Notice of Funds Availability Inviting Applications for the Fiscal Year (FY) 2016 Funding Round of the Capital Magnet Fund, 6585-6595 [2016-02372]
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Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
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6585
DEPARTMENT OF THE TREASURY
Community Development Financial
Institutions Fund
Notice of Funds Availability Inviting
Applications for the Fiscal Year (FY)
2016 Funding Round of the Capital
Magnet Fund
Announcement Type: Announcement
of funding opportunity.
Funding Opportunity Number: CDFI–
2016–CMF
Catalog of Federal Domestic
Assistance (CFDA) Number: 21.011
Electronic applications for must
be received by 5:00 p.m. Eastern Time
(ET), March 30, 2016.
Key Dates:
DATES:
[FR Doc. 2016–02369 Filed 2–5–16; 8:45 am]
BILLING CODE 4910–9X–P
FY 2016 CMF PROGRAM FUNDING ROUND CRITICAL DEADLINES FOR APPLICANTS
Time
(Eastern
time- ET)
Description
Deadline
SF–424 Mandatory form ........................................
March 16, 2016 .............
Last day to contact CMF Program Staff ................
March 28, 2016 .............
CMF Application and Required Attachments .........
March 30, 2016 .............
Executive Summary: The Capital
Magnet Fund (CMF) is administered by
the Community Development Financial
Institutions Fund (CDFI Fund). Through
the CMF, the CDFI Fund provides
financial assistance grants to
Community Development Financial
Institutions (CDFIs), and to qualified
Nonprofit Organizations that have the
development or management of
affordable housing as one of their
principal purposes. All awards provided
through this Notice of Funds
Availability (NOFA) are subject to
funding availability.
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I. Program Description
A. Authorizing Statutes and
Regulations: The CMF was established
through the Housing and Economic
Recovery Act of 2008 (HERA), which
added section 1339 to the Federal
Housing Enterprises Financial Safety
and Soundness Act of 1992. Under
(HERA), the Government Sponsored
Enterprises (GSEs), Federal National
Mortgage Association (Fannie Mae) and
the Federal Home Loan Mortgage
Corporation (Freddie Mac), are required
to set aside annual allocations equal to
4.2 basis points for each dollar of their
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11:59 p.m.
ET.
5:00 p.m. ET
11:59 p.m.
ET.
Submission method
Electronically via Grants.gov.
CDFI Fund Helpdesk: 202–653–0421 or cmf@
cdfi.treas.gov.
Electronically via Awards Management Information System (AMIS).
unpaid principal balances of total new
business purchases, of which 25 percent
must be deposited into a reserve fund
for the HOPE for Homeowners Program
for FY 2016, and, of the remaining
amount available, the Housing Trust
Fund will receive 65 percent of the
funds, and the CMF will receive 35
percent of the funds. The Federal
Housing Finance Agency (FHFA), acting
as the GSEs’ conservator, temporarily
suspended these allocations before they
began, and Congress appropriated $80
million to fund an initial round of the
CMF in FY 2010. In December 2014, the
FHFA lifted its suspension of the GSEs’
allocation and directed the GSEs to
begin allocating funds for the CMF. This
NOFA announces that the CDFI Fund
will make CMF Awards when such
funds are made available through the
GSEs’ FY 2015 annual allocation. The
regulations that govern the CMF are the
interim rule (12 CFR part 1807), which
has been simultaneously published for
comment with this NOFA, and the CDFI
Fund’s environmental regulations at 12
CFR part 1815 (environmental quality
regulations).
The CDFI Fund encourages
Applicants to review the CMF interim
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rule, this NOFA, the environmental
quality regulations, the CMF funding
application (referred to hereafter as the
‘‘Application’’, meaning the application
submitted in response to this NOFA),
and the Uniform Administrative
Requirements, Cost Principles, and
Audit Requirements for Federal Awards
(2 CFR part 200; 78 FR 78590) (Uniform
Administrative Requirements or UAR)
for a complete understanding of the
program. Each capitalized term in this
NOFA is defined herein, in the interim
rule, the Application, or the Uniform
Administrative Requirements. Details
regarding Application content
requirements are found in the
Application and related materials.
B. History: The CDFI Fund was
established by the Riegle Community
Development Banking and Financial
Institutions Act of 1994 to promote
economic revitalization and community
development through investment in and
assistance to CDFIs. Since its creation in
1994, the CDFI Fund has awarded over
$2 billion to CDFIs, community
development organizations, and
financial institutions through the
Capital Magnet Fund (CMF),
Community Development Financial
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Institutions Program (CDFI Program),
the Native American CDFI Assistance
Program (NACA Program), the Bank
Enterprise Award Program (BEA
Program), and the Financial Education
and Counseling Pilot Program. In
addition, the CDFI Fund has allocated
more than $43 billion in tax credit
allocation authority through the New
Markets Tax Credit Program (NMTC
Program) and has obligated $852 million
in bond guarantees to Eligible CDFIs
through the CDFI Bond Guarantee
Program.
C. Uniform Administrative
Requirements, Cost Principles, and
Audit Requirements for Federal Awards
(2 CFR part 200): The Uniform
Administrative Requirements codify
financial, administrative, procurement,
and program management standards
that Federal award-making agencies
must follow. Per the Uniform
Administrative Requirements, when
evaluating award applications, awarding
agencies must evaluate the risks to the
program posed by each Applicant, and
each Applicant’s merits and eligibility.
These requirements are designed to
ensure that Applicants for Federal
assistance receive a fair and consistent
review prior to an award decision. This
review will assess items such as the
Applicant’s financial stability, quality of
management systems, history of
performance, and single audit findings.
In addition, the Uniform Administrative
Requirements include guidance on audit
requirements and other award
compliance requirements for award
Recipients.
D. Priorities: The CMF priorities are to
attract private capital for and increase
investment in the Development,
Preservation, Rehabilitation, or
Purchase of Affordable Housing for
primarily Extremely Low-Income, Very
Low-Income, and Low-Income Families,
as well as Economic Development
Activities, which, In Conjunction With
Affordable Housing Activities,
implement a Concerted Strategy to
stabilize or revitalize a Low-Income
Area or Underserved Rural Area. In this
NOFA, the CDFI Fund will implement
these priorities by funding Applications
that propose to: (i) Finance and/or
support rental Affordable Housing
Projects in which a minimum of 20
percent of the units in each Project are
targeted to Very Low-Income
households and/or Extremely LowIncome Families; or finance and/or
support Homeownership Projects in
which a minimum of 20 percent of the
units in each Project are targeted to
Low-Income Families; and (ii) leverage
a higher proportion of private capital to
finance and/or support Affordable
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Housing Activities and Economic
Development Activities. Further, the
CDFI Fund will fund Applications
serving geographically diverse areas of
economic distress, including
Metropolitan and Underserved Rural
Areas.
II. Federal Award Information
A. Funding Availability: The amount
available for FY 2016 awards through
this NOFA will be the amount that is
transferred to the CDFI Fund by the
GSEs for the Capital Magnet Fund. No
Congressionally appropriated funds are
anticipated through the FY 2016 CMF
Program Funding Round. Based on
quarterly reports filed by the GSEs with
the Securities and Exchange
Commission, the CDFI Fund anticipates
receiving approximately $80 million to
fund CMF Awards in FY 2016.
However, the final amount allocated to
the CMF by the GSEs will likely not be
determined before March 2016, and thus
the anticipated amount may differ from
the actual allocated amount. HERA
prohibits the CDFI Fund from obligating
more than 15 percent of the available
CMF funding in the aggregate to any
Applicant, its Subsidiaries and
Affiliates in the same funding round.
Affiliated entities are not allowed to
apply separately under this NOFA.
While the exact dollar amount of the
funding cap cannot be established until
the total amount available for CMF
Awards is known, the FY 2010 CMF
Program Funding Round is illustrative
of how the funding cap will be
implemented. In FY 2010, the amount
appropriated for CMF Awards was $80
million, the funding cap was $12
million, and CMF Awards ranged from
$500,000 to $6 million.
The CDFI Fund reserves the right, in
its sole discretion, to provide a CMF
Award in an 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.
B. Types of Awards: The CDFI Fund
will provide CMF Awards in the form
of grants. CMF Awards must be used to
support the eligible activities as set forth
in 12 CFR 1807.301. CMF Awards
cannot be ‘‘passed through’’ to thirdparty entities, whether Affiliates,
Subsidiaries, or others, to undertake the
eligible activities set forth in 12 CFR
1807.301, without the prior written
approval of the CDFI Fund.
C. Limitation on Number of CMF
Awards: An Applicant may receive only
one award through the FY 2016 CMF
Program Funding Round. An Applicant,
its Subsidiaries, or Affiliates also may
apply for and receive an award through
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the CDFI Program, CDFI Bond
Guarantee Program, Native American
CDFI Assistance (NACA) Program, Bank
Enterprise Award (BEA) Program, or
New Markets Tax Credit (NMTC)
Program, but only to the extent that the
activities proposed for CMF Awards are
different from those activities for which
the Applicant received an award under
another CDFI Fund program. The CDFI
Fund has determined that for purposes
of this rule, such different activities are
those proposed Projects that do not
involve funding from any other CDFI
Fund program.
D. Anticipated Start Date and Period
of Performance: The CDFI Fund
anticipates the period of performance
for the FY 2016 CMF Program Funding
Round will begin in the Spring of 2016.
The period of performance for each
CMF Award begins with the date that
the CDFI Fund issues the notice of
award and continues until the end of
the Investment Period (as defined in 12
CFR 1807.104), or as otherwise set forth
in the Assistance Agreement, during
which time the Recipient must meet
certain performance goals.
E. Eligible Activities: An Applicant
may submit an Application for a CMF
Award to support or finance activities
that attract private capital for and
increase investment in (i) the
Development, Preservation,
Rehabilitation, or Purchase of
Affordable Housing for primarily Low-,
Very Low- and Extremely Low-Income
Families, and (ii) Economic
Development Activities. CMF Awards
may only be used as follows: (i) To
provide Loan Loss Reserves, (ii) to
capitalize a Revolving Loan Fund, (iii)
to capitalize an Affordable Housing
Fund, (iv) to capitalize a fund to support
Economic Development Activities, (v)
for Risk-Sharing Loans, or (vii) to
provide Loan Guarantees. No more than
30 percent of a CMF Award may be used
for Economic Development Activities.
The amount available to any Recipient
for Direct Administrative Expenses is
limited to no more than 5 percent of its
CMF Award, and may only be used to
facilitate the Recipient’s use of its CMF
Award for the eligible activities.
III. Eligibility Information
A. Eligible Applicants: In order to be
eligible to apply for a CMF Award, an
Applicant must either be a Certified
CDFI or a Nonprofit Organization, as
defined in 12 CFR 1807.104. Table 1
indicates the criteria that each entity
type must meet in order to be eligible
for a CMF Award pursuant to this
NOFA:
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TABLE 1—APPLICANT ELIGIBILITY REQUIREMENTS
Entity type
Eligibility requirements
Certified CDFI .................................
• Has been in existence as a legally formed entity for at least 3 years prior to the Application deadline
under this NOFA;
• Has been determined by the CDFI Fund to meet the CDFI certification requirements set forth in 12 CFR
1805.201 and has received official notification from the CDFI Fund that it meets all such requirements as
of the date of this NOFA;
• Its CDFI certification has not expired;
• Has not been notified by the CDFI Fund that its certification is in default or has been terminated;
• In cases where the CDFI Fund provided Certified CDFIs with written notification that their CDFI certification was extended, the CDFI Fund will consider the extended certification date (the later date) to determine whether those Certified CDFIs meet this eligibility requirement.
• Has been in existence as a legally formed entity for at least 3 years prior to the Application deadline
under this NOFA;
• Demonstrates, through articles of incorporation, by-laws, or other board-approved documents, that the
development or management of affordable housing are among its principal purposes; and
• Demonstrates that at least thirty-three and one-third percent of its total assets (loan portfolio and investments) is dedicated to the development or management of affordable housing.
Nonprofit Organization ....................
Any Applicant that does not meet the
criteria in Table 1 is ineligible to apply
for a CMF Award under this NOFA.
TABLE 2—ADDITIONAL ELIGIBILITY REQUIREMENTS
Application type and submission
overview through Grants.gov and
Awards Management Information
System (AMIS).
Employer
(EIN).
Identification
Number
DUNS number .................................
Awards Management Information
System (AMIS).
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501(c)(4) status ...............................
Compliance with Federal civil rights
requirements.
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• Applicants must submit the required Application documents listed in Table 4.
• The CDFI Fund will only accept Applications that use the official application templates provided on the
Grants.gov and AMIS websites. Applications submitted with alternative or altered templates will not be
considered.
• Applicants will submit the required documents in two locations: (1) Grants.gov and (2) AMIS.
Æ Grants.gov: Applicants must submit the OMB SF–424 Mandatory (Application for Federal Assistance) form.
