NACA) Program are not appropriated, entities eligible to apply for 
CDFI Program funds that would have applied for NACA Program funding, 
are encouraged to apply for CDFI Program funds through this NOFA.

B. Types of Awards

    An Applicant may submit an application for a TA award or an FA 
award, which includes CDFI Program FA and HFFI-FA.
1. FA Awards
    FA awards provide flexible financial support to CDFIs so they may 
achieve the strategies outlined in their Comprehensive Business Plans. 
FA awards can be used in the following six categories: (i) Financial 
Products; (ii) Financial Services; (iii) Development Services; (iv) 
Loan Loss Reserves; (v) Capital Reserves; and/or (vi) Operations. For 
purposes of this NOFA, the six categories mean:

[[Page 68832]]



                                          Table 1--Six Categories of FA
----------------------------------------------------------------------------------------------------------------
 
----------------------------------------------------------------------------------------------------------------
(i) Financial Products.................................  Loans, grants, equity investments, and similar
                                                          financing activities, including the purchase of loans
                                                          that the Applicant originates and the provision of
                                                          loan guarantees, in the Applicant's Target Market, or
                                                          for related purposes that the CDFI Fund deems
                                                          appropriate (including administrative funds used to
                                                          carry out Financial Products).
(ii) Financial Services................................  Checking and savings accounts, certified checks,
                                                          automated teller machines services, deposit taking,
                                                          remittances, safe deposit box services, and other
                                                          similar services (including administrative funds used
                                                          to carry out Financial Services).
(iii) Development Services.............................  Activities that promote community development and help
                                                          the Applicant provide its Financial Products and
                                                          Financial Services, including financial or credit
                                                          counseling, housing and homeownership counseling (pre-
                                                          and post-), self-employment technical assistance,
                                                          entrepreneurship training, and financial management
                                                          skill-building (including administrative funds used to
                                                          carry out Development Services).
(iv) Loan Loss Reserves................................  Funds set aside in the form of cash reserves, or
                                                          through accounting-based accrual reserves, to cover
                                                          losses on loans, accounts, and notes receivable made
                                                          in the Target Market, or for related purposes that the
                                                          CDFI Fund deems appropriate (including administrative
                                                          funds used to carry out Loan Loss Reserves).
(v) Capital Reserves...................................  Funds set aside as reserves to support the Applicant's
                                                          ability to leverage other capital, for such purposes
                                                          as increasing its net assets or serving the financing
                                                          needs of its Target Market, or for related purposes
                                                          that the CDFI Fund deems appropriate (including
                                                          administrative funds used to carry out Capital
                                                          Reserves).
(vi) Operations........................................  Funds used to carry out the Comprehensive Business
                                                          Plan, and/or for related purposes the CDFI Fund deems
                                                          appropriate, that are not used to carry out or
                                                          administer any of the foregoing eligible FA uses.
----------------------------------------------------------------------------------------------------------------

    The CDFI Fund may provide FA awards in the form of equity 
investments (including secondary capital in the case of certain Insured 
Credit Unions), grants, loans, deposits, credit union shares, or any 
combination thereof. The CDFI Fund reserves the right, in its sole 
discretion, to provide an FA award in a form and amount other than that 
which the Applicant requests; however, the award amount will not exceed 
the Applicant's award request as stated in its application. FA awards 
must be used to support the Applicant's activities; FA awards cannot be 
used to support the activities of, or otherwise be passed through, 
transferred, or co-awarded to, third-party entities, whether 
Affiliates, Subsidiaries, or others. This includes certified CDFI bank 
holding companies that intend to transfer FA awards to their banks. 
Such transfers are not permitted. The entity that is to carry out the 
responsibilities of the award and deploy the award funds must be the 
entity that applies for the award.
2. Healthy Food Financing Initiative (HFFI) and HFFI-FA Awards
    (a) Overview. The United States Department of Agriculture (USDA), 
Health and Human Services (HHS), and the United States Department of 
the Treasury are working together to support projects that increase 
access to healthy, affordable food in low-income neighborhoods that 
lack access to healthy food options. As part of a coordinated effort 
called the Healthy Food Financing Initiative (HFFI), these three 
departments will aim to expand the availability of nutritious food 
through the establishment of healthy food retail outlets, including 
developing and equipping grocery stores, small retailers, corner 
stores, and farmers markets to help revitalize neighborhoods that 
currently lack these options.
    In addition to the CDFI and NACA Programs, the HFFI includes: (i) 
The New Markets Tax Credit (NMTC) Program, also administered by the 
CDFI Fund; (ii) the Community and Economic Development (CED) Program, 
which HHS administers; and (iii) several programs that USDA administers 
including, among others, the Business and Industry (B&I) Program and 
the Intermediary Relending Program (IRP). Each of these programs 
provides a unique mechanism to support initiatives aimed at increasing 
access to healthy food. When these programs are combined, public 
dollars can act far more effectively as a market catalyst by providing 
the full range of financing to local actors--a key step to addressing 
the problem of limited access to affordable and nutritious food. 
Instead of approaching this problem through separate agency and program 
silos, the HFFI will use a collaborative approach involving the 
resources of all three agencies.
    For more information about this initiative, please visit the HFFI 
Web site at http://www.usda.gov/fooddeserts.
    (b) HFFI-FA Awards. In FY 2012, subject to appropriations, the CDFI 
Fund may award up to $25 million of HFFI-FA awards through the CDFI and 
NACA Programs. The CDFI Fund expects to make HFFI-FA awards of up to 
$3.5 million to certified CDFIs that submit and complete the CDFI/NACA 
Program Application and the HFFI-FA Supplemental Questionnaire. The 
HFFI-FA Supplemental Questionnaire will only be sent to those 
applicants indicating in their FY 2012 application that they intend to 
apply for an HFFI-FA award. The CDFI Fund reserves the right to make 
awards less than or greater than $3.5 million based upon the 
questionnaires received and the funds available. The FY 2012 HFFI-FA 
supplemental questionnaire will not likely be finalized and made 
available to prospective applicants until after the FY 2012 CDFI 
Program Application deadline. However, a copy of the FY 2011 HFFI-FA 
supplemental questionnaire is available for review on the CDFI Fund's 
Web site at http//www.cdfifund.gov.
    HFFI-FA awards will be provided as a supplement to FA awards; 
therefore, only those applicants that have been selected to receive an 
FA award under the FY 2012 CDFI or NACA Funding Round will be eligible 
to receive an HFFI-FA award. Such applicants will be rated and scored 
separately based upon the HFFI-FA supplemental questionnaire responses. 
HFFI-FA Applicants will be rated, among other elements, on the extent 
of community need, the quality of their HFFI-FA strategy, and their 
capacity to execute that strategy. The CDFI Fund will collaborate with 
the other Federal agencies involved in the HFFI prior to making final 
award selections. The CDFI Fund may, at its discretion, perform 
additional due diligence on Applicants for this initiative. HFFI-FA 
awards must be used to support the Applicant's activities; the awards 
cannot be used to support the activities of, or otherwise be passed 
through, transferred, or co-awarded to, third-party entities, whether 
Affiliates, Subsidiaries, or others. This includes the transfer of an 
award from a Bank Holding Company to a Bank subsidiary.
3. TA Grants
    (a) The CDFI Fund provides TA as a grant and reserves the right, in 
its sole

