11924 Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices 

Abstract: Pursuant to 49 CFR 199.227, 

operators are required to maintain 

records of its alcohol misuse prevention 

program. The post-accident drug testing 

for pipeline operators information 

collection pertains specifically to 49 

CFR 199.227(b)(4), that requires 

operators to maintain records of 

decisions not to administer postaccident employee alcohol tests for a 

minimum of three years. Operators must 

make those records available to PHMSA 

upon request. 

Affected Public: Operators of PHMSAregulated pipelines. 

Annual Reporting and Recordkeeping 

Burden: 

Total Annual Responses: 609. 

Total Annual Burden Hours: 1,218. 

Frequency of Collection: On occasion. 

3. Title: Recordkeeping Requirements 

for Liquefied Natural Gas Facilities. 

OMB Control Number: 2137–0048. 

Current Expiration Date: 11/30/2024. 

Type of Request: Renewal with no 

change of a currently approved 

information collection. 

Abstract: Pursuant to the Federal 

Pipeline Safety Regulations, liquefied 

natural gas facility operators are 

required to maintain records, make 

reports, and provide information 

regarding their liquefied natural gas 

facilities to PHMSA upon request. 

Affected Public: Operators of liquefied 

natural gas facilities. 

Annual Reporting and Recordkeeping 

Burden: 

Estimated Number of Responses: 

40,400. 

Estimated Annual Burden Hours: 

12,120. 

Frequency of Collection: On occasion. 

4. Title: Customer-Owned Service 

Lines. 

OMB Control Number: 2137–0594. 

Current Expiration Date: 11/30/2024. 

Type of Request: Renewal with no 

change of a currently approved 

information collection. 

Abstract: Pursuant to 49 CFR 192.16, 

operators of gas service lines who do not 

maintain their customers’ buried piping 

between service lines and building 

walls or gas utilization equipment are 

required to send written notices to their 

customers prescribing the proper 

maintenance of these gas lines and of 

the potential hazards of not properly 

maintaining these gas lines. Operators 

also must maintain records that include 

a copy of the notice currently in use and 

evidence that notices were sent to 

customers within the previous three 

years. The purpose of the collection is 

to provide PHMSA with adequate 

information about how customer-owned 

service lines are being maintained to 

prevent the potential hazards associated 

with not maintaining the lines. 

Examples of sufficient notification 

include a prepared notification with the 

customer’s bill. 

Affected Public: State and local 

governments. 

Annual Reporting and Recordkeeping 

Burden: 

Estimated Number of Responses: 

550,000. 

Estimated Annual Burden Hours: 

9,167. 

Frequency of Collection: On occasion. 

5. Title: Periodic Underwater 

Inspection and Notification of 

Abandoned Underwater Pipelines. 

OMB Control Number: 2137–0618. 

Current Expiration Date: 11/30/2024. 

Type of Request: Renewal with no 

change of a currently approved 

information collection. 

Abstract: The Federal Pipeline Safety 

Regulations at 49 CFR 192.612 and 49 

CFR 195.413 require operators of 

pipelines in the Gulf of Mexico and its 

inlets in waters less than 15 feet (4.6 

meters) deep to conduct periodic 

underwater inspections to determine 

whether the pipelines are exposed 

underwater pipelines or pose a hazard 

to navigation. If an operator discovers 

that its underwater pipeline is exposed 

or poses a hazard to navigation, among 

other remedial actions, the operator 

must contact the National Response 

Center by telephone within 24 hours of 

discovery and report the location of the 

exposed pipeline or hazardous pipeline. 

PHMSA’s regulations for reporting the 

abandonment of underwater pipelines 

can be found at 49 CFR 192.727 and 49 

CFR 195.59. These provisions contain 

certain requirements for disconnecting 

and purging abandoned pipelines and 

require operators to notify PHMSA of 

each abandoned offshore pipeline 

facility and each abandoned onshore 

pipeline facility that crosses over, 

under, or through a commercially 

navigable waterway. 

Affected Public: Operators of pipeline 

facilities. 

Annual Reporting and Recordkeeping 

Burden: 

Estimated Number of Responses: 92. 

Estimated Annual Burden Hours: 

1,372. 

Frequency of Collection: On occasion. 

6. Title: Recordkeeping for 

Underground Natural Gas Storage 

Facilities. 

OMB Control Number: 2137–0634. 

Current Expiration Date: 11/30/2024. 

Type of Request: Renewal with no 

change of a currently approved 

information collection. 

Abstract: The Federal Pipeline Safety 

Regulations at 49 CFR 192.12 require 

operators of underground natural gas 

storage facilities to maintain 

documentation and provide information 

to PHMSA upon request. Examples of 

the required records include operations 

and maintenance procedures, results of 

required tests, records of inspections 

and repairs, and notifications to the 

public. 

Affected Public: Operators of 

underground natural gas storage 

facilities. 

Annual Reporting and Recordkeeping 

Burden: 

Estimated Number of Responses: 136. 

Estimated Annual Burden Hours: 220. 

Frequency of Collection: On occasion. 

Comments are invited on: 

(a) The need for this information 

collections for the proper performance 

of the functions of the Agency, 

including whether the information will 

have practical utility; 

(b) The accuracy of the Agency’s 

estimate of the burden of the proposed 

collection of information, including the 

validity of the methodology and 

assumptions used; 

(c) Ways to enhance the quality, 

utility, and clarity of the information to 

be collected; and 

(d) Ways to minimize the burden of 

the collection of information on those 

who are to respond, including the use 

of appropriate automated, electronic, 

mechanical, or other technological 

collection techniques. 

Authority: The Paperwork Reduction 

Act of 1995; 44 U.S.C. Chapter 35, as 

amended, and 49 CFR 1.48. 

Issued in Washington, DC, on February 7, 

2024, under authority delegated in 49 CFR 

1.97. 

John A. Gale, 

Director, Standards and Rulemaking Division. 

[FR Doc. 2024–03140 Filed 2–14–24; 8:45 am] 

BILLING CODE 4910–60–P 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

Notice of Funds Availability 

Funding Opportunities: Capital 

Magnet Fund; 2024 Funding Round. 

Funding Opportunity Title: Notice of 

Funds Availability (NOFA) inviting 

Applications for the fiscal year (FY) 

2024 Funding Round of the Capital 

Magnet Fund (CMF). 

Announcement Type: Announcement 

of funding opportunity. 

Funding Opportunity Number: CDFI– 

2024–CMF. 

Catalog of Federal Domestic 

Assistance (CFDA) Number: 21.011. 

Dates: 


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Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices 11925 

TABLE 1–FY 2024 CAPITAL MAGNET FUND FUNDING ROUND CRITICAL DEADLINES FOR APPLICANTS

Description Deadline Time 

(Eastern Time—ET) Submission method 

Last day to create an Awards Management Information 

System (AMIS) Account (if Applicant does not have 

one).

March 14, 2024 .......... 11:59 p.m. ET ............. Electronically via Awards Management Information System (AMIS). 

Last day to enter or update the Employer Identification 

Number (EIN) and Unique Entity Identifier (UEI) numbers in AMIS (all Applicants).

March 14, 2024 .......... 11:59 p.m. ET ............. Electronically via AMIS. 

Last day to submit Title VI Compliance Worksheet in 

AMIS (all Applicants) *.

March 14, 2024 .......... 11:59p.m. ET .............. Electronically via AMIS. 

Last day to submit SF–424 Mandatory Form (Application 

for Federal Assistance).

March 14, 2024 .......... 11:59 p.m. ET ............. Electronically via Grants.gov. 

For Applicants using a Consortium Approach only: Applicants are asked to submit a Service Request in AMIS 

notifying the CMF Program of the organization’s intent 

to apply as a Consortium Member using the Consortium Approach.

March 14, 2024 .......... 11:59 p.m. ET ............. Submit Service Request via AMIS using ‘‘Capital Magnet Fund’’ for the program. 

Last day to contact Capital Magnet Fund Staff ................ April 12, 2024 ............. 5:00 p.m. ET ............... Submit Service Request via AMIS using ‘‘Capital Magnet Fund’’ for the program; call CDFI Fund Helpdesk: 

202–653–0421; or email cmf@cdfi.treas.gov. 

Last day to contact CDFI Fund with questions about 

Compliance.

April 12, 2024 ............. 5:00 p.m. ET ............... Submit Service Request via AMIS using ‘‘Compliance 

and Reporting’’ for the program; call CCME Helpdesk: 

202–653–0423; or email ccme@cdfi.treas.gov. 

Last day to contact CDFI Fund with questions about 

CDFI Certification.

April 12, 2024 ............. 5:00 p.m. ET ............... Submit Service Request via AMIS using ‘‘Certification’’ 

for the program; call CCME Helpdesk: 202–653– 

0423; or email ocpecert@cdfi.treas.gov. 

Last day to contact AMIS–IT Help Desk (regarding AMIS 

technical problems only).

April 16, 2024 ............. 5:00 p.m. ET ............... Submit Service Request via AMIS using ‘‘Technical 

Issues’’ for the program; call AMIS Helpdesk: 202– 

630–0422; or email AMIS@cdfi.treas.gov. 

Last day to submit CMF Application and Required Attachments.April 16, 2024 ............. 11:59 p.m. ET ............. Electronically via AMIS. 

* For Depository Institution Holding Company Applicants, the Title VI Compliance Worksheet requirement also applies to the Applicant’s Subsidiary Depository 

Institution. 

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 certified 

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 Statute and 

Regulation: 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. For a 

complete understanding of the program, 

the CDFI Fund encourages Applicants to 

review the CMF Interim Rule (12 CFR 

part 1807) as amended February 8, 2016 

(the CMF Interim Rule); this NOFA; the 

CDFI Fund’s environmental quality 

regulation (12 CFR part 1815); 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 1000), 

which is the Department of the 

Treasury’s codification of the Office of 

Management and Budget (OMB) 

government-wide framework for grants 

management at 2 CFR part 200 (Uniform 

Administrative Requirements or UAR). 

Each capitalized term used in this 

NOFA, but not defined herein, shall 

have the respective meanings assigned 

to them in the CMF Interim Rule, the 

Application, or the Uniform 

Administrative Requirements. Details 

regarding Application content 

requirements are found in the 

Application and related materials at 

www.cdfifund.gov/cmf. 

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. The CMF Program 

made its first Awards in FY 2010, with 

subsequent funding rounds annually 

from FY 2016 through FY 2021, and in 

FY 2023. To date, more than $1.39 

billion has been awarded under the 

CMF Program. 

C. Programmatic Changes from the 

Prior Round NOFA: 

1. Introduction of Title VI Worksheet: 

The CDFI Fund is requiring all 

Applicants, as well as their prospective 

subrecipients that are not direct 

beneficiaries of Federal financial 

assistance (i.e., Depository Institutions 

Holding Company and their Subsidiary 

Depository Institutions) to complete a 

Title VI Compliance Worksheet once 

each calendar year to demonstrate how 

they are complying with Title VI of the 

Civil Rights Act (Pub. L. 88–352). 

2. Attestation in lieu of Management 

Letters: If no Management Letter was 

issued for either of the Applicant’s two 

most recent historic fiscal years, the 

Applicant will complete an attestation 

in the Application in lieu of attaching 

a separate statement. 

D. Definitions: 

1. Areas of Economic Distress: Areas 

of Economic Distress are census tracts: 

(a) where at least 20% of households 

that are Very Low-Income (50% of AMI 

or below) spend more than half of their 

income on housing; or (b) that are LowIncome Housing Tax Credit Qualified 

Census Tracts; or (c) where greater than 

20% of households have incomes below 

the poverty rate and the rental vacancy 

rate is at least 10%; or (d) where greater 

than 20% of the households have 

incomes below the poverty rate and the 

homeownership vacancy rate is at least 

10%; or (e) are Underserved Rural Areas 

as defined in the CMF Interim Rule. The 

CDFI Fund will publish a dataset on its 

website indicating which census tracts 

are designated as Areas of Economic 

Distress for the FY 2024 CMF Funding 

Round. 


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2. Consortium: A Consortium is 

comprised of a group of at least two, and 

no more than five, eligible, and 

unaffiliated CDFIs or nonprofit 

affordable housing developers/ 

managers, applying for a CMF Award 

under this NOFA. The purpose of the 

Consortium must be to finance and 

support Affordable Housing Activities 

and Economic Development Activities, 

if applicable. 

3. Consortium Approach: The 

Consortium Approach is the manner in 

which members of a Consortium apply 

for a CMF Award under this NOFA, 

wherein member Applications are 

evaluated both individually and as a 

Consortium. 

4. Entity Approach: The Entity 

Approach is the manner in which the 

Applicant will be using the CMF 

Award. There are two types of Entity 

Approaches: (a) financing entities and 

(b) affordable housing developers/ 

managers. Each Applicant will be 

required to specify which type of Entity 

Approach it will be using prior to 

starting the Application. 