Æ AMIS: Applicants must submit all other required Application materials.
Æ All Applicants must register in the Grants.gov and AMIS systems to submit an Application successfully. The CDFI Fund strongly encourages applicants to register as early as possible.
• Grants.gov and the SF–424 Mandatory form:
Æ The SF–424 must be submitted in Grants.gov before the other Application materials are submitted
in AMIS. Applicants are strongly encouraged to submit their SF–424 as early as possible via the
Grants.gov portal.
Æ If the SF–424 is not accepted by Grants.gov, the CDFI Fund will not review any material submitted
in AMIS and the Application will be deemed ineligible.
• AMIS:
Æ AMIS is a new enterprise-wide information technology system that is replacing the myCDFI Fund
portal and that will be used to submit and store organization and Application information with the
CDFI Fund.
Æ Applicants are only allowed one submission in AMIS.
• An Applicant must submit electronically a copy of the letter from the IRS as evidence that the Applicant
has been assigned its own unique EIN.
• The CDFI Fund will reject an Application submitted with the EIN of a parent or Affiliate organization.
• The CDFI Fund will deem an Application incomplete if it does not include an IRS document that verifies
the Applicant’s EIN (a tax return is not an acceptable form of IRS documentation).
• Pursuant to OMB guidance (68 FR 38402), an Applicant must apply using its unique DUNS number in
Grants.gov.
• The CDFI Fund will reject an Application submitted with the DUNS number of a parent or Affiliate organization.
• Each Applicant must register as an organization in AMIS and submit all required Application materials
through the AMIS portal.
• The Authorized Representative must be included as a ‘‘user’’ in the Applicant’s AMIS account.
• An Applicant that fails to properly register and update its AMIS account may miss important communications from the CDFI Fund or fail to submit an Application successfully.
• Pursuant to 2 U.S.C. 1611, a 501(c)(4) any organization that engages in lobbying activities is not eligible
for the receipt of CMF Award.
• An Applicant may not be eligible to receive an award if proceedings have been instituted against it in,
by, or before any court, governmental agency, or administrative body, and a final determination within
the last 3 years indicates the Applicant has violated any of the following laws: Title VI of the Civil Rights
Act of 1964, as amended (42 U.S.C. 2000d); Section 504 of the Rehabilitation Act of 1973 (29 U.S.C.
794); the Age Discrimination Act of 1975, (42 U.S.C. 6101–6107), and Executive Order 13166, Improving Access to Services for Persons with Limited English Proficiency.
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Further, the following describes
additional considerations applicable to
prior award Recipients or Allocatees
under any CDFI Fund program:
B. Prior award Recipients or
Allocatees: Applicants must be aware
that success in a prior round of any of
the CDFI Fund’s programs is not
indicative of success under this NOFA.
Prior award Recipients or Allocatees
under any CDFI Program are eligible to
apply under this NOFA, except as noted
in the following table:
TABLE 3—ELIGIBILITY REQUIREMENTS FOR APPLICANTS WHICH ARE PRIOR AWARD RECIPIENTS
Criteria
Description
Pending resolution of noncompliance.
The CDFI Fund will consider an Application submitted by an Applicant that has pending noncompliance
issues if the CDFI Fund has not yet made a final determination as to whether the Applicant is in default
of any of its previously executed agreement(s).
• The CDFI Fund will not consider an Application submitted by an Applicant that has been notified by the
CDFI Fund in writing that it is in default of a previously executed agreement under any CDFI Fund program, at the time of the Application deadline, unless otherwise indicated by the CDFI Fund in writing.
The CDFI Fund will not consider an Application submitted by an Applicant that has been notified by the
CDFI Fund in writing that it is noncompliant with an FY 2015 agreement, or with agreements for fiscal
years thereafter, under any CDFI Fund program, at the time of the Application deadline, unless otherwise indicated by the CDFI Fund in writing.
• The CDFI Fund will not consider any Applicant that has defaulted on a CDFI program loan within five
years of the Application deadline.
An Applicant that has funds from a prior CDFI Fund program that have not been disbursed, as defined in
(a)–(d) below, as of the Application deadline will not be eligible for a CMF Award.
(a) The CDFI Fund will include the combined undisbursed funds of the Applicant and its Affiliates.
(b) Balances on undisbursed award funds cannot exceed 5 percent of the combined BEA Program awards
made to the Applicant in FYs 2012, 2013, and 2014.
(c) Balances on undisbursed award funds cannot exceed 5 percent of the combined CDFI/NACA Program
awards made to the Applicant in FYs 2012, 2013, and 2014.
(d) The undisbursed award funds calculation does not include award funds for: (i) Which the Recipient has
submitted a full and complete disbursement request before the Application deadline; (ii) an award that
has been terminated or de-obligated; (iii) an award that does not have a fully executed award agreement; and (iv) the tax credit allocation authority made available through the NMTC Program.
Default or Noncompliance status ....
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Undisbursed award funds and calculations (general).
C. Contact the CDFI Fund:
Accordingly, Applicants that are prior
Recipients and/or Allocatees under any
CDFI Fund program are advised to: (i)
Comply with requirements specified in
an assistance agreement, award
agreement, allocation agreement, bond
loan agreement, or agreement to
guarantee and (ii) contact the CDFI
Fund to ensure that all necessary
actions are underway for the
disbursement of any outstanding
balance of a prior award(s). An
Applicant that is unsure about the
disbursement status of any prior award
should contact the CDFI Fund by
sending an email to cdfihelp@
cdfi.treas.gov. All outstanding reports
and compliance questions should be
directed to the Certification,
Compliance Monitoring, and Evaluation
helpdesk by email at ccme@
cdfi.treas.gov or by telephone at (202)
653–0423. The CDFI Fund will not
respond to Applicants’ reporting,
compliance, or disbursement telephone
calls or email inquiries that are received
after 5:00 p.m. ET on March 28, 2016
until after the Application deadline. The
CDFI Fund will respond to technical
issues related to AMIS Accounts
through 5:00 p.m. ET on March 30, 2016
via AMIS Service Requests, or at AMIS@
cdfi.treas.gov, or by telephone at (202)
653–0422.
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D. Cost sharing or matching fund
requirements: Not applicable.
E. Other Eligibility Criteria:
(1) Debarment/Do not pay
verification: The CDFI Fund will
conduct a debarment check and will not
consider an Application submitted by
an Applicant if the Applicant is
delinquent on any Federal debt.
The Do Not Pay Business Center was
developed to support Federal agencies
in their efforts to reduce the number of
improper payments made through
programs funded by the Federal
government. The Do Not Pay Business
Center provides delinquency
information to the CDFI Fund to assist
with the debarment check.
(2) Entities that Submit Applications
Together with Affiliates: As part of the
Application review process, the CDFI
Fund considers whether Applicants are
Affiliates, as such term is defined in 12
CFR 1807.104. If an Applicant and its
Affiliates wish to submit Applications,
they must do so collectively, in one
Application; an Applicant and its
Affiliates may not submit separate
Applications. If Affiliated entities
submit multiple Applications, the CDFI
Fund will reject all such Applications
received.
Furthermore, an Applicant that
receives an award in this CMF round
may not become an Affiliate of another
Applicant that receives an award in this
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CMF round at any time after the
submission of a CMF Application under
this NOFA. This requirement will also
be a term and condition of the
Assistance Agreement (see additional
Application guidance materials on the
CDFI Fund’s Web site at https://
www.cdfifund.gov for more details).
(3) An Applicant will not be eligible
to receive a CMF Award if the Applicant
fails to demonstrate that its CMF Award
would result in Eligible Project Costs
that equals at least 10 times the amount
of the CMF Award.
IV. Application and Submission
Information
A. Address to Request Application
Package: Application materials can be
found on Grants.gov and the CDFI
Fund’s Web site at www.cdfifund.gov/
cmf. Applicants may request a paper
version of any Application material by
contacting the CDFI Fund Help Desk by
email at cmf@cdfi.treas.gov or by phone
at (202) 653–0421.
B. Content and Form of Application
Submission: All Application documents
must be submitted electronically
through Grants.gov and AMIS, the CDFI
Fund’s internet-based interface. The
CDFI Fund will not accept Applications
via email, mail, facsimile, or other forms
of communication, except in extremely
rare circumstances that have been preapproved by the CDFI Fund. Only the
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FY 2016 CMF Program Funding Round.
The CDFI Fund reserves the right to
request and review other pertinent or
public information that has not been
specifically requested in this NOFA or
the Application. Information submitted
by the Applicant that the CDFI Fund has
not specifically been requested will not
Authorized Representative or
Application Contact Person designated
in AMIS may submit the Application
through AMIS.
All Applications must be prepared
using the English language and
calculations must be made in U.S.
dollars. Table 4 lists the required
funding Application documents for the
be reviewed or considered as part of the
Application. The CDFI Fund will post to
its Web site, at www.cdfifund.gov/cmf,
instructions for accessing and
submitting an Application. Detailed
Application content requirements are
found in the Application and related
guidance documents.
TABLE 4—FUNDING APPLICATION DOCUMENTS
Application document
Submission format
Standard Form (SF) 424 Mandatory form ..............................................
CMF Application Form ............................................................................
ATTACHMENTS TO THE APPLICATION:
IRS Documentation of Organization’s EIN ..............................................
Audited Financial Statements (most recent 3 fiscal years) ....................
State Charter or Articles of Incorporation designating that the Applicant is a nonprofit or not-for-profit entity under the laws of the organization’s State of formation.
A certification demonstrating tax exempt status from the IRS ...............
Fillable PDF in Grants.gov ............
AMIS ..............................................
Required for All Applicants.
Required for All Applicants.
PDF in AMIS ..................................
PDF in AMIS ..................................
PDF in AMIS ..................................
Required for All Applicants.
Required for All Applicants.
Required for only for Applicants
that are not Certified CDFIs.
PDF in AMIS ..................................
Articles of incorporation, by-laws or other document demonstrating the
Applicant has a principal purpose of managing or developing affordable housing.
PDF in AMIS ..................................
Required
that are
Required
that are
The CDFI Fund strongly encourages
Applicants to start the Grants.gov
registration process as soon as possible
(refer to the following link: https://
www.grants.gov/web/grants/
register.html) as it may take several
weeks to complete. An Applicant that
has previously registered with
Grants.gov must verify that its
registration is current and active.
Applicants are only required to
submit the OMB SF–424 Mandatory
(Application for Federal Assistance)
form in Grants.gov, as all other
Application documents (listed in Table
4) will be submitted through AMIS.
Applicants are encouraged to submit the
SF–424 as early as possible through
Grants.gov to provide time to resolve
any submission problems. Applicants
should contact Grants.gov directly with
questions related to the registration or
submission process as the CDFI Fund
does not maintain the Grants.gov
system.
C. Dun and Bradstreet Universal
Numbering System (DUNS):
Pursuant to the Uniform
Administrative Requirements, each
Applicant must provide as part of its
Application submission, a valid Dun &
Bradstreet Universal Numbering System
(DUNS) number. Any Applicant without
a DUNS number will not be able to
register and submit an Application in
the Grants.gov system. Please allow
sufficient time for Dun & Bradstreet to
respond to inquiries and/or requests for
DUNS numbers.
D. System for Award Management
(SAM):
Any entity applying for Federal grants
or other forms of Federal financial
assistance through Grants.gov must be
registered in SAM before submitting its
Application. The SAM registration
process can take several weeks to
complete. Applicants that have
previously completed the SAM
registration process must verify that
their SAM accounts are current and
active. Each Applicant must continue to
maintain an active SAM registration
with current information at all times
during which it has an active Federal
Required?
for
not
for
not
only for Applicants
Certified CDFIs.
only for Applicants
Certified CDFIs.
award or an Application under
consideration by a Federal awarding
agency. The CDFI Fund will not
consider any Applicant that fails to
properly register or activate its SAM
account and, as a result, is unable to
submit its Application by the
Application deadline. Applicants must
contact SAM directly with questions
related to registration or SAM account
changes as the CDFI Fund does not
maintain this system. For more
information about SAM, please visit
https://www.sam.gov.
E. Submission Dates and Times:
All Application documents must be
submitted through the Grants.gov and
AMIS electronic systems. The CDFI
Fund will not accept Applications via
email, mail, facsimile, or other forms of
communication, except in extremely
rare circumstances that have been preapproved by the CDFI Fund.
(1) Submission Deadlines: The
following are the deadlines for
submission of the documents related to
the FY 2016 CMF Program Funding
Round:
TABLE 5—FY 2016 CMF DEADLINES FOR APPLICANTS
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Document
Deadline
Time—eastern time (ET)
SF–424 Mandatory form .............................................
CMF Application and Required Attachments .............
March 16, 2016 ................
March 30, 2016 ................
11:59 p.m. ET ....................
11:59 p.m. ET ....................