[[Page 68833]]

discretion, to provide a grant for uses and amounts other than that 
which the Applicant requests; however, the grant amount will not exceed 
the Applicant's request as stated in its application and the applicable 
budget chart.
    (b) For purposes of this NOFA, TA eligible uses are: (i) Personnel/
salary; (ii) personnel/fringe; (iii) professional services; (iv) 
travel; (v) training; (vi) equipment; (vii) materials/supplies; and 
(viii) other costs. (Please see the Application for details on TA 
uses.) TA grants must be used to support the Applicant's capacity 
building activities. TA grants cannot be used to support the activities 
of, or otherwise be passed through, transferred, or co-awarded to, 
third-party entities, whether Affiliates, Subsidiaries, or others. This 
includes the transfer of an award from a Bank Holding Company to a Bank 
subsidiary.

C. Assistance Agreement

    Each Awardee under this NOFA must sign an Assistance Agreement 
before the CDFI Fund will disburse an award or grant. The Assistance 
Agreement contains the Award's terms and conditions. For further 
information, see Section VI.A of this NOFA.

III. Eligibility Information

A. Eligible Applicants

    The Regulations specify the eligibility requirements each Applicant 
must meet in order to be eligible to apply for assistance under this 
NOFA. CDFI Program Applicants may apply as either an FA applicant or a 
TA applicant, but not both. If an Applicant applies for both types of 
awards, it is in the sole discretion of the CDFI Fund to disqualify the 
Applicant from competing for either an FA award or a TA grant or to 
decide to give the Applicant either an FA award or a TA grant.
1. FA Applicant Categories
    All FA Applicants must meet the criteria listed in Table 2. 
(Applicants requesting FA funding in excess of the allowable amount for 
Category I will be classified as Category II Applicants, regardless of 
their total assets, years in operation, or prior CDFI Fund awards.)

                     Table 2--FA Applicant Criteria
------------------------------------------------------------------------
                                                     Applicant may apply
    FA applicant category      Applicant criteria           for:
------------------------------------------------------------------------
Category I/Small and/or       (1) Is a Certified/   Up to and including
 Emerging CDFI Assistance      Certifiable CDFI.     $600,000 in FA
 (SECA).                      (2) As of the end of   funds and up to and
                               the Applicant's       including $3.5
                               most recent fiscal    million in FA funds
                               year end or           under the HFFI-FA.
                               September 30, 2011,
                               has total assets as
                               follows:.
                               Insured
                               Depository
                               Institutions and
                               Depository
                               Institution Holding
                               Companies: up to
                               $250 million.
                               Insured
                               Credit Unions: up
                               to $10 million.
                               Venture
                               capital funds: up
                               to $10 million.
                               Other
                               CDFIs: up to $5
                               million.
                              OR..................
                              (3) Began operations
                               * on or after
                               January 1, 2008.
Category II/Core............  A Certified/          Up to and including
                               Certifiable CDFI      $2 million in FA
                               that meets all        funds; and up to
                               other eligibility     and including $3.5
                               requirements          million in FA funds
                               described in this     under the HFFI-FA.
                               NOFA.
------------------------------------------------------------------------
* The term ``began operations'' is defined as the financing activity
  start date indicated in the Applicant's myCDFIFund account.