A financing entity is an entity whose 

predominant business activity is the 

provision of arm’s length transactions 

and services to independent, unrelated 

parties, each acting in its own best 

interest. Such transactions support and 

promote affordable housing and/or 

community development through the 

provision of financial products that 

serve low-income communities, 

individuals, or families in underserved 

markets or communities. 

An affordable housing developer/ 

manager is a Nonprofit Organization 

whose primary mission is the 

construction, development, 

redevelopment, preservation, or 

management of affordable housing. The 

affordable housing developer/manager 

may own the housing that it develops; 

may own it in part, such as a limited 

partnership; may sell the 

Homeownership or rental housing it 

develops once completed; or may sell 

but continue to manage the housing in 

case of rental housing. 

5. High Opportunity Areas (HOA): 

(A) Standard HOA Criteria: Shall 

mean the definition of High 

Opportunity Area (HOA) found in the 

Federal Housing Finance Agency’s Duty 

to Serve Rule (12 CFR 1282.1), effective 

as of the date of the publication of this 

NOFA. This term is defined as: (a) An 

area designated by the Department of 

Housing and Urban Development (HUD) 

as a ‘‘Difficult Development Area’’ 

during any year covered by an 

Enterprise’s Underserved Markets Plan 

(Plan) or in the year prior to a Plan’s 

effective date, whose poverty rate falls 

below 10% (for Metropolitan areas) or 

below 15% (for Non-Metropolitan 

areas); or (b) an area designated by a 

State or local Qualified Allocation Plan 

(QAP) as a high opportunity area whose 

poverty rate falls below 10% (for 

Metropolitan areas) or 15% (for NonMetropolitan areas). The CDFI Fund 

will publish a dataset on its website 

indicating which census tracts are 

designated as High Opportunity Areas 

for the FY 2024 CMF Funding Round. 

(B) Expanded CMF HOA Criteria: The 

CMF Program will accept an expanded 

definition of High Opportunity Area for 

areas that do not meet the Federal 

Housing Finance Agency definition, but 

instead meet a set of Expanded CMF 

HOA Criteria demonstrating the 

designated area(s) provide access to a 

combination of at least three of the 

following four criteria: (1) high-quality 

youth (K–12) education opportunities; 

(2) employment opportunities; (3) 

transportation opportunities; and/or (4) 

financial service opportunities. For a 

Project to qualify as being in a High 

Opportunity Area under the Expanded 

CMF HOA Criteria definition, the 

location of the Project must meet at least 

three of the four Expanded CMF HOA 

Criteria and cannot be located in a Food 

Desert as identified by the U.S. 

Department of Agriculture (https://www.

ers.usda.gov/data/fooddesert) as of the 

publication date of this NOFA in the 

Federal Register. 

I. CMF HOA Criteria Definitions: To 

meet the Expanded CMF HOA 

definition, the location must meet at 

least three of the following four CMF 

HOA Criteria: 

(1) Access to High-Quality Youth (K– 

12) Education: To meet the high-quality 

youth (K–12) education criterion, the 

CMF-financed/supported rental unit(s) 

must be: (i) located in an area served by 

a school that, in any of the three years 

prior to the date of this NOFA, has been 

either recognized by the U.S. 

Department of Education as a National 

Blue Ribbon School, or has received the 

highest rating available from its State’s 

education agency; and (ii) available to 

Families living in CMF-financed/ 

supported rental units. 

(2) Access to Employment: To meet 

the access to employment criterion, the 

CMF-financed/supported rental unit(s) 

must be located within a one-mile 

radius of one of the 25 largest employers 

in the applicable county. The largest 

employers in the county are measured 

by number of employees at the 

location(s) in the applicable county. 

(3) Access to Transportation: To meet 

the access to transportation criterion, 

the CMF-financed/supported rental 

unit(s) must be within 1⁄4 mile of a 

multi-modal transit station (includes at 

least two forms of public transit such as 

metro, light rail, bus, ferry, or trolley) if 

located in a Metropolitan Area. The 

CMF-financed/supported rental unit(s) 

must be within two miles of ‘‘Fixedroute Public Transportation’’ if located 

in a rural (‘‘Non-Metropolitan’’) area. 

‘‘Fixed-route Public Transportation’’ 

means year-round, regularly scheduled 

public transportation that operates at 

least 5 days per week and provides 

regular service throughout the day. 

(4) Access to Financial Services: To 

meet the access to financial services 

criterion, the CMF-financed/supported 

rental unit(s) must be in a census tract 

with a bank or credit union branch 

presence that is staffed to provide walkin banking or credit union financial 

services (i.e., not simply a standalone, 

unstaffed, automated teller machine 

(ATM)). 

E. Uniform Administrative 

Requirements, Cost Principles, and 

Audit Requirements for Federal Awards 

(2 CFR part 1000): 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 each 

Applicant’s merits, eligibility, and any 

risks to the program posed by each 

Applicant. 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. 

F. Priorities: The purpose of the CMF 

is to attract private capital for and 

increase investment in the 

Development, Preservation, 

Rehabilitation, or Purchase of 

Affordable Housing for primarily 

Extremely Low-Income, Very LowIncome, 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. To 

pursue these objectives, the CDFI Fund 

has established the following priorities 

for the FY 2024 CMF Funding Round: 

(i) Applications where at least 20% of 

all rental Affordable Housing units that 


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Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices 11927 

will be financed and/or supported with 

FY 2024 CMF Awards are reserved for 

Very Low-Income Families, and/or at 

least 20% of all Homeownership 

Affordable Housing units are reserved 

for Low-Income Families; (ii) 

Applications where rental Affordable 

Housing units located in either Areas of 

Economic Distress (AED) and/or High 

Opportunity Areas (HOA) are reserved 

for Eligible-Income Families; (iii) 

Applications where Homeownership 

Affordable Housing units are for (a) 

Families with incomes above 80% and 

no greater than 120% of AMI located in 

an AED, (b) Low-Income Families (up to 

80% of the AMI), or (c) a combination 

of (a) and (b); and (iv) Applications 

proposing to use the CMF Award to 

leverage private capital to finance and/ 

or support Affordable Housing 

Activities and Economic Development 

Activities. Additionally, the CDFI Fund 

seeks to fund Applications serving 

geographically diverse Areas of 

Economic Distress, including 

Metropolitan Areas and Underserved 

Rural Areas. In particular, the priority 

for geographic diversity includes 

funding highly qualified Applications 

that serve States and Territories not 

included in the Service Areas of 

Recipients in the past two CMF rounds 

FY 2021 and FY 2023: American Samoa, 

the Northern Mariana Islands, the U.S. 

Virgin Islands, and Wyoming. G. 

Funding limitations: 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. Federal Award Information 

A. Funding Availability: The CDFI 

Fund plans to award approximately 

$246.5 million in grants for the FY 2024 

CMF Funding Round under this NOFA. 

Eligible organizations of all sizes are 

encouraged to apply, including new and 

previous Applicants, past CMF 

Recipients, and Applicants focused on 

Homeownership, rental housing, or 

both. HERA prohibits the CDFI Fund 

from obligating more than 15% of the 

aggregate available in CMF Awards to 

any Applicant, its Subsidiaries, and its 

Affiliates in the same funding round. In 

past rounds, the CDFI Fund has 

provided Awards smaller than the 

statutory cap. For example, in the last 

three funding rounds, Awards ranged 

from $750,000 to $12,000,000, with an 

average Award of $5.2 million. Given 

the administrative and compliance 

responsibilities for Recipients, the CDFI 

Fund will not accept Applications that 

request less than $500,000 and will not 

provide Awards below $500,000 to any 

CMF Award Recipients. 

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. An Applicant may 

receive only one Award through the FY 

2024 CMF Funding Round. Affiliates of 

Applicants are not allowed to apply 

separately. 

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. 

A CMF Award Recipient may not 

distribute the CMF Award to any 

Affiliate, Subsidiary, or third-party 

entity in any manner that would create 

a Subrecipient relationship (as defined 

in the Uniform Administrative 

Requirements) without the CDFI Fund’s 

prior written consent. The Recipient of 

a CMF Award must retain all obligations 

related to the Award. This restriction 

does not prevent a Recipient from 

loaning or investing directly in an 

Affiliate (separate legal entity) or in a 

specific Project being undertaken by an 

Affiliate. With the exception of 

Depository Institution Holding 

Company Applicants, CMF Awards may 

not be passed through, transferred, or 

co-awarded to, third-party entities, 

whether Affiliates, Subsidiaries, or 

others, pursuant to a merger or 

acquisition or similar transaction, and 

with the CDFI Fund’s prior written 

consent. 

C. Limitations on using CMF Awards 

in conjunction with other CDFI Fund 

Awards/allocations: 

1. A CMF Award Recipient may not 

use its CMF Award for any Project that 

also receives funding from other CDFI 

Fund program awards or allocations the 

Recipient (or any of its Affiliates) has 

received, except when the CMF Award 

dollars are used to finance/support a 

different ‘‘phase’’ of development in the 

same Project than that financed by other 

CDFI Fund awards or allocations. The 

separate phases of development 

financing are: (i) Predevelopment; (ii) 

acquisition; (iii) site work 

(preconstruction); (iv) construction/ 

rehabilitation; (v) permanent financing; 

or (vi) bridge financing between two or 

more phases. This restriction does not 

apply to the Recipient’s prior CMF 

Awards. The Recipient may combine its 

multiple CMF Awards to provide 

financing on any Project, including 

financing the same phase of any Project. 

However, the Recipient may not deem 

the same costs as Eligible Project Costs 

under multiple CMF Awards and must 

prorate the unit production performance 

across its multiple CMF Awards. 

Recipients using a Consortium 

Approach (see Section III.E.1) with 

separate CMF Awards from the FY 2024 

CMF Funding Round must use their 

Awards to finance the same Projects. 

For these Projects, Eligible Project Costs, 

unit production, and Leveraged Costs 

are prorated. 

If providing Homeownership 

assistance, a CMF Award may be used 

in conjunction with awards/allocations 

from other CDFI Fund programs only if 

the Project can be divided into such 

phases (e.g., construction of for-sale 

housing) and the CMF Award is used in 

a different phase from the other CDFI 

Fund program awards/allocations. 

However, in the case of Homeownership 

purchase assistance, a CMF Award 

cannot be used for a Homeownership 

property that is permanently financed 

(or supported) by mortgages funded by 

both the Recipient’s (or any of its 

Affiliates’) CMF Award, and an award/ 

Allocation from another CDFI Fund 

program, or that of another CMF 

Recipient. 

2. As further set forth in the 

Assistance Agreement, CMF Recipients 

shall not count or report as Leveraged 

Costs pursuant to this NOFA any costs 

financed and/or supported by a 

Recipient’s awards/allocations from 

other CDFI Fund programs or awards/ 

allocations from other CMF Recipients, 

including awards from prior CMF 

rounds. While a Recipient may combine 

its CMF Award pursuant to this NOFA 

with other CMF Awards to finance/ 

support the same Project, each CMF 

Award must separately meet the 

program requirements as outlined in the 

applicable Assistance Agreement and 

the CMF Interim Rule (12 CFR part 

1807). 

In all cases, the CMF Award remains 

subject to the following restriction 

imposed by the CDFI Bond Guarantee 

Program: award funds received under 

any CDFI Fund program cannot be used 

by any participant of the CDFI Bond 

Guarantee Program, including Qualified 

Issuers, Eligible CDFIs, and Secondary 

Borrowers, to pay principal, interest, 

fees, administrative costs, or issuance 

costs (including Bond Issuance Fees) 

related to the CDFI Bond Guarantee 

Program, or to fund the Risk Share Pool 

for a Bond Issue (all capitalized terms 

used in this sentence, other than ‘‘CMF 

Award,’’ shall have the meanings 

ascribed to them in the CDFI Bond 

Guarantee Program regulations and 

applicable guidance). 

D. Anticipated Start Date and Period 

of Performance: The CDFI Fund 

anticipates the period of performance 

for the FY 2024 CMF Funding Round to 


khammond on DSKJM1Z7X2PROD with NOTICES
11928 Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices 

begin in 2024. The period of 

performance, which includes the fiveyear investment period, for each CMF 

Award begins on the date the CDFI 

Fund announces the Recipients of the 

FY 2024 CMF Funding Round Awards 

and continues until the end of the tenyear period of affordability for all 

Projects financed and/or supported with 

the CMF Award, as set forth at 12 CFR 

1807.401(d) and 12 CFR 1807.402, and 

as further set forth in the Assistance 

Agreement, during which time the 

Recipient must meet certain 

Performance Goals. 