(2) Confirmation of Application
Submission in Grants.gov and AMIS:
Applicants are required to submit the
OMB SF–424 Mandatory (Application
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for Federal Assistance) form through the
Grants.gov system and must submit all
other required Application materials
through the AMIS Web site. Application
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Submission method
Electronically via Grants.gov.
Electronically via AMIS.
materials submitted through both
systems are due by the Application
deadlines listed in Table 5. Applicants
are strongly encouraged to submit the
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SF–424 as early as possible in the
Grants.gov portal since submission
problems may impact the ability to
submit the overall Application.
(a) Grants.gov Submission
Information: Each Applicant will
receive an email from Grants.gov
immediately after submitting the SF–
424 confirming that the submission has
entered the Grants.gov system. This
email will contain a tracking number for
the submitted SF–424. Within 48 hours,
the Applicant will receive a second
email which will indicate if the
submitted SF–424 was either
successfully validated or rejected with
errors. However, Applicants should not
rely on the email notification from
Grants.gov to confirm that their SF–424
were validated. Applicants are strongly
encouraged to use the tracking number
provided in the first email to closely
monitor the status of their SF–424 by
contacting the helpdesk at Grants.gov
directly. The Application materials
submitted in AMIS are not officially
accepted by the CDFI Fund until
Grants.gov has validated the SF–424.
(b) Award Management Information
System (AMIS) Submission Information:
AMIS is a web-based portal where
Applicants will directly enter their
Application information and add
required attachments listed in Table 4.
AMIS will verify that the Applicant
provided the minimum information
required to submit an Application.
Applicants are responsible for the
quality and accuracy of the information
and attachments included in the
Application submitted in AMIS. The
CDFI Fund strongly encourages the
Applicant to allow sufficient time to
confirm the Application content, review
the material submitted, and remedy any
issues prior to the Application deadline.
Applicants can only submit one
Application in AMIS. Upon submission,
the Application will be locked and
cannot be resubmitted, edited, or
modified in any way. The CDFI Fund
will not unlock or allow multiple
Application submissions.
(3) Multiple Application Submissions:
If an Applicant submits multiple
Applications in Grants.gov, the CDFI
Fund will only review the last
Application submitted in Grants.gov.
Applicants may only submit one
Application through AMIS.
(4) Late Submission: The CDFI Fund
will not accept an Application
submitted after the Application
deadline, except where the submission
delay was a direct result of a Federal
government administrative or
technological error. In such cases, the
Applicant must submit a request for
acceptance of late Application
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submission and include documentation
of the error no later than 2 business days
after the Application deadline. The
CDFI Fund will not respond to requests
for acceptance of late Application
submissions after that time period.
Applicants must submit late
Application submission requests to the
CDFI Helpdesk at cdfihelp@
cdfi.treas.gov with a subject line of
‘‘Late Application Submission Request.’’
(5) Intergovernmental Review: Not
Applicable.
(6) Funding Restrictions: CMF
Awards are limited by the following:
(a) A Recipient shall use CMF Award
funds only for the eligible activities set
forth in 12 CFR 1807.301 and as
described in Section II.E of this NOFA
and its Assistance Agreement.
(b) A Recipient may not disburse CMF
Award funds to an Affiliate, Subsidiary,
or any other entity, without the CDFI
Fund’s prior written approval.
(c) CMF Award funds shall only be
paid to the Recipient.
(d) The CDFI Fund, in its sole
discretion, may pay CMF Awards in
amounts, or under terms and
conditions, which are different from
those requested by an Applicant.
(7) Other Submission Requirements:
Each Applicant must register as an
organization in AMIS and submit all
required application materials through
this portal. The Authorized
Representative and/or Application
point(s) of contact must be included as
‘‘Contacts’’ in the Applicant’s AMIS
account. The Authorized Representative
must also be a ‘‘user’’ in AMIS and must
electronically sign the Application prior
to submission through AMIS. An
Applicant that fails to properly register
and update its AMIS account may miss
important communications from the
CDFI Fund or fail to submit an
Application successfully.
V. Application Review Information
A. Criteria: CMF Awards will be made
based on Applicants’ experience and
ability to use a CMF Award to support
Affordable Housing Activities and
Economic Development Activities in
accordance with the criteria set forth
below.
All eligible funding Applications will
be reviewed through a multi-phase
review process that includes both
quantitative and qualitative reviews, as
outlined below.
(1) Quantitative Review: First, the
CDFI Fund will undertake an initial
review of all Applications based on the
following quantitative factors:
(a) The Applicant’s organizational
capacity, as measured by an evaluation
of whether the Applicant’s projected
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activities are reasonable given its track
record, quality of its loan portfolio and
financial health (40 points);
(b) The Applicant’s commitments to
Projects, beyond the minimum criteria,
resulting in Affordable Housing for
Low-Income, Very-Low- and Extremely
Low-Income Families (30 points);
(c) The portion of the Applicant’s
commitments to generate the required
10:1 leverage ratio in Eligible Project
Costs representing private capital and
the portion of the leveraged funds
representing third-party capital (30
points).
Applicants will receive a quantitative
review score up to 100 points based on
these factors. Applicants will be
grouped into two categories: (1) Those
with a maximum Non-Metropolitan
investment of 50 percent or greater and
(2) all other Applicants. Applicants in
each category will be ranked according
to their quantitative review score. The
top 70 percent of Applicants in each
category will be forwarded to the next
level of review. The CDFI Fund reserves
the right to forward additional
Applicants to the qualitative review
phase in order to ensure that a diversity
of geographies are served by the
Applicants reviewed in the qualitative
review phase.
(2) External Application Review:
Applications that pass the quantitative
review process will be separately scored
by one or more external non-Federal
reviewers who are selected based on
criteria that include: A professional
background in affordable housing,
community and economic development
finance; experience reviewing financial
statements of all CDFI institution types;
and experience performing
underwriting of affordable housing and
economic development projects.
Reviewers must complete the CDFI
Fund’s conflict of interest process and
be approved by the CDFI Fund.
Reviewers will be assigned a set
number of Applications to review. The
reviewer will provide a score for each of
the Applications that were reviewed, in
accordance with the scoring criteria
outlined in Section V.A of this NOFA
and the Application materials.
Applications will be evaluated across
four primary areas:
(3) Business Strategy (25 points): The
Applicant must provide a detailed
strategy for implementing its CMF
Award.
(a) The Applicant is required to
identify and describe, among other
things:
(i) Its track record of financing
affordable housing and related
activities, or economic development
activities, if applicable;
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(ii) A description of the marketplace
gaps in financing available for
affordable housing in its proposed
Service Area(s);
(iii) Its proposed eligible activities
and a description of the types of
financing that will be offered; and
(iv) Its pipeline of proposed Projects
and activities.
(b) An Applicant will generally be
scored more favorably in this section to
the extent that it: Clearly identifies
market gaps and proposes eligible
activities to address those gaps through
the use of its CMF Award; describes
effective plans to provide financing that
would not otherwise be available to
finance and support Affordable Housing
Activities and (if applicable) Economic
Development Activities; proposes
activities that are consistent with the
Applicant’s track record; and provides a
detailed and viable pipeline of potential
eligible Affordable Housing activities
and (if applicable) Economic
Development Activities.
(4) Leveraging Strategy (25 points):
The Applicant must demonstrate its
ability to leverage a CMF Award,
particularly from private sources.
(a) To this end, the Applicant must
identify and describe, among other
things, its anticipated strategy for
leveraging dollars, including both
private capital and public funds:
(i) At the pre-investment stage (e.g.,
use of the CMF Award to secure
additional capital, including third-party
capital, prior to investing into Projects
to capitalize an Affordable Housing
Fund or Revolving Loan Fund);
(ii) Through reinvestment of CMF
Award dollars during the Investment
Period into additional Projects (e.g.,
planned re-investment of the CMF
Award and leveraged funds); and/or
(iii) At the project level (e.g., use of
the CMF Award to invest in Projects
with total Eligible Project costs in excess
of the CMF Award investment).
(b) An Applicant will generally score
more favorably in this section to the
extent that:
(i) A higher percentage of its
leveraged funds come from private
sources and from third-party capital;
(ii) It utilizes strategies for leveraging
funds at the Applicant level (preinvestment stage and reinvestment), as
opposed to solely at the Project level;
and
(iii) It demonstrates a track record of
leveraging funds in a similar manner.
(5) Community Impact (25 points):
The Applicant must clearly describe the
persons and communities the Applicant
intends to serve and demonstrate a track
record of serving those persons and/or
communities.
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(a) For rental Projects, beyond the
threshold of 20 percent of units per
Project, an Applicant will generally
score more favorably to the extent it
proposes to use its CMF Award and
leveraged funds to produce a greater
proportion of the total number of units
financed with these funds to be
occupied by Very Low-Income Families
and/or Extremely Low-Income Families.
(b) For Homeownership Projects,
beyond the threshold of 20 percent of
units per Project, an Applicant will
generally score more favorably to the
extent it proposes to use its CMF Award
and leveraged funds to produce a greater
proportion of the total number of units
financed with these funds to be
occupied by Low-income Families.
(c) An Applicant will score more
favorably to the extent that its strategy
proposes Affordable Housing in areas of
High Housing Need. Areas of High
Housing Need are defined as census
tracts where:
(i) At least 20 percent of households
are Very Low-Income renters paying
more than half their income for rent; or
(ii) Are high poverty neighborhoods
(where greater than 20 percent of
households have incomes below the
poverty rate) with a rental vacancy rate
of at least 10 percent; or
(iii) Are Underserved Rural Areas.
The Applicant must also describe, and
will score more favorably, the extent to
which the Applicant’s strategy will have
positive community development and
economic impacts, including expected
impacts of strategies developed to
complement formalized place-based
strategies.
(d) For Economic Development
activities, an Applicant will generally
score more favorably to the extent that
it commits to financing Economic
Development Activities in Low-Income
Areas.
(6) Organizational Capacity (25
points): The Applicant must
demonstrate its ability and capacity to
undertake its proposed activities, use its
CMF Award successfully, and maintain
compliance with its Assistance
Agreement.
(a) To this end, the Applicant must
identify and describe, among other
things:
(i) Its management team and key staff;
(ii) The role of its governing board or
advisory board;
(iii) Its procedures and systems to
track and ensure compliance with the
affordability and community impact
commitments;
(iv) Its current financial health,
including results of recent audits, and
quality of its loan portfolio; and
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6591
(v) Its experience administering other
public funds including Federal awards,
if applicable.
(b) An Applicant will generally be
scored more favorably to the extent that
it:
(i) Demonstrates that its staff, Board
members and other personnel have the
requisite skills and experience to
administer the CMF Award and
maintain compliance with its Assistance
Agreement;
(ii) Involves Low-Income persons or
Low-Income community representatives
in its decision-making process; and
(iii) Demonstrates a strong portfolio
and financial health.
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 set forth in
Section III.A above. An incomplete
Application will be rejected; an
Application that does not meet
eligibility requirements will be rejected.
(2) Substantive Review: If an
Application is deemed to be complete
and the Applicant is determined to be
eligible, the CDFI Fund will conduct the
substantive review of the Application in
accordance with the criteria and
procedures described in this NOFA in
Sections V.A(1) and V.A(2), the
Application, and any Application
guidance. As part of the review process,
the CDFI Fund may contact the
Applicant by telephone, email, mail, or
through an on-site visit for the sole
purpose of obtaining clarifying or
confirming Application information.
The CDFI Fund reserves the right to
collect such additional information from
Applicants as it deems appropriate.
After submitting its Application, the
Applicant will not be permitted to
revise or modify its Application in any
way nor attempt to negotiate the terms
of an award. If contacted for clarifying
or confirming information, the
Applicant must respond within the time
parameters established by the CDFI
Fund.
(3) Internal Application Review and
Initial Award Determination: After the
Applications have been reviewed and
scored by external reviewers, they will
be forwarded to CDFI Fund staff.
Applications will be ranked and
reviewed in descending order of the
external reviewer score. CDFI Fund staff
will conduct additional due diligence
on highly ranked Applicants and
analyze additional programmatic and
financial risk factors including, but not
limited to: Financial stability; quality of
management systems and ability to meet
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award management standards; reports
and findings from audits; and the
Applicant’s ability to effectively
implement Federal requirements.
Award amounts may be reduced as a
result of this analysis. The CDFI Fund
may also reduce awards sizes from
requested amounts based on certain
variables, including an Applicant’s loan
disbursement activity, total portfolio
outstanding, and similar factors.