2. TA Applicants
    All TA Applicants must meet the following criteria:

                                         Table 3--TA Applicant Criteria
----------------------------------------------------------------------------------------------------------------
           Applicant type                    Criteria of applicant                Applicant can apply for:
----------------------------------------------------------------------------------------------------------------
TA.................................  A Certified CDFI, a Certifiable CDFI,  Up to $100,000 for capacity-building
                                      or an Emerging CDFI.                   activities.
----------------------------------------------------------------------------------------------------------------

3. CDFI Certification Requirements
    For purposes of this NOFA, eligible FA Applicants include Certified 
CDFIs and Certifiable CDFIs; eligible TA Applicants include Certified 
CDFIs, Certifiable CDFIs, and Emerging CDFIs, defined as follows:

          Table 4--CDFI Certification Requirements Definitions
------------------------------------------------------------------------
 
------------------------------------------------------------------------
(a) Certified CDFI...........  An entity the CDFI Fund has officially
                                notified that it meets all CDFI
                                certification requirements as of this
                                NOFA's publication date. CDFIs that have
                                received official notification from the
                                CDFI Fund that their certification has
                                expired or been terminated are not
                                eligible to apply as Certified. If the
                                CDFI Fund has provided certified CDFIs
                                with written notification that their
                                certifications had been extended, the
                                CDFI Fund will consider the extended
                                certification dates to determine whether
                                those certified CDFIs meet this
                                eligibility requirement.

[[Page 68834]]

 
(b) Certifiable CDFI.........  An entity that has submitted an
                                application to the CDFI Fund
                                demonstrating it meets the CDFI
                                certification requirements but the CDFI
                                Fund has not yet officially certified
                                the entity. If the CDFI Fund is unable
                                to certify an Applicant and the
                                Applicant is selected for an FA award,
                                the CDFI Fund may, in its sole
                                discretion, terminate the award
                                commitment. The CDFI Fund will not enter
                                into an Assistance Agreement or disburse
                                FA award funds unless and until an
                                Applicant is Certified. The CDFI
                                Certification application can be found
                                on the CDFI Fund's Web site at http://www.cdfifund.gov. Certifiable Applicants
                                must have submitted a certification
                                application as of the date indicated in
                                Section IV.F of this NOFA to be eligible
                                for FA in the FY 2012 round.
(c) Emerging CDFI............  An entity that demonstrates to the CDFI
                                Fund it has an acceptable plan to become
                                Certified by December 31, 2013, or
                                another date selected by the CDFI Fund.
                                Emerging CDFIs may only apply for TA
                                grants; they are not eligible to apply
                                for FA awards. Each Emerging CDFI
                                selected to receive a TA grant will be
                                required, pursuant to its Assistance
                                Agreement with the CDFI Fund, to become
                                certified as a CDFI by a specified date.
(d) Material Events Form.....  Certified applicants must submit a
                                certification of Material Events form if
                                they have experienced a material event.
                                A ``material event'' is an occurrence
                                that affects an organization's strategic
                                direction, mission, or business
                                operation and, thereby, its status as a
                                Certified CDFI and/or its compliance
                                with the terms and conditions of an
                                Assistance Agreement. Please see Section
                                IV in this NOFA for deadlines to submit
                                material events forms. The material
                                events form can be found on the CDFI
                                Fund's Web site at http://www.cdfifund.gov.
(e) Other Targeted             Other Targeted Populations are defined as
 Populations as Target          identifiable groups of individuals in
 Markets.                       the Applicant's service area for which
                                there exists strong evidence that they
                                lack access to loans, equity
                                investments, and/or Financial Services.
                                The CDFI Fund has determined there is
                                strong evidence that the following
                                groups of individuals lack access to
                                such products and services on a national
                                level or within their recognized
                                ancestral areas: (i) Native Americans or
                                American Indians, including Alaska
                                Natives living in Alaska; (ii) Blacks or
                                African Americans; (iii) Hispanics or
                                Latinos; (iv) Native Hawaiians living in
                                Hawaii; and (v) other Pacific Islanders
                                living in other Pacific Islands.
                               An Applicant designating any of the above-
                                cited Other Targeted Populations is not
                                required to provide additional narrative
                                explaining their lack of access to
                                loans, equity investments, or Financial
                                Services. To define these populations
                                for the purposes of this NOFA, the CDFI
                                Fund is using the following definitions,
                                set forth in the Office of Management
                                and Budget (OMB) Notice, Revisions to
                                the Standards for the Classification of
                                Federal Data on Race and Ethnicity
                                (October 30, 1997), as amended and
                                supplemented:
                               (a) American Indian, Native American, or
                                Alaska Native: A person having origins
                                in any of the original peoples of North
                                and South America (including Central
                                America) and who maintains tribal
                                affiliation or community attachment;
                               (b) Black or African American: A person
                                having origins in any of the black
                                racial groups of Africa (terms such as
                                Haitian or Negro can be used in addition
                                to Black or African American);
                               (c) Hispanic or Latino: A person of
                                Cuban, Mexican, Puerto Rican, South or
                                Central American, or other Spanish
                                culture or origin, regardless of race
                                (the term Spanish origin can be used in
                                addition to Hispanic or Latino);
                               (d) Native Hawaiian: A person having
                                origins in any of the original peoples
                                of Hawaii; and
                               (e) Other Pacific Islander: A person
                                having origins in any of the original
                                peoples of Guam, Samoa or other Pacific
                                Islands.
------------------------------------------------------------------------

4. Limitation on Awards
    An Applicant may receive only one award under this FY 2012 NOFA. An 
Applicant may receive only one award through the FY 2012 CDFI Program 
Funding Round or the FY 2012 NACA Program Funding Round.

