Department of the Treasury

Community Development 

Financial Institutions Fund

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2020
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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 – Operating Levels Table...................................................................................................... 4

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

E – Legislative Proposals............................................................................................................ 5

Section II – Annual Performance Plan and Report................................................................... 6

A – Strategic Alignment ............................................................................................................. 6

B – Budget and Performance by Budget Activity ...................................................................... 7

2.1.1 – Administration- Resources and Measures ...................................................................... 7

2A – Administration ................................................................................................................... 7

2.1.2 – Community Development Financial Institutions Program Resources and Measures..... 8

2B – Community Development Financial Institutions Program................................................. 8

2.1.3 – New Markets Tax Credit Resources and Measures........................................................ 9

2C – New Markets Tax Credit Program ..................................................................................... 9

2.1.4 – Bank Enterprise Award Program Performance and Measures ..................................... 10

2D – Bank Enterprise Award Program..................................................................................... 10

2.1.5 – Native American CDFI Assistance Program Performance and Measures.................... 11

2E – Native American CDFI Assistance Program.................................................................... 11

2.1.6 – Healthy Food Financing Initiative Performance and Measures.................................... 12

2F – Healthy Food Financing Initiative .................................................................................... 12

2.1.7 – Capital Magnet Fund Program Resource Detail Table ................................................. 12

2G – Capital Magnet Fund Program......................................................................................... 12

2.1.8 – Bond Guarantee Program Resource Detail Table......................................................... 13

2.1.9 – Financing Accounts - Non-Budgetary Summary.......................................................... 13

2H – CDFI Bond Guarantee Program....................................................................................... 14

C – Changes in Performance Measures.................................................................................... 14

Section III – Additional Information ........................................................................................ 15

A – Summary of Capital Investments....................................................................................... 15
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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 (CDFI) Fund supports Treasury’s Strategic 

Goal 1 (Boost U.S. Economic Growth) and Strategic Goal 4 (Transform Government-wide 

Financial Stewardship). The Budget requests the following for the CDFI Fund for FY 2020:

• $14 million in administrative funding to support:

- Management of the CDFI Bond Guarantee (GP) Program and the New Markets Tax 

Credit (NMTC) Program; and

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

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

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

• Cancellation of $25 million in anticipated Bank Enterprise Award program carryover balances.

• The Budget eliminates funding for the CDFI Fund’s four discretionary grant and direct loan 

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

includes a proposal to eliminate new funding for Capital Magnet Fund (CMF) effective in 

2020. 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, which offers CDFIs low-cost, longterm financing at no cost to taxpayers.

- The CDFI 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 belowmarket interest rates. The BG Program incentivizes and empowers CDFIs to execute 

large-scale 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 lowincome and underserved communities. The Budget continues to propose reforms such as 

reducing the minimum bond size to increase participation. The Administration 

encourages the Congress to adopt these and other necessary reforms to promote further 

private sector participation in BG Program financing and support the growth of a selfsustaining CDFI industry.

- The Budget proposes an annual commitment authority of $500 million and program 

changes to (1) reduce the minimum bond issue size from $100 million to $50 million; 

and (2) correct a technical drafting error related to the calculation of the relending account 

maximum.
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1.1 – Appropriations Detail Table

Dollars in Thousands

Community Development Financial Institutions 

Program

Appropriated Resources

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Community Development Financial Institutions 

Program 0 $160,000 0 $160,000 0 $0 0 ($160,000) NA -100.00%

Bank Enterprise Award Program * 0 $25,000 0 $25,000 0 ($25,000) 0 ($50,000) NA -200.00%

Native American CDFI Assistance Program 0 $16,000 0 $16,000 0 $0 0 ($16,000) NA -100.00%

Administration 66 $27,000 66 $27,000 42 $14,000 -24 ($13,000) -36.36% -48.15%

Healthy Food Financing Initiative 0 $22,000 0 $22,000 0 $0 0 ($22,000) NA -100.00%

Subtotal New Appropriated Resources 66 $250,000 66 $250,000 42 ($11,000) -24 ($261,000) -36.36% -104.40%

Other Resources

User Fees 0 $700 0 $1,000 0 $1,200 0 $200 NA 20.00%

Recovery from Prior Years 0 $1,015 0 $1,000 0 $1,000 0 $0 NA 0.00%

Unobligated Balances from Prior Years 0 $32,544 0 $33,000 0 $223,000 0 $190,000 NA 575.76%