In the case of an Applicant that has
received awards from other Federal
programs, the CDFI Fund reserves the
right to contact officials from the
appropriate Federal agency or agencies
to determine whether the Recipient is in
compliance with current or prior
assistance agreements, and to take such
information into consideration before
making a CMF Award. In the case of an
Applicant that has previously received
funding through any CDFI Fund
program, the CDFI Fund will consider
and may, in its discretion, deduct up to
5 points from the external reviewer
score for those Applicants (or their
Affiliates) that, within 24 months prior
to the Application deadline, are late in
meeting reporting requirements for
existing awards. The CDFI Fund may
also bar from consideration an
Applicant that has, in any proceeding
instituted against the Applicant in, by,
or before any court, governmental, or
administrative body or agency, received
a final determination within the last 3
years indicating that 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.
(4) Selection: Once Applications have
been internally evaluated and
preliminary award determinations have
been made, the Applications will be
forwarded to a selecting official for a
final award determination. After
preliminary award determinations are
made, the selecting official will review
the list of potential Recipients to
determine whether the Recipient pool
meets the following statutory objectives:
(a) The potential Recipients’ proposed
Service Area collectively represent
broad geographic coverage throughout
the United States; and
(b) The potential Recipients’ proposed
activities equitably represent both
Metropolitan and Non-Metropolitan
areas, as defined in the Application.
To the extent practicable, the CDFI
Fund reserves the right to make
alterations to CMF Award amounts and/
or to the CMF Recipient pool if deemed
necessary to provide these desired
outcomes. In cases where the selecting
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official’s award determination varies
significantly from the initial CMF
Award amount recommended by the
CDFI Fund staff review, the CMF Award
recommendation will be forwarded to a
reviewing official for final
determination. The CDFI Fund, in its
sole discretion, reserves the right to
reject an Application and/or adjust CMF
award amounts as appropriate based on
information obtained during the review
process.
(c) Insured Depository Institution
Applicants: In the case of Applicants
that are Insured Depository Institutions
or Insured Credit Unions, the CDFI
Fund will consider safety and
soundness information from the
Appropriate Federal or State Banking
Agency. If the Applicant is a CDFI
Depository Institution Holding
Company, the CDFI Fund will consider
information provided by the
Appropriate Federal or State Banking
Agencies about both the CDFI
Depository Institution Holding
Company and the CDFI Certified
Insured Depository Institution that will
expend and carry out the award. If the
Appropriate Federal Banking Agency or
Appropriate State 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.
(5) Right of Rejection: The CDFI Fund
reserves the right to reject an
Application if information (including
administrative errors) comes to the
attention of the CDFI Fund that
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 that any
portion of the Application is incorrect
in any material respect, the CDFI Fund
reserves the right, in its sole discretion,
to reject the Application. The CDFI
Fund reserves the right to change its
eligibility and evaluation criteria and
procedures, if the CDFI Fund deems it
appropriate. If said changes materially
affect the CDFI Fund’s award decisions,
the CDFI Fund will provide information
regarding the changes through the CDFI
Fund’s Web site. There is no right to
appeal the CDFI Fund’s award
decisions. The CDFI Fund’s award
decisions are final.
(6) Anticipated Award
Announcement: The CDFI Fund
anticipates making CMF Award
announcements in Spring 2016.
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VI. Federal Award Administration
Information
A. Award Notification: Each
successful Applicant will receive an
email ‘‘notice of award’’ notification
from the CDFI Fund stating that its
Application has been approved for an
award. Each Applicant not selected for
an award will receive an email stating
that a debriefing notice has been
provided in its AMIS account.
B. Administrative and National Policy
Requirements: The CDFI Fund may, in
its discretion and without advance
notice to the Recipient, terminate the
award or take other actions as it deems
appropriate if, prior to entering into an
Assistance Agreement, information
(including an administrative error)
comes to the CDFI Fund’s attention that
adversely affects: The Recipient’s
eligibility for an award; the CDFI Fund’s
evaluation of the Application; the
Recipient’s compliance with any
requirement listed in the Uniform
Requirements; or indicates fraud or
mismanagement on the Recipient’s part.
If the Recipient’s certification status
as a CDFI changes, the CDFI Fund
reserves the right, in its sole discretion,
to re-calculate the CMF Award, modify
the Notice of Award, and modify the
Assistance Agreement based on the
Recipient’s non-CDFI status.
By executing an Assistance
Agreement, the Recipient agrees that, if
the CDFI Fund becomes aware of any
information (including an
administrative error) prior to the
Effective Date of the Assistance
Agreement that either adversely affects
the Recipient’s eligibility for an CMF
Award, or adversely affects the CDFI
Fund’s evaluation of the Award
Recipient’s Application, or indicates
fraud or mismanagement on the part of
the Recipient, the CDFI Fund may, in its
discretion and without advance notice
to the Recipient, terminate the
Assistance Agreement or take other
actions as it deems appropriate.
The CDFI Fund reserves the right, in
its sole discretion, to rescind an award
if the Recipient fails to return the
Assistance Agreement, signed by the
authorized representative of the award
Recipient, and/or provide the CDFI
Fund with any other requested
documentation, within the CDFI Fund’s
deadlines.
In addition, the CDFI Fund reserves
the right, in its sole discretion, to
terminate and rescind the Assistance
Agreement and the award made under
this NOFA for any criteria described in
the following table:
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TABLE 6—REQUIREMENTS PRIOR TO EXECUTING AN ASSISTANCE AGREEMENT
Requirement
Criteria
Failure to meet reporting requirements.
If a Recipient is a prior CDFI Fund award Recipient or Allocatee under any CDFI Fund program and is not
current on the reporting requirements set forth in the previously executed assistance, award, allocation,
bond loan agreement(s), or agreement to guarantee, as of the date of the Notice of Award, the CDFI
Fund reserves the right, in its sole discretion, to delay entering into an Assistance Agreement and/or to
delay making a Payment of CMF Award, until said prior Recipient or Allocatee is current on the reporting
requirements in the previously executed assistance, award, allocation, bond loan agreement(s), or
agreement to guarantee. Please note that automated systems employed by the CDFI Fund for receipt of
reports submitted electronically typically acknowledge only a report’s receipt; such acknowledgment does
not warrant that the report received was complete, nor that it met reporting requirements. If said prior
Recipient or Allocatee is unable to meet this requirement within the timeframe set by the CDFI Fund, the
CDFI Fund reserves the right, in its sole discretion, to terminate and rescind the Notice of Award and the
CMF Award made under this NOFA.
A Recipient must be a Certified CDFI or a Nonprofit Organization prior to entering into an Assistance
Agreement.
If, at any time prior to entering into an Assistance Agreement under this NOFA, an Applicant that is a prior
CDFI Fund award Recipient or Allocatee under any CDFI Fund program has submitted reports to the
CDFI Fund that demonstrate noncompliance with a previous assistance, award, or allocation agreement,
but the CDFI Fund has yet to make a final determination regarding whether or not the entity is in default
of its previous assistance, award, allocation, bond loan agreement, or agreement to guarantee, the CDFI
Fund reserves the right, in its sole discretion, to delay entering into an Assistance Agreement and/or to
delay making a Payment of CMF Award, pending full resolution, in the sole determination of the CDFI
Fund, of the noncompliance.
If said prior Recipient or Allocatee is unable to meet this requirement, in the sole determination of the
CDFI Fund, the CDFI Fund reserves the right, in its sole discretion, to terminate and rescind the Notice
of Award and the CMF Award made under this NOFA.
If, at any time prior to entering into an Assistance Agreement, the CDFI Fund determines that a Recipient
is in default of a previously executed agreement with the CDFI Fund and the Recipient has been provided written notification of such determination, the CDFI Fund can delay entering into an Assistance
Agreement, until the Recipient has cured the default, if applicable, by taking actions the CDFI Fund has
specified within the specified timeframe. Further, if, at any time prior to entering into an Assistance
Agreement, the CDFI Fund determines that a Recipient is noncompliant with an FY 2015 agreement, or
with agreements for fiscal years thereafter, under any CDFI Fund program, the CDFI Fund can delay entering into an Assistance Agreement, until the Recipient has cured the noncompliance by taking actions
the CDFI Fund has specified within the specified timeframe. If the Recipient is unable to meet the cure
requirement, if applicable, within the specified timeframe, the CDFI Fund may terminate and rescind the
Assistance Agreement and the CMF Award made under this NOFA.
If the CDFI Fund has found the Recipient in final default of a prior executed agreement and provided notification of sanctions, the CDFI Fund may terminate and rescind the Assistance Agreement and the CMF
Award made under this NOFA within the time period specified in such notification.
The CDFI Fund will terminate and rescind the Assistance Agreement and the CMF Award made under this
NOFA if, prior to entering into an Assistance Agreement under this NOFA, the Recipient receives a final
determination, made within the last 3 years, in any proceeding instituted against the Recipient in, by, or
before any court, governmental, or administrative body or agency, declaring that the CMF Award Recipient has violated the following laws: Title VI of the Civil Rights Act of 1964, as amended (42
U.S.C.2000d); Section 504 of the Rehabilitation Act of 1973 (29 U.S.C. 794); the Age Discrimination Act
of 1975, (42 U.S.C. 6101–6107), and Executive Order 13166, Improving Access to Services for Persons
with Limited English Proficiency.
The Do Not Pay Business Center was developed to support Federal agencies in their efforts to reduce the
number of improper payments made through programs funded by the Federal government.
The CDFI Fund reserves the right, in its sole discretion, to rescind an award if the award Recipient is identified as ineligible to be a Recipient on the Do Not Pay database.
If it is determined the Recipient is or will be incapable of meeting its CMF Award obligations, the CDFI
Fund will deem the Recipient to be ineligible or require it to improve safety and soundness conditions
prior to entering into an Assistance Agreement.
Failure to maintain CDFI Certification.
Pending resolution of noncompliance.
Default or Noncompliance status ....
Final Default and Sanctions ............
Compliance with Federal civil rights
requirements.
Do Not Pay .....................................
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C. Assistance Agreement: Each
Applicant that is selected to receive an
award under this NOFA must enter into
an Assistance Agreement with the CDFI
Fund in order to become a Recipient
and receive Payment. Each CMF Award
under this NOFA generally will have a
period of performance that begins with
the date of the notice of award and
continues until the end of the
Investment Period. However, the
Assistance Agreement shall also include
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a 10-year affordability period in
addition to the Investment Period.
(1) The Assistance Agreement will set
forth certain required terms and
conditions of the CMF Award, which
will include, but not be limited to:
(a) The amount of the award;
(b) The approved uses of the award;
(c) The approved Service Area in
which the award may be used;
(d) Performance goals and measures;
and
(e) Reporting requirements for all
Recipients.
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(2) The Assistance Agreement shall
provide that, prior to any determination
by the CDFI Fund that a Recipient has
failed to comply substantially with the
Act, the interim rule, or the
environmental quality regulations, the
CDFI Fund shall provide the Recipient
with reasonable notice and opportunity
for hearing. For failure by the Recipient
to comply substantially with the
Assistance Agreement, the CDFI Fund
may:
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(a) Require changes in the
performance goals set forth in the
Assistance Agreement;
(b) Reduce or terminate the CMF
Award; or
(c) Require repayment of any CMF
Award that has been distributed to the
Recipient.
(3) The Assistance Agreement shall
also provide that, if the CDFI Fund
determines noncompliance with the
terms and conditions of the Assistance
Agreement on the part of the Recipient,
the CDFI Fund may:
(a) Bar the Recipient from reapplying
for any assistance from the CDFI Fund;
or
(b) Take such other actions as the
CDFI Fund deems appropriate or as set
forth in the Assistance Agreement.
(4) In addition to entering into an
Assistance Agreement, each Applicant
selected to receive a CMF Award must
furnish to the CDFI Fund an opinion
from its legal counsel, the content of
which will be further specified in the
Assistance Agreement, which may
include, among other matters, an
opinion that:
(a) The Recipient is duly formed and
in good standing in the jurisdiction in
which it was formed and the
jurisdiction(s) in which it transacts
business;
(b) The Recipient has the authority to
enter into the Assistance Agreement and
undertake the activities that are
specified therein;
(c) The Recipient has no pending or
threatened litigation that would
materially affect its ability to enter into
and carry out the activities specified in
the Assistance Agreement;
(d) The Recipient is not in default of
its articles of incorporation or
formation, bylaws or operating
agreements, other organizational or
establishing documents, or any
agreements with the Federal
government; and
(e) The CMF affordability restrictions
that are to be imposed by deed
restrictions, covenants running with the
land, or other CDFI Fund approved
mechanisms are recordable and
enforceable under the laws of the State
and locality where the Recipient will
undertake its CMF activities.
D. 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. If applicable, the CDFI Fund
may inform Applicants that they do not
need to provide certain Application
information otherwise required.
Pursuant to the Paperwork Reduction
Act, the CMF Program Application has
been assigned the following control
number: 1559–0036.
E. Reporting: The CDFI Fund will
require each Recipient that receives a
CMF Award through this NOFA to
account for and report to the CDFI Fund
on the use of the CMF Award. This will
require Recipients to establish
administrative controls, subject to
applicable OMB Circulars and guidance.