E. Eligible Activities: A CMF Award 

must 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 RiskSharing Loans; or (vi) to provide Loan 

Guarantees. No more than 30% of a 

CMF Award may be used for Economic 

Development Activities. The CDFI Fund 

allows all Recipients to use up to 5% of 

their CMF Award for Direct 

Administrative Expenses. The amount 

available for Direct Administrative 

Expenses may only be used for direct 

costs (as defined by the Uniform 

Administrative Requirements) incurred 

by the Recipient and related to the 

financing and/or support of a Project. 

The CDFI Fund considers the tracking of 

impacts and outcomes associated with 

Projects financed and/or supported by a 

CMF Award to fall under Direct 

Administrative Expenses. Any portion 

of the amount available for Direct 

Administrative Expenses may be used 

for direct costs related to the effective 

tracking and evaluation of program or 

evidence-based outcomes for Projects. 

The CDFI Fund recognizes that some 

CMF Recipients, due to their business 

model, may need to work with a thirdparty originator to originate the CMF 

loans for mortgage financing. The CMF 

regulations in 12 CFR 1807.104 defines 

‘‘Purchase’’ as ‘‘to provide direct 

financing to a Family for purposes of 

Homeownership.’’ The CDFI Fund 

hereby clarifies that under the definition 

of ‘‘Purchase,’’ a CMF Recipient may 

use its CMF Award to purchase CMF 

eligible loans from a third-party 

originator within 12 months of 

origination. The CDFI Fund deems the 

CMF Recipient’s purchase of the CMF 

eligible loans as ‘‘direct’’ financing 

under the definition of ‘‘Purchase.’’ The 

CMF Recipient must work with the 

third-party originator to identify income 

eligible borrowers and ensure the loans 

and associated Affordable Housing meet 

all of the requirements of 12 CFR part 

1807. 

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 2 

indicates the criteria that each category 

of Applicant must meet in order to be 

eligible for a CMF Award pursuant to 

this NOFA. Note: A Certified CDFI that 

is also a Nonprofit Organization only 

needs to meet the Certified CDFI 

eligibility criteria described in Table 2, 

below, to be eligible for a CMF Award. 

Applicants may be members applying 

under a Consortium Approach 

comprised of eligible Applicants, but 

each Consortium member must 

separately apply and be individually 

eligible to receive a CMF Award. 

TABLE 2—APPLICANT ELIGIBILITY REQUIREMENTS

Category Eligibility requirements 

Certified CDFI .............................. • An Applicant must be duly organized as a legal entity (within the United States or its territories). 

• Has been in existence as a legally formed entity for at least three (3) years prior to the AMIS 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 as 

verified in the CDFI’s AMIS account as of the publication date of this NOFA in the FEDERAL REGISTER; and 

• Has not been notified in writing by the CDFI Fund that its certification has been terminated since the publication date of this

NOFA. 

• If a Certified CDFI loses its certification at any point prior to the Award announcement, the Application will be deemed ineligible 

and no longer be considered by the CDFI Fund. Post-Award, if a CMF Recipient loses its CDFI Certification, its compliance status with respect to the Assistance Agreement will be reviewed by the Office of Compliance Monitoring and Evaluation (OCME) 

in accordance with the terms of the Assistance Agreement. 

• In cases where the CDFI Fund has provided a Certified CDFI with written notification that it no longer meets one or more certification standards and it has been given an opportunity to cure, the CDFI Fund will continue to deem this Applicant to be a Certified CDFI until it has received a final determination letter that its certification has been terminated. A Certified CDFI is considered eligible for an Award until a final certification determination has been made, and a final determination letter has been provided to the Applicant by the CDFI Fund. 

• Has audited financial statements encompassing its two most recent historic fiscal years prior to the publication date of this 

NOFA.1 A Regulated Institution that files call reports to its regulator is exempt from this requirement and must attach call reports for its two most recent historic fiscal years in lieu of audited financial statements. 

Nonprofit Organization ................. • An Applicant must be duly organized as a legal entity (within the United States or its territories). 

• Has been in existence as a legally formed entity for at least three (3) years prior to the AMIS Application deadline under this

NOFA; 

• Meets the definition of Nonprofit Organization set forth in 12 CFR 1807.104; 

• 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; 

• Demonstrates by providing an attestation in the Application that at least 33.3% of its total assets are dedicated to the development or management of affordable housing; and 

• Has audited financial statements encompassing its two most recent historic fiscal years prior to the publication date of this 

NOFA.1 A Regulated Institution that files call reports to its regulator is exempt from this requirement and must attach call reports for its two most recent historic fiscal years in lieu of audited financial statements. 

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 

(or Affiliate of an Applicant identified in AMIS) 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. 

System for Award Management 

(SAM).

• Each Applicant must have its own active SAM registration in order to submit the required Application materials through 

Grants.gov. 


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TABLE 2—APPLICANT ELIGIBILITY REQUIREMENTS—Continued 

Category Eligibility requirements 

• SAM is a web-based, government-wide application that collects, validates, stores, and disseminates business information about 

the Federal Government’s trading partners in support of the contract awards, grants, and electronic payment processes. See 

SAM.gov for more information. 

• Applicants that have an active SAM registration have been assigned a UEI. Applicants must also have an EIN number in order 

to register in SAM.gov. 

• Applicants must complete registration in SAM.gov in order to be able to complete the Grants.gov registration and submit an 

SF–424. 

• The CDFI Fund reserves the right to deem an Application ineligible if the Applicant’s SAM account expires during the Application evaluation period, or is set to expire before December 31, 2024, and the Applicant does not re-activate or renew (as applicable) the account within the deadlines that the CDFI Fund communicates to affected Applicants during the Application evaluation period. 

Application type and submission 

method through Grants.gov 

and Awards Management Information System (AMIS).

• Each Applicant 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 undergo a two-step process that requires the submission of Application documents by two separate deadlines in two 

different locations: (1) the SF–424 in Grants.gov and (2) all other Required Application Documents in AMIS. 

• Grants.gov and the SF–424 Mandatory form: 

Æ Applicants must submit the Office of Management and Budget (OMB)-approved Standard Form (SF) 424 Mandatory (Application for Federal Assistance) form in Grants.gov. 

Æ All Applicants must register in the Grants.gov system to successfully submit an Application. The Grants.gov registration 

process can take 30 days or more to complete. The CDFI Fund strongly encourages Applicants to register as early as possible to meet the deadlines in Table 1 and Table 6. 

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 Because the SF–424 is part of the Application, if the SF–424 is not accepted by Grants.gov by the applicable deadline, the 

Applicant will not be able to submit the AMIS Application. 

Æ The SF–424 must be submitted under the FY 2024 CMF Funding Round CMF Funding Opportunity Number. 

Æ The CDFI Fund will not extend the SF–424 application deadline for any Applicant that started the Grants.gov registration 

process on, before, or after the date of the publication of this NOFA, but did not complete it by the deadline, except in the 

case of a Federal Government administrative or technological error that directly resulted in precluding an Applicant from 

submitting the SF–424 by the required deadline. 

• AMIS: 

Æ Applicants must submit all other required Application materials in AMIS. 

Æ AMIS is the CDFI Fund’s enterprise-wide information technology system that will be used to submit and store organization 

and Application information with the CDFI Fund. 

Æ Applicants are only allowed one Capital Magnet Fund Application submission per funding round in AMIS. 

Æ Members of a Consortium must submit every component of the Application separately and independently from other members of the Consortium. 

Æ Each Application in AMIS must be signed by an Authorized Representative. The Authorized Representative is an employee or officer of the Applicant, authorized to sign legal documents on behalf of the organization. Consultants working on 

behalf of the organization may not be designated as Authorized Representatives. 

Æ Only an Authorized Representative or Application Point of Contact included in the Application may submit the Application 

in AMIS. 

Æ All Required Application Documents must be submitted in AMIS on or before the deadline specified in Table 1. 

Æ The CDFI Fund will not extend the deadline for any Applicant except in the case of a Federal Government administrative 

or technological error that directly resulted in precluding an Applicant from submitting the Application in AMIS by the required deadline. 

Employer Identification Number 

(EIN).

• Each Applicant must have a unique EIN assigned by the Internal Revenue Service (IRS). 

• The CDFI Fund will reject an Application submitted with the EIN of a parent or Affiliate of the Applicant. 

• The EIN in the Applicant’s AMIS account must match the EIN on the SF–424 submitted through Grants.gov and the EIN in the 

Applicant’s System for Award Management (SAM) account. The CDFI Fund reserves the right to reject an Application if the EIN 

in the Applicant’s AMIS account does not match the EIN on the SF–424 and/or its SAM account. 

• The EIN of the Applicant must be entered into the AMIS organization profile by the applicable deadline in Table 1. 

Unique Entity Identifier (UEI) ....... • The CDFI Fund will reject an Application submitted with the UEI number of a parent or Affiliate organization of an Applicant. 

• The UEI number in the Applicant’s AMIS account must match the UEI number in the Applicant’s Grants.gov and SAM accounts. 

• The CDFI Fund will reject an Application if the UEI number in the Applicant’s AMIS account does not match the UEI number in 

its Grants.gov and SAM accounts. 

• Applicants must enter their UEI number into their AMIS profile on or before the deadline specified in Table 1. 

AMIS Account .............................. • Each Applicant, including each Consortium Member, must register as an organization in AMIS and submit all required Application materials through the AMIS portal. 

• If the Applicant does not fully register its organization in AMIS by the deadline set forth in Table 1, its Application will be rejected without further consideration. 

• The Authorized Representative and Application Point of Contact must be included as ‘‘users’’ 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 not be able to successfully submit an Application. 

• In cases where a Federal Government administrative or technological error directly resulted in precluding an Applicant from creating an AMIS account by the required deadline, the Applicant must submit a written request for approval to create its AMIS account after the deadline, and include documentation of the error, no later than two business days after the AMIS account creation deadline specified in Tables 1 and 6. The CDFI Fund will not respond to requests for creating an AMIS account after that 

time. Applicants must submit such request via an AMIS Service Request to the CMF Program with a subject line of ‘‘AMIS Account Creation Deadline Extension Request.’’ 

501(c)(4) status ........................... • Pursuant to 2 U.S.C. 1611, any 501(c)(4) organization that engages in lobbying activities is not eligible to apply for or receive a 

CMF Award. 

Compliance with Nondiscrimination and Equal Opportunity 

Statutes, Regulations, and Executive Orders.

• An Applicant * may not be eligible to receive a CMF Award if proceedings were instituted against it in, by, or before any court,

governmental agency, or administrative body, and a final determination was made within the time period beginning three years 

prior to the publication of this NOFA through the execution of the Assistance Agreement, declaring that the Applicant violated 

any Federal civil rights laws or regulations, including, but not limited to: Title VI of the Civil Rights Act of 1964, as amended (42 

U.S.C. 2000d et seq.); Fair Housing Act (42 U.S.C. 3601 et seq.); Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.); section 504 of the Rehabilitation Act of 1973 (29 U.S.C. 794); and the Age Discrimination Act of 1975 (42 U.S.C. 6101–6107); and 

Title IX of the Education Amendments of 1972 (20 U.S.C. 1681 et seq.). 


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TABLE 2—APPLICANT ELIGIBILITY REQUIREMENTS—Continued 

Category Eligibility requirements 

• Applicants * will be required to submit the Title VI Compliance Worksheet (Worksheet) once each calendar year to assist the 

CDFI Fund in determining whether Applicants are compliant with the Treasury regulations implementing Title VI of the Civil 

Rights Act of 1964 (Title VI), set forth in 31 CFR part 22, Nondiscrimination on the Basis of Race, Color, or National Origin in 

Programs or Activities Receiving Federal Financial Assistance from the Department of the Treasury. 

• In addition, an Applicant * must be compliant with Federal civil rights requirements in order to be deemed eligible to receive an 

award from the CDFI Fund. The CDFI Fund will consider an Application submitted by an Applicant that may have pending Title 

VI noncompliance issues; however, until the CDFI Fund makes a final determination that the Applicant is Title VI compliant, it 

will not enter into an Assistance Agreement. 

• The Title VI Compliance Worksheet and program award terms and conditions do not impose antidiscrimination requirements on 

Tribal governments beyond what would otherwise apply under Federal law. 

Depository Institution Holding 

Company Applicant.

• If a Depository Institution Holding Company and its Certified CDFI Subsidiary Insured Depository Institution both apply for a 

CMF Program grant, only the Depository Institution Holding Company will receive an Award, not both. In such instances, the 

Subsidiary Insured Depository Institution will be deemed ineligible. 

• The Authorized Representative of the Depository Institution Holding Company Applicant must certify that the information included in the Application represents that of the Subsidiary CDFI Insured Depository Institution, and that the Award will be used 

to support the Subsidiary CDFI Insured Depository Institution for the eligible activities outlined in the Application. 

