Department of the Treasury 

Community Development 

Financial Institutions Fund 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2021 
CDFI - 2 

Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Appropriations Detail Table .............................................................................................. 4

1.3 – Object Classification (Schedule O) Obligations ................................................................ 4

D – Appropriations Language and Explanation of Changes ...................................................... 5

E – Legislative Proposals ............................................................................................................ 7

Section II – Annual Performance Plan and Report ................................................................... 8

A – Strategic Alignment ............................................................................................................. 8

B – Budget and Performance by Budget Activity ...................................................................... 9

2.1.1 – Administration Resources and Measures ........................................................................ 9

2A - Administration .................................................................................................................... 9

2.1.2 – Community Development Financial Institutions Program Resources and Measures ... 10

2B – Community Development Financial Institutions Program............................................... 10

2.1.3 – New Markets Tax Credit Resources and Measures ...................................................... 11

2C – New Markets Tax Credit Program ................................................................................... 11

2.1.4 – Bank Enterprise Award Program Resources and Measures ......................................... 12

2D – Bank Enterprise Award Program ..................................................................................... 12

2.1.5 – Native American CDFI Assistance Program Resources and Measures ........................ 13

2E – Native American CDFI Assistance Program .................................................................... 13

2.1.6 – Healthy Food Financing Initiative Detail Resources and Measures ............................. 14

2F – Healthy Food Financing Initiative .................................................................................... 14

2.1.7 – Small Dollar Loan Program Resources and Measures ................................................. 14

2G - Small Dollar Loan Program .............................................................................................. 14

2.1.8 – Capital Magnet Fund Program Resource Detail ........................................................... 15

2H – Capital Magnet Fund Program ......................................................................................... 15

2.1.9 – CDFI Bond Guarantee Program Resource Detail ......................................................... 16

2.1.10 – Financing Accounts Non-Budgetary Summary .......................................................... 16

2I. – CDFI Bond Guarantee Program Budget and Performance .............................................. 16

C – Changes in Performance Measures .................................................................................... 17

D – Evidence - Building Activity ............................................................................................. 17

Section III – Additional Information ........................................................................................ 17

A – Summary of Capital Investments ....................................................................................... 17
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Section I – Budget Request 

A – Mission Statement 

To expand economic opportunity for underserved people and communities by supporting the 

growth and capacity of a national network of community development lenders, investors and 

financial service providers. 

B – Summary of the Request 

The Community Development Financial Intuitions Fund (CDFI Fund) requests the following for 

the CDFI Fund for FY 2021: 

 $14 million in administrative funding to support: 

- Management of the CDFI Bond Guarantee Program (BG Program) and the New 

Markets Tax Credit Program (NMTC Program); and 

- Ongoing certification and compliance monitoring for all programs, including the Bank 

Enterprise Award Program (BEA Program), CDFI Program, Native American CDFI 

Assistance Program (NACA Program) and Healthy Food Financing Initiative (HFFI). 

 The Budget eliminates funding for the CDFI Fund’s five discretionary grant and direct loan 

programs (i.e. the CDFI Program, the BEA Program, the NACA Program, HFFI and the SDL 

Program) and includes a proposal to eliminate new funding for Capital Magnet Fund (CMF). 

The CDFI industry has matured, and these institutions should have access to private capital 

needed to build capacity, extend credit, and provide financial services to the communities 

they serve. 

 The Budget proposes to extend the CDFI BG Program through December 31, 2021, which 

offers CDFIs low-cost, long-term financing at no cost to taxpayers. 

- The BG Program provides CDFIs access to capital by providing guarantees of bonds 

issued by Qualified Issuers. CDFIs invest the bond proceeds into our nation’s most 

distressed communities. CDFIs benefit by accessing long-term credit at below-market 

interest rates. The BG Program incentivizes and empowers CDFIs to execute largescale projects, including the development of charter schools, commercial real estate, 

rental housing, senior living, daycare or healthcare centers, small businesses, and rural 

infrastructure, among others. The program requires no credit subsidy. 

- The BG Program was originally authorized in the Small Business Jobs Act of 2010 

(P.L. 111–240) for a period of four years to provide a source of long-term capital in 

low-income and underserved communities. The Administration is implementing 

significant administrative reforms to the Bond Guarantee Program. To increase 

taxpayer protections, the program will change its collateral and cash requirements. The 

CDFI Fund will also pursue additional risk mitigation strategies and streamlining of 

administrative processes such as new liquidity premiums, escrow procedures and a 

designated bonding authority. 

- The Budget proposes an annual commitment authority of $300 million and legislative 

changes to eliminate the relending account, as it is currently not utilized and redundant. 

