Community Development Financial Institutions Fund 

Mission Statement 

To expand the capacity of financial institutions to provide credit, capital and financial 

services to underserved populations and communities in the United States. 

Program Summary by Budget Activity 

Dollars in Thousands

Appropriation FY 2007 FY 2008 FY 2009

Community Development Financial 

Institutions Fund Enacted Enacted Request $ Change % Change 

Community Development Financial

Institutions Program $31,881 $58,480 $24,417 ($34,063) -58.25%

New Markets Tax Credit Program 4,258 4,120 4,203 83 2.01%

Bank Enterprise Award 12,551 21,400 0 (21,400) -100.00%

Native Initiatives 5,816 10,000 0 (10,000) -100.00%

Total Appropriated Resources $54,506 $94,000 $28,620 ($65,380) -69.55%

Total FTE 68 75 75 0 0.00%

FY 2009 Priorities 

• Provide allocations of tax credits through the New Markets Tax Credit Program, 

• Provide awards through the Community Development Financial Institutions (CDFI) 

Program as well as training, and 

• Manage the Fund’s existing portfolio of awards and allocations including 

strengthening its compliance management program.
Table of Contents 

Section 1 – Purpose ........................................................................................................... 1 

1A – Description of Bureau Vision and Priorities.......................................................... 1 

1B – Program History and Future Outlook..................................................................... 1 

Section 2 – Budget Adjustments and Appropriation Language................................... 3 

2.1 – Budget Adjustments Table..................................................................................... 3 

2A – Budget Increases and Decreases Description ........................................................ 3 

2.2 – Operating Levels Table.......................................................................................... 4 

2.3 – Appropriations Detail Table .................................................................................. 5 

2B – Appropriations Language and Explanation of Changes......................................... 6 

2C – Legislative Proposals ............................................................................................. 6 

Section 3 – Budget and Performance Plan ..................................................................... 7 

3.1 – Budget by Strategic Outcome ................................................................................ 7 

3A – Community Development Financial Institutions Program ................................... 7 

3.2.1 – Community Development Financial Institutions Program Budget and 

Performance Plan............................................................................................................ 8 

3B – New Markets Tax Credit Program........................................................................ 9 

3.2.2 – New Markets Tax Credit Program Budget and Performance Plan..................... 9 

3C – Bank Enterprise Award....................................................................................... 10 

3.2.3 – Bank Enterprise Award Budget and Performance Plan.................................... 11 

3D – Native Initiatives................................................................................................. 11 

3.2.4 – Native Initiatives Budget and Performance Plan.............................................. 11 

Section 4 – Supporting Materials.................................................................................. 12 

4A – Human Capital Strategy Description ................................................................... 12 

4.1 – Summary of IT Resources Table ......................................................................... 13 

4B – Information Technology Strategy ........................................................................ 14 

4.2 – PART Evaluation Table....................................................................................... 15 

CDFI - 0 
Section 1 – Purpose

1A – Description of Bureau Vision and Priorities 

The mission of the Community Development Financial Institutions Fund (the Fund) is to 

expand the capacity of financial institutions to provide credit, capital and financial 

services to underserved populations and communities in the United States. 

The Fund has three priorities: 

1. To Support the Growth and Capacity of Community Development Financial 

Institutions (CDFIs) Through the CDFI Program – The CDFI Program provides financial 

assistance and technical assistance awards to CDFIs through annual competitive funding 

rounds to carry out the Fund’s mission. In addition, the Fund is authorized to provide 

support through training as well as evaluating the impact of the programs through 

evaluation and research. 

 

2. To Increase Investment Capital in Low Income Communities Through the New 

Markets Tax Credit (NMTC) Program – The NMTC Program attracts private sector

capital into low-income communities through investments in Community Development 

Entities (CDEs). CDEs raise funds by providing tax credits to private investors in 

exchange for equity investments, which are then invested in low-income communities. 

CDEs apply for allocations of NMTCs through annual, competitive allocation rounds. 

3. To Manage the Fund’s Existing Portfolio of Awards Including Strengthening its 

Compliance Management Program – Certain activities pertaining to the existing portfolio 

of grant awards are required. These activities consist of finalizing the terms of assistance 

agreements with recent awardees, making disbursements under awards not fully 

disbursed as of the end of FY 2008, and monitoring awardee compliance with the terms 

of their three-year award assistance and allocation agreements. This later step includes 

reviewing annual reports provided by awardees and conducting site visits, to ensure that 

awardee performance meets the goals as stipulated in the assistance agreements and that 

unmet performance is explained. 