B. Prior Awardees

    For purposes of this section, the CDFI Fund will consider an 
Affiliate to be any entity that meets the definition of Affiliate in 
the Regulations or any entity otherwise identified as an Affiliate by 
the Applicant in its funding application and/or its myCDFIFund account. 
Prior awardees should note the following:
    1. $5 Million Funding Cap: Congress waived the $5 million funding 
cap (i.e., the prohibition that an applicant and its Affiliates cannot 
collectively receive more than $5 million in CDFI Program awards over a 
three year period) for each of the FY 2009, FY 2010 and the FY 2011 
funding rounds, and it is possible that the $5 million funding cap may 
be waived for the FY 2012 Funding Round. However, as of this NOFA's 
publication date such a waiver has not been enacted into law. 
Accordingly, the CDFI Fund is currently prohibited from obligating more 
than $5 million in assistance, in the aggregate, to any one 
organization and its Subsidiaries and Affiliates during any three-year 
period. In general, the three-year period calculated for the cap 
extends back three years from the Effective Date of the Assistance 
Agreement between the Awardee and the CDFI Fund. However, for purposes 
of this NOFA, because the funding cap was waived for 2009, 2010, and 
2011, the CDFI Fund will only include assistance in the cap calculation 
that will be provided to an Applicant (or its Subsidiaries or 
Affiliates) in the FY 2012 Funding Round. This means if a waiver of the 
funding cap is not enacted, Applicants and their Subsidiaries and 
Affiliates will be limited to a maximum award of $5 million in FA, 
HFFI-FA, and TA funds in FY 2012. The CDFI Fund will assess the $5 
million funding cap applicability during the award selection phase if a 
Congressional waiver has not been enacted by that time.
    Please see Table 5 for other Prior Awardee Requirements and 
Considerations:

[[Page 68835]]



         Table 5--Prior Awardee Requirements and Considerations
------------------------------------------------------------------------
   Prior awardee situation          Requirements and considerations
------------------------------------------------------------------------
Failure to Meet Reporting      The CDFI Fund will not consider an
 Requirements.                  application if the Applicant or its
                                Affiliate is a prior Awardee/Allocatee
                                under any CDFI Fund program and is not
                                current on the reporting requirements
                                set forth in a previously executed
                                assistance, allocation, or award
                                agreement(s), as of this NOFA's
                                application deadline. The CDFI Fund only
                                acknowledges receipt of reports that are
                                complete; incomplete reports or reports
                                that are deficient of required elements
                                will not be considered as having been
                                received.
Pending Resolution of          It is in the CDFI Fund's sole discretion
 Noncompliance.                 to consider the Applicant's application
                                pending until full resolution of a
                                noncompliance issue if the Applicant, is
                                a prior Awardee/Allocatee under any CDFI
                                Fund program and if: (i) The entity has
                                submitted reports to the CDFI Fund
                                indicating noncompliance with a
                                previously executed agreement with the
                                CDFI Fund, and (ii) the CDFI Fund has
                                yet to make a final determination as to
                                whether the entity is in default of its
                                previously executed agreement.
Default Status:..............  The CDFI Fund will not consider an
                                application if an Applicant is a prior
                                Awardee/Allocatee under any CDFI Fund
                                program and is in default of a
                                previously executed agreement with the
                                CDFI Fund at the time that the
                                application is due under this NOFA. Such
                                entities will be ineligible to apply for
                                an award under this NOFA as long as the
                                Applicant or its Affiliate's prior award
                                or allocation remains in default status
                                or such other time period as the CDFI
                                Fund has specified in writing.
Termination in Default:......  The CDFI Fund will not consider an
                                application if an Applicant is a prior
                                Awardee/Allocatee under any CDFI Fund
                                program and the CDFI Fund has made a
                                final determination that the Awardee/
                                Allocatee's prior award was terminated
                                in default: (i) Within the 12-month
                                period prior to this NOFA's application
                                deadline, and (ii) the final reporting
                                period end date for the applicable
                                terminated award falls within the 12-
                                month period prior to this NOFA's
                                application deadline.
Undisbursed Award Funds:.....  The CDFI Fund encourages Applicants with
                                undisbursed funds to request the
                                undisbursed funds from the CDFI Fund at
                                least 10 business days prior to this
                                NOFA's application deadline.
                               The CDFI Fund will not consider an
                                application if the Applicant is an
                                Awardee under any CDFI Fund program and
                                has undisbursed award funds (as defined
                                below) as of this NOFA's application
                                deadline. The CDFI Fund will include the
                                combined undisbursed prior awards, as of
                                this NOFAs application deadline, of the
                                Applicant and its affiliated entities,
                                including those in which the affiliated
                                entity Controls the Applicant, is
                                Controlled by the Applicant, or shares
                                common management officials with the
                                Applicant as the CDFI Fund determines.
 BEA Program           For the BEA Program, undisbursed award
 Undisbursed Awards             funds will be included in the
 Calculations:                  calculation of undisbursed awards for
                                the Applicant and any three to five
                                calendar years prior to the end of the
                                calendar year of this NOFA's application
                                deadline. For purposes of this NOFA,
                                therefore, undisbursed awards made in
                                FYs 2006, 2007, and 2008 will be
                                included in the calculation for the
                                Applicant's undisbursed award amounts if
                                the funds have not been disbursed as of
                                this NOFA's application deadline.
 CDFI Program          The CDFI Program undisbursed funds will
 Undisbursed Awards             be calculated by adding all undisbursed
 Calculations:                  award amounts made to the Applicant two
                                to five calendar years prior to the end
                                of the calendar year of this NOFA.
                                Therefore, undisbursed CDFI Program
                                awards made in FYs 2006, 2007, 2008, and
                                2009 will be included in the undisbursed
                                calculation as of this NOFA's
                                application deadline.
 Undisbursed Award     Undisbursed awards cannot exceed five
 Calculations:.                 percent of the total includable awards
                                for the Applicant's BEA/CDFI/NACA
                                awards, as of this NOFA's application
                                deadline. (The total ``includable''
                                award amount is the total award amount
                                from the relevant CDFI Fund program.)
                                Please refer to an example of this
                                calculation on the CDFI Fund's Web site,
                                found in the Q&A document for the FY
                                2012 Funding Round. The ``undisbursed
                                award funds'' calculation does not
                                include: (i) Tax credit allocation
                                authority made available through the
                                NMTC Program; (ii) award funds that the
                                Awardee has requested from the CDFI Fund
                                by submitting a full and complete
                                disbursement request before this NOFA's
                                application deadline; (iii) award funds
                                for an award that the CDFI Fund has
                                terminated or de-obligated; or (iv)
                                award funds for an award that does not
                                have a fully executed assistance or
                                award agreement.
------------------------------------------------------------------------