Regulated Institutions 2 ................ • To be eligible for an Award, each Regulated Institution Applicant must have a CAMELS/CAMEL composite rating (rating for 

banks and credit unions, respectively), by its Federal regulator of at least ‘‘3’’ or State regulator equivalent. 

• Organizations with CAMELS/CAMEL composite ratings of ‘‘4’’ or ‘‘5’’ will not be eligible for Awards. 

• Organizations with a Prompt Corrective Action directive from its regulator will not be eligible for Awards. 

• In the case of a Depository Institution Holding Company Applicant that intends to carry out the Award through a Subsidiary Insured Depository Institution, the CAMELS/CAMEL rating eligibility requirements noted above apply to both the Depository Institution Holding Company Applicant, as well as the Subsidiary Insured Depository Institution. 

• The CDFI Fund will also evaluate material concerns identified by the Appropriate Federal Banking Agency or Appropriate State 

Agency in determining eligibility of Regulated Institution Applicants. 

* For Depository Institution Holding Company Applicants, the Title VI Compliance Worksheet requirement also applies to the Applicant’s Subsidiary Depository 

Institution. 

Any Applicant that does not meet the 

criteria in Table 2 is ineligible to apply 

for a CMF Award under this NOFA. 

Further, Section III.B describes 

additional considerations applicable to 

prior Recipients and/or allocatees under 

any CDFI Fund program. 

B. Prior Award Recipients: Eligibility 

determinations in prior funding rounds 

have no bearing on and do not guarantee 

eligibility in this round. Prior CMF 

Award Recipients and prior award 

recipients of other CDFI Fund programs 

will be eligible to apply under this 

NOFA if they meet the eligibility criteria 

in Table 2, except as noted in Table 3. 

TABLE 3—ELIGIBILITY REQUIREMENTS FOR APPLICANTS WHICH ARE PRIOR AWARD/ALLOCATION RECIPIENTS

Criteria Description 

Pending resolution of default or 

noncompliance.

• If an Applicant (or Affiliate of an Applicant identified in AMIS) that is a prior recipient or allocatee under any CDFI Fund program: (i) has demonstrated it has been in default or noncompliance with a previous assistance agreement, award agreement, 

allocation agreement, bond loan agreement, or agreement to guarantee and (ii) the CDFI Fund has yet to make a final determination as to whether the entity is in noncompliance with or default of its previous 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 default or 

noncompliance. 

Default or Noncompliance status • The CDFI Fund will not consider an Application submitted by an Applicant that is a prior CDFI Fund Recipient or allocatee 

under any CDFI Fund program if, as of the AMIS Application deadline of this NOFA, the Applicant (or Affiliate of an Applicant 

identified in AMIS) is noncompliant or found in default with a previously executed award agreement(s), assistance agreement(s), allocation agreement(s), bond loan agreement(s) or agreement(s) to guarantee and the CDFI Fund has provided written notification that the Applicant is ineligible to apply for or receive any future awards or allocations for a time period specified 

by the CDFI Fund in writing. 

C. Contacting the CDFI Fund: 

Applicants that are prior Recipients 

and/or allocatees under any CDFI Fund 

program are advised to comply with 

requirements specified in an Assistance 

Agreement, allocation agreement, bond 

loan agreement, or agreement to 

guarantee, and to ensure their Affiliates 

are in compliance with any agreements. 

All outstanding reporting and 

compliance questions should be 

directed to the Office of Compliance 

Monitoring and Evaluation help desk by 

AMIS Service Requests (select ‘‘Capital 

Magnet Fund’’ for ‘‘Program’’). For 

general questions, organizations with an 

AMIS account are strongly encouraged 

to submit a Service Request in AMIS 

using ‘‘Capital Magnet Fund’’ for the 

Service Request program. Members of 

the public that do not have AMIS 

accounts can contact Capital Magnet 

Fund staff via email at cmf@

cdfi.treas.gov. The CDFI Fund will not 

respond to Applicants’ reporting, 

compliance, or disbursement related 

telephone calls or email inquiries that 

are received after 5:00 p.m. ET on April 

12, 2024, until after the Application 

deadline. The CDFI Fund will respond 

to technical issues related to AMIS 

Accounts through 5:00 p.m. ET on April 

16, 2024, via AMIS Service Requests, or 

at AMIS@cdfi.treas.gov, or by telephone 

at (202) 653–0422. 

D. Cost sharing or matching funds 

requirements: Not applicable. 

E. Other Eligibility Criteria: 

1. Consortium Approach: To be 

eligible under a Consortium Approach, 

individual members of a Consortium 

must submit individual Applications 

and meet the eligibility criteria defined 

in Table 2 on a stand-alone basis. If 

awarded, each Recipient will receive a 

separate Award, and be required to meet 

the terms of its individual Assistance 

Agreement. The CDFI Fund will require 

Recipients using the Consortium 

Approach to enter into a CMF Recipient 

Consortium Member Agreement, which 

will specify the binding commitments of 

each member. 

All Consortium members must invest 

their individual Awards in the same 

Projects as the other Consortium 

members. A Consortium is not required 


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to be a legally formed entity; however, 

each Consortium member is asked to 

submit a Service Request in AMIS 

notifying the CDFI Fund of the 

organization’s intent to apply under this 

NOFA as a Consortium member by the 

required deadline specified in Table 1, 

and if awarded a CMF Award, must 

enter into a Recipient Consortium 

Member Agreement. 

If one or more members indicate an 

intent to apply under the Consortium 

Approach but fail to meet the eligibility 

criteria in Table 2, or are otherwise not 

eligible for an Award, the CDFI Fund 

reserves the right to review the other 

Applications on a stand-alone basis and 

not as a Consortium. 

2. Affiliates: As part of the 

Application review process, the CDFI 

Fund considers whether Applicants are 

Affiliates, as defined in 12 CFR 

1805.104. If an Applicant and its 

Affiliate(s) wish to submit an 

Application, they must do so through 

one of the Affiliated entities, in one 

Application; an Applicant and its 

Affiliates may not submit separate 

Applications. If Affiliates submit 

multiple or separate Applications, the 

CDFI Fund may, at its discretion, reject 

all such Applications received or select 

only one of the submitted Applications 

to be deemed eligible, assuming that 

Application meets all other eligibility 

criteria in Section III of this NOFA. 

3. Minimum Leverage Multiplier: An 

Applicant will not be eligible to receive 

a CMF Award if the Applicant fails to 

demonstrate in the Application that its 

CMF Award would result in Eligible 

Project Costs (Leveraged Costs plus 

those costs funded by the CMF Award) 

that equal at least 10 times the amount 

of the CMF Award. Note that no costs 

attributable to Direct Administrative 

Expenses may be considered Eligible 

Project Costs. 

IV. Application and Submission 

Information 

A. Address to Request Application 

Package: Application materials can be 

found on Grants.gov and the CDFI 

Fund’s website at www.cdfifund.gov/ 

cmf. If an Applicant is unable to access 

Grants.gov or the CDFI Fund’s website, 

an Applicant may request a paper 

version of any Application material by 

contacting the CDFI Fund Help Desk by 

email at cmf@cdfi.treas.gov. 

B. Content and Form of Application 

Submission: The CDFI Fund will post to 

its website, 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. All Applications 

must be prepared in English and 

calculations must be made in U.S. 

dollars. Table 4 lists the required 

funding Application documents. 

Applicants must submit all required 

documents for the Application to be 

deemed complete. Please be aware that 

an Applicant that fails to submit audited 

financial statements for its two most 

recent historic fiscal years will be 

deemed as not having a complete 

Application and will be considered 

ineligible. A Regulated Institution that 

submits call reports for its two most 

recent historic fiscal years is exempted 

from this requirement. 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 

requested will not be reviewed or 

considered as part of the Application. 

Information submitted must accurately 

reflect the Applicant’s activities and/or 

its Subsidiary Insured Depository 

Institution, in the case where the 

Applicant is an Insured Depository 

Institution Holding Company intending 

to carry out the activities of the Award 

through its Subsidiary Insured 

Depository Institution. 

TABLE 4—FUNDING APPLICATION DOCUMENTS

Application document Submission 

format Required? 

Standard Form (SF) 424 Mandatory Form ................................................................................................................. Fillable PDF in 

Grants.gov.

Required for all Applicants. 

CMF Application .......................................................................................................................................................... AMIS ................ Required for all Applicants. 

Attachments to the Application: 

Title VI Compliance Worksheet * ......................................................................................................................... Fillable form in 

AMIS.

Required for all Applicants. 

Audited financial statements for the two most recent historic fiscal years. Regulated Institutions may submit 

call reports in lieu of audited financial statements.

PDF in AMIS .... Required for all Applicants. 

Any Management Letters, if applicable, related to the audited financial statements for the two most recent 

historic fiscal years. The Management Letter is prepared by the Applicant’s auditor and provides communication on internal control over financial reporting, compliance, and other matters.3 If no Management 

Letter was issued for either of the Applicant’s two most recent historic fiscal years, the Applicant will complete an attestation in the Application in lieu of attaching a separate statement.

PDF in AMIS .... Required for all Applicants. 

State Charter, Articles of Incorporation, authorizing statute, or other establishing documents designating that 

the Applicant is a nonprofit or not-for-profit entity under the laws of the organization’s State of formation.

PDF in AMIS .... Required only for Applicants 

that are not Certified CDFIs. 

A certification demonstrating tax exempt status from the IRS. Only Applicants that are governmental instrumentalities and are unable to provide such determination from the IRS and meet all other eligibility requirements, must submit a legal opinion from counsel, in form and substance acceptable to the CDFI 

Fund, opining that the Applicant is exempt from Federal income tax.

PDF in AMIS .... Required only for Applicants 

that are not Certified CDFIs. 

Articles of incorporation, by-laws, authorizing statute, or other documents demonstrating that the Applicant 

has a principal purpose of managing or developing affordable housing.

PDF in AMIS .... Required only for Applicants 

that are not Certified CDFIs. 

* For Depository Institution Holding Company Applicants, the Title VI Compliance Worksheet requirement also applies to the Applicant’s Subsidiary Depository 

Institution. 

C. Application Submission: The CDFI 

Fund has a sequential, two-step process 

that requires the submission of 

Application documents in separate 

systems with two separate deadlines. 

The SF–424 must be submitted through 

Grants.gov and all other Application 

documents through the AMIS portal. 

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. The separate Application 

deadlines for the SF–424 and all other 

Application materials are listed in 

Tables 1 and 6. Only the Authorized 

Representative for the Organization or 

Application Point of Contact designated 

in AMIS may submit the Application 

through AMIS. Applicants are strongly 

encouraged to submit the SF–424 as 

early as possible through Grants.gov in 

order to provide sufficient time to 


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resolve any potential submission issues. 

Applicants should contact Grants.gov 

directly with questions related to the 

registration or submission process, as 

the CDFI Fund does not administer the 

Grants.gov system. 

The CDFI Fund strongly encourages 

Applicants to start the Grants.gov 

registration process as soon as possible, 

as it may take several weeks to complete 

(refer to the following link: http://www.

grants.gov/web/grants/register.html). An 

Applicant that has previously registered 

with Grants.gov must verify that its 

registration is current and active. If an 

Applicant has not previously registered 

with Grants.gov, it must first 

successfully register in SAM.gov, as 

described in Section IV.D below. 

D. Unique Entity Identifier (UEI): The 

UEI, generated in the System for Award 

Management (SAM.gov), has become the 

official identifier for doing business 

with the Federal Government. This 

allows the Federal Government to 

streamline the entity identification and 

validation process, making it easier and 

less burdensome for entities to do 

business with the Federal Government. 

If an entity is registered in SAM.gov 

today, its UEI has already been assigned 

and is viewable in SAM.gov, including 

inactive registrations. New registrants 

will be assigned a UEI as part of their 

SAM registration. 

E. 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 materials 

through that platform. When accessing 

SAM.gov, users will be asked to create 

a Login.gov user account (if they do not 

already have one). Going forward, users 

will use their Login.gov username and 

password every time when logging into 

SAM.gov. The SAM registration process 

can take four weeks or longer to 

complete so Applicants are strongly 

encouraged to begin the registration 

process upon publication of this NOFA 

in order to avoid potential Application 

submission issues. An original, signed 

notarized letter identifying the 

authorized entity administrator for the 

entity associated with the UEI number 

is required by SAM and must be mailed 

to the Federal Service Desk. This 

requirement is applicable to new 

entities registering in SAM or on 

existing registrations where there is no 

existing entity administrator. Existing 

entities with registered entity 

administrators do not need to submit an 

annual notarized letter. Applicants that 

have previously completed the SAM 

registration process must verify that 

their SAM accounts are current and 

active. Applicants are required to 

maintain a current and active SAM 

account at all times during which it has 

an active Federal award or an 

application under consideration for an 

award 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 the SF–424 

in Grants.gov or the Application by the 

applicable 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 or call 866– 

606–8220. 