1B – Program History and Future Outlook 

The CDFI Fund administers two direct funding programs in support of Community 

Development Financial Institutions (the CDFI Program) and Native American 

communities (the Native American CDFI Assistance – NACA - Program), and also 

administers the New Markets Tax Credit (NMTC) Program. 

In FY 2007, the Fund processed $197 million of award applications which resulted in 

awards totaling approximately $42 million through the CDFI and NACA programs. The 

Fund also processed $27.9 billion of applications competing for $3.9 billion in allocations 

under the New Markets Tax Credit program. Those selected for award will be announced 

later in the calendar year. 

CDFI – 1
In FY 2007, the Fund reported 35,022 jobs created or retained by CDFI Program

awardees, which exceeded the projected target of 34,009 jobs. For NMTC allocatees, 

98,530 jobs were created or retained, pertaining to real estate development/rehabilitation 

and/or business support. In addition, CDFI Program financial assistance awards 

leveraged an additional $778 million dollars, which equates to a leverage factor of $19:$1 

(every $1 of the Fund’s financial assistance awards resulted in an additional $19 raised 

and leveraged by awardees). 

During FY 2007 the Fund took in 290 applications, most of which were through the 

consolidated Grants.gov intake system, as required by the Presidential Management 

Agenda (PMA) initiative. The Fund began preparing its migration plan to the PMA 

Grants Management Line of Business (GMLoB) initiative and has selected the 

Department of Health and Human Services, Administration for Children and Families as 

its partner for this effort. The Fund also commenced significant planning to support the 

implementation of the Federal Funding Accountability and Transparency Act (FFATA), 

which requires the Office of Management and Budget to maintain a single website 

providing information about federal spending in FY 2007 and beyond. The Fund began 

using the Trusted Agent FISMA (TAF) tool developed so that all Treasury bureaus and 

offices can document and track compliance with FISMA security mandates. 

Future Challenges 

A challenge facing the Fund is the transitioning of its award-making activities to the 

Grants Management Line of Business (GMLoB). One of the requirements of the 

President’s Management Agenda is for the development and administration of uniform 

requirements for grant processing among all federal agencies. The intent of these 

uniform requirements is to support end-to-end grants management activities that promote 

citizen access, customer service, and agency financial and technical stewardship. These 

uniform requirements are referred to as the GMLoB. Certain federal agencies provide 

these grant processing functions for their grant-making federal agency customers. The 

Fund is in the process of transitioning its award administration requirements (currently 

met in-house) to the Department of Health and Human Services, which provides such 

services. This transition process will require a complete evaluation of the Fund’s award 

activities, from application to award, to determine when the activities can be transitioned, 

and the most efficient process for making the transition. 

 

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Section 2 – Budget Adjustments and Appropriation Language 

2.1 – Budget Adjustments Table 

Dollars in Thousands

Community Development Financial Institutions Fund FTE Amount

FY 2008 Enacted 75 $94,000

Maintaining Current Levels (MCLs):

 Non-Pay Inflation Adjustment 119

 Pay Annualization 48

 Pay Inflation Adjustment 111

Total FY 2009 Base 75 $94,278

Program Decreases:

 Bank Enterprise Award Program (6) (21,428)

 CDFI Program 12 (34,190)

Native Initiatives (6) (10,040)

Subtotal FY 2009 Program Changes 0 (65,658)

Total FY 2009 President's Budget Request 75 $28,620

2A – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ..............................................+$278,000 / +0 FTE 

Non-Pay Inflation Adjustment +$119,000 / +0 FTE 

Funds are requested for other non-labor related items such as contracts, travel, supplies, 

equipment and GSA rent. 

Pay Annualization +$48,000 / +0 FTE 

Funds are requested for the FY 2009 cost of the January 2008 pay raise. 

Pay Inflation Adjustment +$111,000 / +0 FTE 

Funds are requested for the January 2009 pay raise. 

Program Decreases .......................................................................-$65,658,000 / +0 FTE 

Bank Enterprise Award Program -$21,428,000 / -6 FTE 

The Fund is not requesting resources for the Bank Enterprise Award (BEA) Program in 

FY 2009. 