2. Contact the CDFI Fund
    Applicants that are prior CDFI Fund Awardees are advised to: (i) 
Comply with requirements specified in assistance, allocation, and/or 
award agreement(s), and (ii) contact the CDFI Fund to ensure necessary 
actions are underway for the disbursement or de-obligation of any prior 
outstanding award balance(s) as referenced above. An Applicant that is 
unsure about the disbursement status of any prior award should contact 
the CDFI Fund by sending an email to 
CDFI.disburseinquiries@cdfi.treas.gov.

C. Matching Funds

1. Matching Funds Requirements in General
    FA Applicants must obtain non-Federal matching funds, on the basis 
of not less than one dollar for each dollar of FA funds the CDFI Fund 
provides. (This requirement pertains to FA Applicants only; matching 
funds are not required for TA Applicants). Matching funds must be 
comparable in form and value to the FA award. This means that if an 
Applicant is requesting an FA award, the Applicant must show it has 
obtained matching funds through commitment(s) from non-Federal sources 
that are equal to the amount requested from the CDFI Fund. Applicants 
cannot use matching funds from a prior FA award under the CDFI Program 
or under another federal grant or award program to satisfy the matching 
funds requirement of this

[[Page 68836]]

NOFA. If an Applicant seeks to use matching funds from an organization 
that was a prior Awardee under the CDFI Program, the CDFI Fund will 
deem such funds as federal funds, unless the funding entity establishes 
and the CDFI Fund agrees, that such funds do not consist, in whole or 
in part, of CDFI Program funds or other federal funds. The CDFI Fund 
encourages Applicants to review the Regulations at 12 CFR 1805.500 et 
seq. and matching funds guidance materials on the CDFI Fund's Web site 
for further information.
    2. The CDFI Fund will not consider any FA Applicant for an award 
that has no matching funds in-hand or firmly committed as of this 
NOFA's application deadline. Specifically, FA Applicants must meet the 
following matching funds requirements:
    (a) Category I/SECA: A Category I/SECA Applicant must demonstrate 
that it has eligible matching funds equal to no less than 25 percent of 
the FA amount requested in-hand or firmly committed, on or after 
January 1, 2010, and on or before the application deadline. The CDFI 
Fund reserves the right to rescind all or a portion of an FA award and 
re-allocate the rescinded award amount to other qualified Applicant(s), 
if an Applicant fails to obtain in-hand 100 percent of the required 
matching funds by March 14, 2013 (with required documentation of such 
receipt received by the CDFI Fund not later than March 31, 2013). The 
CDFI Fund may grant an extension of such matching funds deadline for 
specific Applicants selected to receive FA awards, if the CDFI Fund 
deems it appropriate. For any Applicant that demonstrates it has less 
than 100 percent of matching funds in-hand or firmly committed as of 
the application deadline, the CDFI Fund will evaluate the Applicant's 
ability to raise the remaining matching funds by March 14, 2013.
    (b) Category II/Core Applicants: A Category II/Core Applicant must 
demonstrate that it has eligible matching funds equal to no less than 
25 percent of the amount of the FA award requested in-hand or firmly 
committed, on or after January 1, 2010 and on or before the application 
deadline. The CDFI Fund reserves the right to rescind all or a portion 
of an FA award and re-allocate the rescinded award amount to other 
qualified Applicant(s), if an Applicant fails to obtain in-hand 100 
percent of the required matching funds by March 14, 2013 (with required 
documentation of such receipt received by the CDFI Fund not later than 
March 31, 2013). The CDFI Fund may grant an extension of such matching 
funds deadline for specific Applicants selected to receive FA, if the 
CDFI Fund deems it appropriate. For any Applicant that demonstrates it 
has less than 100 percent of matching funds in-hand or firmly committed 
as of the application deadline, the CDFI Fund will evaluate the 
Applicant's ability to raise the remaining matching funds by March 14, 
2013.
    (c) HFFI-FA Applicants: It is possible that the matching funds 
requirements for HFFI-FA awards may be waived for the FY 2012 Funding 
Round. However, as of this NOFA's publication such a waiver has not 
been enacted. An Applicant requesting an HFFI-FA award that does not 
include matching funds documentation in its application will be deemed 
ineligible for funding under the FY 2012 Funding Round if a matching 
funds waiver is not enacted. An Applicant requesting an HFFI-FA award 
that would not satisfy the matching funds requirements but is otherwise 
eligible under this NOFA may wish to submit an application in the event 
a matching funds waiver is enacted.
    Accordingly, subject to the immediately preceding paragraph: A 
HFFI-FA Applicant must demonstrate that it has eligible matching funds 
equal to no less than 25 percent of the FA amount requested in-hand or 
firmly committed, on or after January 1, 2010, and on or before the 
deadline for the submitting the HFFI-FA supplemental questionnaire. The 
CDFI Fund reserves the right to rescind all or a portion of an FA award 
and re-allocate the rescinded award amount to other qualified 
Applicant(s), if an Applicant fails to obtain in-hand 100 percent of 
the required matching funds by March 14, 2013 (with required 
documentation of such receipt received by the CDFI Fund not later than 
March 31, 2013). The CDFI Fund may grant an extension of such matching 
funds deadline for specific Applicants selected to receive FA awards, 
if the CDFI Fund deems it appropriate. For any Applicant that 
demonstrates it has less than 100 percent of matching funds in-hand or 
firmly committed as of the application deadline, the CDFI Fund will 
evaluate the Applicant's ability to raise the remaining matching funds 
by March 14, 2013.
3. Matching Funds Terms Defined; Required Documentation