TABLE 5—Grants.gov REGISTRATION TIMELINE SUMMARY

Step Agency Estimated minimum 

time to complete 

Obtain an EIN Number ................. Internal Revenue Service (IRS) ..................................................................................... Two Weeks.* 

Register in SAM.gov .................... System for Award Management (SAM). This step will include obtaining a UEI ........... Four Weeks.* 

Register in Grants.gov ................. Grants.gov ...................................................................................................................... One Week.** 

* Applicants are advised that the stated duration are estimates only and represent minimum timeframes. Actual timeframes may take longer. 

The CDFI Fund will not consider any Applicant that fails to properly register or activate its SAM account, has not yet received a UEI number, 

and/or fails to properly register in Grants.gov. 

** This estimate assumes an Applicant has a UEI number, an EIN number, and is already registered in SAM.gov. 

F. Submission Dates and Times: 

1. Submission Deadlines: Table 6 lists 

the deadlines for submission of the 

documents related to this CMF Funding 

Round: 

TABLE 6—FY 2024 CMF FUNDING ROUND DEADLINES FOR APPLICANTS

Document Deadline Time—Eastern Time 

(ET) Submission method 

SF–424 Mandatory form ............................................................................................................ March 14, 2024 .. 11:59 p.m. ET ............. Electronically via 

Grants.gov. 

Create AMIS Account (if the Applicant does not already have one) ......................................... March 14, 2024 .. 11:59 p.m. ET ............. Electronically via AMIS. 

Enter or update the EIN and UEI numbers in AMIS ................................................................. March 14, 2024 .. 11:59 p.m. ET ............. Electronically via AMIS. 

Title VI Compliance Worksheet * ................................................................................................ March 14, 2024 .. 11:59 p.m. ET ............. Electronically via AMIS. 

For Consortium Approach Applicants only: Applicants are asked to submit a Service Request in AMIS notifying the CMF Program of the organization’s intent to apply as a Consortium Member using the Consortium Approach.March 14, 2024 .. 11:59 p.m. ET ............. Electronically via AMIS. 

CMF Application and Required Attachments ............................................................................. April 16, 2024 ..... 11:59 p.m. ET ............. Electronically via AMIS. 

* For Depository Institution Holding Company Applicants, the Title VI Compliance Worksheet requirement also applies to the Applicant’s Subsidiary Depository 

Institution. 

2. Confirmation of Application 

Submission in Grants.gov and AMIS: 

Applicants are required to submit the 

SF–424 Mandatory Form through the 

Grants.gov system under the FY 2024 

CMF Funding Round Capital Magnet 

Fund Funding Opportunity Number 

(listed at the beginning of this NOFA). 

All other required Application materials 

must be submitted through the AMIS 

website. Application materials 

submitted through each system are due 

by the applicable deadline listed in 

Tables 1 and 6. Applicants must submit 

the SF–424 by an earlier deadline than 

that of the other required Application 

materials in AMIS. If a valid SF–424 is 

not submitted through Grants.gov by the 


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corresponding deadline, the Applicant 

will not be able to submit the additional 

Application materials in AMIS, and the 

Application will be deemed ineligible. 

Thus, Applicants are strongly 

encouraged to submit the SF–424 as 

early as possible in the Grants.gov 

portal, given that potential submission 

issues may impact the ability to submit 

a complete Application. Applicants 

must also ensure that their AMIS 

account contains the correct EIN and 

UEI numbers by the deadline listed in 

Table 1 of this NOFA. 

(a) Grants.gov Submission 

Information: Each Applicant will 

receive an initial 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 

was 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 

checking Grants.gov directly. The 

Application materials submitted in 

AMIS are not accepted by the CDFI 

Fund until Grants.gov has validated the 

SF–424. In the Grants.gov Workspace 

function, please note that the 

Application package has not been 

submitted if you have not received a 

tracking number. 

(b) 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. 

Each Applicant must register as an 

organization in AMIS in order to submit 

the required Application materials 

through this portal. 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 in the Application 

and in the 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 AMIS 

Application submissions. 

Prior to submission, each Application 

in AMIS must be signed by an 

Authorized Representative. An 

Authorized Representative is an 

employee or officer that has the 

authority to legally bind and make 

representations on behalf of the 

Applicant; consultants working on 

behalf of the Applicant cannot be 

designated as Authorized 

Representatives. The Applicant may 

include consultants as Application 

point(s) of contact, who will be 

included on any communication 

regarding the Application and will be 

able to submit the Application but 

cannot digitally sign the Application. 

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. 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. Once the Application is 

signed by an Authorized Representative, 

only an Authorized Representative for 

the organization or an Application point 

of contact can submit the Application in 

AMIS. After submitting its Application, 

the Applicant will not be permitted to 

revise or modify its Application in any 

way. 

(c) CMF Consortium Member Service 

Request: Applicants intending to apply 

using a Consortium Approach are asked 

to submit a Service Request in AMIS by 

March 14, 2024, to notify the CDFI Fund 

of their intent to apply as part of a 

Consortium. As part of the Service 

Request, potential Consortium members 

are asked to provide the names of the 

Consortium member organizations, the 

UEIs of Consortium members, and the 

amount of funding to be requested by 

each member. In the event all 

Consortium members do not submit an 

Application or a member is otherwise 

ineligible for an Award, the CDFI Fund 

reserves the right to review the 

Applications of the other members on a 

stand-alone basis and not as a 

Consortium. 

3. Multiple Application Submissions: 

Each Applicant is only permitted to 

submit one complete Application in 

AMIS. However, the CDFI Fund does 

not administer Grants.gov, which does 

allow for multiple submissions of the 

SF–424. If an Applicant submits 

multiple SF–424 Applications in 

Grants.gov, the CDFI Fund will only 

review the SF–424 Application 

submitted in Grants.gov that is attached 

to the AMIS Application. Applicants 

using a Consortium Approach must 

each separately submit an SF–424. 

4. Late Submission: The CDFI Fund 

will not accept an Application if a valid 

SF–424 is not submitted by Grants.gov 

by the SF–424 deadline. Additionally, 

the CDFI Fund will not accept an 

Application if it is not signed by an 

Authorized Representative and 

submitted in AMIS by the Application 

deadline. The CDFI Fund will not 

accept an Application from an 

Applicant that failed to create an AMIS 

account or enter its EIN/UEI numbers by 

the deadlines specified in Table 1 and 

Table 6, or failed to submit the required 

Title VI Compliance Worksheet by the 

required deadline. In such cases, the 

CDFI Fund will not review any material 

submitted and the Application will be 

deemed ineligible, except in the case of 

a Federal Government administrative or 

technological error that directly resulted 

in precluding an Applicant from 

submitting by the deadline. This 

exception includes any errors associated 

with Grants.gov, SAM.gov, AMIS, or any 

other applicable government system. 

(a) Creation of AMIS Account: In 

cases where a Federal Government 

administrative or technological error 

directly precluded an Applicant from 

creating an AMIS account by the 

required deadline, the Applicant must 

submit a written request for approval to 

create its AMIS account after the 

deadline, and include documentation of 

the error, no later than two business 

days after the AMIS account creation 

deadline. The CDFI Fund will not 

respond to requests for creating an 

AMIS account after that time. 

Applicants must submit such request 

via an AMIS Service Request with a 

subject line of ‘‘CMF—AMIS Account 

Creation Deadline Extension Request.’’ 

(b) Title VI Compliance Worksheet 

Late Submission: In cases where a 

Federal Government administrative or 

technological error directly precluded 

an Applicant from submitting the Title 

VI Compliance Worksheet by the 

required deadline, the Applicant must 

submit a written request for approval to 

submit the Title VI Compliance 

Worksheet after the deadline, and 

include documentation of the error, no 

later than two business days after the 

Title VI Compliance Worksheet 

submission deadline. The CDFI Fund 

will not respond to requests for 

submitting a Title VI Compliance 

Worksheet after that time. Applicants 

must submit such request via an AMIS 

Service Request with a subject line of 

‘‘CMF—Title VI Compliance Worksheet 

Deadline Extension Request.’’ 


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(c) SF–424 Late Submission: In cases 

where a Federal Government 

administrative or technological error 

directly resulted in precluding an 

Applicant from submitting the SF–424 

by the deadline, the Applicant must 

submit a Service Request in AMIS for 

acceptance of the late SF–424 

submission and include documentation 

of the error no later than two business 

days after the SF–424 deadline. The 

CDFI Fund will not respond to requests 

for acceptance of late SF–424 

submissions after that time period. 

Applicants must submit late SF–424 

submission requests to the CDFI Fund 

via an AMIS Service Request to the CMF 

Program with a subject line of ‘‘CMF 

Late SF–424 Submission Request.’’ 

(d) Application Late Submission: In 

cases where a Federal Government 

administrative or technological error 

directly resulted in precluding an 

Applicant from submitting the 

Application by the deadline, the 

Applicant must submit a Service 

Request in AMIS for acceptance of the 

late Application submission and 

include documentation of the error no 

later than two 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 Fund via an AMIS Service Request 

to the CMF Program with a subject line 

of ‘‘CMF 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.C and 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 in any manner that 

would create a Subrecipient 

relationship (as defined in the Uniform 

Administrative Requirements) without 

the CDFI Fund’s prior written approval. 

(c) CMF Award dollars 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. 

However, the CDFI Fund will not grant 

an Award in excess of the amount 

requested by the Applicant. 

(e) With the exception of Depository 

Institution Holding Company 

Applicants, CMF Awards may not be 

passed through, transferred, or coawarded to, third-party entities, whether 

Affiliates, Subsidiaries, or others, unless 

done pursuant to a merger or acquisition 

or similar transaction, and with the 

CDFI Fund’s prior written consent. 

V. Application Review Information 

A. Criteria: All complete and eligible 

Applications will be reviewed in 

accordance with the criteria and 

procedures described in the CMF 

Interim Rule, this NOFA, the 

Application guidance, and the Uniform 

Administrative Requirements. As part of 

the review process, the CDFI Fund 

reserves the right to contact the 

Applicant by telephone, email, mail, or 

through an on-site visit for the sole 

purpose of clarifying or confirming 

Application information at any point 

during the review process. The CDFI 

Fund reserves the right to collect such 

additional information from Applicants 

as it deems appropriate. If contacted, the 

Applicant must respond within the time 

period communicated by the CDFI Fund 

or its Application may be rejected. For 

the sake of clarity, specific Application 

evaluation criteria are described in the 

context of the overall Application 

review and selection process described 

in Section V.B. below. 

B. Review and Selection Process: The 

CDFI Fund will evaluate each complete 

and eligible Application using the 

multi-phase review process described in 

this Section. For the first part of the 

review process, the External Review, the 

Applications will be grouped into two 

categories depending on their Entity 

Approach: (1) financing entities and (2) 

affordable housing developers/ 

managers. All Applicants will be able to 

select the Entity Approach under which 

they are applying. However, all 

eligibility requirements described in 

Table 2, as either a Certified CDFI or 

Nonprofit Organization, must be met. In 

most cases, CDFIs will select the 

financing Entity Approach; however, a 

CDFI that is applying with a strategy to 

act as an affordable housing developer/ 

manager, and has a track record as an 

affordable housing developer/manager, 

may select the affordable housing 

developer/manager approach. 

Separately, those Applicants applying 

using a Consortium Approach will also 

indicate that they are applying using the 

Consortium Approach. The 

Applications of the two Entity 

Approach classifications, and those 

using a Consortium Approach, will be 

evaluated based on the criteria listed in 

this section. Where appropriate, the 

CDFI Fund will use different criteria in 

order to evaluate the financial health, 

capacity, portfolio performance, and 

projected activities of the Applicant 

based on these distinct approaches. 

These differences are noted in the 

following sections and the Application 

Instructions. 

1. External Review and Quantitative 

Assessment: All eligible Applications 

will be evaluated through a Quantitative 

Assessment and External Review. The 

Quantitative Assessment evaluates the 

Application’s quantitative factors and is 

performed automatically in AMIS. In 

the External Review, Applications will 

be separately scored by two or more 

external non-Federal reviewers who are 

selected based on criteria that include a 

professional background in affordable 

housing or in community and economic 

development finance with affordable 

housing experience. These 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, consisting of either Applicants 

with a financing Entity Approach, or 

Applicants with an affordable housing 

developer/manager approach. The 

reviewer will provide a score for each of 

the Applications assessed in accordance 

with the scoring criteria outlined in 

Section V.B.2 of this NOFA and the 

Application materials. 

The external reviewer’s evaluation, in 

combination with the quantitative 

assessment factors, will result in the 

Application being awarded up to 100 

points for each review scorecard. The 

majority of the score will be based on 

the external reviewer’s evaluation. 