 
CDFI - 4 

1.1 – Appropriations Detail Table 

Dollars in Thousands FY 2019 FY 2020 FY 2021 FY 2020 to FY 2021 

Appropriated Resources Operating Plan Enacted Request % Change 

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

Community Development Financial 

 Institutions Program 0 $160,000 0 $165,500 0 $0 NA -100.0% 

Bank Enterprise Award Program 0 $25,000 0 $25,000 0 $0 NA -100.0% 

Native American CDFI Assistance 

 Program 0 $16,000 0 $16,000 0 $0 NA -100.0% 

Administration 67 $27,000 76 $28,500 39 $14,000 -48.7% -50.9% 

Healthy Food Financing Initiative 0 $22,000 0 $22,000 0 $0 NA -100.0% 

Small Dollar Loan Program 0 $0 0 $5,000 0 $0 NA -100.0% 

Subtotal New Appropriated 

Resources 67 $250,000 76 $262,000 39 $14,000 -48.7% -94.7% 

Other Resources 

User Fees 0 $880 0 $1,000 0 $1,200 NA 20.0% 

Recoveries from Prior Years 0 $364 0 $500 0 $500 NA 0.0% 

Unobligated Balances from Prior 

Years 0 $32,542 0 $194,145 0 $8,000 NA -95.9% 

Subtotal Other Resources 0 $33,786 0 $195,645 0 $9,700 NA -95.0% 

Total Budgetary Resources 67 $283,786 76 $457,645 39 $23,700 -48.7% -94.8% 

FY 2019 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands 

 FY 2019 FY 2020 FY 2021 

Object Classification 

Actual 

Obligations 

Estimated 

Obligations 

Estimated 

Obligations 

11.1 - Full-time permanent 8,706 10,068 4,584 

11.9 - Personnel Compensation (Total) 8,706 10,068 4,584 

12.0 - Personnel benefits 2,778 2,672 2,050 

Total Personnel and Compensation Benefits $11,484 $12,740 $6,634 

21.0 - Travel and transportation of persons 57 124 14 

24.0 - Printing and reproduction 50 15 1 

25.1 - Advisory and assistance services 9,900 2,331 0 

25.2 - Other services from non-Federal sources 18 132 15 

25.3 - Other goods and services from Federal sources 6,991 8,524 5,352 

25.7 - Operation and maintenance of equipment 972 1,000 2,960 

26.0 - Supplies and materials 34 30 5 

31.0 - Equipment 9 7,000 0 

41.0 - Grants, subsidies, and contributions 66,247 428,000 0 

Total Non-Personnel $84,278 $447,156 $8.347 

Total Obligations $95,762 $459,896 $14,981 

 

Full-time Equivalents (FTE) 67 76 39 

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and transfers. 

 
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D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

Community Development Financial Institutions Fund 

Federal Funds 

SALARIES AND EXPENSES 

To carry out the Riegle Community Development and 

Regulatory Improvement Act of 1994 (subtitle A of title I of 

Public Law 103-325), including services authorized by section 

3109 of title 5, United States Code, but at rates for individuals 

not to exceed the per diem rate equivalent to the rate for EX-III, 

[$262,000,000. Of the amount appropriated under this heading-] 

[(1) not less than $165,500,000, notwithstanding section 108(e) 

of Public Law 103-325 (12 U.S.C. 4707(e)) with regard to Small 

and/or Emerging Community Development Financial 

Institutions Assistance awards, is available until September 30, 

2021, for financial assistance and technical assistance under 

subparagraphs (A) and (B) of section 108(a)(1), respectively, of 

Public Law 103-325 (12 U.S.C. 4707(a)(1)(A) and (B)), of 

which up to $1,600,000 may be available for training and 

outreach under section 109 of Public Law 103-325 (12 U.S.C. 

4708), of which up to $2,397,500 may be used for the cost of 

direct loans, of which up to $4,000,000, notwithstanding 

subsection (d) of section 108 of Public Law 103-325 (12 U.S.C. 

4707 (d)), may be available to provide financial assistance, 

technical assistance, training, and outreach to community 

development financial institutions to expand investments that 

benefit individuals with disabilities, and of which not less than 

$2,000,000 shall be for the Economic Mobility Corps to be 

operated in conjunction with the Corporation for National and 

Community Service, pursuant to 42 U.S.C. 12571: Provided, 

That the cost of direct and guaranteed loans, including the cost 

of modifying such loans, shall be as defined in section 502 of 

the Congressional Budget Act of 1974: Provided further, That 

these funds are available to subsidize gross obligations for the 

principal amount of direct loans not to exceed $25,000,000: 