                   Table 6--Matching Funds Definitions
------------------------------------------------------------------------
    Type of matching funds                     Definition
------------------------------------------------------------------------
(a) Matching funds ``in-       The Applicant has actually received
 hand''.                        disbursement of the matching funds and
                                provides to the CDFI Fund acceptable
                                written documentation, showing the
                                source, form, and amount of the matching
                                funds (i.e., grant, loan, deposit, and
                                equity investment). Applicants must
                                provide copies of the following
                                documentation depending on the type of
                                award being requested: (i) Loans--the
                                loan agreement and promissory note; (ii)
                                grant--the grant letter or agreement for
                                all grants of $50,000 or more; (iii)
                                equity investment--the stock certificate
                                and any related shareholder agreement.
                                The Applicant must also provide
                                acceptable documentation that
                                demonstrates receipt of the matching
                                funds, such as a copy of a check or a
                                wire transfer statement.
(b) Matching Funds ``firmly    The Applicant has entered into or
 committed''.                   received a legally binding commitment
                                from the matching funds source showing
                                the funds will be disbursed to the
                                Applicant. The Applicant must also
                                provide acceptable written documentation
                                showing the source, form, and amount of
                                the firm commitment (and, in the case of
                                a loan, the terms thereof), as well as
                                the anticipated disbursement date of the
                                committed funds.
------------------------------------------------------------------------

    4. The CDFI Fund may contact the matching funds source to discuss 
the matching funds and the documentation that the Applicant has 
provided. If the CDFI Fund determines that any portion of the 
Applicant's matching funds is ineligible under this NOFA, the CDFI 
Fund, in its sole discretion, may permit the Applicant to offer 
alternative matching funds as a substitute for the ineligible matching 
funds. In such instances: (i) The Applicant must

[[Page 68837]]

provide acceptable alternative matching funds documentation within two 
business days of the CDFI Fund's request, and (ii) the alternative 
matching funds documentation will not increase the total amount of FA 
the Applicant requested.
5. Special Rule for Insured Credit Unions
    The Regulations allow an Insured Credit Union to use retained 
earnings to serve as matching funds for an FA award in an amount equal 
to: (i) The increase in retained earnings that has occurred over the 
Applicant's most recent fiscal year; (ii) the annual average of such 
increases that has occurred over the Applicant's three most recent 
fiscal years; or (iii) the entire retained earnings that have been 
accumulated since the inception of the Applicant, as provided in the 
Regulations. For purposes of this NOFA, if option (iii) is used, the 
Applicant must increase its member and/or non-member shares or total 
loans outstanding by an amount equal to the amount of retained earnings 
committed as matching funds. This increase must occur by the end of the 
Awardee's second performance period, as set forth in its Assistance 
Agreement, and will be based on amounts reported in the Applicant's 
Audited or Reviewed Financial Statements or NCUA Form 5300 Call Report. 
The CDFI Fund will assess the likelihood of this increase during the 
application review process. An award will not be made to any Applicant 
that has not demonstrated in the relevant Financial Statements or NCUA 
Call Report that it has increased shares or loans by at least 25 
percent of the requested FA award amount between December 31, 2010, and 
December 31, 2011.

IV. Application and Submission Information

A. Application Submission

    Under this NOFA, all Applicants must submit their applications 
electronically through Grants.gov. The CDFI Fund will not accept 
applications through myCDFIFund accounts nor will applications be 
accepted via email, mail, facsimile, or other forms of communication, 
except in circumstances approved by the CDFI Fund beforehand.