These points will be distributed across 

three sections: Business and Leveraging 

Strategy (40 possible points), 

Community Impact (35 possible points), 

and Organizational Capacity (25 

possible points). As each Application is 

evaluated by two external reviewers, the 

maximum score each Application can 

receive is 200 points (100 points × 2 

Reviewers). 

(a) Business and Leveraging Strategy 

(40 points): In the Business and 

Leveraging Strategy section, an 

Applicant will address: (i) the needs of 

communities and persons in the areas it 

proposes to serve with a CMF Award 

and the extent to which the proposed 

strategy addresses these needs; (ii) the 

affordable housing, economic 

development, and financing gaps 

addressed by its business strategy; (iii) 

the projected CMF activities and 

relevant track record; (iv) the role CMF 

will play in its project financing 

strategy; (v) its strategy for leveraging 

private capital with a CMF Award; and 

(vi) its strategy for leveraging its CMF 

Award at the Enterprise-level, through 


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reinvestments, and/or at the Projectlevel (as applicable). 

An Applicant will generally score 

more favorably in the criteria evaluated 

by the External Review and by the 

quantitative assessment factors to the 

extent that it: (i) clearly aligns its 

proposed CMF Award activities with 

the affordable housing needs and 

financing gaps it identifies; (ii) 

demonstrates that its CMF Award 

activities will result in more favorable 

financing rates and terms for Projects; 

(iii) demonstrates that its projected 

activities are achievable based on the 

Applicant’s strategy and track record; 

(iv) describes a process for selecting 

projects that have a clear need for CMF 

financing; (v) has a credible pipeline of 

projects or can demonstrate clear 

demand for its proposed financial 

products from borrowers; (vi) has a clear 

strategy for and track record of 

leveraging private capital resulting in a 

higher multiplier of private leverage; 

(vii) has a clear strategy for attracting 

capital and demonstrates a track record 

of leveraging funds at the Enterpriselevel, through reinvestments, and/or at 

the Project-level (as applicable); and 

(viii) whether the Application is 

proposing to serve American Samoa, the 

Northern Mariana Islands, the U.S. 

Virgin Islands, or Wyoming. 

(b) Community Impact (35 points): In 

the Community Impact Section, the 

Applicant will address: (i) the extent to 

which the Applicant’s strategy is likely 

to result in the selected Affordable 

Housing and/or Economic Development 

Activities impacts and its plan to track 

relevant outcome metrics; (ii) for rental 

housing, (a) its strategy for and track 

record of financing and/or supporting 

rental housing units located in Areas of 

Economic Distress or High Opportunity 

Areas; and (b) its strategy for and track 

record of financing rental housing units 

targeted to Very Low-Income (VLI) 

Families (50% of AMI or below); (iii) for 

Homeownership housing, its strategy for 

and track record of financing 

Homeownership units targeted to LowIncome (LI) Families (80% of AMI or 

below) or units located in Areas of 

Economic Distress targeted to Families 

with incomes above 80% and no greater 

than 120% of AMI; (iv) if applicable, its 

strategy for and track record of financing 

and/or supporting Economic 

Development Activities and how the 

projected activities will align with a 

Concerted Strategy and will benefit the 

residents of nearby Affordable Housing; 

and (v) commitment to and track record 

of serving Rural Areas. 

An Applicant will generally score 

more favorably in the criteria evaluated 

by the external reviewer and by the 

quantitative assessment factors to the 

extent that it: (i) demonstrates a clear 

strategy for achieving the selected 

Affordable Housing and/or Economic 

Development Activities impacts 

identified in the Application and it 

presents a clear and effective plan to 

track metrics related to relevant 

outcomes; (ii) if rental housing is 

proposed, demonstrates a compelling 

strategy for and track record of financing 

and/or supporting rental housing units 

located in Areas of Economic Distress 

and/or High Opportunity Areas, with 

the maximum score available to 

Applicants that propose to locate 85% 

of units in these areas; (iii) if rental 

housing is proposed, demonstrates a 

compelling strategy for and track record 

of financing and/or supporting rental 

housing units targeted to Very LowIncome (VLI) Families (50% of AMI or 

below), with the maximum score 

available to Applications that propose to 

target at least 45% of units to Very LowIncome Families; (iv) if Homeownership 

is proposed, demonstrates a compelling 

strategy for and track record of financing 

and/or supporting Homeownership 

units either targeted to Low-Income 

Families (80% of AMI or below) or 

Homeownership units targeted to 

Eligible-Income Families (120% of AMI 

or below) located in Areas of Economic 

Distress, with the maximum score 

available to Applicants that propose to 

locate 100% of units in these categories; 

(v) if proposing Economic Development 

Activities, demonstrates how its 

proposed Economic Development 

Activities fit within a Concerted 

Strategy and will benefit the residents of 

the nearby Affordable Housing; and (vi) 

makes a commitment to invest at least 

10% of the CMF Award in Rural Areas 

and presents a corresponding track 

record of serving Rural Areas. 

(c) Organizational Capacity (25 

points): In the Organizational Capacity 

section, the Applicant will discuss: (i) 

its management team and key staff; (ii) 

the roles and responsibilities of those 

staff in managing the proposed CMF 

Award; (iii) its past experience 

managing Federal awards; (iv) its 

financial health; and (v) lending or 

property portfolio (as applicable). 

Applicant(s) will generally score more 

favorably in the criteria evaluated by the 

external reviewer and by the 

quantitative assessment factors to the 

extent that it demonstrates: (i) strong 

qualifications of its key personnel with 

respect to their skills and experience in 

identifying investments, underwriting 

or developing similar projects (as 

applicable), and managing a portfolio of 

similar activities and ensuring 

compliance with program requirements; 

(ii) a strong ability to successfully 

manage Federal awards based on 

experience managing prior Federal 

awards or administering State or local 

government awards, foundation grants, 

or other programs with complex 

compliance requirements; (iii) strong 

financial health, including but not 

limited to strong capitalization, sound 

operating performance, and strong 

liquidity; (iv) favorable audit results 

(e.g., opinion other than unqualified/ 

unmodified) with no negative findings, 

including lack of a ‘‘going concern 

paragraph’’, lack of repeat findings of 

reportable conditions, lack of material 

weaknesses in internal controls, lack of 

delinquencies on obligations to 

investors or lenders, and not having 

filed for bankruptcy or defaulted on 

financial obligations; and (v) solid 

portfolio performance (property 

portfolio or loan/investment portfolio, 

as applicable). CMF Program encourages 

first-time Applicants. Prior CMF 

Recipients will not receive a scoring 

advantage solely for having received a 

prior CMF Award. 

(d) Scoring anomaly: If, in the case of 

a particular Application, the reviewers’ 

total External Review scores vary 

significantly from each other, the CDFI 

Fund may, in its sole discretion, obtain 

the evaluation and numeric scoring of 

an additional reviewer to determine 

whether the anomalous score should be 

replaced with the score of the additional 

reviewer. 

2. Internal Review: At the conclusion 

of the External Review phase, the CMF 

Program Manager will determine the 

overall number of Applications that will 

be initially forwarded for Internal 

Review. Each group of Applications 

(financing Entity Approach and 

affordable housing developer/manager 

approach) will be ranked separately 

based on their External Review score. 

The CMF Program Manager may 

initially forward an amount up to the 

highest scoring 50% of Applications 

from the External Review to the Internal 

Review, as long as the forwarded 

Applications reflect, within no more 

than 5% variance, the proportion of 

financing Entity Approach Applications 

to affordable housing developer/ 

manager approach Applications in the 

overall Application Pool. Such 

Applications will be forwarded for 

Internal Review in descending order of 

External Review score. The forwarded 

Applications will be drawn from the 

financing Entity Approach and 

affordable housing developer/manager 

approach groups in proportion to each 

group’s representation in the overall 

Application pool. This approach will 

ensure that the percentage of Applicants 


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with a financing Entity Approach and 

affordable housing developer/manager 

approach initially forwarded to Internal 

Review reflects the proportion of these 

entity strategies within the overall 

Application pool, with no more than 

5% variance. 

Subsequent to this step to ensure 

proportionality among Entity 

Approaches, additional Applications 

may be advanced to the Internal Review 

stage in order to further CMF statutory 

objectives, such as geographic diversity. 

These forwarded Applications will 

constitute the highly qualified pool. 

During the Internal Review, CDFI Fund 

staff will prioritize the Applications in 

the highly qualified pool for an Award 

based on the following criteria: (i) final 

External Review score; (ii) alignment 

with CMF statutory and policy 

priorities; (iii) the overall quality of the 

Applicant’s strategy; and (iv) the 

Applicant’s organizational capacity and 

financial health. The CDFI Fund will 

not attempt to ensure any specific 

balance of Applicants with a financing 

Entity Approach and Applicants with 

an affordable housing developer/ 

manager approach in the final Award 

pool. 

In assessing the Applicant’s 

organizational capacity, CDFI Fund staff 

will consider the following factors 

including, but not limited to, the 

Applicant’s overall organizational and 

financial capacity, including: (i) its 

financial strength and ability, and its 

resources to adapt to changing market 

conditions and risks; (ii) its 

organizational strength as demonstrated 

by good management practices, risk 

management, and internal controls; (iii) 

key personnel with relevant experience 

and capacity; and (iv) relevant 

experience and capacity demonstrating 

ability to meet Federal award 

management standards (including 

performance with prior CDFI Fund 

awards). The CDFI Fund will also 

review OMB-designated repositories of 

government-wide eligibility 

qualification and financial integrity 

information, as part of the assessment of 

organizational capacity. 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 award agreements, as well as to 

review the results of any Federal Single 

Audit, and to take such information into 

consideration before making a CMF 

Award. 

In assessing the Application’s 

alignment with CMF statutory and 

policy priorities, CDFI Fund staff will 

consider the following factors including, 

but not limited to: (i) the likelihood of 

the Applicant to reach a minimum 

overall leverage multiplier of 10 times 

the Award amount or more; (ii) the 

amount of private capital it will leverage 

relative to the CMF Award; (iii) if rental 

housing is proposed, the Applicant’s 

approach, track record, and ability to 

successfully finance/support at least 

45% or more of its rental housing to 

serve Very Low-Income Families; (iv) if 

rental housing is proposed, the 

Applicant’s approach, track record, and 

ability to successfully finance/support 

at least 85% or more of its rental 

housing in Areas of Economic Distress 

(AED) and/or High Opportunity Areas 

(HOA) as a percentage of its CMF rental 

portfolio; (v) if Homeownership is 

proposed, the Applicant’s approach, 

track record, and ability to successfully 

finance/support 100% of its 

Homeownership units for (a) Families 

with incomes in excess of 80% but not 

greater than 120% of Area Median 

Income (AMI) located in an Area of 

Economic Distress (AED); or (b) LowIncome Families (80% AMI or below); 

or (c) a combination of (a) and (b); and 

(vi) the number of Affordable Housing 

units expected to be generated as a 

result of the Award. 

In assessing the quality of the 

Applicant’s strategy, the CDFI Fund 

staff will consider the following factors, 

including, but not limited to: (i) the 

effectiveness and cohesiveness of the 

Applicant’s strategy; (ii) how well the 

proposed financing activities will help 

close the financing gaps in their market, 

including more favorable rates and 

terms than are currently available in its 

Service Area; (iii) the Applicant’s ability 

to execute its strategy and support its 

projections; (iv) how adaptable the 

Applicant’s strategy is to changing 

market conditions; (v) the alignment 

between the proposed activities and 

strategy and the selected impacts and 

outcomes; and (vi) for Applicants 

proposing Economic Development 

Activities (EDA), the extent the 

activities are part of a Concerted 

Strategy, whether activities will benefit 

Affordable Housing residents, and the 

track record and capacity of the 

Applicant to carry out EDA. 

In addition to the criteria outlined 

above, the Applicant’s ability to deploy 

the CMF Award in a timely manner will 

be a key determinant in funding 

recommendation. Deployment 

considerations may include the 

Applicant’s track record of activities 

compared with projections, the 

Applicant’s progress in committing and/ 

or deploying past CMF Awards, and 

whether the Applicant received other 

recent CDFI Fund program award(s) for 

a similar business strategy as the 

proposed use of the CMF Award. The 

CDFI Fund may also consider the 

number of geographies served when 

determining funding recommendations. 

3. Scoring of Applicants Using a 

Consortium Approach: Applicants using 

a Consortium Approach will be 

evaluated and scored in the following 

manner: (a) Applicants will be 

evaluated as a Consortium and receive 

the same score on: (i) strategy; (ii) the 

needs and financing gaps addressed; 

(iii) track record; (iv) pipeline; (v) 

impact and metrics; (vi) geographic 

targets (Areas of Economic Distress and/ 

or High Opportunity Areas); (vii) 

income targeting; (viii) key personnel; 

(ix) adaptability and community 

partnerships; (x) alignment with 

priorities; (xi) Project selection process; 

(xii) serving underserved areas; (xiii) 

resources to adapt to changing market 

conditions and risks; and (xiv) 

deployment capacity. 

