12422 Federal Register / Vol. 75, No. 49 / Monday, March 15, 2010 / Notices 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

Notice of Funds Availability 

Funding Opportunity Title: Notice of 

Funds Availability (NOFA) inviting 

Applications for the FY 2010 Funding 

Round of the Capital Magnet Fund 

(CMF). 

Announcement Type: Announcement 

of funding opportunity. 

Catalog of Federal Domestic 

Assistance (CFDA) Number: 21.011 

DATES: Applications for awards through 

the FY 2010 Funding Round of the CMF 

must be received by 5 p.m. Eastern Time 

(ET), April 15, 2010. 

Executive Summary: Subject to 

funding availability, this NOFA is 

issued in connection with the FY 2010 

Funding Round of the CMF (the FY 

2010 Funding Round). The CMF is 

administered by the Community 

Development Financial Institutions 

Fund (the CDFI Fund). 

I. Funding Opportunity Description 

A. Through the CMF, the CDFI Fund 

provides financial assistance awards to 

Community Development Financial 

Institutions (CDFIs), and to Nonprofit 

Organizations that have as at least one 

of their principal purposes the 

development or management of 

affordable housing. 

B. The proposed regulations that will 

eventually govern the CMF have been 

simultaneously published for comment 

with this NOFA and will provide 

guidance on the requirements of the 

CMF. The CDFI Fund encourages 

Applicants to review the proposed CMF 

regulations. Detailed application 

content requirements are found in the 

applicable funding application and 

related guidance materials. Each 

capitalized term in this NOFA is 

defined herein, in the application, or in 

the guidance materials. 

C. Definitions: For the purposes of 

this NOFA, the following terms shall 

have the following definitions: 

1. Act means the Housing and 

Economic Recovery Act of 2008, as 

amended, Public Law 110–289, section 

1131; 

2. Affiliate means any company or 

entity that Controls, is Controlled by, or 

is under common Control with another 

company; 

3. Affordable Housing means rental or 

for-sale single-family or multi-family 

housing that meets the requirements set 

forth in the Assistance Agreement or 

CMF regulations; 

4. Affordable Housing Activities 

means the Development, Preservation, 

Rehabilitation, or Purchase of 

Affordable Housing; 

5. Affordable Housing Fund means a 

loan, grant, or investment fund, 

managed by the Awardee, whose capital 

is used to finance Affordable Housing 

Activities; 

6. Appropriate Federal Banking 

Agency has the same meaning as in 

section 3 of the Federal Deposit 

Insurance Act, 12 U.S.C. 1813(q), and 

includes, with respect to Insured Credit 

Unions, the National Credit Union 

Administration; 

7. Applicant means any entity 

submitting an application for assistance 

under this Notice of Funds Availability; 

8. Appropriate State Agency means an 

agency or instrumentality of a State that 

regulates and/or insures the member 

accounts of a State-Insured Credit 

Union; 

9. Assistance Agreement means a 

formal, written agreement between the 

CDFI Fund and an Awardee which 

specifies the terms and conditions of an 

award under this NOFA; 

10. Awardee means an Applicant 

selected by the CDFI Fund to receive an 

award pursuant to this NOFA; 

11. Capital Magnet Fund (or CMF) 

means the program authorized by 

section 1131 of the Act, Public Law 

110–289; 

12. Certified Community Development 

Financial Institution (or Certified CDFI) 

means an entity that has been 

determined by the CDFI Fund to meet 

the eligibility requirements set forth in 

12 CFR 1805.201; 

13. Community Development 

Financial Institutions Fund (or CDFI 

Fund) means the Community 

Development Financial Institutions 

Fund, an office of the U.S. Department 

of Treasury, established under the 

Community Development Banking and 

Financial Institutions Act of 1994, as 

amended, 12 U.S.C. 4701 et seq.; 

14. Community Service Facility means 

the physical structure in which 

community-based programs (including, 

but not limited to, health care, 

childcare, educational, cultural, and/or 

social services) operate which, In 

Conjunction With Affordable Housing 

Activities, implements a Concerted 

Strategy to stabilize or revitalize a LowIncome Area or Underserved Rural 

Area; 

15. Concerted Strategy means a formal 

planning document that evidences the 

connection between Affordable Housing 

Activities and Economic Development 

Activities or Community Service 

Facilities. Such documents include, but 

are not limited to, a comprehensive, 

consolidated, or redevelopment plan, or 

some other local or regional planning 

document adopted or approved by the 

jurisdiction; 

16. Control means: (i) Ownership, 

control, or power to vote 25 percent or 

more of the outstanding shares of any 

class of Voting Securities of any 

company, directly or indirectly or acting 

through one or more other persons; (ii) 

control in any manner over the election 

of a majority of the directors, trustees, 

or general partners (or individuals 

exercising similar functions) of any 

company; or (iii) the power to exercise, 

directly or indirectly, a controlling 

influence over the management, credit 

or investment decisions, or policies of 

any company; 

17. Depository Institution Holding 

Company means a bank holding 

company or a savings and loan holding 

company as defined in section 3 of the 

Federal Deposit Insurance Act, 12 

U.S.C. 1813(w)(1); 

18. Development means land 

acquisition, demolition of existing 

facilities, and construction of new 

facilities, which may include site 

improvement, utilities development and 

rehabilitation of utilities, necessary 

infrastructure, utility services, 

conversion, and other related activities; 

19. Economic Development Activity 

means the Development, Preservation, 

Rehabilitation, or Purchase of 

Community Service Facilities and/or 

other physical structures in which 

neighborhood-based businesses operate 

which, In Conjunction With Affordable 

Housing Activities, implements a 

Concerted Strategy to stabilize or 

revitalize a Low-Income Area or 

Underserved Rural Area; 

20. Eligible Project Costs means 

Leverage Costs plus those costs funded 

directly by a CMF award, exclusive of 

Operations; 

21. Extremely Low-Income means (i) 

in the case of owner-occupied housing 

units, income not in excess of 30 

percent of the area median income and 

(ii) in the case of rental housing units, 

income not in excess of 30 percent of 

the area median income, with 

adjustments for smaller and larger 

families, as determined by HUD; 

22. HOME Program means the HOME 

Investment Partnership Program set 

forth in the HOME Investment 

Partnerships Act under title II of the 

Cranston-Gonzalez National Affordable 

Housing Act, as amended, 42 U.S.C. 

12701 et seq.; 

23. Homeownership means ownership 

in fee simple title or a 99-year leasehold 

interest in a one- to four-unit dwelling 

or in a condominium unit, or equivalent 

form of ownership (which shall include 

cooperative housing and mutual 

housing project). The ownership interest 


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may be subject only to the following: (i) 

Restrictions on resale permitted in the 

Assistance Agreement; (ii) mortgages, 

deeds of trust, or other liens or 

instruments securing debt on the 

property; or (iii) any other restrictions or 

encumbrances that do not impair the 

good and marketable nature of title to 

the ownership interest. For purposes of 

housing located on trust or restricted 

Indian lands, homeownership includes 

leases of 50 years; 

24. Housing means single- and multifamily residential units, including, but 

not limited to, manufactured housing 

and manufactured housing lots, 

permanent housing for disabled and/or 

homeless persons, transitional housing, 

single-room occupancy housing, and 

group homes. Housing also includes 

elder cottage housing opportunity 

(ECHO), 24 CFR 92.258; 

25. HUD means the Department of 

Housing and Urban Development 

established under the Department of 

Housing and Urban Development Act of 

1965, 42 U.S.C. 3532–3537; 