The CDFI Fund will collect information
from each such Recipient on its use of
the CMF Award at least once following
Payment and more often if deemed
appropriate by the CDFI Fund in its sole
discretion. The CDFI Fund will provide
guidance to Recipients outlining the
format and content of the information
required to be provided to describe how
the funds were used.
The CDFI Fund may collect
information from each Recipient
including, but not limited to, an Annual
Report with the following components:
TABLE 7—REPORTING REQUIREMENTS
Criteria
Description
Single Audit Narrative Report (or
like report).
The Recipient must submit, via AMIS, a Single Audit Narrative Report for each year of its period of performance notifying the CDFI Fund whether it is required to have a single audit pursuant to OMB Single
Audit requirements.
A Recipient that is a non-profit entity that expends $750,000 or more in Federal awards during its fiscal
year must have a single audit conducted for that year. If a Recipient is required to complete a Single
Audit Report, it should be submitted to the Federal Audit Clearinghouse. See 2 CFR part 200, subpart FAudit Requirements in the Uniform Federal Award Requirements.
For-profit award Recipients will be required to complete and submit a similar report directly to the CDFI
Fund.
All Recipients must submit a CMF Annual Report to the CDFI Fund on uses of the CMF Award (including
transactional data on eligible activities and Projects, and customer profiles) via the Community Investment Impact System (CIIS).
If the award Recipient fails to meet a performance goal or reporting requirements, it must submit the Explanation of Noncompliance via AMIS.
Single Audit (if applicable) (or similar report).
CMF Annual Report ........................
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Explanation of Noncompliance (as
applicable) or successor report.
Each Recipient is responsible for the
timely and complete submission of the
annual reporting documents. The CDFI
Fund will use such information to
monitor each Recipient’s compliance
with the requirements set forth in the
Assistance Agreement and to assess the
impact of the CMF. 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 Recipients.
F. Financial Management and
Accounting: The CDFI Fund will require
Recipients to maintain financial
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17:51 Feb 05, 2016
Jkt 238001
management and accounting systems
that comply with Federal statutes,
regulations, and the terms and
conditions of the CMF Award. These
systems must be sufficient to permit the
preparation of reports required by
general and program specific terms and
conditions, including the tracing of
funds to a level of expenditures
adequate to establish that such funds
have been used in accordance with the
Federal statutes, regulations, and the
terms and conditions of the CMF
Award.
The cost principles used by
Recipients must be consistent with
Federal cost principles, must support
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Fmt 4703
Sfmt 4703
the accumulation of costs as required by
the principles, and must provide for
adequate documentation to support
costs charged to the CMF Award. In
addition, the CDFI Fund will require
Recipients to: Maintain effective
internal controls; comply with
applicable statutes, regulations, and the
Assistance Agreement; evaluate and
monitor compliance; take action when
not in compliance; and safeguard
personally identifiable information.
VII. Agency Contacts
A. Availability: The CDFI Fund will
respond to questions and provide
support concerning this NOFA and the
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Application between the hours of 9:00
a.m. and 5:00 p.m. ET, starting on the
date of the publication of this NOFA
until the close of business on the third
day preceding the Application deadline.
The CDFI Fund will not respond to
questions or provide support concerning
the Application that are received after
5:00 p.m. ET on said date, until after the
Application deadline. CDFI Fund IT
support will be available until 5:00 p.m.
ET on date of the Application deadline.
Applications and other information
regarding the CDFI Fund and its
programs may be obtained from the
CDFI Fund’s Web site at https://
www.cdfifund.gov/cmf. The CDFI Fund
will post on its Web site responses to
questions of general applicability
regarding the CMF.
B. The CDFI Fund’s contact
information is as follows:
TABLE 8—CONTACT INFORMATION
Telephone No.
(not toll free)
Type of question
CMF ..............................................................................................................................................
CDFI Certification .........................................................................................................................
Compliance Monitoring and Evaluation ........................................................................................
Information Technology Support ..................................................................................................
For Information Technology support,
the preferred method of contact is to
submit a Service Request (SR) within
AMIS. For the SR, select ‘‘General
Inquiry’’ for the record type and select
‘‘Cross Program-AMIS technical
problem’’ for the type.
C. Communication with the CDFI
Fund: The CDFI Fund will use AMIS to
communicate with Applicants and
Recipients, using the contact
information maintained in their
respective AMIS accounts. Therefore,
the Recipient and any Subsidiaries,
signatories, and Affiliates must maintain
accurate contact information (including
contact persons and authorized
representatives, email addresses, fax
numbers, phone numbers, and office
addresses) in its AMIS account(s). For
more information about AMIS please
see the Help documents posted at https://
amis.cdfifund.gov/s/Training.
Authority: Pub. L. 110–289. 12 U.S.C.
4701, 12 CFR part 1805, 12 CFR part 1807,
12 CFR part 1815, 12 U.S.C. 4502.
Dated: February 2, 2016.
Mary Ann Donovan,
Director, Community Development Financial
Institutions Fund.
[FR Doc. 2016–02372 Filed 2–3–16; 4:15 pm]
BILLING CODE 4810–70–P
DEPARTMENT OF THE TREASURY
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Office of the Comptroller of the
Currency
Agency Information Collection
Activities: Information Collection
Renewal; Comment Request; Privacy
of Consumer Financial Information
Office of the Comptroller of the
Currency (OCC), Treasury.
AGENCY:
Notice and request for
comment.
ACTION:
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17:51 Feb 05, 2016
Jkt 238001
The OCC, as part of its
continuing effort to reduce paperwork
and respondent burden, invites the
general public and other Federal
agencies to take this opportunity to
comment on a continuing information
collection, as required by the Paperwork
Reduction Act of 1995 (44 U.S.C.
chapter 35) (PRA).
Under the PRA, Federal agencies are
required to publish notice in the
Federal Register concerning each
proposed collection of information,
including each proposed extension of an
existing collection of information and to
allow 60 days for public comment in
response to the notice.
In accordance with the requirements
of the PRA, the OCC may not conduct
or sponsor, and the respondent is not
required to respond to, an information
collection unless it displays a currently
valid Office of Management and Budget
(OMB) control number. The OCC is
soliciting comment concerning the
renewal of its information collection
titled, ‘‘Privacy of Consumer Financial
Information.’’
DATES: Comments must be received by
April 8, 2016.
ADDRESSES: Because paper mail in the
Washington, DC area and at the OCC is
subject to delay, commenters are
encouraged to submit comments by
email, if possible. Comments may be
sent to: Legislative and Regulatory
Activities Division, Office of the
Comptroller of the Currency, Attention:
1557–0216, 400 7th Street SW., Suite
3E–218, Mail Stop 9W–11, Washington,
DC 20219. In addition, comments may
be sent by fax to (571) 465–4326 or by
electronic mail to prainfo@occ.treas.gov.
You may personally inspect and
photocopy comments at the OCC, 400
7th Street SW., Washington, DC 20219.
For security reasons, the OCC requires
that visitors make an appointment to
inspect comments. You may do so by
SUMMARY:
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202–653–0421
202–653–0423
202–653–0423
202–653–0422
Email addresses
cmf@cdfi.treas.gov.
ccme@cdfi.treas.gov.
ccme@cdfi.treas.gov.
AMIS@cdfi.treas.gov.
calling (202) 649–6700 or, for persons
who are deaf or hard of hearing, TTY,
(202) 649–5597. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and submit to security screening in
order to inspect and photocopy
comments.
All comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
include any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
FOR FURTHER INFORMATION CONTACT:
Shaquita Merritt, Clearance Officer,
(202) 649–5490 or, for persons who are
deaf or hard of hearing, TTY, (202) 649–
5597, Legislative and Regulatory
Activities Division, Office of the
Comptroller of the Currency, 400 7th
Street SW., Washington, DC 20219.
Under the
PRA, Federal agencies must obtain
approval from the OMB for each
collection of information they conduct
or sponsor. ‘‘Collection of information’’
is defined in 44 U.S.C. 3502(3) and 5
CFR 1320.3(c) to include agency
requests or requirements that members
of the public submit reports, keep
records, or provide information to a
third party. Section 3506(c)(2)(A) of the
PRA (44 U.S.C. 3506(c)(2)(A)) requires
Federal agencies to provide a 60-day
notice in the Federal Register
concerning each proposed collection of
information, including each proposed
extension of an existing collection of
information, before submitting the
collection to OMB for approval. To
comply with this requirement, the OCC
is publishing notice of the proposed
collection of information set forth in
this document.
SUPPLEMENTARY INFORMATION:
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]]>Agencies
[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)]
[Notices]
[Pages 6585-6595]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02372]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Funds Availability Inviting Applications for the Fiscal
Year (FY) 2016 Funding Round of the Capital Magnet Fund
Announcement Type: Announcement of funding opportunity.
Funding Opportunity Number: CDFI-2016-CMF
Catalog of Federal Domestic Assistance (CFDA) Number: 21.011
DATES: Electronic applications for must be received by 5:00 p.m.
Eastern Time (ET), March 30, 2016.
Key Dates:
FY 2016 CMF Program Funding Round Critical Deadlines for Applicants
----------------------------------------------------------------------------------------------------------------
Description Deadline Time (Eastern time- ET) Submission method
----------------------------------------------------------------------------------------------------------------
SF-424 Mandatory form............... March 16, 2016......... 11:59 p.m. ET........... Electronically via
Grants.gov.
Last day to contact CMF Program March 28, 2016......... 5:00 p.m. ET............ CDFI Fund Helpdesk: 202-
Staff. 653-0421 or
cmf@cdfi.treas.gov.
CMF Application and Required March 30, 2016......... 11:59 p.m. ET........... Electronically via
Attachments. Awards Management
Information System
(AMIS).
----------------------------------------------------------------------------------------------------------------
Executive Summary: The Capital Magnet Fund (CMF) is administered by
the Community Development Financial Institutions Fund (CDFI Fund).
Through the CMF, the CDFI Fund provides financial assistance grants to
Community Development Financial Institutions (CDFIs), and to qualified
Nonprofit Organizations that have the development or management of
affordable housing as one of their principal purposes. All awards
provided through this Notice of Funds Availability (NOFA) are subject
to funding availability.
I. Program Description
A. Authorizing Statutes and Regulations: The CMF was established
through the Housing and Economic Recovery Act of 2008 (HERA), which
added section 1339 to the Federal Housing Enterprises Financial Safety
and Soundness Act of 1992. Under (HERA), the Government Sponsored
Enterprises (GSEs), Federal National Mortgage Association (Fannie Mae)
and the Federal Home Loan Mortgage Corporation (Freddie Mac), are
required to set aside annual allocations equal to 4.2 basis points for
each dollar of their unpaid principal balances of total new business
purchases, of which 25 percent must be deposited into a reserve fund
for the HOPE for Homeowners Program for FY 2016, and, of the remaining
amount available, the Housing Trust Fund will receive 65 percent of the
funds, and the CMF will receive 35 percent of the funds. The Federal
Housing Finance Agency (FHFA), acting as the GSEs' conservator,
temporarily suspended these allocations before they began, and Congress
appropriated $80 million to fund an initial round of the CMF in FY
2010. In December 2014, the FHFA lifted its suspension of the GSEs'
allocation and directed the GSEs to begin allocating funds for the CMF.
This NOFA announces that the CDFI Fund will make CMF Awards when such
funds are made available through the GSEs' FY 2015 annual allocation.
The regulations that govern the CMF are the interim rule (12 CFR part
1807), which has been simultaneously published for comment with this
NOFA, and the CDFI Fund's environmental regulations at 12 CFR part 1815
(environmental quality regulations).
The CDFI Fund encourages Applicants to review the CMF interim rule,
this NOFA, the environmental quality regulations, the CMF funding
application (referred to hereafter as the ``Application'', meaning the
application submitted in response to this NOFA), and the Uniform
Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards (2 CFR part 200; 78 FR 78590) (Uniform
Administrative Requirements or UAR) for a complete understanding of the
program. Each capitalized term in this NOFA is defined herein, in the
interim rule, the Application, or the Uniform Administrative
Requirements. Details regarding Application content requirements are
found in the Application and related materials.
B. History: The CDFI Fund was established by the Riegle Community
Development Banking and Financial Institutions Act of 1994 to promote
economic revitalization and community development through investment in
and assistance to CDFIs. Since its creation in 1994, the CDFI Fund has
awarded over $2 billion to CDFIs, community development organizations,
and financial institutions through the Capital Magnet Fund (CMF),
Community Development Financial
[[Page 6586]]
Institutions Program (CDFI Program), the Native American CDFI
Assistance Program (NACA Program), the Bank Enterprise Award Program
(BEA Program), and the Financial Education and Counseling Pilot
Program. In addition, the CDFI Fund has allocated more than $43 billion
in tax credit allocation authority through the New Markets Tax Credit
Program (NMTC Program) and has obligated $852 million in bond
guarantees to Eligible CDFIs through the CDFI Bond Guarantee Program.
C. Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (2 CFR part 200): The Uniform
Administrative Requirements codify financial, administrative,
procurement, and program management standards that Federal award-making
agencies must follow. Per the Uniform Administrative Requirements, when
evaluating award applications, awarding agencies must evaluate the
risks to the program posed by each Applicant, and each Applicant's
merits and eligibility. These requirements are designed to ensure that
Applicants for Federal assistance receive a fair and consistent review
prior to an award decision. This review will assess items such as the
Applicant's financial stability, quality of management systems, history
of performance, and single audit findings. In addition, the Uniform
Administrative Requirements include guidance on audit requirements and
other award compliance requirements for award Recipients.
D. Priorities: The CMF priorities are to attract private capital
for and increase investment in the Development, Preservation,
Rehabilitation, or Purchase of Affordable Housing for primarily
Extremely Low-Income, Very Low-Income, and Low-Income Families, as well
as Economic Development Activities, which, In Conjunction With
Affordable Housing Activities, implement a Concerted Strategy to
stabilize or revitalize a Low-Income Area or Underserved Rural Area. In
this NOFA, the CDFI Fund will implement these priorities by funding
Applications that propose to: (i) Finance and/or support rental
Affordable Housing Projects in which a minimum of 20 percent of the
units in each Project are targeted to Very Low-Income households and/or
Extremely Low-Income Families; or finance and/or support Homeownership
Projects in which a minimum of 20 percent of the units in each Project
are targeted to Low-Income Families; and (ii) leverage a higher
proportion of private capital to finance and/or support Affordable
Housing Activities and Economic Development Activities. Further, the
CDFI Fund will fund Applications serving geographically diverse areas
of economic distress, including Metropolitan and Underserved Rural
Areas.
II. Federal Award Information
A. Funding Availability: The amount available for FY 2016 awards
through this NOFA will be the amount that is transferred to the CDFI
Fund by the GSEs for the Capital Magnet Fund. No Congressionally
appropriated funds are anticipated through the FY 2016 CMF Program
Funding Round. Based on quarterly reports filed by the GSEs with the
Securities and Exchange Commission, the CDFI Fund anticipates receiving
approximately $80 million to fund CMF Awards in FY 2016. However, the
final amount allocated to the CMF by the GSEs will likely not be
determined before March 2016, and thus the anticipated amount may
differ from the actual allocated amount. HERA prohibits the CDFI Fund
from obligating more than 15 percent of the available CMF funding in
the aggregate to any Applicant, its Subsidiaries and Affiliates in the
same funding round. Affiliated entities are not allowed to apply
separately under this NOFA. While the exact dollar amount of the
funding cap cannot be established until the total amount available for
CMF Awards is known, the FY 2010 CMF Program Funding Round is
illustrative of how the funding cap will be implemented. In FY 2010,
the amount appropriated for CMF Awards was $80 million, the funding cap
was $12 million, and CMF Awards ranged from $500,000 to $6 million.
The CDFI Fund reserves the right, in its sole discretion, to
provide a CMF Award in an 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.
B. Types of Awards: The CDFI Fund will provide CMF Awards in the
form of grants. CMF Awards must be used to support the eligible
activities as set forth in 12 CFR 1807.301. CMF Awards cannot be
``passed through'' to third-party entities, whether Affiliates,
Subsidiaries, or others, to undertake the eligible activities set forth
in 12 CFR 1807.301, without the prior written approval of the CDFI
Fund.
C. Limitation on Number of CMF Awards: An Applicant may receive
only one award through the FY 2016 CMF Program Funding Round. An
Applicant, its Subsidiaries, or Affiliates also may apply for and
receive an award through the CDFI Program, CDFI Bond Guarantee Program,
Native American CDFI Assistance (NACA) Program, Bank Enterprise Award
(BEA) Program, or New Markets Tax Credit (NMTC) Program, but only to
the extent that the activities proposed for CMF Awards are different
from those activities for which the Applicant received an award under
another CDFI Fund program. The CDFI Fund has determined that for
purposes of this rule, such different activities are those proposed
Projects that do not involve funding from any other CDFI Fund program.
D. Anticipated Start Date and Period of Performance: The CDFI Fund
anticipates the period of performance for the FY 2016 CMF Program
Funding Round will begin in the Spring of 2016. The period of
performance for each CMF Award begins with the date that the CDFI Fund
issues the notice of award and continues until the end of the
Investment Period (as defined in 12 CFR 1807.104), or as otherwise set
forth in the Assistance Agreement, during which time the Recipient must
meet certain performance goals.
E. Eligible Activities: An Applicant may submit an Application for
a CMF Award to support or finance activities that attract private
capital for and increase investment in (i) the Development,
Preservation, Rehabilitation, or Purchase of Affordable Housing for
primarily Low-, Very Low- and Extremely Low-Income Families, and (ii)
Economic Development Activities. CMF Awards may only be used as
follows: (i) To provide Loan Loss Reserves, (ii) to capitalize a
Revolving Loan Fund, (iii) to capitalize an Affordable Housing Fund,
(iv) to capitalize a fund to support Economic Development Activities,
(v) for Risk-Sharing Loans, or (vii) to provide Loan Guarantees. No
more than 30 percent of a CMF Award may be used for Economic
Development Activities. The amount available to any Recipient for
Direct Administrative Expenses is limited to no more than 5 percent of
its CMF Award, and may only be used to facilitate the Recipient's use
of its CMF Award for the eligible activities.
III. Eligibility Information
A. Eligible Applicants: In order to be eligible to apply for a CMF
Award, an Applicant must either be a Certified CDFI or a Nonprofit
Organization, as defined in 12 CFR 1807.104. Table 1 indicates the
criteria that each entity type must meet in order to be eligible for a
CMF Award pursuant to this NOFA:
[[Page 6587]]
Table 1--Applicant Eligibility Requirements
------------------------------------------------------------------------
Entity type Eligibility requirements
------------------------------------------------------------------------
Certified CDFI.................... Has been in existence as a
legally formed entity for at least
3 years prior to the Application
deadline under this NOFA;
Has been determined by the
CDFI Fund to meet the CDFI
certification requirements set
forth in 12 CFR 1805.201 and has
received official notification from
the CDFI Fund that it meets all
such requirements as of the date of
this NOFA;
Its CDFI certification has
not expired;
Has not been notified by
the CDFI Fund that its
certification is in default or has
been terminated;
In cases where the CDFI
Fund provided Certified CDFIs with
written notification that their
CDFI certification was extended,
the CDFI Fund will consider the
extended certification date (the
later date) to determine whether
those Certified CDFIs meet this
eligibility requirement.
Nonprofit Organization............ Has been in existence as a
legally formed entity for at least
3 years prior to the Application
deadline under this NOFA;
Demonstrates, through
articles of incorporation, by-laws,
or other board-approved documents,
that the development or management
of affordable housing are among its
principal purposes; and
Demonstrates that at least
thirty-three and one-third percent
of its total assets (loan portfolio
and investments) is dedicated to
the development or management of
affordable housing.
------------------------------------------------------------------------
Any Applicant that does not meet the criteria in Table 1 is
ineligible to apply for a CMF Award under this NOFA.
Table 2--Additional Eligibility Requirements
------------------------------------------------------------------------
------------------------------------------------------------------------
Application type and submission Applicants must submit the
overview through Grants.gov and required Application documents
Awards Management Information listed in Table 4.
System (AMIS). The CDFI Fund will only
accept Applications that use the
official application templates
provided on the Grants.gov and AMIS
websites. Applications submitted
with alternative or altered
templates will not be considered.
Applicants will submit the
required documents in two
locations: (1) Grants.gov and (2)
AMIS.
[cir] Grants.gov: Applicants must
submit the OMB SF-424 Mandatory
(Application for Federal
Assistance) form.
[cir] AMIS: Applicants must
submit all other required
Application materials.
[cir] All Applicants must
register in the Grants.gov and
AMIS systems to submit an
Application successfully. The
CDFI Fund strongly encourages
applicants to register as early
as possible.
Grants.gov and the SF-424
Mandatory form:
[cir] The SF-424 must be
submitted in Grants.gov before
the other Application materials
are submitted in AMIS.
Applicants are strongly
encouraged to submit their SF-
424 as early as possible via the
Grants.gov portal.
[cir] If the SF-424 is not
accepted by Grants.gov, the CDFI
Fund will not review any
material submitted in AMIS and
the Application will be deemed
ineligible.
AMIS:
[cir] AMIS is a new enterprise-
wide information technology
system that is replacing the
myCDFI Fund portal and that will
be used to submit and store
organization and Application
information with the CDFI Fund.
[cir] Applicants are only allowed
one submission in AMIS.
Employer Identification Number An Applicant must submit
(EIN). electronically a copy of the letter
from the IRS as evidence that the
Applicant has been assigned its own
unique EIN.
The CDFI Fund will reject
an Application submitted with the
EIN of a parent or Affiliate
organization.
The CDFI Fund will deem an
Application incomplete if it does
not include an IRS document that
verifies the Applicant's EIN (a tax
return is not an acceptable form of
IRS documentation).
DUNS number....................... Pursuant to OMB guidance
(68 FR 38402), an Applicant must
apply using its unique DUNS number
in Grants.gov.
The CDFI Fund will reject
an Application submitted with the
DUNS number of a parent or
Affiliate organization.
Awards Management Information Each Applicant must
System (AMIS). register as an organization in AMIS
and submit all required Application
materials through the AMIS portal.
The Authorized
Representative must be included as
a ``user'' in the Applicant's AMIS
account.
An Applicant that fails to
properly register and update its
AMIS account may miss important
communications from the CDFI Fund
or fail to submit an Application
successfully.
501(c)(4) status.................. Pursuant to 2 U.S.C. 1611,
a 501(c)(4) any organization that
engages in lobbying activities is
not eligible for the receipt of CMF
Award.
Compliance with Federal civil An Applicant may not be
rights requirements. eligible to receive an award if
proceedings have been instituted
against it in, by, or before any
court, governmental agency, or
administrative body, and a final
determination within the last 3
years indicates the Applicant has
violated any of the following laws:
Title VI of the Civil Rights Act of
1964, as amended (42 U.S.C. 2000d);
Section 504 of the Rehabilitation
Act of 1973 (29 U.S.C. 794); the
Age Discrimination Act of 1975, (42
U.S.C. 6101-6107), and Executive
Order 13166, Improving Access to
Services for Persons with Limited
English Proficiency.
------------------------------------------------------------------------
[[Page 6588]]
Further, the following describes additional considerations
applicable to prior award Recipients or Allocatees under any CDFI Fund
program:
B. Prior award Recipients or Allocatees: Applicants must be aware
that success in a prior round of any of the CDFI Fund's programs is not
indicative of success under this NOFA. Prior award Recipients or
Allocatees under any CDFI Program are eligible to apply under this
NOFA, except as noted in the following table:
Table 3--Eligibility Requirements for Applicants Which Are Prior Award
Recipients
------------------------------------------------------------------------
Criteria Description
------------------------------------------------------------------------
Pending resolution of The CDFI Fund will consider an
noncompliance. Application submitted by an
Applicant that has pending
noncompliance issues if the CDFI
Fund has not yet made a final
determination as to whether the
Applicant is in default of any of
its previously executed
agreement(s).
Default or Noncompliance status... The CDFI Fund will not
consider an Application submitted
by an Applicant that has been
notified by the CDFI Fund in
writing that it is in default of a
previously executed agreement under
any CDFI Fund program, at the time
of the Application deadline, unless
otherwise indicated by the CDFI
Fund in writing. The CDFI Fund will
not consider an Application
submitted by an Applicant that has
been notified by the CDFI Fund in
writing that it is noncompliant
with an FY 2015 agreement, or with
agreements for fiscal years
thereafter, under any CDFI Fund
program, at the time of the
Application deadline, unless
otherwise indicated by the CDFI
Fund in writing.
The CDFI Fund will not
consider any Applicant that has
defaulted on a CDFI program loan
within five years of the
Application deadline.
Undisbursed award funds and An Applicant that has funds from a
calculations (general). prior CDFI Fund program that have
not been disbursed, as defined in
(a)-(d) below, as of the
Application deadline will not be
eligible for a CMF Award.
(a) The CDFI Fund will include the
combined undisbursed funds of the
Applicant and its Affiliates.
(b) Balances on undisbursed award
funds cannot exceed 5 percent of
the combined BEA Program awards
made to the Applicant in FYs 2012,
2013, and 2014.
(c) Balances on undisbursed award
funds cannot exceed 5 percent of
the combined CDFI/NACA Program
awards made to the Applicant in FYs
2012, 2013, and 2014.
(d) The undisbursed award funds
calculation does not include award
funds for: (i) Which the Recipient
has submitted a full and complete
disbursement request before the
Application deadline; (ii) an award
that has been terminated or de-
obligated; (iii) an award that does
not have a fully executed award
agreement; and (iv) the tax credit
allocation authority made available
through the NMTC Program.