(b) Applicants will be evaluated on a 

prorated basis and receive an individual 

score on: (i) Eligible Project Costs; (ii) 

unit production; and (iii) Leveraged 

Costs. 

(c) Applicants will be evaluated 

individually and receive an individual 

score on: (i) previous Federal award 

management; (ii) financial health; (iii) 

audit findings; (iv) portfolio 

performance; (v) the likelihood of 

reaching the minimum leverage 

multiplier; (vi) organizational strength; 

(vii) management practices; (viii) the 

ability to execute the strategy and 

projected activities; and (ix) 

commitment to serving Rural Areas. In 

the event that an Applicant(s) applying 

using a Consortium Approach does not 

sufficiently score to reach the highly 

qualified pool, the CDFI Fund will 

evaluate the remaining members of the 

Consortium using the Consortium 

Approach, provided there are at least 

two members remaining in the highly 

qualified pool. If there is only one 

member of the Consortium remaining in 

the highly qualified pool, the Applicant 

will be evaluated on an individual basis. 

4. Selection: Once Applications have 

been internally evaluated and 

preliminary Award determinations have 

been made, the Applications will be 

forwarded to the selecting official(s) for 

a final Award determination. After 

preliminary Award determinations are 

made, the selecting official(s) will 

review the list of potential Recipients to 

determine whether the Recipient pool 

meets the following statutory objectives: 

(a) The potential Recipients’ proposed 

Service Areas collectively represent 


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broad geographic coverage throughout 

the United States; and 

(b) The potential Recipients’ proposed 

activities equitably represent both 

Metropolitan Areas and Rural Areas. For 

the purposes of the FY 2024 CMF 

Funding Round, the term Rural Areas is 

defined per 12 CFR 1282.1 (Enterprise 

Duty To Serve Final Rule) as (i) A 

census tract outside of a Metropolitan 

Statistical Area as designated by the 

Office of Management and Budget; or 

(ii) A census tract in a Metropolitan 

Statistical Area as designated by the 

Office of Management and Budget that 

is outside of the Metropolitan Statistical 

Area’s Urbanized Areas, as designated 

by the U.S. Department of Agriculture’s 

(USDA) Rural-Urban Commuting Area 

(RUCA) Code #1, and outside of tracts 

with a housing density of over 64 

housing units per square mile for 

USDA’s RUCA Code #2. 

As Rural Areas data for the Enterprise 

Duty to Serve Rule is not available for 

American Samoa, Guam, the Northern 

Mariana Islands, and the U.S. Virgin 

Islands; all census tracts in these 

territories will be deemed as Rural 

census tracts for Awards issued under 

this NOFA. The CDFI Fund will publish 

a dataset indicating which census tracts 

are designated as Rural Areas for the FY 

2024 CMF Funding Round on its 

website. 

In the event the preliminary Recipient 

pool does not reflect the geographic 

coverage or representation of 

Metropolitan and Rural Areas present in 

the overall Applicant pool, the CDFI 

Fund reserves the right to modify CMF 

Award amounts and/or the CMF 

Recipient pool if deemed necessary to 

achieve either of these statutory 

objectives. For the purposes of 

conducting this analysis, the CDFI Fund 

will classify Applications as addressing 

Rural Areas if they propose to use 20% 

or more of their Award in Rural Areas, 

and as addressing Metropolitan Areas if 

they propose to use less than 20% of 

their Award in Rural Areas. 

In order to evaluate the geographic 

coverage of the potential CMF Recipient 

pool, Applicants will be asked to 

designate one of the following two 

Service Area types in their 

Applications: Statewide or Multi-State. 

These Service Area types are further 

defined in the Application. Applicants 

planning to serve communities below 

the State level (cities, municipalities, 

counties, or regions) and within one 

State should designate their Service 

Area as Statewide. Similarly, an 

Applicant that is planning to serve 

communities below the State level, but 

in more than one State, should 

designate their Service Area as MultiState. The smallest Service Area an 

Applicant can request is one State or 

U.S. Territory; the largest Service Area 

an Applicant can propose is a 15-state 

Multi-State Service Area. Applicants 

should indicate in the narrative portions 

of their Application if they plan to 

concentrate their CMF activities in a 

subset (e.g., a county or a Metropolitan 

Area) of their broader Service Area. If 

necessary to achieve proportional 

activity in Rural Areas and/or broader 

geographic coverage, the CDFI Fund 

may award Applications not in the 

preliminary Recipient pool, including 

Applications outside of the highly 

qualified pool, in the order of their 

Internal Review scoring ranking. During 

the selection process, the CDFI Fund 

also reserves the right to modify or place 

restrictions on the Service Area 

requested in any Application in order to 

further these statutory objectives. In the 

case of Applicants using a Consortium 

Approach, the Service Area designated 

by each Consortium member in its 

Application will be combined with the 

Service Area of the other members as 

part of the review process. This ensures 

all members are serving the same areas 

and that all members are able to invest 

in all CMF financed/supported projects 

of the Consortium. 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. 

5. 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 Banking Agency or 

Appropriate State Agency, as 

applicable. If the Applicant is a CDFI 

Depository Institution Holding 

Company, the CDFI Fund will consider 

information provided by the 

Appropriate Federal Banking Agency 

and Appropriate State Agency about 

both the CDFI Depository Institution 

Holding Company and the CDFI 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 warrant that the Applicant is 

incapable of undertaking the activities 

for which funding has been requested. 

6. 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, including 

mismanagement of another Federal 

award. 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 website. In instances where an 

Applicant submits an Application 

which references the track record or 

projections of an Affiliate, the CDFI 

Fund reserves the right to review that 

Affiliate’s principal business purpose to 

determine if it is consistent with the 

mission of the CMF Applicant, and 

reject the Application if it is found to be 

inconsistent with the mission of the 

CMF Applicant, as determined by the 

CDFI Fund, in its sole discretion. There 

is no right to appeal the CDFI Fund’s 

Award decisions. The CDFI Fund’s 

Award decisions are final. 

7. Anticipated Award Announcement: 

The CDFI Fund anticipates making CMF 

Award announcements in calendar year 

2024. 

VI. Federal Award Administration 

Information 

A. Award Notification: Each 

successful Applicant will receive 

notification from the CDFI Fund stating 

that its Application has been approved 

for an Award. Each Applicant not 

selected for an Award will receive 

notification and be provided a 

debriefing document in its AMIS 

account. 

B. Administrative and Policy 

Requirements Prior to Entering into an 

Assistance Agreement: 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 following: the Recipient’s eligibility 


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for an Award; the CDFI Fund’s 

evaluation of the Application; the 

Recipient’s compliance with any 

requirement listed in the Uniform 

Requirements; or indications of fraud or 

mismanagement on the Recipient’s part, 

including mismanagement of another 

Federal award. 

If the Recipient’s CDFI certification 

status changes prior to entering into an 

Assistance Agreement, the CDFI Fund 

reserves the right, in its sole discretion, 

to re-evaluate the CMF Award, or 

modify the Assistance Agreement based 

on the Recipient’s non-CDFI status. 

By receiving notification of a CMF 

Award, 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, adversely affects the CDFI 

Fund’s evaluation of the 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, rescind the notice of 

award 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 an 

Authorized Representative of the 

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 

Table 7: 

TABLE 7—REQUIREMENTS PRIOR TO EXECUTING AN ASSISTANCE AGREEMENT

Requirement Criteria 

Failure to meet reporting requirements.• If an Applicant received a prior award or allocation 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. 

• If such a 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. 

• 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. 

Failure to maintain CDFI Certification (if applicable) or eligible 

Nonprofit Organization status 

(if applicable).

• A Recipient must be a Certified CDFI or an eligible Nonprofit Organization, as each is defined in the CMF Interim Rule and this

NOFA, prior to entering into an Assistance Agreement. 

• If the Applicant 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 delay entering into an Assistance Agreement, to delay making a Payment of CMF Award, and/or 

to terminate and rescind the notice of award and the CMF Award made under this NOFA. 

Pending resolution of default or 

noncompliance.

• The CDFI Fund will delay entering into an Assistance Agreement with a Recipient that has pending default or noncompliance 

issues with any of its previously executed CDFI Fund award(s), allocation(s), bond loan agreement(s), or agreement(s) to guarantee. 

• If said prior Recipient or allocatee is unable satisfactorily resolve the compliance issues, 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. 

Default or Noncompliance status • If, at any time prior to entering into an Assistance Agreement, the CDFI Fund determines that an Applicant (or an Affiliate of the 

Applicant identified in AMIS) that is a prior CDFI Fund Recipient or allocatee under any CDFI Fund program is noncompliant or 

found in default with any previously executed award agreement(s), assistance agreement(s), allocation agreement(s), bond loan 

agreement(s), or agreement(s) to guarantee) and the CDFI Fund has provided written notification that the Applicant is ineligible 

to apply for or receive any future awards or allocations for a time period specified by the CDFI Fund in writing, the CDFI Fund

may, in its sole discretion, delay entering into an Assistance Agreement with Applicant until the Recipient has cured the default 

or noncompliance by taking actions the CDFI Fund has specified in writing within such specified timeframe. If the Recipient is 

unable to cure the default or noncompliance within the specified timeframe, the CDFI Fund may modify or rescind all or a portion of the CMF Award made under this NOFA. 

Compliance with Federal civil 

rights requirements.

If, within the period starting three years prior to this NOFA and through the date of the Assistance Agreement, the Recipient received a final determination, in any proceeding instituted against the Recipient in, by, or before any court, governmental, or administrative body or agency, declaring that the Recipient violated any Federal civil rights laws or regulations, including, but not 

limited to: Title VI of the Civil Rights Act of 1964, as amended (42 U.S.C. 2000d et seq.); the Fair Housing Act (42 U.S.C. 3601 

et seq.); the Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.); 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 Title IX of the Education Amendments of 1972 (20 

U.S.C. 1681 et seq.), the CDFI Fund may terminate and rescind the Assistance Agreement and the Award made under this 

NOFA. The CDFI Fund will delay entering into an Assistance Agreement with a Recipient that has pending Title VI noncompliance issues, if the CDFI Fund has not yet made a final compliance determination. 

• If the Recipient is unable to satisfactorily resolve the Title VI noncompliance issues, the CDFI Fund may terminate and rescind

the Assistance Agreement and the award made under this NOFA. 

• The Title VI Compliance Worksheet and program award terms and conditions do not impose antidiscrimination requirements on 

Tribal governments beyond what would otherwise apply under Federal law. 

Debarment/Do Not Pay ............... • 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. 

• The CDFI Fund reserves the right, in its sole discretion, to rescind an Award if the Recipient (or Affiliate of Recipient identified 

in AMIS) is identified as being delinquent on any Federal debt in the Do Not Pay database. 

Safety and soundness ................. • If it is determined that 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. 


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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 announcement date of the Award 

and continues until the end of the 

period of affordability, as set forth at 12 

CFR 1807.401(d) and 12 CFR 1807.402, 

and as further set forth in the Assistance 

Agreement. 

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. 

Applicants selected for a CMF Award 

will be allowed to use up to 15% of the 

Award amount outside of their 

approved Service Area at their 

discretion. Moreover, they will be able 

to reinvest Program Income from the 

CMF Award anywhere in the United 

States, including the U.S. territories. 

(d) Performance goals and measures; 

(e) Reinvestment requirements for 

Program Income; and 

(f) Reporting requirements for all 

Recipients. 

2. Prior to executing the Assistance 

Agreement, the CDFI Fund may, in its 

discretion, allow Recipients to request 

changes to the Service Area of the 

Award and certain performance goals 

and measures. The CDFI Fund, in its 

sole determination, may approve or 

reject these requested changes or 

propose other modifications, including 

a reduction in the Award amount. The 

CDFI Fund will only approve 

performance goals and measures or 

Service Area changes if it determines 

that such requested changes do not 

undermine the competitive process 

upon which the CMF Award 

determination was made. The CDFI 

Fund may also, in its discretion, provide 

Recipients the opportunity to add States 

to their Service Area in order to serve 

States not already covered in the Award 

pool and to further HERA’s goal that the 

CMF serve geographically diverse areas 

of every State. The CDFI Fund may also, 

in its discretion, provide Recipients the 

opportunity to add States to its 

approved Service Area in order to serve 

geographies for which: (i) the President 

issued a ‘‘major disaster declaration,’’ 

and (ii) the major disaster declaration 

makes such geographies eligible for both 

‘‘individual and public assistance.’’ The 

major disaster declaration must be made 

after the publication date of this NOFA 

and prior to the execution of the 

Recipient’s Assistance Agreement. In 

these cases, the CDFI Fund may allow 

a Recipient to exceed the maximum 15 

state Service Area, if applicable. Any 

modifications agreed upon prior to the 

execution of the Assistance Agreement 

will become a condition of the Award. 