B. Grants.gov

    In compliance with Public Law 106-107 and Section 5(a) of the 
Federal Financial Assistance Management Improvement Act, the CDFI Fund 
is required to accept applications submitted through the Grants.gov 
electronic system. The CDFI Fund strongly recommends Applicants start 
the registration process as soon as possible and visit http://www.grants.gov immediately. Applicants that have used Grants.gov in the 
past must verify that their registration is current and active. New 
applicants must properly register, which may take several weeks to 
complete. Pursuant to OMB guidance (68 FR 38402), each Applicant must 
provide, as part of its application submission, a Dun and Bradstreet 
Data Universal Numbering System (DUNS) number. In addition, each 
application must include a valid and current Employer Identification 
Number (EIN). An electronic application that does not include either a 
DUNS or an EIN is incomplete and may not be transmitted to the CDFI 
Fund from Grants.gov. As a result, Applicants without a DUNS or EIN 
should allow sufficient time for the IRS and/or Dun and Bradstreet to 
respond to inquiries and/or requests for identification numbers.
    The CDFI Fund will not consider Applicants that fail to properly 
register in Grants.gov or to confirm they are properly registered and 
as a result, are unable to submit their applications before the 
deadline. Applicants are reminded that the CDFI Fund does not maintain 
the Grants.gov registration or submittal process so Applicants must 
contact Grants.gov directly for issues related to that aspect of the 
application submission process. Please see the following link for 
information on getting started on Grants.gov: http://grants.gov/applicants/organization_registration.jsp

C. myCDFIFund Accounts

    myCDFIFund is the CDFI Fund's primary means of communication with 
Applicants. Applicants are responsible for ensuring their myCDFIFund 
account is updated at all times. All Applicants must register as an 
organization and as a user with myCDFIFund before the application 
deadline. Applicants failing to properly register and update their 
myCDFIFund accounts may miss important communication with the CDFI Fund 
that could impact their application. For more information on 
myCDFIFund, please see the ``Frequently Asked Questions'' link posted 
at https://www.cdfifund.gov/myCDFI/Help/Help.asp.

D. Application Content Requirements

    The Application and related documents can be found on the 
Grants.gov and the CDFI Fund's Web sites. The CDFI Fund anticipates 
posting the Application and related documents to the CDFI Fund's Web 
site on the same day that the NOFA is released or shortly thereafter. 
Once an application is submitted to Grants.gov, the Applicant will not 
be allowed to change any element of the application. The CDFI Fund, 
however, may contact the Applicant to clarify or confirm application 
information.

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 CDFI Program funding Application has been 
assigned the following control number: 1559-0021.

F. Application Deadlines

    1. Please see the following table for critical deadlines that are 
relevant to the FY 2012 Funding Round. All times listed are Eastern 
Standard Time (ET):

        Table 7--FY 2012 Funding Round Application Critical Dates
------------------------------------------------------------------------
           Description                   Date due             Time
------------------------------------------------------------------------
Certification application........  December 14, 2011..  5:00 p.m.
Certification Material Events      December 14, 2011..  5:00 p.m.
 Form.
Last day to contact Program staff  January 9, 2012....  5:00 p.m.
Last day to contact Compliance     January 9, 2012....  5:00 p.m.
 staff.
Combined Program Application.....  January 11, 2012...  midnight.
------------------------------------------------------------------------


[[Page 68838]]

2. Late Delivery
    The CDFI Fund will not accept an application, nor any portion of an 
application, delivered after the application deadline. The CDFI Fund 
will not grant exceptions or waivers. Any application that is deemed 
ineligible or rejected will not be returned to the Applicant.

G. Intergovernmental Review

    Not applicable.

H. Funding Restrictions

    For allowable uses of FA proceeds, please see the Regulations at 12 
CFR 1805.301.

V. Application Review Information

A. Format

    Applicants must complete, and the CDFI Fund will only accept, the 
Application as provided in Grants.gov and the CDFI Fund's Web site. The 
FY 2012 Application is a fillable electronic PDF form, with pre-set 
text limits and font size restrictions. Applicants should not submit 
information that has not been specifically requested in this NOFA or 
the Application. Applicants should not submit documents such as 
strategic plans or market studies unless the CDFI Fund has specifically 
requested such documents in the Application.

B. Review and Selection Process

1. Eligibility and Completeness Review
    The CDFI Fund will review each application to determine whether it 
is complete and the Applicant meets the eligibility requirements 
described in Section III of this NOFA. An incomplete application or one 
that does not meet eligibility requirements will be rejected.
2. Substantive Review
    If the Applicant has submitted a complete and eligible application, 
the CDFI Fund will conduct a substantive review in accordance with the 
criteria and procedures described in the Regulations, this NOFA, and 
the Application guidance. The CDFI Fund reserves the right to contact 
the Applicant by telephone, email, or mail for the sole purpose of 
clarifying or confirming application information. If contacted, the 
Applicant must respond within the CDFI Fund's time parameters or run 
the risk of their application being rejected.
3. Application Scoring and Award Selection (FA and TA Applicants)
    (a) Application Scoring: The CDFI Fund will evaluate each 
application on the criteria categories and the scoring scale described 
in the Application. An Applicant must receive a minimum score in each 
evaluation criteria in order to be considered for an award. The CDFI 
Fund will score each part as indicated in the following table:

                  Table 8--Application Scoring Criteria
------------------------------------------------------------------------
                   Application parts                     Scoring points
------------------------------------------------------------------------
                  Financial Assistance (FA) Applicants
------------------------------------------------------------------------
High Impact Narrative.................................                10
Target Market Needs**.................................                10
Responsiveness to Target Market Needs.................                40
Delivery Capacity.....................................                40
                                                       -----------------
    TOTAL POINTS......................................               100
------------------------------------------------------------------------
                  Technical Assistance (TA) Applicants
------------------------------------------------------------------------
Technical Assistance Proposal.........................                20
Target Market Needs...................................                10
Responsiveness to Target Market Needs.................                30
Delivery Capacity.....................................                40
                                                       -----------------
    TOTAL POINTS......................................               100
------------------------------------------------------------------------
** Includes up to 4 points based on a quantitative distress index for FA
  applicants only.

