Community Development
 

Financial Institutions Fund
 

FY 2015
 

President’s Budget
 

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Table of Contents 

Section 1 – Purpose........................................................................................................................3

1A – Mission Statement ..............................................................................................................3

1.1 – Appropriations Detail Table ..........................................................................................3

1B – Vision, Priorities and Context.............................................................................................3

Section 2 – Budget Adjustments and Appropriation Language ...............................................8

2.1 – Budget Adjustments Table .................................................................................................8

2A – Budget Increases and Decreases Description .....................................................................8

2.2 – Operating Levels Table ....................................................................................................10

2B – Appropriations Language and Explanation of Changes ...................................................11

Section 3 – Budget and Performance Plan ................................................................................13

3A – Administration ..................................................................................................................13

3.1.1 – Administration Budget and Performance Plan ..............................................................14

3B Community Development Financial Institutions Program ..................................................14

3.1.2 – Community Development Financial Institutions Program Budget and Performance 

Plan ............................................................................................................................................16

3C – New Markets Tax Credit Program ....................................................................................17

3.1.3 – New Markets Tax Credit Program ................................................................................18

3D – Bank Enterprise Award Program......................................................................................18

3.1.4 – Bank Enterprise Award Program...................................................................................19

3E – Native American CDFI Assistance Program ....................................................................19

3.1.5 – Native American CDFI Assistance Program.................................................................20

3F – Healthy Food Financing Initiative.....................................................................................20

3.1.6 – Healthy Food Financing Initiative .................................................................................21

Section 4 – Supplemental Information ......................................................................................22

4A – Summary of Capital Investments .....................................................................................22

4B – CDFI Bond Guarantee Program .......................................................................................23

4.1 – Resource Detail Table ......................................................................................................23

4.2 – Financing Accounts - Non-Budgetary Summary .............................................................23

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 - - 

Dollars in Thousands 

Community Development Financial

Institutions Fund FY 2013 FY 2014 FY 2015 

FY 2014 to FY 2015 

Appropriated Resources 

Operating

Level Enacted Request $ Change % Change 

FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT 

New Appropriated Resources: 

Community Development Financial 

Institutions Program 0 138,397 0 146,364 0 151,300 0 4,936 NA 3.37% 

Bank Enterprise Award Program 0 17,058 0 18,000 0 0 0 -18,000 NA -100.00% 

Native American CDFI Assistance 

Program 0 11,372 0 15,000 0 15,000 0 0 NA 0.00% 

Administration 76 21,764 76 24,636 73 23,600 -3 -1,036 -3.95% -4.21% 

Healthy Food Financing Initiative 0 20,849 0 22,000 0 35,000 0 13,000 NA 59.09% 

Subtotal New Appropriated

Resources 76 $209,440 76 $226,000 73 $224,900 -3 -$1,100 -3.95% -0.49% 

Other Resources: 

Reimbursables 0 106 0 106 0 112 0 6 NA 5.66% 

User Fees 0 0 0 0 0 1,129 0 1,129 NA NA 

Recovery from Prior Years 0 6,604 0 5,200 0 5,200 0 0 NA 0.00% 

Unobligated Balances from Prior

Years 0 31,650 0 24,411 0 25,352 0 941 NA 3.85% 

Subtotal Other Resources 0 $38,360 0 $29,717 0 $31,793 0 $2,076 NA 6.99% 

Total Budgetary Resources 76 $247,800 76 $255,717 73 $256,693 3 $976 3.95% 0.38% 

 

 

 

 

 

 

 

Section 1 – Purpose 

1A – Mission Statement 

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

increase economic opportunity and promote community development investments for 

underserved populations and in distressed communities in the United States. 

1.1 – Appropriations Detail Table 

1B – Vision, Priorities and Context 

The vision of the CDFI Fund is to economically empower America’s underserved and distressed 

communities, and advance the Department of the Treasury’s Strategic Goal No. 1: Promote 

domestic economic growth and stability while continuing reforms of the financial system. The 

CDFI Fund is the only Federal government entity whose primary mission is to build the capacity 

of Community Development Financial Institutions (CDFIs) so that they can provide loans, 

investments, business counseling, basic banking services, and financial literacy training to 

underserved communities. 