CDFI Program -$34,190,000 / +12 FTE 

The FY 2009 budget request seeks to reduce funding for this program. The increase in 

FTEs pertains to the transfer of staff administering the Bank Enterprise Award Program 

(6 FTEs) and Native Initiatives (6 FTEs). 

Native Initiatives -$10,040,000 / -6 FTE 

No separate authorization exists for Native Initiatives so no separate set aside is being

requested in FY 2009. 

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 2.2 – Operating Levels Table 

Dollars in Thousands

Bureau: Community Development Financial 

Institutions Fund FY 2007 Enacted

FY 2008 

President's 

Budget

Cong. Action 

including 

Recission

FY 2008 Enacted 

Level

FY 2009 

Requested Level

FTE 68 63 12 75 75

Object Classification:

 11.1 - Full-time permanent 5,413 5,267 1,823 5,660 6,230

 11.3 - Other than full-time permanent 0 0 0 0 0

 11.5 - Other personnel compensation 0 0 0 0 0

 11.8 - Special personal services payments 0 0 0 0 0

 12 - Personnel benefits 1,408 1,373 97 1,470 1,619

 13 - Benefits for former personnel 0 0 0 0 0

 21 - Travel and transportation of persons 119 112 7 119 114

 22 - Transportation of things 20 20 0 20 20

 23.1 - Rental payments to GSA 1,319 1,353 (17) 1,411 1,447

 23.2 - Rental payments to others 127 130 99 193 189

 23.3 - Comm, utilities, and misc charges 303 317 0 317 332

 24 - Printing and reproduction 20 20 0 20 20

 25 - Other contractual Services 0 0 0 0 0

 25.1 - Advisory and assistance services 3,635 2,550 (27) 2,484 2,522

 25.2 - Other services 490 271 737 1,008 438

 25.3 - Other purchases of goods and services from

Govt. accounts 

649 598 269 867 911

 25.4 - Operation and maintenance of facilities 0 0 0 0 0

 25.5 - Research and development contracts 0 0 0 0 0

 25.6 - Medical care 0 0 0 0 0

 25.7 - Operation and maintenance of equip 0 0 0 0 0

 25.8 - Subsistence and support of persons 0 0 0 0 0

 26 - Supplies and materials 91 94 12 106 111

 31 - Equipment 75 75 0 75 75

 32 - Land and structures 0 0 0 0 0

 33 - Investments and loans 1,300 740 0 2,170 530

 41 - Grants, subsidies, and contributions 39,537 15,637 62,443 78,080 14,062

 42 - Insurance claims and indemnities 0 0 0 0 0

 43 - Interest and dividends 0 0 0 0 0

 44 - Refunds 0 0 0 0 0

Total Budget Authority $54,506 $28,557 $65,443 $94,000 $28,620

Budget Activities:

 Community Development Financial Institutions 

Program

31,881 24,437 34,043 58,480 24,417

 New Markets Tax Credit Program 4,258 4,120 0 4,120 4,203

 Bank Enterprise Award 12,551 0 21,400 21,400 0

 Native Initiatives 5,816 0 10,000 10,000 0

Total Budget Authority $54,506 $28,557 $65,443 $94,000 $28,620

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2.3 – Appropriations Detail Table 

Dollars in Thousands

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

New Appropriated Resources:

30 $31,847 33 $31,881 55 $58,480 55 $24,417 0.00% -58.25%

15 3,704 19 $4,258 20 $4,120 20 $4,203 0.00% 2.02%

5 12,469 6 $12,551 0 $21,400 0 $0 0.00% -100.00%

7 5,500 10 $5,816 0 $10,000 0 $0 0.00% -100.00%

Subtotal New Appropriated Resources 57 $53,520 68 $54,506 75 $94,000 75 $28,620 0.00% -69.55%

Other Resources:

Recoveries 658 0 658 0 500 0 2,000 0.00% 300.00%

Unobligated Balance 1,533 0 1,533 0 986 0 500 0.00% -49.29%

Offsetting Collections 600 0 600 0 500 0 500 0.00% 0.00%

Available multi-year/no-year funds 50 0 402 0 402 0 402 0.00% 0.00%

Subtotal Other Resources 0 $2,841 0 $3,193 0 $2,388 0 $3,402 0.00% 42.46%

Total Resources Available for Obligation 57 $56,361 68 $57,699 75 $96,388 75 $32,022 0.00% -66.78%