26. In Conjunction With means 

physically proximate to Affordable 

Housing and reasonably available to 

residents of Affordable Housing 

27. Insured CDFI means a Certified 

CDFI that is an Insured Depository 

Institution or an Insured Credit Union; 

28. Insured Credit Union means any 

credit union, the member accounts of 

which are insured by the National 

Credit Union Share Insurance Fund by 

the National Credit Union 

Administration pursuant to authority 

granted in 12 U.S.C. 1783 et seq.; 

29. Insured Depository Institution 

means any bank or thrift, the deposits of 

which are insured by the Federal 

Deposit Insurance Corporation, 12 

U.S.C. 1813(c)(2); 

30. Leveraged Costs means those costs 

as described Section II.B.4. of this 

NOFA and in the CMF regulations; 

31. Loan Guarantee means an 

agreement to indemnify the holder of a 

loan all or a portion of the unpaid 

principal balance in case of default by 

the borrower; 

32. Loan Loss Reserves means funds 

that the Applicant or Awardee will set 

aside in the form of cash reserves, or 

through accounting-based accrual 

reserves, to cover losses on loans, 

accounts, and notes receivable, or for 

related purposes that the CDFI Fund 

deems appropriate; 

33. Low-Income means (i) in the case 

of owner-occupied housing units, 

income not in excess of 80 percent of 

area median income and (ii) in the case 

of rental housing units, income not in 

excess of 80 percent of area median 

income, with adjustments for smaller 

and larger families, as determined by 

HUD; 

34. Low-Income Area or LIA means a 

census tract or block numbering area in 

which the median income does not 

exceed 80 percent of the median income 

for the area in which such census tract 

or block numbering area is located. With 

respect to a census tract or block 

numbering area located within a 

Metropolitan Area, the median family 

income shall be at or below 80 percent 

of the Metropolitan Area median family 

income or the national Metropolitan 

Area median family income, whichever 

is greater. In the case of a census tract 

or block numbering area located outside 

of a Metropolitan Area, the median 

family income shall be at or below 80 

percent of the statewide NonMetropolitan Area median family 

income or the national NonMetropolitan Area median family 

income, whichever is greater; 

35. Low-Income Families means those 

households that reside within the 

boundaries of the United Sates (which 

shall encompass any State of the United 

States, the District of Columbia or any 

territory of the United States, Puerto 

Rico, Guam, American Samoa, the 

Virgin Islands, and the Northern 

Mariana Islands) meeting the criteria as 

set forth in Section I.C.(34) of this 

NOFA; 

36. Low Income Housing Tax Credit 

Program or LIHTC Program means the 

program as set forth under Title I of the 

U.S. Housing Act of 1937, as amended, 

42 U.S.C. 1437 et seq.; 

37. Metropolitan Area means an area 

designated as such by the Office of 

Management and Budget pursuant to 44 

U.S.C. 3504(e) and 31 U.S.C. 1104(d) 

and Executive Order 10253, as 

amended, 16 FR 5605; 

38. Non-Metropolitan Area means a 

county or adjacent counties not 

contained within either a Consolidated 

Metropolitan Statistical Area (CMSA) or 

a Primary Metropolitan Statistical Area 

(PMSA), as such areas are defined in 

OMB Bulletin No. 99–04, with respect 

to the most recent decennial census. 

Non-Metropolitan Counties can be 

identified in the CDFI Fund’s mapping 

system (CIMS), and are also listed on 

the CDFI Fund’s Web site; 

39. Nonprofit Organization means any 

corporation, trust, association, 

cooperative, or other organization that is 

(i) designated as a nonprofit or not-forprofit entity under the laws of the 

organization’s State of formation and (ii) 

exempt from Federal income taxation 

pursuant to the Internal Revenue Code 

of 1986; 

40. Non-Regulated CDFI means any 

entity meeting the eligibility 

requirements described in 12 CFR 

1805.200 which is not a Depository 

Institution Holding Company, Insured 

Depository Institution, or Insured Credit 

Union; 

41. Operations means all allowable 

expenses as defined by Office of 

Management and Budget (OMB) 

Circular A–122, ‘‘Cost Principles for 

Non-Profit Organizations,’’ and OMB 

Circular A–87, ‘‘Cost Principles for 

State, Local, and Indian Tribal 

Governments,’’ incurred by the Awardee 

related to the administration, operation, 

and implementation of a CMF award. 

42. Participating Jurisdiction means a 

jurisdiction designated by HUD, as a 

participating jurisdiction under the 

HOME Program in accordance with the 

requirements of 24 CFR 92.105; 

43. Preservation means: (i) Activities 

to refinance, with or without 

Rehabilitation, single-family or multifamily rental property mortgages that, at 

the time of refinancing, are subject to 

affordability and use restrictions under 

State or federal affordable housing 

programs, including but not limited to, 

the HOME Program, the LIHTC Program, 

the Section 8 Tenant-Based Assistance 

and the Section 8 Rental Voucher 

programs (24 CFR part 982), or the 

Section 515 Rural Rental Housing 

program (7 CFR Part 3560), hereinafter 

referred to as ‘‘similar State or federal 

affordable housing programs’’, where 

such refinancing has the effect of 

extending the term of any affordability 

and use restrictions on the properties; 

(ii) activities to refinance and acquire 

single-family or multi-family properties 

that, at the time of refinancing or 

acquisition, were subject to affordability 

and use restrictions under similar State 

or federal affordable housing programs, 

by the former tenants of such properties, 

where such refinancing has the effect of 

extending the term of any affordability 

and use restrictions on the properties; or 

(iii) activities to refinance the mortgages 

of single-family, owner-occupied 

housing that at the time of refinancing 

are subject to affordability and use 

restrictions under similar State or 

federal affordable housing programs, 

where such refinancing has the effect of 

extending the term of any affordability 

and use restrictions on the properties; 

44. Purchase means to acquire 

ownership in fee simple title or a 99- 

year leasehold interest in a one-to-four 

unit dwelling or in a condominium unit, 

through an exchange of money; 

45. Rehabilitation means any repairs 

and or capital improvements that 

contribute to the long-term preservation, 

current building code compliance, 

habitability, sustainability, or energy 

efficiency of affordable housing; 


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46. Revolving Loan Fund means a 

pool of funds managed by the Applicant 

or Awardee wherein repayments on 

Affordable Housing Activities loans, 

Economic Development Activities loans 

and/or Community Services Facilities 

loans are used to finance additional 

loans; 

47. Risk-Sharing Loan means loans for 

Affordable Housing Activities and/or 

Economic Development Activities in 

which the risk of borrower default is 

shared by the Applicant or Awardee 

with other lenders (e.g., participation 

loans); 

48. Service Area means the 

geographic area in which the Applicant 

proposes to use CMF funding, and the 

geographic area approved by the CDFI 

Fund in which the Awardee shall use 

CMF funding as set forth in its 

Assistance Agreement; 

49. Single-family housing means a 

one- to four-family residence, 

condominium unit, cooperative unit, 

combination of manufactured housing 

and lot, or manufactured housing lot; 

50. State means the States of the 

United States, the District of Columbia, 

the Commonwealth of Puerto Rico, the 

Commonwealth of the Northern Mariana 

Island, Guam, the Virgin Islands, 

American Samoa, the Trust Territory of 

the Pacific Islands, and any other 

territory of the United States; 

51. State-Insured Credit Union means 

any credit union that is regulated by, 

and/or the member accounts of which 

are insured by, a State agency or 

instrumentality; 

52. Subsidiary means any company 

which is owned or Controlled directly 

or indirectly by another company; 

53. Underserved Rural Area means a 

Non-Metropolitan Area that (i) Qualifies 

as a Low-Income Area; (ii) is 

experiencing housing stress evidenced 

by 30 percent or more of resident 

households with one or more of these 

housing conditions in the last decennial 

census: (A) Lacked complete plumbing, 

(B) lacked complete kitchen, (C) paid 30 

percent or more of income for owner 

costs or rent, or (D) had more than 1 

person per room; or (iii) is remote-rural 

county (i.e., is neither located in, nor 

adjacent to, a Non-Metropolitan Area); 

54. Very Low-Income means (i) in the 

case of owner-occupied housing units, 

income not greater than 50 percent of 

the area median income; and (ii) in the 

case of rental housing units, income not 

greater than 50 percent of the area 

median income, with adjustments for 

smaller and larger families, as 

determined by HUD. 