Provided further, That of the funds provided under this 

paragraph, excluding those made to community development 

financial institutions to expand investments that benefit 

individuals with disabilities and those made to community 

development financial institutions that serve populations living 

in persistent poverty counties, the CDFI Fund shall prioritize 

Financial Assistance awards to organizations that invest and 

The Budget is proposing 

the elimination of CDFI 

appropriated programs, 

while maintaining $14M 

for administration and 

oversight of existing 

grants. 
CDFI - 6 

lend in high-poverty areas: Provided further, That for purposes 

of this section, the term "high-poverty area" means any census 

tract with a poverty rate of at least 20 percent as measured by 

the 2011-2015 5-year data series available from the American 

Community Survey of the Bureau of the Census for all States 

and Puerto Rico or with a poverty rate of at least 20 percent as 

measured by the 2010 Island Areas Decennial Census data for 

any other territory or possession of the United States;] 

[(2) not less than $16,000,000, notwithstanding section 108(e) of 

Public Law 103-325 (12 U.S.C. 4707(e)), is available until 

September 30, 2021, for financial assistance, technical 

assistance, training, and outreach programs designed to benefit 

Native American, Native Hawaiian, and Alaska Native 

communities and provided primarily through qualified 

community development lender organizations with experience 

and expertise in community development banking and lending in 

Indian country, Native American organizations, tribes and tribal 

organizations, and other suitable providers;] 

[(3) not less than $25,000,000 is available until September 30, 

2021, for the Bank Enterprise Award program;] 

[(4) not less than $22,000,000, notwithstanding subsections (d) 

and (e) of section 108 of Public Law 103-325 (12 U.S.C. 

4707(d) and (e)), is available until September 30, 2021, for a 

Healthy Food Financing Initiative to provide financial 

assistance, technical assistance, training, and outreach to 

community development financial institutions for the purpose of 

offering affordable financing and technical assistance to expand 

the availability of healthy food options in distressed 

communities;] 

[(5) not less than $5,000,000 is available until September 30, 

2021, to provide grants for loan loss reserve funds and to 

provide technical assistance for small dollar loan programs 

under section 122 of Public Law 103-325 (12 U.S.C. 4719): 

Provided, That sections 108(d) and 122(b)(2) of such Public 

Law shall not apply to the provision of such grants and technical 

assistance;] 

[(6) up to $28,500,000 is available until September 30, 2020,] 

$14,000,000, for administrative expenses, including 

administration of CDFI Fund programs and the New Markets 

Tax Credit Program:[, of which not less than $1,000,000 is for 

development of tools to better assess and inform CDFI 
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investment performance, and up to $300,000 is for 

administrative expenses to carry out the direct loan program; 

and] 

[(7) during fiscal year 2020] Provided, that during fiscal year 

2021, none of the funds available under this heading are 

available for the cost, as defined in section 502 of the 

Congressional Budget Act of 1974, of commitments to 

guarantee bonds and notes under section 114A of the Riegle 

Community Development and Regulatory Improvement Act of 

1994 (12 U.S.C. 4713a): Provided further, That commitments to 

guarantee bonds and notes under such section 114A shall not 

exceed [$500,000,000]$300,000,000: Provided further, That 

such section 114A shall remain in effect until December 31, 

[2020]2021[: Provided further, That of the funds awarded under 

this heading, not less than 10 percent shall be used for awards 

that support investments that serve populations living in 

persistent poverty counties: Provided further, That for the 

purposes of this paragraph and paragraph (1) the term "persistent 

poverty counties" means any county, including county 

equivalent areas in Puerto Rico, that has had 20 percent or more 

of its population living in poverty over the past 30 years, as 

measured by the 1990 and 2000 decennial censuses and the 

2011-2015 5-year data series available from the American 

Community Survey of the Bureau of the Census or any other 

territory or possession of the United States that has had 20 

percent or more of its population living in poverty over the past 

30 years, as measured by the 1990, 2000 and 2010 Island Areas 

Decennial Censuses, or equivalent data, of the Bureau of the 

Census]. (Department of the Treasury Appropriations Act, 

2020.)

E – Legislative Proposals 

The Budget proposes to extend the BG Program’s authorization, with an annual guarantee level 

not to exceed $300 million, and requests an extension of the BG Program through December 31, 

2021. The Budget also proposes to eliminate the relending account, as it is currently not utilized 

and redundant. The BG Program will continue to operate at no budgetary cost for new issuances. 