% Change

Obligations Enacted to FY 2009

Community Development Financial

Institutions Program

New Markets Tax Credit Program

Bank Enterprise Award Program

Native Initiatives

FY 2008

Resources Available for Obligation

FY 2007 FY 2007 FY 2008 FY 2009

Enacted President's Budget

CDFI - 5 
2B – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes

DEPARTMENT OF THE TREASURY 

COMMUNITY DEVELOPMENT FINANCIAL 

INSTITUTIONS FUND 

COMMUNITY DEVELOPMENT FINANCIAL 

INSTITUTIONS FUND PROGRAM ACCOUNT 

To carry out the Community Development Banking and 

Financial Institutions Act of 1994 (Public Law 103-325), 

including services authorized by 5 U.S.C. 3109, but at rates 

for individuals not to exceed the per diem rate equivalent

to the rate for ES-3, [94,000,000] $28,620,000 to remain 

available until September 30, [2009] 2010, of which

[$8,000,000 shall be for financial assistance, technical 

assistance, training and outreach programs designed to 

benefit Native American, Native Hawaiian, and Alaskan 

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, and] up to [$13,500,000] $13,778,000

may be used for administrative expenses, including 

administration of the New Markets Tax Credit, up to 

[$7,500,000] $1,200,000 may be used for the cost of direct 

loans, and up to $250,000 may be used for administrative 

expenses to carry out the direct loan program: Provided, 

That the cost of direct loans, including the cost of 

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

the Congressional Budget Act of 1974, as amended: 

Provided further, That these funds are available to 

subsidize gross obligations for the principal amount of 

direct loans not to exceed [$16,000,000] $3,000,000. 

2C – Legislative Proposals 

The CDFI Fund has no legislative proposals for FY 2009. 

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Section 3 – Budget and Performance Plan

This table lists all FY 2009 resources by strategic goal, objective and outcome outlined in 

the FY 2007-2012 Treasury Department Strategic Plan. The Treasury Strategic Plan is a 

corporate level plan for the Department that provides a description of what the agency 

intends to accomplish over the next five years. 

For detailed information about the FY 2007-2012 Treasury Strategic Plan, please go to: 

http://www.treas.gov/offices/management/budget/strategic-plan/

3.1 – Budget by Strategic Outcome 

Dollars in Thousands

TREASURY Strategic Outcome FY 2008 FY 2009 Percent

Enacted Request Change

AMOUNT AMOUNT AMOUNT 

 Economic competitiveness 94,000 28,620 -69.6%

Total $94,000 $28,620 -69.6%

3A – Community Development Financial Institutions Program ($24,417,000 from 

direct appropriations): The CDFI Program enables the Fund to carry out its mission of 

expanding the capacity of financial institutions to provide credit, capital and financial 

services to underserved populations and communities in the United States. The CDFI 

Program also addresses Treasury’s strategic objective to increase economic growth and 

create jobs. The program is comprised of three components: Financial Assistance, 

Technical Assistance, and Training. 

• Financial Assistance (FA) awards are only provided to entities that have been 

certified by the Fund as meeting the statutory criteria to be a CDFI. Because of the 

wide range of institution types that can be certified as CDFIs, the FA application 

process contains a degree of complexity not shared by other Fund award programs. 

Each applicant must describe and demonstrate its financial health, management 

capacity, and ability, based on historic and future projected activity, to deliver a 

product or service that will increase access to capital, credit and quality financial 

services in underserved communities. For every $1 in FA awards, awardees are able 

to raise an additional $19, so the approximately $11 million in FY 2009 FA awards 

should result in an additional $209 million raised and deployed into low income

communities. 

• Technical Assistance (TA) grants serve to secure a sound foundation for developing 

CDFIs and can be used for training, technology and other one-time costs generally 

related to start-up or major growth phases of a CDFI. 

• Training programs are designed to support identified areas of skills improvement 

for CDFIs and other members of the financial service industry. The program supports 

Treasury’s objective to increase economic growth and create jobs by providing 

needed education and support for skills development to enable relevant parties to 

deliver or utilize financial services. 