D. The CDFI Fund reserves the right 

to fund, in whole or in part, any, all, or 

none of the applications submitted in 

response to this NOFA. 

II. Award Information 

A. Funding Availability: Through this 

NOFA, the CDFI Fund expects that it 

will award approximately $80 million 

in appropriated funds for the FY 2010 

Funding Round. 

B. Funding Cap: The CDFI Fund is 

prohibited from obligating more than 15 

percent of the available funding in the 

aggregate to any Applicant, its 

Subsidiaries and Affiliates in the same 

funding year. The CDFI Fund 

anticipates that the maximum award for 

the FY 2010 Funding Round will 

therefore be $12 million in the aggregate 

to any Applicant, its Subsidiaries and 

Affiliates. 

C. Types of Awards: The CDFI Fund 

will provide CMF awards in the form of 

grants. Applicants may request a grant 

of up to $12 million under this award 

announcement. 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. CMF 

awards must be used to support the 

Applicant’s activities; CMF awards 

cannot be used to support the activities 

of, or otherwise be ‘‘passed through’’ to, 

third-party entities, whether Affiliates, 

Subsidiaries, or others, without the 

prior written permission of the CDFI 

Fund. 

1. Eligible Uses: An Applicant may 

submit an application for a CMF award 

intended to support financing activities 

related to (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 or 

Community Service Facilities, such as 

day care centers, workforce 

development centers, and health care 

clinics. CMF awards can 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 and Community 

Service Facilities, (v) for Risk-Sharing 

Loans, (vii) to provide Loan Guarantees, 

and (viii) to support Operations 

pertaining to the administration of the 

CMF award. 

2. Limitations on Use: Each Awardee 

that uses CMF funding to support 

Affordable Housing Activities shall 

ensure that 100 percent of Eligible 

Project Costs pertaining to such 

activities are attributable to housing 

units that meet the CMF affordability 

qualifications for Homeownership and 

rental properties for families whose 

annual income does not exceed 120 

percent of the median income for the 

area. In addition, greater than 50 percent 

of the Eligible Project Costs must be 

attributable to housing units that meet 

the CMF affordability qualifications for 

Homeownership and rental units for 

either Low-Income, Very Low-Income, 

or Extremely Low-Income Families. 

These affordability restrictions must 

remain in place for a period of 10 years 

from the date of project completion, 

which includes the transfer of title, 

completion of construction, and other 

criteria as described in the Awardee’s 

Assistance Agreement. 

Awardees may use no more than 30 

percent of their CMF award pursuant to 

this NOFA to support Economic 

Development Activities and Community 

Service Facilities. In addition, no more 

than five percent of an Awardee’s CMF 

grant pursuant to this NOFA may be 

used for Operations. 

3. Designation of a Service Area: Each 

Applicant shall indicate its proposed 

Service Area in its application and shall 

use its CMF award in the Service Area 

approved by the CDFI Fund and 

designated in its Assistance Agreement. 

4. Leverage: Each CMF award is 

expected to result in total Eligible 

Project Costs equal to at least ten (10) 

times the CMF award amount. Such 

costs may be for activities including 

Affordable Housing Activities, 

Economic Development Activities or 

Community Service Facilities. Thus, an 

Awardee shall demonstrate that it 

leveraged its CMF award at least 10 

times the CMF grant amount or some 

other standard established by the CDFI 

Fund in the Awardee’s Assistance 

Agreement. For the purposes of this 

NOFA, Eligible Project Costs include 

Leveraged Costs plus those costs funded 

directly by a CMF award, excluding 

costs associated with Operations. 

Leveraged Costs are costs that exceed 

the dollar amount of the Awardee’s 

CMF contribution to each CMF-funded 

activity. An Awardee may report to the 

CDFI Fund all Leveraged Costs with the 

following limitations: 

(a) No costs attributable to Operations 

may be reported as Leveraged Costs. 

(b) No costs attributable to prohibited 

uses as defined in the Assistance 

Agreement may be reported as 

Leveraged Costs. 

An Awardee shall self-report its 

leveraging information through a 

standardized data collection system 

developed by the CDFI Fund. 

Consequently, an Awardee should 

maintain appropriate documentation, 


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such as audited financial statements, 

wire transfers documents, pro-formas, 

and other relevant records, to support 

its reports. 

5. Commitment for Use: CMF awards 

shall be committed for use within two 

years of the effective date of the 

Awardee’s Assistance Agreement. An 

Awardee shall demonstrate that its CMF 

award is committed by having executed 

a written, legally binding agreement 

under which CMF assistance will be 

provided to the developer or project 

sponsor for an identifiable project under 

which: 

(a) Construction can reasonably be 

expected to start within 12 months of 

the agreement date; or 

(b) Property title will be transferred 

within six months of the agreement 

date. 

An Awardee shall make an initial 

disbursement of its CMF award for 

Affordable Housing Activities, 

Economic Development Activities, or 

Community Service Facilities within 

three years of the effective date of its 

Assistance Agreement. 

6. Project Completion: All projects 

funded through CMF grants must be 

placed into service within 5 years of the 

effective date of the Assistance 

Agreement. 

7. Limitation on Awards: An 

Applicant may receive only one award 

through the FY 2010 Funding Round of 

the CMF. A CMF Applicant, its 

Subsidiaries, or Affiliates also may 

apply for and receive an award through 

the CDFI Program, Native American 

CDFI Assistance (NACA) Program, Bank 

Enterprise Award (BEA) Program, 

Financial Education and Counseling 

(FEC) Pilot Program, or New Markets 

Tax Credit (NMTC) Program, but only to 

the extent that the activities approved 

for CMF awards are different from those 

activities for which the Applicant 

receives an award under another CDFI 

Fund program. 

D. Assistance Agreement: Each 

Awardee under this NOFA must sign an 

Assistance Agreement in order to 

receive a disbursement of award 

proceeds by the CDFI Fund. The 

Assistance Agreement will include a 

Notice of Award and these documents 

will contain the terms and conditions of 

the award. For further information, see 

Sections VI.A and VI.B of this NOFA. 

III. Eligibility Information 

A. Eligible Applicants: The following 

sets forth the eligibility requirements 

that each Applicant must meet in order 

to be eligible to apply for assistance 

under this NOFA. 

1. CMF Applicant Categories: All 

Applicants for CMF awards through this 

NOFA must be Certified CDFIs or 

eligible Nonprofit Organizations. An 

Applicant will be deemed eligible to 

apply for a CMF award if it is: 

(a) A Certified CDFI that has been in 

existence as a legally formed entity for 

at least three years prior to the 

application deadline under this NOFA; 

(b) An entity that has been in 

existence as a legally formed entity for 

at least three years prior to the 

application deadline under this NOFA, 

and the CDFI Fund has received that 

entity’s CDFI certification application 

materials by April 1, 2010; or 

(c) A Nonprofit Organization that: (i) 

Has been in existence as a legally 

formed entity for at least three years 

prior to the application deadline under 

this NOFA; (ii) 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 (iii) can 

demonstrate that at least one-third of the 

Applicant’s resources (either as a 

portion of total staffing or as a portion 

of total assets) are dedicated to the 

development or management of 

affordable housing. 