     (b) In the FY 2012 Funding Round, the CDFI Fund will allow FA 
Applicants to earn up to 4 extra distressed points for serving eligible 
highly distressed target markets. Such markets are identified by a 
quantitative index of distress based on high poverty rates, high 
unemployment rates, low median family income, and for non-Metro areas, 
population loss. Applicants can identify distressed markets by using 
the index, which identifies the most distressed markets with the 
highest rank number. The index is posted to the CDFI Fund's Web site at 
http://www.cdfifund.gov/distressindex. Applicants will be required to 
deploy award funds into the distressed markets as identified in the 
application and for which distressed points were awarded.
    (c) Applicants whose activities are part of a broader neighborhood 
revitalization strategy and/or that target marginalized or isolated 
populations will be scored more favorably under the section of the 
application pertaining to ``Responsiveness to Target Market Needs.''
    (d) Evaluating Prior Award Performance: The CDFI Fund will deduct 
points for any Applicant that is a prior awardee or allocatee of any 
CDFI Fund program if the Applicant: (i) is noncompliant with any active 
award or award that terminated in the current calendar year by failing 
to meet performance goals and measures, reporting deadlines, or other 
requirements set forth in the CDFI Fund's assistance, allocation, or 
award agreement(s) during the Applicant's two complete fiscal years 
prior to this NOFA's application deadline; (ii) failed to make timely 
loan payments to the CDFI Fund during the Applicant's two complete 
fiscal years prior to this NOFA's application deadline (if applicable); 
and (iii) did not perform on any prior assistance, allocation, or award 
agreement, which is determined during the application review process. 
In addition, the CDFI Fund will deduct points if an FA Applicant had 
funds de-obligated for FA awards issued in FY 2009, 2010 or 2011 if: 
(i) The amount of de-obligated funds is at least $200,000 and (ii) the 
de-obligation occurred within the 12 months prior to this NOFA's 
application deadline. Point deductions for a de-obligation in this

[[Page 68839]]

funding round will not be counted against future FA applications. The 
CDFI Fund has the sole discretion to deduct points from prior Awardees/
Allocates if those Applicants have proceedings instituted against them 
in, by, or before any court, governmental, agency, or administrative 
body and has received a final determination within the last three years 
indicating the Applicant has discriminated on the basis of race, color, 
national origin, disability, age, marital status, receipt of income 
from public assistance, religion, or sex.
    (e) Award Selection: The CDFI Fund will make its final award 
selections based on the Applicants' scores, ranked from highest to 
lowest, and the amount of funds available. In the case of tied scores, 
Applicants will be ranked first according to each Applicant's Delivery 
Capacity score; then the number of distressed points indicated. TA 
Applicants, Category I, and Category II Applicants will be grouped and 
ranked separately. In addition, the CDFI Fund may consider the 
institutional and geographic diversity of Applicants when making its 
funding decisions.
4. Insured CDFIs
    In the case of Insured Depository Institutions and Insured Credit 
Unions, the CDFI Fund will consider the views of the Appropriate 
Federal Banking Agencies. Throughout the award review process, the CDFI 
Fund will consult with the Appropriate Federal Banking Agency about the 
Applicant's financial safety and soundness. If the Appropriate Federal 
Banking Agency identifies safety and soundness concerns, the CDFI Fund 
will assess whether the concerns cause or will cause the Applicant to 
be incapable of undertaking the activities for which funding has been 
requested. If it is determined the Applicant is incapable of meeting 
its obligations, the CDFI Fund reserves the right to rescind the award 
decision. The CDFI Fund also reserves the right to require insured CDFI 
Applicants to improve safety and soundness conditions prior to 
receiving an award disbursement. In addition, the CDFI Fund will take 
into consideration Community Reinvestment Act assessments of Insured 
Depository Institutions and/or their Affiliates.
5. Award Notification
    Each Applicant will be informed of the CDFI Fund's award decision 
through a notification in the Applicant's myCDFIFund account. This 
includes notification to Applicants that have not been selected for an 
award if the decision is based on reasons other than completeness or 
eligibility. Applicants that have not been selected for an award will 
receive a debriefing in their myCDFIFund account. The CDFI Fund will 
provide this feedback in a format and within a timeframe dependent on 
available resources.
6. Application Rejection
    The CDFI Fund reserves the right to reject an application if 
information (including administrative errors) comes to the CDFI Fund's 
attention that either adversely affects an Applicant's eligibility for 
an award, adversely affects the CDFI Fund's evaluation or scoring of an 
application, or indicates fraud or mismanagement on the Applicant's 
part. If the CDFI Fund determines any portion of the application is 
incorrect in a material respect, the CDFI Fu