CDFI - 7 
In addition to the above, the Fund is actively engaged in developing strategies to share as 

much data as possible with the public to increase the ability of CDFIs and CDEs to 

address the financing needs of low income communities. In FY 2007 the Fund released 

its first aggregated data sets, making available data pertaining to CDFIs for FY 2003, 

2004 and 2005. The Fund also engages in studies, evaluations, and research designed to 

complement the Fund’s programs, measure the impact on low income communities and 

low income persons and increase the level of knowledge and understanding of successful 

business strategies necessary to meet the financing needs of low income communities. 

Other Resources: Other resources of funds in FY 2009 total $3,402,000 which are 

available for use by the CDFI Program, as follows (amounts in thousands): 

• Unobligated Balances - $500,000 

Consists of amounts appropriated for FY 2008 not obligated by the end of that fiscal 

year. The Fund’s appropriations are available for use over a two-year period. 

• Offsetting Collections - $500,000 

Consists of current year investment income as well as the proceeds from the 

redemption of investments during the year, available for new awards. 

• Recoveries - $2,000,000 

Consists of awards obligated during FY 2008 which were subsequently deobligated, 

and so are available for obligation in FY 2009. 

• Available multi-year / no-year funds - $402,000 

Consists of offsetting collections from prior years available for new awards. 

3.2.1 – Community Development Financial Institutions Program Budget and 

Performance Plan 

Community Development Financial 

Institutions Program Budget Activity

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009

Resource Level Obligated Obligated Obligated Enacted Request

 Appropriated Resources $24,595 $30,268 $31,847 $58,480 $24,417

 Reimbursable Resources $0 $0 $0 $0 $0

Total Resources $24,595 $30,268 $31,847 $58,480 $24,417

Budget Activity Total $24,595 $30,268 $31,847 $58,480 $24,417

Community Development Financial 

Institutions Program Budget Activity

 Measure FY 2005 FY 2006 FY 2007 FY 2008* FY 2009*

Actual Actual Actual Target Target

FTE - Number of full-time equivalent jobs

created or maintained in underserved 

communities by businesses financed by CDFI 

Program Awardees (Oe) 

 23,656 22,329 35,022 TBD TBD

Administrative costs per Financial Assistance 

(FA) application processed (E) 

$ 5,130 $ 8,710 $7,180 TBD TBD

Private Dollars - Dollars of private and nonCDFI Fund investments that CDFIs are able to

leverage because of their CDFI Fund Financial 

Assistance. ( in millions) (Oe) 

$ 1,800 $ 1,400 $ 778 TBD TBD

Key: Oe - Outcome Measure, E - Efficiency Measure, Ot - Output/Workload Measure, and M - Management/Cust. Satisfaction 

* Targets for performance measures in 2008 and 2009 will be established in early 2008. 

CDFI - 8 
Description of Performance: In FY 2007, the Fund made $23.9 million in CDFI Program

awards to CDFIs that primarily serve rural and urban low-income communities. 

In FY 2007, the Fund leveraged $778 million in private and non-CDFI Program dollars, 

which was slightly less than the target of $861 million. The shortfall was due to two 

reasons: 1) in FY 2007 there was a decrease in the amount of FA disbursements 

compared to that which was projected; and 2) the calculated leverage ratio decreased 

from $27:1, to $19:1. The leverage ratio will change over time simply because the size 

and composition of the group of CDFIs that provides leverage information changes every 

year. Different CDFIs have varying ability to raise equity and borrow against that 

equity, and will invest in widely different projects. 

In FY 2007, the Fund created or maintained 35,022 full-time equivalent jobs in 

underserved communities, a slight improvement over its goal of 34,009 jobs. 

3B – New Markets Tax Credit Program ($4,203,000 from direct appropriations): The 

NMTC Program spurs investment of private capital into a range of privately managed 

investment vehicles called Community Development Entities (CDEs). CDEs apply for 

allocations of NMTCs through annual, competitive allocation rounds. A CDE receiving

an allocation of tax credits is authorized to provide such credits to private sector investors 

in exchange for equity investments (Qualified Equity Investments, or QEIs) in the CDEs. 

The CDE then uses the proceeds from these equity investments to make loans and equity 

investments in New Markets businesses located in and serving economically distressed 

communities. An investor in the CDE receives tax credits against its Federal income

taxes for making the QEI. The tax credits provided to an investor total 39 percent of the 

cost of the investment and can be claimed over a seven-year credit allowance period. A 

total of $19.5 billion in investor capital will be raised under the NMTC Program. Five 

funding rounds have been completed corresponding to tax credit allocations supporting 

$16.0 billion in private sector capital, with the CY 2008 funding round remaining, which 

will provide allocations of tax credits supporting $3.5 billion in investor capital. 