Subtotal Other Resources 0 $34,259 $0 $35,000 $0 $225,200 $0 $190,200 NA 543.43%

Total Budgetary Resources 66 $284,259 66 $285,000 42 $214,200 -24 ($70,800) -36.36% -24.84%

* FY 2018 FTE and Other Resources are Actuals. This column reflects levels appropriated in P.L. 115-141, the Consolidated Appropriations Act of 2018. For 

further details on the execution of these resources see the 2020 Budget Appendix chapter for the Department of the Treasury. This request reflects authorization of 

the Bond Guarantee Program thru December 31, 2020

FY 2018 FY 2019 FY 2020 FY 2019 to FY 2020

Enacted * Annualized CR Request Change % Change

1.3 – Operating Levels Table

Dollars in Thousands

Community Development Financial Institution Fund FY 2018 FY 2019 FY 2020

Object Classification Enacted Annualized CR Request

11.1 - Full-time permanent 9,324 9,324 4,589

11.9 - Personnel Compensation (Total) 9,324 9,324 4,589

12.0 - Personnel benefits 2,812 2,812 2,064

Total Personnel and Compensation Benefits $12,136 $12,136 $6,653

21.0 - Travel and transportation of persons 82 82 15

22.0 - Transportation of things 1 1 1

24.0 - Printing and reproduction 5 5 0

25.1 - Advisory and assistance services 3,252 3,252 0

25.2 - Other services from non-Federal sources 11 11 15

25.3 - Other goods and services from Federal sources 6,908 6,908 5,351

25.7 - Operation and maintenance of equipment 3,166 3,166 1,960

26.0 - Raw Materials 62 62 5

31.0 - Equipment 1,377 1,377 0

41.0 - Grants, subsidies, and contributions 223,000 223,000 0

Total Non-Personnel $237,864 $237,864 $7,347

New Budgetary Resources $250,000 $250,000 $14,000

FTE 66 66 42

FY 2018 FTE and Other Resources are Actuals. This column reflects levels appropriated in P.L. 115-141, the Consolidated 

Appropriations Act of 2018. For further details on the execution of these resources see the 2020 Budget Appendix chapter for 

the Department of the Treasury. FY 2018 are Actual.
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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

Improvements 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-3, $14,000,000, to be used for administrative

expenses, including administration of CDFI fund programs and the New 

Markets Tax Credit Program: Provided, That during fiscal year 2020, 

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 through December 31, 2020: Provided further, That such 

section 114A shall remain in effect until December 31, 2020: Provided 

further, That of the unobligated balances from prior year appropriations 

available for the Community Development Financial Institutions Fund 

for the Bank Enterprise Award program under this heading, $25,000,000 

is hereby permanently cancelled: Provided further, That no amounts may 

be cancelled from amounts that were designated by the Congress as an 

emergency or disaster relief requirement pursuant to the concurrent 

resolution on the budget or the Balanced Budget and Emergency Deficit 

Control Act of 1985.

Note.—A full-year 2019 appropriation for this account was not enacted 

at the time the budget was prepared; therefore, the budget assumes this 

account is operating under the Continuing Appropriations Act, 2019

(Division C of P.L. 115-245, as amended). The amounts included for 

2019 reflect the annualized level provided by the continuing resolution. 

E – Legislative Proposals

The Budget proposes to extend the CDFI Bond Guarantee Program’s authorization, with an annual 

guarantee level not to exceed $500 million. The Budget also proposes reforms to the CDFI BG

Program to increase participation and ensure credit-worthy CDFIs have access to this important 

source of capital, while continuing to maintain strong protections against credit risk. The CDFI 

BG Program will continue to operate at no budgetary cost for new issuances. The Budget requests

an extension of the BG Program through December 31, 2020 and elimination of new allocations 

into the Capital Magnet Fund effective in FY 2020.
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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 2020 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 CDFI 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 (CDEs), 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.
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B – Budget and Performance by Budget Activity

2.1.1 – Administration- Resources and Measures

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources $24,636 $23,100 $23,600 $26,000 $27,000 $14,000

Budget Activity Total $24,636 $23,100 $23,600 $26,000 $27,000 $14,000

FTE 76 76 77 74 66 42

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

ALL Award Cycle Time 

(Months) 7.9 8.3 7.6 6.3 5.8 7 6.5 6.5

All - Time to Initial 

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

ALL- Number of Affordable 

Housing Units Developed or 

Produced

32,621 27,004 35,251 27,443 34,083 28,000 21,500 21,500

$26,713

66

FY 2018

Actual

$26,713

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. 