The Budget also requests elimination of new allocations into the Capital Magnet Fund. 
CDFI - 8 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

The CDFI Fund’s mission is to expand economic opportunity for underserved people and 

communities by supporting the growth and capacity of a national network of community 

development lenders, investors, and financial service providers. The CDFI Fund supports the 

following the Department of the Treasury’s FY 2018-2022 strategic goals: 

• Goal 1: Boost U.S. Economic Growth 

- Objective 1.2 - Strong Economic Fundamentals 

• Goal 4: Transform Government-wide Financial Stewardship 

- Objective 4.1 - Financial Data Access and Use 

The CDFI Fund’s award recipients provide loans, investments, business counseling, basic 

banking services, and financial literacy training in some of the most distressed communities in 

the nation. These are the communities where job opportunities remain stagnant and that 

otherwise lack access to more mainstream forms of capital – the places in the United States that 

are not progressing economically as other parts of our economy have improved. CDFI Fund 

award recipients use their awards to increase access to capital and help to improve the quality of 

life and the local economy in these communities. 

The FY 2021 Budget will advance these goals by allowing the CDFI Fund to administer and 

fully staff the CDFI Fund’s programs that are authorized by Congress but do not require 

appropriated funds to make awards, i.e., the NMTC Program and BG Program. In addition, the 

CDFI Fund will continue to conduct ongoing program compliance for prior-year award 

recipients for all programs. 

The budget request is also intended to cover the cost to administer certification of CDFIs, as 

required by the Riegle Act, as well as Community Development Entities, as required by the 

NMTC Program. CDFI certification is a prerequisite for eligibility for the CDFI Program, the 

NACA Program, the BG Program and the Capital Magnet Fund (CMF), as well as other federal 

programs outside of the CDFI Fund. 

 
CDFI - 9 

B – Budget and Performance by Budget Activity 

2.1.1 – Administration Resources and Measures 

Dollars in Thousands 

 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

 Resource Level Actual Actual Actual Actual Actual Enacted Request 

Appropriated Resources $23,100 $23,600 $26,000 $27,000 $27,000 $28,500 $14,000 

Budget Activity Total $23,100 $23,600 $26,000 $26,713 $27,000 $28,500 $14,000 

Full-time Equivalents (FTE) 76 77 74 66 67 76 39 

The FY 2015 - FY 2019 appropriated resources represents the approved operating plan. The FY 2015 - FY 2019 columns represent realized 

resources for full-time equivalents. 

Performance Measure FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Actual Target Target Target 

ALL Award Cycle Time 

(Months) 8.3 7.6 6.3 5.8 6.4 6.5 6.5 6.5 

ALL - Time to Initial 

Disbursement (#Months) N/A B 7.5 7 N/A* 4.5 4.5 4.5 

ALL - Number of 

Affordable Housing Units 

Developed or Produced 

27,004 35,251 27,443 34,083 61,000 21,500 21,500 21,500 

The FY 2019 results for this measure will be tabulated after 4.5 months have elapsed from the end of FY 2019 

2A - Administration 

($14,000,000 from direct appropriations): 

This encompasses the CDFI Fund’s operational support and management activities for each of its 

ongoing award programs. It includes, among other activities, developing notices of award 

availability and application materials; reviewing and evaluating certification and award 

applications; selecting awardees; finalizing the terms of award agreements; making 

disbursements; collecting and evaluating performance data; monitoring awardees’ compliance; 

and award closeout processes. 

Description of Performance: 

The CDFI Fund’s three administrative performance measures focus on organization-wide 

efficiency. They measure how quickly awards are made and funds are disbursed, and the creation 

of affordable housing units across all CDFI Fund programs. Note that targets are set for these 

FY2021 administrative measures because the results reflect prior year activities reported in the 

fiscal year. 

• The All Cycle Time measures the average time from the date when applications are received 

to the date of award announcement (calculated in months as an average across all programs). 

The Award Cycle Time in FY 2019 was 6.4 months, thereby meeting the target of 6.5 months. 

This achievement reflects improved efficiency in making awards, which is largely a function 

of the implementation of the Awards Management and Information system (AMIS). FY 2020 

and FY 2021 Targets will be maintained at 6.5 months to reflect the improved efficiencies in 

the award making processes. 

• The Time to Initial Disbursement indicates in months how quickly the CDFI Fund completes 

award agreements and makes the first disbursement of funds or issues tax credits. The FY 

2019 results for this measure will be tabulated after 4.5 months have elapsed from the end of 

FY 2019. The results are not yet available. 

• The Number of Affordable Housing Units Developed or Produced metric measures the 

number of affordable housing units developed or produced as a result of CDFI Fund awards as 
CDFI - 10 

reported by CDFI Program, NMTC Program, and CMF awardees and allocation recipients. 

The FY 2019 actual result of 61,011 affordable housing units was well above the target of 

21,500 affordable housing units, largely due to large CDFI Program investments in over 

47,500 affordable home ownership units. Despite this result, the FY 2021 target was set to 

21,500 units to reflect a potential decrease in program funding which may reduce projected 

outcomes for program investments. 