The FY 2009 budget request will fund the costs required to administer the NMTC 

program. Because it is a tax credit program, there is no program funding requested in this 

account. 

3.2.2 – New Markets Tax Credit Program Budget and Performance Plan 

New Markets Tax Credit Program Budget 

Activity

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009

Resource Level Obligated Obligated Obligated Enacted Request

 Appropriated Resources $11,926 $3,936 $3,704 $4,120 $4,203

 Reimbursable Resources $0 $0 $0 $0 $0

Total Resources $11,926 $3,936 $3,704 $4,120 $4,203

Budget Activity Total $11,926 $3,936 $3,704 $4,120 $4,203

CDFI - 9 
New Markets Tax Credit Program Budget 

Activity

 Measure FY 2005 FY 2006 FY 2007 FY 2008 FY 2009

Actual Actual Actual Target Target

Administrative costs per number of New

Markets Tax Credit (NMTC) applications 

processed ($) (E) 

$ 5,390 $ 4,360 $5,320 $ 4,875 $ 4,875

Private Equity - Amount of investments in

low-income communities that Community

Development Entitites (CDEs) have made

with capital raised through their New Markets

Tax Credit (NMTC) tax credit allocations ($

in billions)(Oe) 

$ 1.1 $ 2 $ 2.5 $ 2.5 $ 2.5

Key: Oe - Outcome Measure, E - Efficiency Measure, Ot - Output/Workload Measure, and M - Management/Cust. Satisfaction 

Description of Performance: In FY 2007, the Fund made $3.9 billion in tax credit 

allocations, providing recipients the potential ability to raise this amount of capital to 

invest in low-income communities. For FY 2008, a total of $3.5 billion in tax credit 

authority is available (allocations are made later in the year). The Fund works closely 

with the IRS to implement this program. 

As reported in FY 2007 (applicable to awards made during FY 2006), Community 

Development Entities (CDEs) exceeded the anticipated $2.1 billion in Qualified LowIncome Community Investments (QLICIs), by closing $2.5 billion in QLICIs. The Fund 

will continue to analyze the increasing rate that allocatees raise equity and make qualified 

investments, and use this analysis to set appropriate targets going forward. 

Also as reported in FY 2007 (applicable to FY 2006), the NMTC Program created or 

maintained 98,530 jobs. Of this amount, 90,385 jobs pertained to real-estate development 

/rehabilitation projects (i.e. categorized as “construction”) and 8,145 jobs were associated 

to non real-estate projects (i.e. categorized as “business-support”). There is no target 

against which this number can be measured, as there is no reliable process to project the 

number of jobs created or maintained for the NMTC Programs. 

3C – Bank Enterprise Award (No funding): The FY 2009 budget does not request 

funding for the Bank Enterprise Award (BEA) Program. Through the BEA Program, the 

CDFI Fund provides monetary awards to FDIC insured depository institutions as 

incentives to increase their lending and investments in economically distressed 

communities. Funding is not being requested for FY 2009 primarily because the 

program’s structure requires that awards be made on the basis of past activity. 

The Fund will undertake changes to the BEA Program in the FY 2009 funding round, 

should the program be funded in future years. These modifications will require that BEA 

awards be used for future activities that are eligible for award under the BEA Program. 

This change will better align the use of BEA awards with the Program’s goals and 

objectives. The current program has no such requirement. The steps to affect effect this 

change will include amendments to the BEA regulations, application, assistance 

agreement, and the creation of a compliance and monitoring system that does not 

currently exist for this Program. 

CDFI - 10 
3.2.3 – Bank Enterprise Award Budget and Performance Plan 

Bank Enterprise Award Budget Activity

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009

Resource Level Obligated Obligated Obligated Enacted Request

 Appropriated Resources $9,782 $13,286 $12,469 $21,400 $0

 Reimbursable Resources $0 $0 $0 $0 $0

Total Resources $9,782 $13,286 $12,469 $21,400 $0

Budget Activity Total $9,782 $13,286 $12,469 $21,400 $0

3D – Native Initiatives (No funding): The FY 2009 budget does not request funding for 

Native Initiatives. No separate authorization exists for Native Initiatives so no separate 

set aside is being requested in FY 2009. Native Initiatives is a funding program that is 

targeted to increasing the number and capacity of existing or new CDFIs serving Native 

American Communities (Native American CDFIs), and includes complementary 

capacity-building initiatives that seek to foster the development of Native American 

CDFIs through training and technical assistance. 