• 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 2018 was 5.8 months, surpassing the target of 7 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 2019 and 

FY 2020 Targets have been lowered to 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 2018 

results for this measure are tabulated after 4.5 months have elapsed from the end of FY 2018. 

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 reported 

by CDFI, NMTC, and CMF Program awardees and allocation recipients. The FY 2018 actual 

result of 34,083 affordable housing units was above the target of 28,000 affordable housing 
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units. The FY 2020 target was lowered 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

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Annualized 

CR Request

Appropriated Resources $146,364 $152,400 $153,423 $161,500 $160,000 $0

Budget Activity Total $146,364 $152,400 $153,423 $161,500 $160,000 $0

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

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 %)

70.8 80.1 80.9 81.2 73.7 60 60 N/A

CDFI - Percentage of Loans & 

Investments Originated in Eligible 

Distressed or Underserved 

Communities by Number of Loans

60.7 80.5 81.5 83 72.1 60 60 N/A

$164,215

FY 2018

Actual

$164,215

2B - Community Development Financial Institutions Program 

($0 from direct appropriations): 

The Community Development Financial Institutions (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). 

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.
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In FY 2018, the CDFI Program surpassed the 60.0 percent threshold for the percentage of both the 

dollar amount (73.7 percent) and the number of CDFI loans (72.1 percent) made to eligible 

distressed communities and underserved populations. No target is set for the 2020 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

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Annualized 

CR Request

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

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

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

NMTC - Percentage of 

Loans and Investments That 

Went Into Severly 

Distressed Communities

73.8 75.2 74.5 77.5 74 75 75 75

$0

FY 2018

Actual

$0

2C - New Markets Tax Credit Program 

($0 from direct appropriations): 

The New Markets Tax Credit (NMTC) Program stimulates capital investment in low-income 

communities nationwide by permitting individual and corporate taxpayers to receive a nonrefundable 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 18, 2015, Congress extended the authorization of the NMTC Program for $3.5 

billion per year through 2019.

Description of Performance: 

The Calendar Year 2017 NMTC allocation authority was allocated in February 2018, in which the 

NMTC Program awarded $3.5 billion in NMTC allocation authority to 73 CDEs, out of a pool of 

230 applicants requesting $16.2 billion.

In FY 2018, CDEs reported that 74 percent of NMTC investments were made in severelydistressed communities, falling slightly below the target of 75 percent. The expectation is that the 

NMTC investments performance report for FY2019 will meet or exceed the 75 target despite the 

slight downturn for FY 2018.
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2.1.4 – Bank Enterprise Award Program Performance and Measures

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Annualized 

CR Request

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

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

Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

BEA - Increase in 

Community Development 

Activities Over Prior Year For 

All BEA Program Applicants 

($ million)

571 460 539 523 N/A 500 500 N/A

$25,000

FY 2018

Actual

$25,000

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 2018, the CDFI Fund awarded $22.8 million from the FY 2017 

appropriated BEA Program funds. The award round for FY 2018 opened in July 2018, with award 

announcements expected to be made in FY 2019. 

BEA Program results for FY2018 have not yet been reported. No target is set for the FY 2020 

measure because no appropriation is proposed for the BEA Program for this fiscal year.
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2.1.5 – Native American CDFI Assistance Program Performance and Measures

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources $15,000 $15,000 $15,500 $15,500 $15,117 $16,000 $0

Budget Activity Total $15,000 $15,000 $15,500 $15,500 $15,117 $16,000 0

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

NACA - Percentage of NACA 

Loans and Investments in Native 

Areas ($ Amount of Loans)

57.9 65 48.4 42.6 84.9 50 50 N/A

NACA - Percentage of NACA 

Loans and Investments in Native 

Areas (# of Loans)

87 95.9 94.9 94.5 94.4 50 50 N/A

Performance Measure

2E - Native American CDFI Assistance Program 

($0 from direct appropriations): 

Through the Native American CDFI Assistance (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.