2.1.2 – Community Development Financial Institutions Program Resources and Measures 

Dollars in Thousands 

 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

 Resource Level Actual Actual Actual Actual Actual Enacted Request 

Appropriated Resources $152,400 $153,423 $161,500 $160,000 $160,000 $165,500 $0 

Budget Activity Total $152,400 $153,423 $161,500 $160,000 $160,000 $165,500 $0 

The FY 2015 - FY 2019 appropriated resources represents the approved operating plan. 

Performance Measure FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Actual Target Target Target 

CDFI - Percentage of 

Loans & Investments 

Originated in Eligible 

Distressed or Underserved 

Communities by Dollar 

Amount of Loans (Annual 

%) 

80.1 80.9 81.2 73.7 75.6 60 60 N/A 

CDFI - Percentage of 

Loans & Investments 

Originated in Eligible 

Distressed or Underserved 

Communities by Number 

of Loans 

80.5 81.5 83 72.1 78.5 60 60 N/A 

2B – Community Development Financial Institutions Program 

($0 from direct appropriations): 

The CDFI Program makes Financial Assistance (FA) awards to CDFIs that have comprehensive 

business plans for creating community development impact and that demonstrate the ability to 

leverage private sector sources of financing, as well as Technical Assistance (TA) grants to 

CDFIs and entities proposing to become CDFIs. CDFIs use FA awards to further goals such as: 

• Economic development (job creation, business development, and commercial real estate 

development); 

• Affordable housing (rental housing and homeownership); and 

• Financial services (provision of basic banking services and financial literacy training to 

underserved people and communities). 

For the FY 2019 CDFI Program round, the CDFI Fund awarded $132 million in Financial 

Assistance to 261 organizations. The CDFI Fund also awarded $18.2 million in Persistent 

Poverty Counties-Financial Assistance (PPC-FA) to 125 CDFIs specifically to serve Persistent 

Poverty Counties nationwide. In addition, the CDFI Fund awarded $22 million in HFFIFinancial Assistance to 14 CDFIs, as well as $3 million in Disability Funds-Financial Assistance 

awards to 16 CDFIs to help finance projects and services to assist individuals with disabilities. A 

total of 60 organization were also awarded more than $7.2 million in Technical Assistance. 

 
CDFI - 11 

Description of Performance: 

The CDFI Program has two measures: (1) the percentage of loans and investments originated in 

eligible distressed communities or made to underserved populations, as measured against the 

total dollar amount of loans originated by awardees; and (2) the percentage of loans and 

investments originated in eligible distressed communities or to underserved populations, as 

measured against the total number of loans originated by awardees. 

Certification criteria require that all certified CDFIs originate at least 60.0 percent of their loans 

and investments in eligible distressed census tracts or to underserved populations. The target is 

set at a level that allows CDFIs to balance their mission to serve distressed communities and 

underserved populations with their safety and soundness considerations. 

In FY 2019, the CDFI Program surpassed the 60.0 percent threshold for the percentage of both 

the dollar amount (75.6 percent) and the number of CDFI loans (78.5 percent) made to eligible 

distressed communities and underserved populations. No target is set for the FY 2021 measures 

because no appropriation is proposed for the CDFI Program for this fiscal year. 

2.1.3 – New Markets Tax Credit Resources and Measures 

Dollars in Thousands 

 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

Resource Level Actual Actual Actual Actual Actual Enacted Request 

Appropriated Resources $0 $0 $0 $0 $0 $0 $0 

Budget Activity Total $0 $0 $0 $0 $0 $0 $0 

Performance Measure FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Actual Target Target Target 

NMTC - Percentage of 

Loans and Investments 

That Went Into Severely 

Distressed Communities 

75.2 74.5 77.5 73.6 80 75 75 N/A 

2C – New Markets Tax Credit Program 

($0 from direct appropriations): 

The NMTC Program stimulates capital investment in low-income communities nationwide by 

permitting individual and corporate taxpayers to receive a non-refundable tax credit against 

federal income taxes for making equity investments in vehicles known as Community 

Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the 

program are domestic corporations or partnerships that provide loans, investments, or financial 

counseling in low-income urban and rural communities. 

On December 20, 2019, legislation was enacted extending allocation authority of the NMTC 

Program for one year through calendar year (CY) 2020 at $5 billion. 