3.2.4 – Native Initiatives Budget and Performance Plan 

Native Initiatives Budget Activity

FY 2005 FY 2006 FY 2007 FY 2008 FY 2009

Resource Level Obligated Obligated Obligated Enacted Request

 Appropriated Resources $1,704 $5,416 $5,500 $10,000 $0

 Reimbursable Resources $0 $0 $0 $0 $0

Total Resources $1,704 $5,416 $5,500 $10,000 $0

Budget Activity Total $1,704 $5,416 $5,500 $10,000 $0

Native Initiatives Budget Activity

 Measure FY 2005 FY 2006 FY 2007 FY 2008* FY 2009

Actual Actual Actual Target Target

Administrative costs per number of Native

American CDFI Assistance (NACA) 

applications processed ($)(E)

$ 10,050 $ 8,130 $13,510 TBD N/A

Total Assets - Annual percentage increase in

the total assets of Native CDFIs (%) (Oe) 

 103.00% 182.00% 19.00% TBD N/A

Key: Oe - Outcome Measure, E - Efficiency Measure, Ot - Output/Workload Measure, and M - Management/Cust. Satisfaction 

* Targets for performance measures in 2008 will be established in early 2008. 

 

For detailed information about each performance measure, including definition, 

verification and validation, please go to: 

http://www.treasury.gov/offices/management/dcfo/accountability-reports/2007-par.shtml

CDFI - 11 
CDFI - 12 

Section 4 – Supporting Materials 

4A – Human Capital Strategy Description 

Over the past several years the Fund has experienced a large number of staff vacancies; 

however, in FY 2007 the Fund was successful in filling many of them. The staff 

vacancies were due partly to the two Strengthening America’s Communities initiatives 

(SACI) proposed by the administration as part of the FY 2006 and FY 2007 President’s 

Budgets. Under these initiatives, a number of Federal community development 

programs, including those administered by the Fund, were to be consolidated within a 

single federal agency. In anticipation of implementing these initiatives, the Fund began 

downsizing its workforce. 

 

As a result of funding levels provided in FY 2007 and FY 2008, the Fund began 

backfilling its vacant positions in FY 2007. As a result, the Fund projects a total of 

75 FTE positions in FY 2009. Since most of these positions were being filled throughout 

FY 2007 and early FY 2008, FY 2008 will be the first year in which most of this 

increased FTE level will be reflected. With elimination of funding for the Bank 

Enterprise Award (BEA) Program and Native Initiatives in FY 2009, FTEs which 

administered those programs will be transferred to different responsibilities associated 

with the CDFI Program. 
CDFI - 13 

4.1 – Summary of IT Resources Table 

Dollars in Thousands

Information Technology Investments

FY 2006 FY 2007 FY 2008 FY 2009

Major IT Investments / Funding Source Budget Activity

& Earlier

Enacted 1/ Enacted Enacted Requested 

NoneSubtotal, Major IT Investments $0 $0 $0 N/A $0 NACommunity Investment Impact System (CIIS)

Community Development Financial Institutions and New Markets Tax Credit Programs

$670 $0 $414 $427

Non-Major IT Investments $670 $0 $414 -100.0% $427 3.1%CDFI Infrastructure (Telecommunications) Community Development Financial 

Institutions, Bank EnterpriseAwards, Native Initiatives and New Markets Tax Credit Programs

$200 $150 $0 $0

CDFI Infrastructure (Office Automation) Community Development Financial 

Institutions, Bank EnterpriseAwards, Native Initiatives and New Markets Tax Credit Programs

$2,690 $750 $1,966 $2,179

CDFI Infrastructure(IT Security)

Community Development Financial Institutions, Bank EnterpriseAwards, Native Initiatives and New Markets Tax Credit Programs

$360 $0 $364 $0

CDFI Infrastructure (Infrastructure) Community Development Financial 

Institutions, Bank EnterpriseAwards, Native Initiatives and New Markets Tax Credit Programs

$190 $100 $335 $335

Infrastructure Investments $3,440 $1,000 $2,665 -70.9% $2,514 -5.7%NoneEnterprise Architecture $0 $0 $0 N/A $0 NATotal IT Investments $4,110 $1,000 $3,079 -75.7% $2,941 -4.5%1/ This chart reflects appropriated resources only and may not reflect total project costs.2/ this column reflects appropriated resources provided to a project in FY 2006 and any previous years.