2. CDFI Certification Status: Eligible 

CMF Applicants include Certified CDFIs 

and certain entities that have applied for 

CDFI certification, defined as follows: 

(a) Certified CDFIs: For purposes of 

this NOFA, a Certified CDFI is an entity 

that has received official notification 

from the CDFI Fund that it meets all 

CDFI certification requirements as of the 

date of publication of this NOFA, the 

certification of which has not expired, 

and that has not been notified by the 

CDFI Fund that its certification has been 

terminated. In cases where the CDFI 

Fund provided certified CDFIs with 

written notification that their 

certifications had been extended, the 

CDFI Fund will consider the extended 

certification date (the later date) to 

determine whether those certified CDFIs 

meet this eligibility requirement. When 

applicable, each such Applicant must 

submit a Certification of Material Events 

form to the CDFI Fund not later than 

April 1, 2010 (see Table 1—FY 2010 

CMF Deadlines). The Certification of 

Material Events form can be found on 

the CDFI Fund’s Web site at http:// 

www.CDFIfund.gov. 

(b) Entities that have applied for CDFI 

Certification: For purposes of this 

NOFA, these are entities from which the 

CDFI Fund has received a complete 

CDFI Certification application not later 

than April 1, 2010. Please note: While 

an entity that has applied for CDFI 

certification may be deemed eligible to 

apply for a CMF award, the CDFI Fund 

will not provide an award to such an 

entity unless and until the CDFI Fund 

has officially certified the organization 

as a CDFI. 

B. Prior Awardees: 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. For purposes of this section, the 

CDFI Fund will consider an Affiliate to 

be any entity that meets the definition 

of Affiliate in this NOFA or any entity 

otherwise identified as an Affiliate by 

the Applicant in its funding application 

under this NOFA. Prior awardees 

should note the following: 

1. Failure to Meet Reporting 

Requirements: The CDFI Fund will not 

consider an application submitted by an 

Applicant if the Applicant, or an 

Affiliate of the Applicant, is a prior 

awardee or allocatee under any CDFI 

Fund program and is not current on the 

reporting requirements set forth in a 

previously executed assistance, 

allocation, or award agreement(s), as of 

the applicable application deadline of 

this NOFA. Please note that the CDFI 

Fund only acknowledges the receipt of 

reports that are complete. As such, 

incomplete reports or reports that are 

deficient of required elements will not 

be recognized as having been received. 

2. Pending Resolution of 

Noncompliance: If an Applicant is a 

prior awardee or allocatee under any 

CDFI Fund program and if (i) it has 

submitted complete and timely reports 

to the CDFI Fund that demonstrate 

noncompliance with a previous 

assistance, allocation or award 

agreement, and (ii) the CDFI Fund has 

yet to make a final determination as to 

whether the entity is in default of its 

previous assistance, allocation, or award 

agreement, the CDFI Fund will consider 

the Applicant’s application under this 

NOFA pending full resolution, in the 

sole determination of the CDFI Fund, of 

the noncompliance. Further, if an 

Affiliate of the Applicant is a prior CDFI 

Fund awardee or allocatee and if such 

entity (i) has submitted complete and 

timely reports to the CDFI Fund that 

demonstrate noncompliance with a 

previous assistance, allocation, or award 

agreement, and (ii) the CDFI Fund has 

yet to make a final determination as to 

whether the entity is in default of its 

previous assistance, allocation, or award 

agreement, the CDFI Fund will consider 

the Applicant’s application under this 

NOFA pending full resolution, in the 

sole determination of the CDFI Fund, of 

the noncompliance. 

3. Default Status: The CDFI Fund will 

not consider an application submitted 

by an Applicant that is a prior awardee 

or allocatee under any CDFI Fund 


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program if, as of the applicable 

application deadline of this NOFA, the 

CDFI Fund has made a final 

determination that such Applicant is in 

default of a previously executed 

assistance, allocation, or award 

agreement(s). Further, an entity is not 

eligible to apply for an award pursuant 

to this NOFA if, as of the applicable 

application deadline of this NOFA, the 

CDFI Fund has made a final 

determination that an Affiliate of the 

Applicant is a prior awardee or allocatee 

under any CDFI Fund program and has 

been determined by the CDFI Fund to be 

in default of a previously executed 

assistance, allocation, or award 

agreement(s). Such entities will be 

ineligible to apply for an award 

pursuant to this NOFA so long as the 

Applicant’s, or its Affiliate’s, prior 

award or allocation remains in default 

status or such other time period as 

specified by the CDFI Fund in writing. 

4. Termination in Default: The CDFI 

Fund will not consider an application 

submitted by an Applicant that is a 

prior awardee or allocatee under any 

CDFI Fund program if (i) within the 12- 

month period prior to the applicable 

application deadline of this NOFA, the 

CDFI Fund has made a final 

determination that such Applicant’s 

prior award or allocation terminated in 

default of a previously executed 

assistance, allocation, or award 

agreement(s), and (ii) the final reporting 

period end date for the applicable 

terminated assistance, allocation, or 

award agreement(s) falls within the 12- 

month period prior to the application 

deadline of this NOFA. Further, an 

entity is not eligible to apply for an 

award pursuant to this NOFA if (i) 

within the 12-month period prior to the 

applicable application deadline, the 

CDFI Fund has made a final 

determination that an Affiliate of the 

Applicant is a prior awardee or allocatee 

under any CDFI Fund program whose 

award or allocation terminated in 

default of a previously executed 

assistance, allocation, or award 

agreement(s), and (ii) the final reporting 

period end date for the applicable 

terminated assistance, allocation or 

award agreement(s) falls within the 12- 

month period prior to the application 

deadline of this NOFA. 

5. Undisbursed Award Funds: The 

CDFI Fund will not consider an 

application submitted by an Applicant 

that is a prior awardee under any CDFI 

Fund program if the Applicant has a 

balance of undisbursed award funds (as 

defined below) under said prior 

award(s), as of the applicable 

application deadline of this NOFA. 

Further, an entity is not eligible to apply 

for an award pursuant to this NOFA if 

an Affiliate of the Applicant is a prior 

awardee under any CDFI Fund program, 

and has a balance of undisbursed award 

funds under said prior award(s), as of 

the applicable application deadline of 

this NOFA. In a case where another 

entity that Controls the Applicant, is 

Controlled by the Applicant, or shares 

common management officials with the 

Applicant (as determined by the CDFI 

Fund) is a prior awardee under any 

CDFI Fund program, and has a balance 

of undisbursed award funds under said 

prior award(s), as of the applicable 

application deadline of this NOFA, the 

CDFI Fund will include the combined 

awards of the Applicant and such 

Affiliated entities when calculating the 

amount of undisbursed award funds. 

For purposes of the calculation of 

undisbursed award funds for the BEA 

Program, only awards made to the 

Applicant (and any Affiliates) three to 

five calendar years prior to the end of 

the calendar year of the application 

deadline of this NOFA are included 

(‘‘includable BEA awards’’). Thus, for 

purposes of this NOFA, undisbursed 

BEA Program award funds are the 

amount of FYs 2005, 2006, and 2007 

awards that remain undisbursed as of 

the application deadline of this NOFA. 