Description of Performance: 

In FY 2019, the CDFI Fund awarded $3.5 billion in calendar year 2018 New Markets Tax Credit 

Program (NMTC Program) allocation authority to 73 organizations out of a pool of 214 

applicants that requested $14.8 billion in NMTC allocations. 
CDFI - 12 

In FY 2019, CDEs reported that 80 percent of NMTC investments were made in severelydistressed communities, well above the target of 75 percent. The expectation is that the NMTC 

investments performance report for FY2020 will meet or exceed the 75 percent target. Due to the 

expiration of the extension of the allocation authority at the end of calendar year 2020, no target 

has been set for FY 2021. 

2.1.4 – Bank Enterprise Award Program Resources and Measures 

Dollars in Thousands FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

Resource Level Actual Actual Actual Actual Actual Enacted Request 

Appropriated Resources $18,000 $19,000 $23,000 $25,000 $25,000 $25,000 $0 

Budget Activity Total $18,000 $19,000 $23,000 $25,000 $25,000 $25,000 $0 

The FY 2015 - FY 2019 appropriated resources represents the approved operating plan. 

Performance Measure 

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Actual Target Target Target 

BEA - Increase in 

Community 

Development Activities 

Over Prior Year For All 

BEA Program 

Applicants ($ million) 

460 539 522 646 429 500 500 N/A 

 

2D – Bank Enterprise Award Program 

($0 from direct appropriations): 

The Bank Enterprise Award (BEA) Program provides monetary awards to regulated banks and 

thrifts for increasing their investments in CDFIs through grants, stock purchases, loans, deposits, 

and other forms of financial and technical assistance, and for increasing their lending, 

investment, and service activities in economically-distressed communities where at least 30 

percent of residents have incomes less than the national poverty level and where the 

unemployment rate is at least 1.5 times the national unemployment rate. 

Description of Performance: 

The BEA Program measures applicants’ increase in qualified community development activities 

over the prior year. In FY 2019, the CDFI Fund announced awards under both the FY 2018 and 

FY 2019 rounds of the BEA Program. A total of $25 million was awarded to 119 organization 

under the FY 2018 round in December 2018 and then $25.2 million was awarded to 113 

organizations under the FY 2019 round in September 2019. 

BEA Program results for FY2019 was $429 million in qualified community development 

activities, which is below the target of $500 million. The target was not met due to delays in 

opening the round. No target is set for the FY 2021 measure because no appropriation is 

proposed for the BEA Program for this fiscal year. 
CDFI - 13 

2.1.5 – Native American CDFI Assistance Program Resources and Measures 

Dollars in Thousands 

 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

Resource Level Actual Actual Actual Actual Actual Enacted Request 

Appropriated Resources $15,000 $15,500 $15,500 $16,000 $16,000 $16,000 $0 

Budget Activity Total $15,000 $15,500 $15,500 $16,000 $16,000 $16,000 $0 

The FY 2015 - FY 2019 appropriated resources represents the approved operating plan. 

Performance Measure FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Actual Target Target Target 

NACA - Percentage of 

NACA Loans and 

Investments in Native 

Areas ($ Amount of 

Loans) 

65 48.4 42.6 84.9 78 50 50 N/A 

NACA - Percentage of 

NACA Loans and 

Investments in Native 

Areas (# of Loans) 

95.9 94.9 94.5 94.4 86 50 50 N/A 

2E – Native American CDFI Assistance Program 

($0 from direct appropriations): 

Through the NACA Program, the CDFI Fund assists entities in overcoming barriers that prevent 

access to credit, capital, and financial services in American Indian, Alaska Native, and Native 

Hawaiian communities. The NACA Program makes monetary awards to increase the number 

and capacity of existing or new Native CDFIs (i.e., CDFIs that serve Native communities). In 

addition, the NACA Program provides training to help strengthen and develop Native CDFIs. 

Native CDFIs lend where other mainstream financial institutions do not and serve the poorest 

individuals, families, and businesses in Native communities. 

For the FY 2019 round of the NACA Program, the CDFI Fund awarded $12 million in Financial 

Assistance to 23 organizations in 11 states. In addition, 11 organizations received $1.5 million in 

PPC-FA awards. More than $1.9 million in Technical Assistance was also awarded to 13 

organizations. 

Description of Performance: 

The two measures of performance for the NACA Program are: (1) the percentage of the number 

of loans, and (2) the dollar amount of loans, made in tribal lands (based on Federal Designations 

of Tribal Areas) or to Native people. In accordance with their Financial Assistance agreements, 

NACA awardees are required to originate 50 percent or more of their loans and investments in 

Native areas or to Native populations. This threshold is set to allow the awardees to balance their 

mission of serving Native areas and populations with safety and soundness considerations. 