------------------------------------------------------------------------
C. Contact the CDFI Fund: Accordingly, Applicants that are prior
Recipients and/or Allocatees under any CDFI Fund program are advised
to: (i) Comply with requirements specified in an assistance agreement,
award agreement, allocation agreement, bond loan agreement, or
agreement to guarantee and (ii) contact the CDFI Fund to ensure that
all necessary actions are underway for the disbursement of any
outstanding balance of a prior award(s). An Applicant that is unsure
about the disbursement status of any prior award should contact the
CDFI Fund by sending an email to cdfihelp@cdfi.treas.gov. All
outstanding reports and compliance questions should be directed to the
Certification, Compliance Monitoring, and Evaluation helpdesk by email
at ccme@cdfi.treas.gov or by telephone at (202) 653-0423. The CDFI Fund
will not respond to Applicants' reporting, compliance, or disbursement
telephone calls or email inquiries that are received after 5:00 p.m. ET
on March 28, 2016 until after the Application deadline. The CDFI Fund
will respond to technical issues related to AMIS Accounts through 5:00
p.m. ET on March 30, 2016 via AMIS Service Requests, or at
AMIS@cdfi.treas.gov, or by telephone at (202) 653-0422.
D. Cost sharing or matching fund requirements: Not applicable.
E. Other Eligibility Criteria:
(1) Debarment/Do not pay verification: The CDFI Fund will conduct a
debarment check and will not consider an Application submitted by an
Applicant if the Applicant is delinquent on any Federal debt.
The Do Not Pay Business Center was developed to support Federal
agencies in their efforts to reduce the number of improper payments
made through programs funded by the Federal government. The Do Not Pay
Business Center provides delinquency information to the CDFI Fund to
assist with the debarment check.
(2) Entities that Submit Applications Together with Affiliates: As
part of the Application review process, the CDFI Fund considers whether
Applicants are Affiliates, as such term is defined in 12 CFR 1807.104.
If an Applicant and its Affiliates wish to submit Applications, they
must do so collectively, in one Application; an Applicant and its
Affiliates may not submit separate Applications. If Affiliated entities
submit multiple Applications, the CDFI Fund will reject all such
Applications received.
Furthermore, an Applicant that receives an award in this CMF round
may not become an Affiliate of another Applicant that receives an award
in this CMF round at any time after the submission of a CMF Application
under this NOFA. This requirement will also be a term and condition of
the Assistance Agreement (see additional Application guidance materials
on the CDFI Fund's Web site at https://www.cdfifund.gov for more
details).
(3) An Applicant will not be eligible to receive a CMF Award if the
Applicant fails to demonstrate that its CMF Award would result in
Eligible Project Costs that equals at least 10 times the amount of the
CMF Award.
IV. Application and Submission Information
A. Address to Request Application Package: Application materials
can be found on Grants.gov and the CDFI Fund's Web site at
www.cdfifund.gov/cmf. Applicants may request a paper version of any
Application material by contacting the CDFI Fund Help Desk by email at
cmf@cdfi.treas.gov or by phone at (202) 653-0421.
B. Content and Form of Application Submission: All Application
documents must be submitted electronically through Grants.gov and AMIS,
the CDFI Fund's internet-based interface. The CDFI Fund will not accept
Applications via email, mail, facsimile, or other forms of
communication, except in extremely rare circumstances that have been
pre-approved by the CDFI Fund. Only the
[[Page 6589]]
Authorized Representative or Application Contact Person designated in
AMIS may submit the Application through AMIS.
All Applications must be prepared using the English language and
calculations must be made in U.S. dollars. Table 4 lists the required
funding Application documents for the FY 2016 CMF Program Funding
Round. The CDFI Fund reserves the right to request and review other
pertinent or public information that has not been specifically
requested in this NOFA or the Application. Information submitted by the
Applicant that the CDFI Fund has not specifically been requested will
not be reviewed or considered as part of the Application. The CDFI Fund
will post to its Web site, at www.cdfifund.gov/cmf, instructions for
accessing and submitting an Application. Detailed Application content
requirements are found in the Application and related guidance
documents.
Table 4--Funding Application Documents
------------------------------------------------------------------------
Application document Submission format Required?
------------------------------------------------------------------------
Standard Form (SF) 424 Mandatory Fillable PDF in Required for All
form. Grants.gov. Applicants.
CMF Application Form............ AMIS.............. Required for All
Applicants.
ATTACHMENTS TO THE APPLICATION:
IRS Documentation of PDF in AMIS....... Required for All
Organization's EIN. Applicants.
Audited Financial Statements PDF in AMIS....... Required for All
(most recent 3 fiscal years). Applicants.
State Charter or Articles of PDF in AMIS....... Required for only
Incorporation designating that for Applicants
the Applicant is a nonprofit or that are not
not-for-profit entity under the Certified CDFIs.
laws of the organization's
State of formation.
A certification demonstrating PDF in AMIS....... Required for only
tax exempt status from the IRS. for Applicants
that are not
Certified CDFIs.
Articles of incorporation, by- PDF in AMIS....... Required for only
laws or other document for Applicants
demonstrating the Applicant has that are not
a principal purpose of managing Certified CDFIs.
or developing affordable
housing.
------------------------------------------------------------------------
The CDFI Fund strongly encourages Applicants to start the
Grants.gov registration process as soon as possible (refer to the
following link: https://www.grants.gov/web/grants/register.html) as it
may take several weeks to complete. An Applicant that has previously
registered with Grants.gov must verify that its registration is current
and active.
Applicants are only required to submit the OMB SF-424 Mandatory
(Application for Federal Assistance) form in Grants.gov, as all other
Application documents (listed in Table 4) will be submitted through
AMIS. Applicants are encouraged to submit the SF-424 as early as
possible through Grants.gov to provide time to resolve any submission
problems. Applicants should contact Grants.gov directly with questions
related to the registration or submission process as the CDFI Fund does
not maintain the Grants.gov system.
C. Dun and Bradstreet Universal Numbering System (DUNS):
Pursuant to the Uniform Administrative Requirements, each Applicant
must provide as part of its Application submission, a valid Dun &
Bradstreet Universal Numbering System (DUNS) number. Any Applicant
without a DUNS number will not be able to register and submit an
Application in the Grants.gov system. Please allow sufficient time for
Dun & Bradstreet to respond to inquiries and/or requests for DUNS
numbers.
D. System for Award Management (SAM):
Any entity applying for Federal grants or other forms of Federal
financial assistance through Grants.gov must be registered in SAM
before submitting its Application. The SAM registration process can
take several weeks to complete. Applicants that have previously
completed the SAM registration process must verify that their SAM
accounts are current and active. Each Applicant must continue to
maintain an active SAM registration with current information at all
times during which it has an active Federal award or an Application
under consideration by a Federal awarding agency. The CDFI Fund will
not consider any Applicant that fails to properly register or activate
its SAM account and, as a result, is unable to submit its Application
by the Application deadline. Applicants must contact SAM directly with
questions related to registration or SAM account changes as the CDFI
Fund does not maintain this system. For more information about SAM,
please visit https://www.sam.gov.
E. Submission Dates and Times:
All Application documents must be submitted through the Grants.gov
and AMIS electronic systems. The CDFI Fund will not accept Applications
via email, mail, facsimile, or other forms of communication, except in
extremely rare circumstances that have been pre-approved by the CDFI
Fund.
(1) Submission Deadlines: The following are the deadlines for
submission of the documents related to the FY 2016 CMF Program Funding
Round:
Table 5--FY 2016 CMF Deadlines for Applicants
----------------------------------------------------------------------------------------------------------------
Time--eastern time
Document Deadline (ET) Submission method
----------------------------------------------------------------------------------------------------------------
SF-424 Mandatory form.......... March 16, 2016.... 11:59 p.m. ET..... Electronically via Grants.gov.
CMF Application and Required March 30, 2016.... 11:59 p.m. ET..... Electronically via AMIS.
Attachments.
----------------------------------------------------------------------------------------------------------------
(2) Confirmation of Application Submission in Grants.gov and AMIS:
Applicants are required to submit the OMB SF-424 Mandatory (Application
for Federal Assistance) form through the Grants.gov system and must
submit all other required Application materials through the AMIS Web
site. Application materials submitted through both systems are due by
the Application deadlines listed in Table 5. Applicants are strongly
encouraged to submit the
[[Page 6590]]
SF-424 as early as possible in the Grants.gov portal since submission
problems may impact the ability to submit the overall Application.
(a) Grants.gov Submission Information: Each Applicant will receive
an email from Grants.gov immediately after submitting the SF-424
confirming that the submission has entered the Grants.gov system. This
email will contain a tracking number for the submitted SF-424. Within
48 hours, the Applicant will receive a second email which will indicate
if the submitted SF-424 was either successfully validated or rejected
with errors. However, Applicants should not rely on the email
notification from Grants.gov to confirm that their SF-424 were
validated. Applicants are strongly encouraged to use the tracking
number provided in the first email to closely monitor the status of
their SF-424 by contacting the helpdesk at Grants.gov directly. The
Application materials submitted in AMIS are not officially accepted by
the CDFI Fund until Grants.gov has validated the SF-424.
(b) Award Management Information System (AMIS) Submission
Information: AMIS is a web-based portal where Applicants will directly
enter their Application information and add required attachments listed
in Table 4. AMIS will verify that the Applicant provided the minimum
information required to submit an Application. Applicants are
responsible for the quality and accuracy of the information and
attachments included in the Application submitted in AMIS. The CDFI
Fund strongly encourages the Applicant to allow sufficient time to
confirm the Application content, review the material submitted, and
remedy any issues prior to the Application deadline. Applicants can
only submit one Application in AMIS. Upon submission, the Application
will be locked and cannot be resubmitted, edited, or modified in any
way. The CDFI Fund will not unlock or allow multiple Application
submissions.
(3) Multiple Application Submissions: If an Applicant submits
multiple Applications in Grants.gov, the CDFI Fund will only review the
last Application submitted in Grants.gov. Applicants may only submit
one Application through AMIS.
(4) Late Submission: The CDFI Fund will not accept an Application
submitted after the Application deadline, except where the submission
delay was a direct result of a Federal government administrative or
technological error. In such cases, the Applicant must submit a request
for acceptance of late Application submission and include documentation
of the error no later than 2 business days after the Application
deadline. The CDFI Fund will not respond to requests for acceptance of
late Application submissions after that time period. Applicants must
submit late Application submission requests to the CDFI Helpdesk at
cdfihelp@cdfi.treas.gov with a subject line of ``Late Application
Submission Request.''
(5) Intergovernmental Review: Not Applicable.
(6) Funding Restrictions: CMF Awards are limited by the following:
(a) A Recipient shall use CMF Award funds only for the eligible
activities set forth in 12 CFR 1807.301 and as described in Section
II.E of this NOFA and its Assistance Agreement.
(b) A Recipient may not disburse CMF Award funds to an Affiliate,
Subsidiary, or any other entity, without the CDFI Fund's prior written
approval.
(c) CMF Award funds shall only be paid to the Recipient.
(d) The CDFI Fund, in its sole discretion, may pay CMF Awards in
amounts, or under terms and conditions, which are different from those
requested by an Applicant.
(7) Other Submission Requirements: Each Applicant must register as
an organization in AMIS and submit all required application materials
through this portal. The Authorized Representative and/or Application
point(s) of contact must be included as ``Contacts'' in the Applicant's
AMIS account. The Authorized Representative must also be a ``user'' in
AMIS and must electronically sign the Application prior to submission
through AMIS. An Applicant that fails to properly register and update
its AMIS account may miss important communications from the CDFI Fund
or fail to submit an Application successfully.
V. Application Review Information
A. Criteria: CMF Awards will be made based on Applicants'
experience and ability to use a CMF Award to support Affordable Housing
Activities and Economic Development Activities in accordance with the
criteria set forth below.
All eligible funding Applications will be reviewed through a multi-
phase review process that includes both quantitative and qualitative
reviews, as outlined below.
(1) Quantitative Review: First, the CDFI Fund will undertake an
initial review of all Applications based on the following quantitative
factors:
(a) The Applicant's organizational capacity, as measured by an
evaluation of whether the Applicant's projected activities are
reasonable given its track record, quality of its loan portfolio and
financial health (40 points);
(b) The Applicant's commitments to Projects, beyond the minimum
criteria, resulting in Affordable Housing for Low-Income, Very-Low- and
Extremely Low-Income Families (30 points);
(c) The portion of the Applicant's commitments to generate the
required 10:1 leverage ratio in Eligible Project Costs representing
private capital and the portion of the leveraged funds representing
third-party capital (30 points).