Recipients may utilize up to 15% of 

their Award to undertake Activities 

outside of their Service Area at their 

discretion. 

3. 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 CMF Interim Rule, or the 

environmental quality regulations, the 

CDFI Fund shall provide the Recipient 

with reasonable notice and opportunity 

to be heard. If the Recipient fails to 

comply substantially with the 

Assistance Agreement, the CDFI Fund 

may: 

(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. 

4. 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. 

5. In addition to entering into an 

Assistance Agreement, each Applicant, 

that is not a Regulated Institution, 

selected to receive a CMF Award must 

furnish to the CDFI Fund a certificate of 

good standing from the jurisdiction in 

which it was formed. The CDFI Fund 

may, in its sole discretion or in lieu of 

a certificate of good standing, also 

require the Applicant to furnish an 

opinion from its legal counsel, the 

content of which may be further 

specified in the Assistance Agreement, 

and which, among other matters, opines 

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; 

(e) The CMF affordability restrictions 

that are required 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; 

(f) If applicable, the Recipient is 

exempt from Federal income taxation 

pursuant to the Internal Revenue Code 

of 1986; and 

(g) If applicable, the Recipient is 

designated as a nonprofit or not for 

profit entity under the laws of the 

organization’s State of formation. 

As a condition of closing on the 

Assistance Agreement, the CDFI Fund 

will require a CMF Recipient 

Consortium Member Agreement to 

specify the binding commitments of 

each member awarded under a 

Consortium Approach. 

6. Closing and Payment of the Award: 

Pursuant to the Assistance Agreement, 

there will be an initial closing at which 

point the Assistance Agreement and 

related documents will be properly 

executed and delivered, and a Payment 

of the CMF Award is made. Recipients 

of CMF Awards will have the option to 

choose Payment of the Award in a 

Lump Sum Payment 4 or, in two 

Payments, an Initial Payment 5 and 

Subsequent Payment,6 each no more 

than one year apart, as set forth in the 

Assistance Agreement. If the Applicant 

elects to receive the Award in two 

Payments, they must specify an Initial 

Payment amount in the Application. 

The CDFI Fund reserves the right to 

adjust the Initial Payment amount based 

on the total Award amount so that no 

payment is less than $500,000. For 

example, if awarded $950,000 and the 

Initial Payment amount requested in the 

Application was $500,000, per the rule 

above, the CDFI Fund would disburse a 

single $950,000 Lump Sum Payment to 

the Recipient, pursuant to the 

Assistance Agreement. 

The Payment option election will 

affect the required date of Commitment 

of the Award but will not affect or 

change any other performance goal(s) or 

requirement(s) set forth in the 

Assistance Agreement, including the 


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requirement that all Projects must 

achieve Project Completion within five 

years of the Effective Date of the 

Assistance Agreement. The Lump Sum 

Payment or Initial Payment must be 

committed for use two years after the 

Effective Date of the Assistance 

Agreement. The Subsequent Payment 

must be committed three years after the 

Effective Date of the Assistance 

Agreement. 

Following the initial closing of the 

Assistance Agreement, for those 

Recipients who opted for and qualify for 

two Payments, there will be a 

subsequent closing involving the 

additional Award payment. In addition 

to the Assistance Agreement, any 

documentation that is related to the 

subsequent closing and payment shall 

be properly executed and delivered in a 

timely manner by the Recipient to the 

CDFI Fund. 

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 Capital Magnet Fund 

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 the 

UAR and other applicable OMB 

guidance. The CDFI Fund will collect 

information from each such Recipient 

on its use of the CMF Award annually, 

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 Award funds were 

used. 

The CDFI Fund may collect 

information from each Recipient 

including, but not limited to, an annual 

report with the components listed in 

Table 8: 

TABLE 8—REPORTING REQUIREMENTS * 

Criteria Description 

Single Audit (if applicable) ........... A non-profit Recipient must complete an annual Single Audit pursuant to the Uniform Requirements (2 CFR 200.501) if it expends 

$750,000 or more in Federal awards in its fiscal year, or such other dollar threshold established by OMB pursuant to 2 CFR 

200.501. If a Single Audit is required, it must be submitted electronically to the Federal Audit Clearinghouse (FAC) (see 2 CFR

Subpart F-Audit Requirements in the Uniform Requirements) and optionally through AMIS. 

Financial Statement Audit ........... For-profit and nonprofit Recipients must submit a Financial Statement Audit (FSA) report in AMIS, along with the Recipient’s 

statement of financial condition audited or reviewed by an independent certified public accountant. 

Federal Financial Report/OMB 

Standard Form 425 (SF–425).

Recipient must submit the SF–425 Federal Financial Report to disclose how much of the Program Award funds were expended 

during the Federal Government’s fiscal year of October 1 through September 30. 

Performance Report .................... The Recipient must submit a performance report not less than annually, which is a progress report on the Recipient’s use of the 

CMF Award towards meeting its performance goals, Affordable Housing outcomes, and the Recipient’s overall performance. 

The CMF Performance Report covers the Announcement Date through the Investment Period for the CMF Award and the tenyear Affordability Period for each Project. The Investment Period shall mean the period beginning with the Effective Date of the 

Assistance Agreement and ending no earlier than the five-year anniversary of the Effective Date, or as otherwise established in

the Assistance Agreement. The Affordability Period shall mean, for each Project, the period beginning on the date when the 

Project is placed into service and consisting of the full ten consecutive years thereafter, or as otherwise established in the Assistance Agreement. 

If the Recipient fails to meet a performance goal or reporting requirements, it must submit an explanation of noncompliance via

AMIS. 

Environmental Review ................. The Recipient shall submit the Environmental Review Notification Report each time the Recipient identifies a new proposed CMF 

Project for which (i) a categorical exclusion does not apply and/or (ii) the Recipient determines that the proposed Project does 

involve actions that normally require an Environmental Impact Statement, as described in 12 CFR part 1815. The Environmental Review Notification Report must be submitted to the CDFI Fund no later than one hundred eighty (180) days prior to the 

date that the funds are Committed to a Project. 

* Personally Identifiable Information (PII) is information, which if lost, compromised, or disclosed without authorization, could result in substantial harm, embarrassment, inconvenience, or unfairness to an individual. Although Applicants are required to enter addresses of homes and other properties in AMIS, Applicants should 

not include the following PII for the individuals who received the financial products or services in AMIS or in the supporting documentation (i.e., name of the individual, 

Social Security Number, driver’s license or State identification number, passport number, Alien Registration Number, etc.). This information should be redacted from 

all supporting documentation (if applicable). 

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 Award. 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 

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 

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 and regulations, the 

Assistance Agreement, and related 

guidance; evaluate and monitor 

compliance; take action when not in 

compliance; and safeguard Personally 

Identifiable Information (PII). 

VII. Agency Contacts 

A. Availability: The CDFI Fund will 

respond to questions and provide 

support concerning this NOFA and the 

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 second 

business day preceding the Application 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices 11941 

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. Application 

Instructions and other information 

regarding the CDFI Fund and its 

programs may be obtained from the 

CDFI Fund’s website at http://

www.cdfifund.gov/cmf. The CDFI Fund 

will post on its website responses to 

questions of general applicability 

regarding the CMF. 

B. The CDFI Fund’s Contact 

Information is Listed in Table 9: 

TABLE 9—CONTACT INFORMATION

Type of question Preferred method Telephone number 

(not toll free) Email addresses 

CMF Program and Application Questions Submit a Service Request in AMIS .......... 202–653–0421 cmf@cdfi.treas.gov. 

CDFI Certification ...................................... Submit a Service Request in AMIS .......... 202–653–0423 ocpecert@cdfi.treas.gov. 

Compliance Monitoring and Evaluation ..... Submit a Service Request in AMIS .......... 202–653–0423 ccme@cdfi.treas.gov. 

Information Technology Support ............... Submit a Service Request in AMIS .......... 202–653–0422 AMIS@cdfi.treas.gov. 

The preferred method of contact is to 

submit a Service Request within AMIS. 

For a CMF Application question, select 

‘‘Capital Magnet Fund’’ for the program. 

For a CDFI Certification question, select 

‘‘Certification.’’ For a Compliance 

question, select ‘‘Compliance & 

Reporting.’’ For Information 

Technology, select ‘‘Technical Issues.’’ 

Failure to select the appropriate 

program for the Service Request could 

result in delays in responding to your 

question. 

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/Training. 

D. Civil Rights and Diversity: Any 

person who is eligible to receive 

benefits or services from the CDFI Fund 

or Recipients under any of its programs 

or activities is entitled to those benefits 

or services without being subject to 

prohibited discrimination. The 

Department of the Treasury’s Office of 

Civil Rights and Equal Employment 

Opportunity enforces various Federal 

statutes and regulations that prohibit 

discrimination in financially assisted 

and conducted programs and activities 

of the CDFI Fund. If a person believes 

that they have been subjected to 

discrimination and/or reprisal because 

of race, color, religion, national origin, 

age, sex, marital status, familial status, 

disability and/or reprisal, that person 

may file a complaint with: Director, 

Office of Civil Rights and Equal 

Employment Opportunity, 1500 

Pennsylvania Ave, NW, Washington, DC 

20220 or (202) 622–1160 (not a toll-free 

number). 

E. Statutory and National Policy 

Requirements: The CDFI Fund will 

manage and administer the Federal 

award in a manner so as to ensure that 

Federal funding is expended and 

associated programs are implemented in 

full accordance with the U.S. 

Constitution, Federal Law, and public 

policy requirements, including, but not 

limited to: those protecting free speech, 

religious liberty, public welfare, and the 

environment; and those prohibiting 

discrimination. 

Authority: Public Law 110–289. 12 

U.S.C. 4701, 12 CFR part 1805, 12 CFR 

part 1807, 12 CFR part 1815, 12 U.S.C. 

4502. 

Marcia Sigal, 

Acting Director, Community Development 

Financial Institutions Fund. 

FY 2024 CMF Program NOFA Footnotes 

1 (A) Applicants with a 6/30 fiscal year end 

date, or 9/30 fiscal year end date, and a 

completed FY 2023 audit will treat FY 2023 

as their most recent historic fiscal year. (B) 

Applicants with a 6/30 fiscal year end date, 

or a 9/30 fiscal year end date, but without a 

completed FY 2023 audit will treat FY 2022 

as their most recent historic fiscal year. (C) 

Applicants with a 3/31 fiscal year end date 

will treat FY 2023 as their most recent 

historic fiscal year. (D) Applicants with a 12/ 

31 fiscal year end date will treat FY 2022 as 

their most recent historic fiscal year. 2Regulated Institutions include Insured 

Credit Unions, Insured Depository 

Institutions, State-Insured Credit Unions, and 

Depository Institution Holding Companies. 3The Management Letter may include 

suggestions for improving identified 

weaknesses and deficiencies and/or best 

practice suggestions for items that may not be 

considered to be weaknesses or deficiencies. 

The Management Letter may also include 

items that are not required to be disclosed in 

the annual audited financial statements. The 

Management Letter is distinct from the 

auditor’s Opinion Letter, which is required 

by Generally Accepted Accounting Principles 

(GAAP). Management Letters are not required 

by GAAP and are sometimes provided by the 

auditor as a separate letter from the audit 

itself. 4‘‘Lump Sum Payment’’ shall mean one 

single payment which comprises the entire 

CMF Award. 5 ‘‘Initial Payment’’ shall mean the first 

Payment from the CDFI Fund to the 

Recipient at Closing. 6 ‘‘Subsequent Payment’’ shall mean a 

second Payment representing the balance of 

the CMF Award in the case where a 

Recipient exercises its option to receive the 

CMF Award in two Payments. 

[FR Doc. 2024–03152 Filed 2–14–24; 8:45 am] 

BILLING CODE 4810–05–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Superfund Tax on Chemical 

Substances; Request To Modify List of 

Taxable Substances; Correction to 

Filing of Petition for Polyphenylene 

Sulfide 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Supplemental notice of filing 

and additional request for comments. 

SUMMARY: This supplemental notice of 

filing announces a correction to the 

stoichiometric material consumption 

equation in the notice of filing for the 

polyphenylene sulfide petition that was 

published in the Federal Register on 

December 30, 2022. This supplemental 

notice of filing also requests comments 

on the corrected petition. This 

supplemental notice of filing is not a 

determination that the list of taxable 

substances is modified. 

DATES: Written comments and requests 

for a public hearing must be received on 

or before April 15, 2024. 


khammond on DSKJM1Z7X2PROD with NOTICES