In FY 2019, NACA recipients reported outcome data for their 2018 activities, which showed that 

78 percent of loans by dollar amount and 86 percent of the number of loans originated were in 

Native Areas or to Native borrowers. No target is set for the FY 2021 measures because no 

appropriation is proposed for the NACA Program for this fiscal year. 
CDFI - 14 

2.1.6 – Healthy Food Financing Initiative Detail Resources and Measures 

Dollars in Thousands Resource Level FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

 Actual Actual Actual Actual Actual Enacted Request 

Appropriated Resources $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $0 

Budget Activity Total $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $0 

The FY 2015 - FY 2019 appropriated resources represents the approved operating plan. 

Performance Measure 

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2019 FY 2020 FY 2021 

Actual Actual Actual Actual Actual Target Target Target 

HFFI - Retail Outlets 

Created/Preserved 35 19 24 20 20 23 20 N/A 

2F – Healthy Food Financing Initiative 

($0 from direct appropriations):

The HFFI aims to eliminate “food deserts” – low-income urban and rural areas in the United 

States with limited access to affordable and nutritious food – by financing interventions that 

expand the supply of, and demand for, nutritious foods. The objectives include increasing the 

distribution of agricultural products, developing and equipping grocery stores, and strengthening 

producer-to-consumer relationships. 

Through the HFFI, the CDFI Fund provides awards to Certified CDFIs to help address the need 

for healthy food in underserved and low-income communities. These organizations use federal 

grants, below market-rate loans, loan guarantees, and tax credits to attract private sector 

financing for projects that increase access to healthy food options. 

Description of Performance: 

The primary HFFI performance measure is the number of healthy food retail stores created and 

maintained in low-income areas that have been identified through detailed census tract analysis 

as having limited access to healthy food options. In FY 2019, the number of HFFI Retail outlets 

created was 23, thereby exceeding the target of 20 new retail outlets for FY 2019. No target is set 

for the FY 2021 measures because no appropriation is proposed for the HFFI Program for this 

fiscal year. 

 

2.1.7 – Small Dollar Loan Program Resources and Measures 

Dollars in Thousands FY 2020 FY 2021 

Resource Level Enacted Request 

Appropriated Resources $5,000 $0 

Budget Activity Total $5,000 $0 

2G - Small Dollar Loan Program 

($0 from direct appropriations): 

Authorized by Section 1206 of the Dodd-Frank Wall Street Reform and Consumer Protection 

Act (P.L. 111-203), the Small Dollar Loan Program provides Financial Assistance, in the form of 

grants for loan loss reserves, and Technical Assistance to enable CDFIs to establish and maintain 
CDFI - 15 

small dollar loan programs. This funding helps allow CDFIs provide consumers access to 

mainstream financial institutions and combat high-cost small dollar lending. 

Description of Performance: 

No target has been set because this is a new program. 

2.1.8 – Capital Magnet Fund Program Resource Detail 

Dollars in Thousands FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

Resource Level Actual Actual Actual Actual Actual Estimate Request 

GSE Distribution N/A $100,292 $119,413 $144,917 $131,884 $162,000 $0 

Budget Activity Total N/A $100,292 $119,413 $144,917 $131,884 $162,000 $0 

FTE 0 0 4 4 3 6 3* 

The FY 2015 - FY 2019 columns represent realized resources for full-time equivalents. 

*FY 2021 will require FTE for compliance monitoring.

2H – Capital Magnet Fund Program 

($0 from direct appropriations): 

The CMF Program authorized by the Housing and Economic Recovery Act of 2008 (P.L. 110-

289), establishes recurrent funding of the CMF through allocations from the GovernmentSponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Through CMF, the CDFI Fund 

provides grants to CDFIs and qualified non-profit housing organizations to finance affordable 

housing, community service facilities, and economic development. Award recipients can use 

funds to create financing tools such as loan loss reserves, revolving loan funds, risk-sharing 

loans, and loan guarantees. The Budget proposes to eliminate new funding for CMF. 

Description of Performance: 

The primary performance measures of the CMF are the number of affordable housing units for 

which CMF funding was a source of financing, and the degree to which private funding sources 

were leveraged by CMF financing. Data on affordable housing units are included in performance 

table 2.1.1. 

Based on award recipients’ projections, the FY 2018 round of the CMF will leverage an 

estimated $5.5 billion in public and private investment. The award recipients plan to develop 

more than 25,000 affordable housing units, including nearly 23,000 rental units and more than 

2,000 homeownership units. Of these: 

• 95 percent of all housing units will be developed for low-income families (80 percent of 

the area median income or below). 

• 94 percent of the homeownership units will be developed for low-income families (80 

percent of the area median income or below). 