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 50.0 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 2018, NACA recipients reported outcome data for their 2017 activities, which showed that 

85 percent of loans by dollar amount and over 94 percent of the number of loans originated were 

in Native Areas or to Native borrowers. No target is set for the FY 2020 measures because no 

appropriation is proposed for the NACA Program for this fiscal year.
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2.1.6 – Healthy Food Financing Initiative Performance and Measures

2F – Healthy Food Financing Initiative 

($0 from direct appropriations): 

The Healthy Food Financing Initiative (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 awards CDFI Program funds 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 2018, the number of HFFI Retail outlets 

created was 26, thereby exceeding the target of 20 new retail outlets for FY 2018.

2.1.7 – Capital Magnet Fund Program Resource Detail Table

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Request

GSE Distribution N/A N/A $100,292 $119,413 $132,000 $0

Budget Activity Total N/A N/A $100,292 $119,413 $132,000 $0

FTE 0 0 0 4 4 5 6

Note: FY 2019/FY 2020 will require FTE for compliance monitoring

$144,917

FY 2018

Actual

$144,917

2G – Capital Magnet Fund Program 

($0 from direct appropriations): 

The Capital Magnet Fund (CMF) Program was authorized by the Housing and Economic Recovery 

Act of 2008, which calls for recurrent funding of the CMF through allocations from the 

Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Through CMF, the 

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Annualized CR Request

Appropriated Resources $ 35,000 $ 22,000 $ 22,000 $ 22,000 $22,000 $22,000 $0

Budget Activity Total $35,000 $22,000 $22,000 $22,000 $22,000 $22,000 0

FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

HFFI - Retail Outlets 

Created/Preserved

33 35 19 24 26 20 20 N/A

Performance Measure
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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 suspend new allocations into the CMF 

effective in FY 2020.

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 are included in performance table 2.1.1.

Based on award recipients’ projections, the FY 2017 round1 of the CMF will leverage an estimated 

$3.2 billion in public and private investment. The award recipients plan to develop more than 

21,000 affordable housing units, including nearly 18,000 rental units and more than 3,000 

homeownership units. Of these:

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

area median income or below).

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

of the area median income or below).

• 54 percent of the rental units will be developed for very low-income and extremely low-income 

families (50 percent of the area median income or below).

2.1.8 – Bond Guarantee Program Resource Detail Table

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Annualized 

CR Request

Obligations $200,000 $327,000 $265,000 $245,000 $500,000 $500,000

Loan Limitation 

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

FY 2018

Actual

$150,000

2.1.9 – Financing Accounts - Non-Budgetary Summary

Dollars in Thousands

 Resource Level FY 2014 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020

Actual Actual Actual Actual Annualized 

CR Request

Obligations $200,000 $327,000 $265,000 $245,000 $500,000 $500,000

Collections* $356 $2,966 $9,377 $18,693 $39,324 $44,993

*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 $427 million and $438 million in 

FY 2019 and FY 2020, respectively.

$33,700

FY 2018

Actual

$150,000

 

1 Information on the 2018 round was not available at the time this document was prepared. GSE funds are 

not received until March of each year and the CMF round is not opened until funds are received.
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2H - CDFI Bond Guarantee Program 

Through the CDFI Bond Guarantee (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 $1.512 billion. A total 

of 26 Eligible CDFIs and three Qualified Issuers participate in the CDFI Bond Guarantee 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 (YTD) and proposed disbursement for the top eight 

asset classes:

Asset Class

YTD 

Disbursements

($ millions)

YTD 

Disbursements (%)

Proposed

Disbursements

($millions)

Proposed 

Disbursements

(%)

Charter schools $242.1 30.4% $440.0 29.1%

Rental housing $214.6 27.0% $367.7 24.3%

Commercial real estate $125.6 15.8% $270.0 17.9%

Financing Entity $ 88.3 11.1% $153.2 10.1%

Healthcare Facilities $ 49.5 6.2% $101.9 6.7%

Not-for-profits $ 36.1 4.5% $ 79.6 5.3%

Small business $ 14.6 1.8% $ 34.5 2.3%

Senior Living and Long-Term 

Care Facilities $ 13.6 1.7% $ 42.5 2.8%

Daycare centers $ 11.0 1.4% $ 22.6 1.5%

Total $795.4 100% $1,512 100%

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. This could result in changes to 

performance measures in the FY 2020 budget.
CDFI - 15

Section III – Additional Information

A – Summary of Capital Investments

As part of its FY 2020 capital investment strategy, the CDFI Fund plans to spend approximately 

$3.40 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 2020, 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 by 

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 2020, the CDFI Fund plans to provide 

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

IT Infrastructure Investments:

A summary of capital investment resources, including major information technology and nontechnology investments can be found at:

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.