For purposes of the calculation of 

undisbursed award funds for the CDFI 

Program and the Native Initiatives 

Funding Programs, only awards made to 

the Applicant (and any Affiliates) two to 

five calendar years prior to the end of 

the calendar year of the application 

deadline of this NOFA are included 

(‘‘includable CDFI/NI awards’’). Thus, 

for purposes of this NOFA, undisbursed 

CDFI Program and NI awards are the 

amount of FYs 2005, 2006, 2007 and 

2008 awards that remain undisbursed as 

of the application deadline of this 

NOFA. The term ‘‘Native Initiatives 

Funding Programs’’ refers to the NACA 

Program and all prior funding programs, 

through which funds are no longer 

available, including the Native 

American CDFI Technical Assistance 

(NACTA) Component of the CDFI 

Program, the Native American CDFI 

Development (NACD) Program, and the 

Native American Technical Assistance 

(NATA) Component of the CDFI 

Program. 

To calculate total includable BEA/ 

CDFI/NI awards: amounts that are 

undisbursed as of the application 

deadline of this NOFA cannot exceed 

five percent of the total includable 

awards. 

The ‘‘undisbursed award funds’’ 

calculation does not include: (i) Tax 

credit allocation authority made 

available through the NMTC Program; 

(ii) any award funds for which the CDFI 

Fund received a full and complete 

disbursement request from the awardee 

by the applicable application deadline 

of this NOFA; (iii) any award funds for 

an award that has been terminated in 

writing by the CDFI Fund or deobligated 

by the CDFI Fund; or (iv) any award 

funds for an award that does not have 

a fully executed assistance or award 

agreement. The CDFI Fund strongly 

encourages Applicants requesting 

disbursements of ‘‘undisbursed funds’’ 

from prior awards to provide the CDFI 

Fund with a complete disbursement 

request at least 10 business days prior 

to the application deadline of this 

NOFA. 

6. Contact the CDFI Fund: Applicants 

that are prior CDFI Fund awardees are 

advised to: (i) Comply with 

requirements specified in assistance, 

allocation, and/or award agreement(s), 

and (ii) contact the CDFI Fund to ensure 

that all necessary actions are underway 

for the disbursement or deobligation of 

any outstanding balance of said prior 

award(s). An Applicant that is unsure 

about the disbursement status of any 

prior award should contact the CDFI 

Fund’s Senior Resource Manager via email at 

CDFI.disburseinquiries@cdfi.treas.gov. 

7. Entities that Submit Applications 

Together with Affiliates; Applications 

from Common Enterprises: 

(a) As part of the CMF application 

review process, the CDFI Fund 

considers whether Applicants are 

Affiliates, as such term is defined in the 

CMF application. If an Applicant and its 

Affiliates wish to submit CMF 

applications, they must do so 

collectively, in one application; an 

Applicant and its Affiliates may not 

submit separate CMF applications. If 

Affiliated entities submit multiple 

applications, the CDFI Fund reserves 

the right either to reject all such 

applications received or to select a 

single application as the only 

application considered for an award. 

For purposes of this NOFA, in 

addition to assessing whether applicants 

meet the definition of the term 

‘‘Affiliate,’’ the CDFI Fund will consider: 

(i) Whether the activities described in 

applications submitted by separate 

entities are, or will be, operated and/or 

managed as a common enterprise that, 

in fact or effect, may be viewed as a 

single entity; (ii) whether the 

applications submitted by separate 

entities contain significant narrative, 

textual or other similarities, and (iii) 

whether the business strategies and/or 

activities described in applications 

submitted by separate entities are so 

closely related, in fact or effect, they 


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may be viewed as substantially identical 

applications. In such cases, the CDFI 

Fund reserves the right either to reject 

all applications received from all such 

entities; to select a single application as 

the only one that will be considered for 

an award; and, in the event that an 

application is selected to receive an 

award, to deem certain activities 

ineligible. 

(b) Furthermore, an Applicant that 

receives an award in this CMF round 

may not become an Affiliate of or 

member of a common enterprise (as 

defined above) with 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 Section VI.B. of this NOFA and 

additional application guidance 

materials on the CDFI Fund’s Web site 

at http://www.cdfifund.gov for more 

details). 

IV. Application and Submission 

Information 

A. MyCDFIFund Accounts: All 

Applicants must register User and 

Organization accounts in myCDFIFund, 

the CDFI Fund’s Internet-based 

interface. An Applicant must be 

registered as both a User and an 

Organization in myCDFIFund as of the 

applicable application deadline in order 

to be considered to have submitted a 

complete application. As myCDFIFund 

is the CDFI Fund’s primary means of 

communication with Applicants and 

Awardees, organizations must make 

sure that they update the contact 

information in their myCDFIFund 

accounts before the applicable 

application deadline. For more 

information on myCDFIFund, please see 

the ‘‘Frequently Asked Questions’’ link 

posted at https://www.cdfifund.gov/ 

myCDFI/Help/Help.asp. 

B. Form of Application Submission: 

Applicants must submit applications 

under this NOFA electronically. 

Applications sent by mail, facsimile, or 

other form will not be permitted, except 

in circumstances that the CDFI Fund, in 

its sole discretion, deems acceptable. 

C. Applications Submitted via 

myCDFIFund: Applicants must submit 

applications under this NOFA 

electronically, through myCDFIFund, 

the CDFI Fund’s Internet-based 

interface. Please note that the CDFI 

Fund will not accept applications 

through Grants.gov. Applications sent 

by mail, facsimile, or other form will 

generally not be accepted, except in 

circumstances approved by the CDFI 

Fund, in its sole discretion. The CDFI 

Fund will post to its Web site at 

http://www.cdfifund.gov instructions for 

accessing and submitting an application 

as soon as they become available. 

D. Application Content Requirements: 

Detailed application content 

requirements are found in the 

application and guidance. Please note 

that, pursuant to OMB guidance (68 FR 

38402), each Applicant must provide, as 

part of its application submission, a Dun 

and Bradstreet Data Universal 

Numbering System (DUNS) number. In 

addition, each application must include 

a valid and current Employer 

Identification Number (EIN), with a 

letter or other documentation from the 

Internal Revenue Service (IRS) 

confirming the Applicant’s EIN. An 

application that does not include an EIN 

is incomplete and cannot be transmitted 

to the CDFI Fund. Applicants should 

allow sufficient time for the IRS and/or 

Dun and Bradstreet to respond to 

inquiries and/or requests for 

identification numbers. Once an 

application is submitted, the Applicant 

will not be allowed to change any 

element of the application. The 

preceding sentences do not limit the 

CDFI Fund’s ability to contact an 

Applicant for the purpose of obtaining 

clarifying or confirming application 

information (such as a DUNS number or 

EIN information). 

E. Under the Paperwork Reduction 

Act (44 U.S.C. chapter 35), an agency 

may not conduct or sponsor a collection 

of information, and an individual is not 

required to respond to a collection of 

information, unless it displays a valid 

OMB control number. Pursuant to the 

Paperwork Reduction Act, the 

application has been assigned the 

following control number: 1559–0036. 

F. Application Deadlines: 

1. The following are the deadlines for 

submission of the documents related to 

the FY 2010 Funding Round: 

TABLE 1—FY 2010 CMF DEADLINES

[All 5 p.m. ET deadlines] 

Applicant Type Document Deadline Last date to contact CDFI Fund 

Certified CDFIs .............................. Certification of Material Events .... Thursday, April 1, 2010 ................ Tuesday, March 30, 2010. 