• 57 percent of the rental units will be developed for very low-income and extremely lowincome families (50 percent of the area median income or below). 
CDFI - 16 

2.1.9 – CDFI Bond Guarantee Program Resource Detail 

Dollars in Thousands FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

 Resource Level Actual Actual Actual Actual Actual Enacted Request 

Obligations    $327,000 $265,000 $245,000 $150,000 $100,000 $500,000 $300,000 

Loan Limitation 

Obligation Authority $750,000 $750,000 $500,000 $500,000 $500,000 $500,000 $300,000 

2.1.10 – Financing Accounts Non-Budgetary Summary 

Dollars in Thousands FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 

 Resource Level Actual Actual Actual Actual Actual Enacted Request 

Obligations    $327,000 $265,000 $245,000 $150,000 $100,000 $500,000 $300,000 

Collections*    $2,966 $9,377 $19,789 $34,337 $51,493 $59,791 $63,667 

*Includes the principal and interest repayments and a 10 basis point fee for administrative expenses pursuant to Section 1134 of the Small 

Business Jobs Act of 2010. These amounts assume a zero subsidy rate with bond loan disbursement of $438 million and $452 million in FY 2020 

and FY 2021, respectively. 

2I. – CDFI Bond Guarantee Program Budget and Performance 

Through the BG Program, Treasury provides a 100 percent guarantee of bonds (including 

principal, interest, and call premiums) issued by Qualified Issuers. Bonds issued through the 

program support CDFI lending and investment activity in underserved communities by providing 

a source of long-term capital. Qualified Issuers use bond proceeds to finance loans to eligible 

CDFIs for community and economic development purposes. 

Since the inception of the program, the total amount of bonds guaranteed is $1.592 billion. A 

total of 25 Eligible CDFIs and three Qualified Issuers participate in the BG Program. Upon the 

closing of each bond, the eligible CDFIs have five years to lend or disburse the bond proceeds. 

The table below provides the year-to-date (FYE) and proposed disbursement for the top eight 

asset classes:

Assets Classes

Disbursements

($Millions)

Disbursements

(%)

Proposed

Disbursements

($Millions)

Proposed

Disbursements

(%)

Charter Schools $288.50 26.84% $440.00 29.49%

Rental Housing $297.90 27.72% $360.60 24.17%

Commercial Real Estate $192.70 17.93% $267.80 17.95%

Financing Entity $107.10 9.97% $132.30 8.87%

Healthcare Facilities $78.60 7.31% $104.20 6.98%

Not‐For‐Profits $50.00 4.65% $80.20 5.38%

Small Business $30.70 2.86% $37.80 2.53%

Senior Living and Long

Term Care Facilities $17.60 1.64% $44.00 2.95%

Daycare Centers $11.60 1.08% $25.10 1.68%

Total $1,074.70 100.00% $1,492.00 100.00%

FY2019 BGP Proposed and Disbursed Funds (Cumulative)
CDFI - 17 

C – Changes in Performance Measures 

With the publication of Treasury’s Strategic Plan for FY 2018-2022, the CDFI Fund will work 

this year to baseline the performance for the new strategic objectives. The CDFI Fund has had 

discussions with the Office of Strategic Planning and Performance Improvement (OSPPI) about 

changes to performance measures in FY 2021. 

 

D – Evidence - Building Activity 

Development of the Assessment and Risk Management Framework 

During FY 2019, the CDFI Fund continued its development of the CDFI Program Assessment 

and Risk Management Framework (ARM Framework), which began in FY 2015. The ARM 

Framework is a suite of six tools that the CDFI Fund will use to assess the financial and 

programmatic risk of CDFI Program applicants and award recipients, enhance data-driven 

decision-making, and mitigate post-award compliance and reporting risks. The full suite of tools 

will be implemented by the end of FY 2020 and will support the needs of multiple CDFI Fund 

business units. 

Section III – Additional Information 

A – Summary of Capital Investments 

As part of its FY 2021 capital investment strategy, the CDFI Fund plans to spend approximately 

$3.20 million for operations and maintenance of its Information Technology (IT). The CDFI 

Fund has no major IT investments, nor any capital investments other than IT. 

Non-Major IT Investments: 

For FY 2021, the CDFI Fund has identified two non-major IT investments: Awards Management 

Information System (AMIS) and the CDFI Fund public website. AMIS is an enterprise-wide 

commercial, cloud-based solution that supports CDFI Fund certification, tax credit allocation, 

bond guarantee, and grant programs. The CDFI Fund programs were fully deployed in AMIS in 

September 2018. The CDFI Fund public website, another cloud-based solution, provides access 

to general information about the CDFI Fund and is used to ensure the public can obtain 

information and guidance regarding CDFI Fund programs. For FY 2021, the CDFI Fund plans to 

provide Operations and Maintenance (O&M) support for these two IT investments. 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.