Applicants will receive a quantitative review score up to 100
points based on these factors. Applicants will be grouped into two
categories: (1) Those with a maximum Non-Metropolitan investment of 50
percent or greater and (2) all other Applicants. Applicants in each
category will be ranked according to their quantitative review score.
The top 70 percent of Applicants in each category will be forwarded to
the next level of review. The CDFI Fund reserves the right to forward
additional Applicants to the qualitative review phase in order to
ensure that a diversity of geographies are served by the Applicants
reviewed in the qualitative review phase.
(2) External Application Review: Applications that pass the
quantitative review process will be separately scored by one or more
external non-Federal reviewers who are selected based on criteria that
include: A professional background in affordable housing, community and
economic development finance; experience reviewing financial statements
of all CDFI institution types; and experience performing underwriting
of affordable housing and economic development projects. Reviewers must
complete the CDFI Fund's conflict of interest process and be approved
by the CDFI Fund.
Reviewers will be assigned a set number of Applications to review.
The reviewer will provide a score for each of the Applications that
were reviewed, in accordance with the scoring criteria outlined in
Section V.A of this NOFA and the Application materials.
Applications will be evaluated across four primary areas:
(3) Business Strategy (25 points): The Applicant must provide a
detailed strategy for implementing its CMF Award.
(a) The Applicant is required to identify and describe, among other
things:
(i) Its track record of financing affordable housing and related
activities, or economic development activities, if applicable;
[[Page 6591]]
(ii) A description of the marketplace gaps in financing available
for affordable housing in its proposed Service Area(s);
(iii) Its proposed eligible activities and a description of the
types of financing that will be offered; and
(iv) Its pipeline of proposed Projects and activities.
(b) An Applicant will generally be scored more favorably in this
section to the extent that it: Clearly identifies market gaps and
proposes eligible activities to address those gaps through the use of
its CMF Award; describes effective plans to provide financing that
would not otherwise be available to finance and support Affordable
Housing Activities and (if applicable) Economic Development Activities;
proposes activities that are consistent with the Applicant's track
record; and provides a detailed and viable pipeline of potential
eligible Affordable Housing activities and (if applicable) Economic
Development Activities.
(4) Leveraging Strategy (25 points): The Applicant must demonstrate
its ability to leverage a CMF Award, particularly from private sources.
(a) To this end, the Applicant must identify and describe, among
other things, its anticipated strategy for leveraging dollars,
including both private capital and public funds:
(i) At the pre-investment stage (e.g., use of the CMF Award to
secure additional capital, including third-party capital, prior to
investing into Projects to capitalize an Affordable Housing Fund or
Revolving Loan Fund);
(ii) Through reinvestment of CMF Award dollars during the
Investment Period into additional Projects (e.g., planned re-investment
of the CMF Award and leveraged funds); and/or
(iii) At the project level (e.g., use of the CMF Award to invest in
Projects with total Eligible Project costs in excess of the CMF Award
investment).
(b) An Applicant will generally score more favorably in this
section to the extent that:
(i) A higher percentage of its leveraged funds come from private
sources and from third-party capital;
(ii) It utilizes strategies for leveraging funds at the Applicant
level (pre-investment stage and reinvestment), as opposed to solely at
the Project level; and
(iii) It demonstrates a track record of leveraging funds in a
similar manner.
(5) Community Impact (25 points): The Applicant must clearly
describe the persons and communities the Applicant intends to serve and
demonstrate a track record of serving those persons and/or communities.
(a) For rental Projects, beyond the threshold of 20 percent of
units per Project, an Applicant will generally score more favorably to
the extent it proposes to use its CMF Award and leveraged funds to
produce a greater proportion of the total number of units financed with
these funds to be occupied by Very Low-Income Families and/or Extremely
Low-Income Families.
(b) For Homeownership Projects, beyond the threshold of 20 percent
of units per Project, an Applicant will generally score more favorably
to the extent it proposes to use its CMF Award and leveraged funds to
produce a greater proportion of the total number of units financed with
these funds to be occupied by Low-income Families.
(c) An Applicant will score more favorably to the extent that its
strategy proposes Affordable Housing in areas of High Housing Need.
Areas of High Housing Need are defined as census tracts where:
(i) At least 20 percent of households are Very Low-Income renters
paying more than half their income for rent; or
(ii) Are high poverty neighborhoods (where greater than 20 percent
of households have incomes below the poverty rate) with a rental
vacancy rate of at least 10 percent; or
(iii) Are Underserved Rural Areas. The Applicant must also
describe, and will score more favorably, the extent to which the
Applicant's strategy will have positive community development and
economic impacts, including expected impacts of strategies developed to
complement formalized place-based strategies.
(d) For Economic Development activities, an Applicant will
generally score more favorably to the extent that it commits to
financing Economic Development Activities in Low-Income Areas.
(6) Organizational Capacity (25 points): The Applicant must
demonstrate its ability and capacity to undertake its proposed
activities, use its CMF Award successfully, and maintain compliance
with its Assistance Agreement.
(a) To this end, the Applicant must identify and describe, among
other things:
(i) Its management team and key staff;
(ii) The role of its governing board or advisory board;
(iii) Its procedures and systems to track and ensure compliance
with the affordability and community impact commitments;
(iv) Its current financial health, including results of recent
audits, and quality of its loan portfolio; and
(v) Its experience administering other public funds including
Federal awards, if applicable.
(b) An Applicant will generally be scored more favorably to the
extent that it:
(i) Demonstrates that its staff, Board members and other personnel
have the requisite skills and experience to administer the CMF Award
and maintain compliance with its Assistance Agreement;
(ii) Involves Low-Income persons or Low-Income community
representatives in its decision-making process; and
(iii) Demonstrates a strong portfolio and financial health.
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 set forth in Section III.A above. An
incomplete Application will be rejected; an Application that does not
meet eligibility requirements will be rejected.
(2) Substantive Review: If an Application is deemed to be complete
and the Applicant is determined to be eligible, the CDFI Fund will
conduct the substantive review of the Application in accordance with
the criteria and procedures described in this NOFA in Sections V.A(1)
and V.A(2), the Application, and any Application guidance. As part of
the review process, the CDFI Fund may contact the Applicant by
telephone, email, mail, or through an on-site visit for the sole
purpose of obtaining clarifying or confirming Application information.
The CDFI Fund reserves the right to collect such additional information
from Applicants as it deems appropriate. After submitting its
Application, the Applicant will not be permitted to revise or modify
its Application in any way nor attempt to negotiate the terms of an
award. If contacted for clarifying or confirming information, the
Applicant must respond within the time parameters established by the
CDFI Fund.
(3) Internal Application Review and Initial Award Determination:
After the Applications have been reviewed and scored by external
reviewers, they will be forwarded to CDFI Fund staff. Applications will
be ranked and reviewed in descending order of the external reviewer
score. CDFI Fund staff will conduct additional due diligence on highly
ranked Applicants and analyze additional programmatic and financial
risk factors including, but not limited to: Financial stability;
quality of management systems and ability to meet
[[Page 6592]]
award management standards; reports and findings from audits; and the
Applicant's ability to effectively implement Federal requirements.
Award amounts may be reduced as a result of this analysis. The CDFI
Fund may also reduce awards sizes from requested amounts based on
certain variables, including an Applicant's loan disbursement activity,
total portfolio outstanding, and similar factors.
In the case of an Applicant that has received awards from other
Federal programs, the CDFI Fund reserves the right to contact officials
from the appropriate Federal agency or agencies to determine whether
the Recipient is in compliance with current or prior assistance
agreements, and to take such information into consideration before
making a CMF Award. In the case of an Applicant that has previously
received funding through any CDFI Fund program, the CDFI Fund will
consider and may, in its discretion, deduct up to 5 points from the
external reviewer score for those Applicants (or their Affiliates)
that, within 24 months prior to the Application deadline, are late in
meeting reporting requirements for existing awards. The CDFI Fund may
also bar from consideration an Applicant that has, in any proceeding
instituted against the Applicant in, by, or before any court,
governmental, or administrative body or agency, received a final
determination within the last 3 years indicating that 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.
(4) Selection: Once Applications have been internally evaluated and
preliminary award determinations have been made, the Applications will
be forwarded to a selecting official for a final award determination.
After preliminary award determinations are made, the selecting official
will review the list of potential Recipients to determine whether the
Recipient pool meets the following statutory objectives:
(a) The potential Recipients' proposed Service Area collectively
represent broad geographic coverage throughout the United States; and
(b) The potential Recipients' proposed activities equitably
represent both Metropolitan and Non-Metropolitan areas, as defined in
the Application.
To the extent practicable, the CDFI Fund reserves the right to make
alterations to CMF Award amounts and/or to the CMF Recipient pool if
deemed necessary to provide these desired outcomes. In cases where the
selecting official's award determination varies significantly from the
initial CMF Award amount recommended by the CDFI Fund staff review, the
CMF Award recommendation will be forwarded to a reviewing official for
final determination. The CDFI Fund, in its sole discretion, reserves
the right to reject an Application and/or adjust CMF award amounts as
appropriate based on information obtained during the review process.
(c) Insured Depository Institution Applicants: In the case of
Applicants that are Insured Depository Institutions or Insured Credit
Unions, the CDFI Fund will consider safety and soundness information
from the Appropriate Federal or State Banking Agency. If the Applicant
is a CDFI Depository Institution Holding Company, the CDFI Fund will
consider information provided by the Appropriate Federal or State
Banking Agencies about both the CDFI Depository Institution Holding
Company and the CDFI Certified Insured Depository Institution that will
expend and carry out the award. If the Appropriate Federal Banking
Agency or Appropriate State 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.
(5) Right of Rejection: The CDFI Fund reserves the right to reject
an Application if information (including administrative errors) comes
to the attention of the CDFI Fund that 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 that any portion of
the Application is incorrect in any material respect, the CDFI Fund
reserves the right, in its sole discretion, to reject the Application.
The CDFI Fund reserves the right to change its eligibility and
evaluation criteria and procedures, if the CDFI Fund deems it
appropriate. If said changes materially affect the CDFI Fund's award
decisions, the CDFI Fund will provide information regarding the changes
through the CDFI Fund's Web site. There is no right to appeal the CDFI
Fund's award decisions. The CDFI Fund's award decisions are final.
(6) Anticipated Award Announcement: The CDFI Fund anticipates
making CMF Award announcements in Spring 2016.
VI. Federal Award Administration Information
A. Award Notification: Each successful Applicant will receive an
email ``notice of award'' notification from the CDFI Fund stating that
its Application has been approved for an award. Each Applicant not
selected for an award will receive an email stating that a debriefing
notice has been provided in its AMIS account.
B. Administrative and National Policy Requirements: The CDFI Fund
may, in its discretion and without advance notice to the Recipient,
terminate the award or take other actions as it deems appropriate if,
prior to entering into an Assistance Agreement, information (including
an administrative error) comes to the CDFI Fund's attention that
adversely affects: The Recipient's eligibility for an award; the CDFI
Fund's evaluation of the Application; the Recipient's compliance with
any requirement listed in the Uniform Requirements; or indicates fraud
or mismanagement on the Recipient's part.
If the Recipient's certification status as a CDFI changes, the CDFI
Fund reserves the right, in its sole discretion, to re-calculate the
CMF Award, modify the Notice of Award, and modify the Assistance
Agreement based on the Recipient's non-CDFI status.
By executing an Assistance Agreement, the Recipient agrees that, if
the CDFI Fund becomes aware of any information (including an
administrative error) prior to the Effective Date of the Assistance
Agreement that either adversely affects the Recipient's eligibility for
an CMF Award, or adversely affects the CDFI Fund's evaluation of the
Award Recipient's Application, or indicates fraud or mismanagement on
the part of the Recipient, the CDFI Fund may, in its discretion and
without advance notice to the Recipient, terminate the Assistance
Agreement or take other actions as it deems appropriate.
The CDFI Fund reserves the right, in its sole discretion, to
rescind an award if the Recipient fails to return the Assistance
Agreement, signed by the authorized representative of the award
Recipient, and/or provide the CDFI Fund with any other requested
documentation, within the CDFI Fund's deadlines.
In addition, the CDFI Fund reserves the right, in its sole
discretion, to terminate and rescind the Assistance Agreement and the
award made under this NOFA for any criteria described in the following
table:
[[Page 6593]]
Table 6--Requirements Prior To Executing an Assistance Agreement
------------------------------------------------------------------------
Requirement Criteria
------------------------------------------------------------------------
Failure to meet reporting If a Recipient is a prior CDFI Fund
requirements. award Recipient or Allocatee under
any CDFI Fund program and is not
current on the reporting
requirements set forth in the
previously executed assistance,
award, allocation, bond loan
agreement(s), or agreement to
guarantee, as of the date of the
Notice of Award, the CDFI Fund
reserves the right, in its sole
discretion, to delay entering into
an Assistance Agreement and/or to
delay making a Payment of CMF
Award, until said prior Recipient
or Allocatee is current on the