Entities Applying for CDFI Certification.CDFI Certification Application ...... Thursday, April 1, 2010 ................ Tuesday, March 30, 2010. 

All Applicants ................................. CMF Funding Application ............. Thursday, April 15, 2010 .............. Tuesday, April 13, 2010. 

All CMF funding applications must be 

electronic and submitted through 

myCDFIFund. No paper submittals or 

attachments will be accepted. 

2. Late Delivery: The CDFI Fund will 

neither accept a late application nor any 

portion of an application that is late; an 

application that is late, or for which any 

portion is late, will be rejected. The 

CDFI Fund will not grant exceptions or 

waivers. Any application that is deemed 

ineligible will not be returned to the 

Applicant. 

G. Intergovernmental Review: Not 

applicable. 

H. Funding Restrictions: CMF awards 

may not be used for the following: (i) 

Political activities; (ii) advocacy; (iii) 

lobbying, whether directly or through 

other parties; (iv) counseling services 

(including homebuyer or financial 

counseling); (v) travel expenses; (vi) 

preparing or providing advice on tax 

returns; (vii) emergency shelters 

(including shelters for disaster victims); 

(viii) nursing homes; (ix) convalescent 

homes; (x) residential treatment 

facilities; (xi) correctional facilities; (xii) 

student dormitories; or (xiii) other uses 

identified in the Awardee’s Assistance 

Agreement. 

V. Application Review Information 

A. Format: Each narrative response 

required in the application has 

limitations with respect to the amount 

of words or characters that the 

Applicant may provide. Applicants are 

encouraged to read each question 

carefully and to remain within 

limitations set forth in the question, to 

avoid the electronic application 

submission form from truncating the 

Applicant’s response. Also, the CDFI 

Fund will read only information 

requested in the application and will 

not read attachments that have not been 

specifically requested in this NOFA or 

the application. 


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B. Criteria: Applicants will be 

evaluated across several key areas: 

1. Business Strategy: The Applicant 

must provide a detailed strategy for 

implementing its CMF award. The 

Applicant is required to identify and 

describe, among other things: (i) Its 

track record of financing Affordable 

Housing and related activities; (ii) its 

proposed activities including a 

description of the financing tools and 

specific debt or equity products that 

will be offered; and (iii) its pipeline of 

proposed projects and activities. 

2. Leveraging Strategy: The Applicant 

must be able to demonstrate its ability 

to leverage CMF award funding. To this 

end, the Applicant must identify and 

describe, among other things, its 

anticipated strategy for leveraging 

dollars, including private capital: (i) At 

the pre-investment stage (e.g., use of the 

CMF award to secure additional thirdparty capital prior to investing into 

projects); (ii) through reinvestment of 

CMF award dollars into additional 

projects (e.g., use of the CMF award to 

fund a revolving loan pool to invest in 

projects); and (iii) at the project level 

(e.g., use of the CMF award to invest in 

projects with total costs in excess of the 

CMF award investment). 

3. Community Impact: The Applicant 

must describe the extent to which the 

Applicant will target its activities 

towards underserved populations and 

areas of high housing need; and describe 

the extent to which the Applicant’s 

strategy will have positive community 

development and economic impacts. 

4. Organizational Capacity: The 

Applicant must demonstrate its ability 

and capacity to undertake its proposed 

activities, use its award successfully, 

and maintain compliance with its 

Assistance Agreement. To this end, the 

Applicant will be required to 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 timelines for committing 

its CMF award funds to activities and 

projects; (iv) its procedures and systems 

to track and ensure compliance with the 

affordability and community impact 

commitments; (v) its current financial 

condition, including results of recent 

audits; and (vi) its experience 

administering other public funds 

including federal government awards, if 

applicable. 

C. 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 

above. An incomplete application that 

does not meet eligibility requirements 

will be rejected. Any application that 

does not meet eligibility requirements 

will not be returned to the Applicant. 

2. Substantive Review: If an 

application is 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, the 

application, and any application 

guidance. As part of the review process, 

the CDFI Fund may contact the 

Applicant by telephone, e-mail, 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 set by the CDFI Fund. 

3. Application Review; Selection: 

Awards will be made based on 

Applicants’ experience and ability to 

use CMF award dollars to support 

Affordable Housing Activities, 

Economic Development Activities, and 

Community Service Facilities, in 

accordance with the criteria set forth 

above in Section V.B. 

(a) Quantitative Peer Review: The 

CDFI Fund may undertake an initial 

review of all applications prior to 

assigning the application to a reviewer. 

This review will be based upon 

quantitative information provided by 

the Applicant in its application 

materials, with specific focus on: (i) The 

Applicant’s commitments to using CMF 

award dollars to generate additional 

funds through leveraging; (ii) the 

Applicant’s commitments to targeting 

projects that serve underserved 

populations or areas of high housing 

need; and (iii) the Applicant’s 

demonstrated ability to obligate funds 

and undertake activities in a timely 

matter. Applicants that, when compared 

with the rest of the Applicant pool, 

score lowest in one or more of these key 

areas may not be forwarded to the next 

level of review. 

(b) Application Review: Reviewers 

will be assigned a set number of 

applications to review. Once the 

reviewer has completed all of his/her 

review assignments, he/she will provide 

a score for each of the applications that 

was reviewed, in accordance with the 

scoring criterion outlined in the 

application materials. 

(c) Evaluating Prior Award 

Performance: 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 

Awardee is in compliance with current 

or prior award 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 points for those Applicants (or 

their Affiliates) that have a history of 

providing late reports. 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 

three 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. 

(d) Selection: After all applications 

have been reviewed and scored, the 

CDFI Fund will make award 

determinations in descending order of 

scores, subject to Applicants’ meeting 

all eligibility requirements; provided, 

however, that the CDFI Fund, in its sole 

discretion, reserves the right to reject an 

application and/or adjust award 

amounts as appropriate based on 

information obtained during the review 

process. After preliminary award 

determinations are made, the CDFI 

Fund will review the list of potential 

awardees to determine whether: (i) the 

potential awardees’ service areas 

collectively represent broad geographic 

coverage throughout the United States; 

and (ii) the potential awardees will 

collectively, based upon projections 

made by each Applicant, direct at least 

20 percent of total activities to NonMetropolitan Areas. To the extent 

practicable, the CDFI Fund reserves the 

right to make alterations to award 

amounts and/or make awards to 

additional organizations if deemed 

necessary to ensure these desired 

outcomes. 

4. Regulated Applicants: In the case of 

Insured Depository Institutions and 

Insured Credit Unions, the CDFI Fund 

will take into consideration the views of 

the Appropriate Federal Banking 

Agencies; in the case of State-Insured 

Credit Unions, the CDFI Fund may 

consult with the appropriate State 

banking agencies (or comparable entity). 

5. Award Notification: Each Applicant 

will be informed of the CDFI Fund’s 


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award decision through an Assistance 

Agreement if selected for an award (see 

Assistance Agreement section, below) or 

written declination if not selected for an 

award. The CDFI Fund will notify 

Awardees by e-mail using the addresses 

maintained in the Awardee’s 

myCDFIFund account. 

6. 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 part of an 

Applicant. If the CDFI Fund determines 

that any portion of the application is 

incorrect in any material respect, the 

CDFI Fund reserves the right, in its sole 

discretion, to reject the application. The 

CDFI Fund reserves the right to change 

its eligibility and evaluation criteria and 

procedures, if the CDFI Fund deems it 

appropriate; if said changes materially 

affect the CDFI Fund’s award decisions, 

the CDFI Fund will provide information 

regarding the changes through the CDFI 

Fund’s Web site. There is no right to 

appeal the CDFI Fund’s award 

decisions. The CDFI Fund’s award 

decisions are final. 