% Change from 

FY07 to FY08

% Change 

from FY08 to 

FY09
4B – Information Technology Strategy 

The Fund does not have any Major IT investments (using Department of the Treasury and 

OMB Circular A-11 guidelines for defining Major IT investments) and, as such, is not 

required to submit an OMB Exhibit 300. The Fund does, however, have a Chief 

Information Officer (CIO) Operating Plan which is administered by the CIO and ensures 

all decision making is integrated into the organizations planning, operations and 

budgeting processes. The operating plan utilizes existing processes and structures such 

as the Director's Operations Committee and the Budget Advisory Committee to ensure 

that the Fund's IT investments are tied to the organization's strategic plan, support the 

agency's mission and remain strictly within the approved budget. 

The Fund's CIO is also responsible for ensuring that the agency's IT strategic goals 

conform to required legislation as well as Treasury and Presidential goals, such as the 

Federal Information Security Management Act (FISMA), the E-Gov Act, the Privacy 

Act, the President’s Management Agenda, Grants.gov and the Grants Management Line 

of Business. This information, as well as budget and project management information for 

the Capital Planning and Investment Control process, are coordinated with the Treasury 

CIO office as part of the overall Treasury IT management process. 

CDFI - 14 
4.2 – PART Evaluation Table 

PART Name: CDFI Fund: Finance and Technical Assistance

Year PARTed: FY 2004

Rating: Adequate

OMB Major Findings/Recommendations

Bureau Actions Planned or Underway

2. The Fund has built the IT system needed to set a target for the second long-term measure.

5. A contract to evaluate the program was awarded in FY 2005 and is currently underway.

4. Make disaggregated program performance data available to the public.

2. Set a target and timeframe for the second long-term measure.

3. Establish a baseline for the efficiency measure, set a target, and measure progress in achieving this

target.

PART Evaluation

1. The CDFI Program is not unique because several states administer similar programs and CDFIs can use 

private sector equity investment to accomplish activities they otherwise would accomplish with CDFI Fund 

awards.

3. The Fund conducted the analysis needed, set the baseline for the efficiency measure and began

measuring progress in FY 2006.

4. The Fund made disaggregated data available to the public in January 2005 and will continue to do so

annually.

5. Conduct an independent evaluation of the program.

1. The Fund is not taking any action related to the duplication/redundancy finding because:

a. Fewer than 10 states administer CDFI programs and none of these state programs fully meets the

capital needs of the CDFIs in its state. Furthermore, CDFIs in 40 states do not have access to any state 

CDFI program.

b. There are too few private sector equity investments available to meet CDFIs' needs for capital.

CDFI - 15 
PART Name: New Markets Tax Credit (NMTC)

Year PARTed: FY 2004

Rating: Adequate

OMB Major Findings/Recommendations

Bureau Actions Planned or Underway

PART Evaluation

1. The program is not unique because other federal, state and local tax credit programs are available and 

because numerous programs at HUD (CDBG) and Commerce (EDA) augment the NMTC Program goal of

improving low-income communities.

2. Set targets for the annual performance measures and measure performance in achieving them.

3. The Fund conducted the analysis needed, set the baseline for the efficiency measure and began

measuring progress in FY 2006.

4. In FY 2005 the Fund issued an RFP for an independent evaluation of the program and the multi-year

evaluation began in the last quarter of FY 2006.

3. Establish a baseline for the efficiency measure, set a target, and measure progress in achieving this

target.

4. Conduct an independent evaluation of the program.

1. The Fund is not taking any action on the duplicative/redundancy finding because, in the Fund's opinion,

the other available programs complement rather than duplicate the NMTC Program.

2. NMTC Program allocatees submitted data in June 2005 that the Fund needed in order to set performance

measure targets. The Fund set targets and began measuring its achievements in FY 2005.

For a complete list of PART results visit the following website: 

http://www.whitehouse.gov/omb/expectmore/all.html

CDFI - 16