VI. Award Administration Information 

A. Notice of Award: The CDFI Fund 

will signify its conditional selection of 

an Applicant as an Awardee by 

delivering an Assistance Agreement to 

the Applicant via e-mail using the 

addresses maintained in the Awardee’s 

myCDFIFund account. The Assistance 

Agreement will contain the Notice of 

Award and general terms and 

conditions underlying the CDFI Fund’s 

provision of assistance. The Awardee 

must confirm receipt of the Assistance 

Agreement once received. By 

confirming receipt of the Assistance 

Agreement, the Awardee agrees, among 

other things, that, if prior to executing 

and entering into an Assistance 

Agreement with the CDFI Fund, 

information (including administrative 

errors) comes to the attention of the 

CDFI Fund that either adversely affects 

the Awardee’s eligibility for an award, 

or adversely affects the CDFI Fund’s 

evaluation of the Awardee’s application, 

or indicates fraud or mismanagement on 

the part of the Awardee, the CDFI Fund 

may, in its discretion and without 

advance notice to the Awardee, 

terminate the award or take such other 

actions as it deems appropriate. 

Moreover, by confirming receipt of the 

Assistance Agreement, the Awardee 

agrees that, if prior to executing and 

entering into an Assistance Agreement 

with the CDFI Fund, the CDFI Fund 

determines that the Awardee or an 

Affiliate of the Awardee is in default of 

any Assistance Agreement previously 

entered into with the CDFI Fund, the 

CDFI Fund may, in its discretion and 

without advance notice to the Awardee, 

either terminate the award or take such 

other actions as it deems appropriate. 

The CDFI Fund reserves the right, in its 

sole discretion, to rescind its award if 

the Awardee fails to return the 

Assistance Agreement, signed by the 

authorized representative of the 

Awardee, along with any other 

requested documentation, within the 

deadline set by the CDFI Fund. For 

purposes of this section, the CDFI Fund 

will consider an Affiliate to mean any 

entity that meets the definition of 

Affiliate in this NOFA. 

1. Failure to Meet Reporting 

Requirements: If an Awardee or an 

Affiliate of the Awardee is a prior 

awardee or allocatee under any CDFI 

Fund program and is not current on the 

reporting requirements set forth in the 

previously executed assistance, 

allocation or award agreement(s), as of 

the date of the NOA, the CDFI Fund 

reserves the right, in its sole discretion, 

to delay entering into an Assistance 

Agreement until said prior awardee or 

allocatee is current on the reporting 

requirements in any previously 

executed assistance, allocation, or 

award agreement(s). Please note that the 

CDFI Fund only acknowledges the 

receipt of reports that are complete. As 

such, incomplete reports or reports that 

are deficient of required elements will 

not be recognized as having been 

received. If said prior awardee 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 award made 

under this NOFA. 

2. Pending Resolution of 

Noncompliance: If an Applicant is a 

prior awardee or allocatee under any 

CDFI Fund program and if: (i) it has 

submitted complete and timely reports 

to the CDFI Fund that demonstrate 

noncompliance with a previous 

assistance, award, or allocation 

agreement; and (ii) the CDFI Fund has 

yet to make a final determination as to 

whether the entity is in default of its 

previous assistance, award, or allocation 

agreement, the CDFI Fund reserves the 

right, in its sole discretion, to delay 

entering into an Assistance Agreement, 

pending full resolution, in the sole 

determination of the CDFI Fund, of the 

noncompliance. Further, if an Affiliate 

of the Awardee is a prior CDFI Fund 

awardee or allocatee and if such entity 

(i) has submitted complete and timely 

reports to the CDFI Fund that 

demonstrate noncompliance with a 

previous assistance, award, or allocation 

agreement, and (ii) the CDFI Fund has 

yet to make a final determination as to 

whether the entity is in default of its 

previous assistance, award, or allocation 

agreement, the CDFI Fund reserves the 

right, in its sole discretion, to delay 

entering into an Assistance Agreement, 

pending full resolution, in the sole 

determination of the CDFI Fund, of the 

noncompliance. If the prior awardee or 

allocatee in question is unable to 

satisfactorily resolve the issues of 

noncompliance, in the sole 

determination of the CDFI Fund, the 

CDFI Fund reserves the right, in its sole 

discretion, to terminate and rescind the 

award made under this NOFA. 

3. Default Status: If, at any time prior 

to entering into an Assistance 

Agreement through this NOFA, the 

CDFI Fund has made a final 

determination that an Awardee that is a 

prior awardee or allocatee under any 

CDFI Fund program is in default of a 

previously executed assistance, 

allocation, or award agreement(s), the 

CDFI Fund reserves the right, in its sole 

discretion, to delay entering into an 

Assistance Agreement, until said prior 

awardee or allocatee has submitted a 

complete and timely report 

demonstrating full compliance with said 

agreement within a timeframe set by the 

CDFI Fund. Further, if at any time prior 

to entering into an Assistance 

Agreement through this NOFA, the 

CDFI Fund has made a final 

determination that an Affiliate of the 

Awardee is a prior awardee or allocatee 

under any CDFI Fund program and is in 

default of a previously executed 

assistance, allocation, or award 

agreement(s), the CDFI Fund reserves 

the right, in its sole discretion, to delay 

entering into an Assistance Agreement, 

until said prior awardee or allocatee has 

submitted a complete and timely report 

demonstrating full compliance with said 

agreement within a timeframe set by the 

CDFI Fund. If said prior awardee or 

allocatee is unable to meet this 

requirement and the CDFI Fund has not 

specified in writing that the prior 

awardee or allocatee is otherwise 

eligible to receive an Award under this 

NOFA, the CDFI Fund reserves the 

right, in its sole discretion, to terminate 

and rescind the award made under this 

NOFA. 

4. Termination in Default: If (i) within 

the 12-month period prior to entering 

into an Assistance Agreement through 

this NOFA, the CDFI Fund has made a 

final determination that an Awardee 

that is a prior awardee or allocatee 


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under any CDFI Fund program whose 

award or allocation was terminated in 

default of such prior agreement, and (ii) 

the final reporting period end date for 

the applicable terminated agreement 

falls within the 12-month period prior 

to the application deadline of this 

NOFA, the CDFI Fund reserves the 

right, in its sole discretion, to delay 

entering into or determine not to enter 

into an Assistance Agreement. Further, 

if (i) within the 12-month period prior 

to entering into an Assistance 

Agreement through this NOFA, the 

CDFI Fund has made a final 

determination that an Affiliate of the 

Awardee is a prior awardee or allocatee 

under any CDFI Fund program whose 

award or allocation was terminated in 

default of such prior agreement, and (ii) 

the final reporting period end date for 

the applicable terminated agreement 

falls within the 12-month period prior 

to the application deadline of this 

NOFA, the CDFI Fund reserves the 

right, in its sole discretion, to delay 

entering into or determine not to enter 

into an Assistance Agreement. 

5. Compliance with Federal AntiDiscrimination Laws: If at any time prior 

to entering into an Assistance 

Agreement through this NOFA, the 

CDFI Fund is made aware of a final 

determination, made within the last 

three years, in any proceeding instituted 

against the Awardee in, by, or before 

any court, governmental, or 

administrative body or agency, 

declaring that the Awardee has 

discriminated on the basis of race, color, 

national origin, disability, age, marital 

status, receipt of income from public 

assistance, religion, or sex, the CDFI 

Fund reserves the right, in its sole 

discretion, to terminate and rescind the 

award made under this NOFA. 

B. Assistance Agreement: Each 

Applicant that is selected to receive an 

award under this NOFA must enter into 

an Assistance Agreement with the CDFI 

Fund in order to receive disbursement 

of award proceeds. The Assistance 

Agreement will set forth certain 

required terms and conditions of the 

award, which will include, but not be 

limited to: (i) The amount of the award; 

(ii) the approved uses of the award; (iii) 

the approved Service Area in which the 

award may be used; (iv) performance 

goals and measures; and (v) reporting 

requirements for all Awardees. It is 

anticipated that CMF awards under this 

NOFA generally will have ten-year 

performance periods. 

The Assistance Agreement shall 

provide that in the event of fraud, 

mismanagement, noncompliance with 

the Act or the CDFI Fund’s regulations, 

or noncompliance with the terms and 

conditions of the Assistance Agreement 

on the part of the Awardee, the CDFI 

Fund, in its discretion, may: (1) Require 

changes in the performance goals set 

forth in the Assistance Agreement; (2) 

revoke approval of the Awardee’s 

application; (3) reduce or terminate the 

Awardee’s assistance; (4) require 

repayment of any assistance that has 

been distributed to the Awardee; (5) bar 

the Awardee from reapplying for any 

assistance from the CDFI Fund; or (6) 

take such other actions as the CDFI 

Fund deems appropriate or as set forth 

in the Assistance Agreement. 

Prior to imposing any sanctions 

pursuant to this section or an Assistance 

Agreement, the CDFI Fund shall, to the 

maximum extent practicable, provide 

the Awardee with written notice of the 

proposed sanction and an opportunity 

to comment. Nothing in this section, 

however, shall provide an Awardee the 

right to any formal or informal hearing 

or comparable proceeding not otherwise 

required by law. 

The CDFI Fund reserves the right, in 

its sole discretion, to terminate and 

rescind an award if the Awardee fails to 

return the Assistance Agreement, signed 

by the authorized representative of the 

Awardee, and/or provide the CDFI Fund 

with any other requested 

documentation, within the deadlines set 

by the CDFI Fund. 

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: (i) The Applicant (and its 

Subsidiary transferees, if any) is duly 

formed and in good standing in the 

jurisdiction in which it was formed and 

the jurisdiction(s) in which it operates; 

(ii) the Applicant (and its Subsidiary 

transferees, if any) has the authority to 

enter into the Assistance Agreement and 

undertake the activities that are 

specified therein; (iii) the Applicant 

(and its Subsidiary transferees, if any) 

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; 

(iv) the Applicant (and its Subsidiary 

transferees, if any) is not in default of its 

articles of incorporation, bylaws or 

other organizational documents, or any 

agreements with the Federal 

government; and (v) 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 

Awardee will undertake its CMF 

activities. 

C. Reporting 

1. Reporting requirements: The CDFI 

Fund will collect information, on at 

least an annual basis, from each 

Awardee which may include, but are 

not limited to: (i) Financial reports 

(including an OMB A–133 audit, as 

applicable); (ii) reports on Awardee 

information and transactional 

information; (iii) reports on uses of CMF 

award; (iv) verification of affordability 

standard maintenance; (v) explanation 

of noncompliance (as applicable); and 

(vi) such other information that the 

CDFI Fund may require. Each Awardee 

is responsible for the timely and 

complete submission of the annual 

reporting documents, even if all or a 

portion of the documents are completed 

by another entity or signatory to the 

Assistance Agreement. If such other 

entities or signatories are required to 

provide annual report documentation, 

or other documentation that the CDFI 

Fund may require, the Awardee is 

responsible for ensuring that the 

information is submitted timely and 

complete. The CDFI Fund reserves the 

right to contact such additional entities 

or signatories to the Assistance 

Agreement and require that additional 

information and documentation be 

provided. The CDFI Fund will use such 

information to monitor each Awardee’s 

compliance with the requirements set 

forth in the Assistance Agreement and 

to assess the impact of the 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 Awardees. 

2. Accounting: The CDFI Fund will 

require each Awardee that receives CMF 

awards through this NOFA to account 

for and track the use of said CMF 

awards. This means that for every dollar 

of CMF awards received from the CDFI 

Fund, the Awardee will be required to 

inform the CDFI Fund of its uses. This 

will require Awardees to establish 

separate administrative and accounting 

controls, subject to the applicable OMB 

Circulars. The CDFI Fund will provide 

guidance to Awardees outlining the 

format and content of the information to 

be provided on an annual basis, 

outlining and describing how the funds 

were used. Each Awardee that receives 

an award must provide the CDFI Fund 

with the required complete and accurate 

Automated Clearinghouse (ACH) form 

for its bank account prior to award 

closing and disbursement. 


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Federal Register / Vol. 75, No. 49 / Monday, March 15, 2010 / Notices 12431 

VII. Agency Contacts 

A. The CDFI Fund will respond to 

questions and provide support 

concerning this NOFA and the funding 

application between the hours of 9 a.m. 

and 5 p.m. ET, starting the date of the 

publication of this NOFA through two 

days prior to the application deadline. 

The CDFI Fund will not respond to 

questions or provide support concerning 

the applications that are received after 

5 p.m. ET on said dates, until after the 

funding application deadline. 

Applications and other information 

regarding the CDFI Fund and its 

programs may be obtained from the 

CDFI Fund’s Web site at http:// 

www.cdfifund.gov. The CDFI Fund will 

post on its Web site responses to 

questions of general applicability 

regarding the CMF. 

B. The CDFI Fund’s contact 

information is as follows: 

TABLE 2—CONTACT INFORMATION

Type of question Telephone number 

(not toll free) E-mail addresses 

Fax number for all offices: 202–622–7754 

CMF ............................................................................................................................... 202–622–6355 ................... cdfihelp@cdfi.treas.gov. 

CDFI Certification .......................................................................................................... 202–622–6355 ................... cdfihelp@cdfi.treas.gov. 

Compliance Monitoring and Evaluation ......................................................................... 202–622–6330 ................... cme@cdfi.treas.gov. 

Information Technology Support ................................................................................... 202–622–2455 ................... IThelp@cdfi.treas.gov. 

C. Communication with the CDFI 

Fund: The CDFI Fund will use the 

myCDFIFund Internet interface to 

communicate with Applicants and 

Awardees, using the contact information 

maintained in their respective 

myCDFIFund accounts. Therefore, the 

Applicant and any Subsidiaries, 

Signatories, and Affiliates must 

maintain accurate contact information 

(including contact person and 

authorized representative, e-mail 

addresses, fax numbers, phone numbers, 

and office addresses) in its 

myCDFIFund account(s). For more 

information about myCDFIFund (which 

includes information about the CDFI 

Fund’s Community Investment Impact 

System), please see the Help documents 

posted at http://www.cdfifund.gov/ciis/ 

accessingciis.pdf. 

VIII. Information Sessions and 

Outreach 

The CDFI Fund may conduct 

webcasts, webinars, or information 

sessions for organizations that are 

considering applying to, or are 

interested in learning about, the CDFI 

Fund’s programs. For further 

information, please visit the CDFI 

Fund’s Web site at http:// 

www.cdfifund.gov. 

Authority: 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: March 4, 2010. 

Donna J. Gambrell, 

Director, Community Development Financial 

Institutions Fund. 

[FR Doc. 2010–5025 Filed 3–12–10; 8:45 am] 

BILLING CODE 4810–70–P 


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