Since its creation in 1994, the CDFI Fund has awarded more than $1.9 billion to CDFIs, 

community development organizations, and insured depository institutions through the CDFI 

Program, the Native American CDFI Assistance Program (NACA Program), and the Bank 

Enterprise Award Program (BEA Program). In addition, the CDFI Fund has allocated $36.5 

billion in New Markets Tax Credit (NMTC) investment authority through the NMTC Program to 

Community Development Entities (CDEs), awarded $80 million through the Capital Magnet 

Fund (CMF), and awarded $9.1 million through the Financial Education and Counseling (FEC) 

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Pilot Program. In FY 2013, the inaugural round of the CDFI Bond Guarantee Program, the 

Department of the Treasury entered into three loan guarantees totaling $325 million with 

Qualified Issuers who will provide bond financing to four Eligible CDFIs. 

The CDFI Fund continues to experience growth in the demand for its award programs: 

•	 CDFI Program--For the FY 2013 funding round of the CDFI Program, the CDFI Fund 

received 400 applications requesting more than $403 million in total funding. In addition, 

the CDFI Fund received applications from 35 eligible organizations requesting $84 million 

for the Healthy Food Financing Initiative (HFFI-FA). The CDFI Fund made 191 Financial 

Assistance (FA) and Technical Assistance (TA) awards totaling $150 million, and 10 HFFIFA awards totaling $22.3 million. 

•	 NACA Program--For the FY 2013 NACA Program funding round, the CDFI Fund received 

65 applications requesting more than $24 million in funding, and made 35 awards totaling 

$12.4 million. 

•	 NMTC Program--For the CY 2013 NMTC Program allocation round, the CDFI Fund 

received 310 applications requesting approximately $25.8 billion in total allocation 

authority. The CY 2013 NMTC allocation authority totaling $3.5 billion is projected to be 

awarded in the Spring of FY 2014. 

•	 BEA Program--For the FY 2013 BEA Program funding round, the CDFI Fund received 98 

applications requesting approximately $91 million in awards, and made 85 awards totaling 

approximately $17 million. 

•	 Bond Guarantee Program-- For the FY 2013 round of Bond Guarantee Program, the CDFI 

Fund received eight guarantee applications requesting $825 million in bond guarantees, and 

the Department of the Treasury entered into agreements to guarantee for a total of $325 

million in guarantee authority. 

Fiscal Year 2013 Priorities and Accomplishments: 

In FY 2013, the CDFI Fund focused on a number of initiatives related to its business processes, 

award programs, and CDFI capacity-building activities, as the following section outlines. The 

CDFI Fund’s priority initiatives align with Treasury’s Strategic Goal No. 1 – Promote domestic 

economic growth and stability while continuing reforms of the financial system. 

Priority 1: Strengthen Compliance Management Function – In FY 2013, the CDFI Fund 

continued its efforts to strengthen the oversight of award recipients by: 

•	 Recertifying more than 500 CDFIs whose original certifications had previously been 

extended beyond an initial three-year term; 

•	 Developing a risk-based approach to compliance management, with processes that assess 

risks associated with a combination of institutional factors and previous awardee compliance 

history; 

•	 Re-instituting compliance site visits and desk audits of CDFI awardees with apparent and 

pervasive problems in meeting performance goals in their Assistance Agreements; and 

•	 Reducing turnaround time on reviews of annual compliance reports received from awardees. 

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Priority 2: CDFI Program Evaluation Project – In FY 2013, the CDFI Fund worked with 

researchers at the Carsey Institute of the University of New Hampshire and the Darden School of 

the University of Virginia to review techniques and models to be used to analyze the financial 

and social impact of the CDFI Program’s investments on CDFIs and underserved communities. 

The evaluation, expected to be completed in the spring of 2014, is assessing performance 

benchmarks for awardees and comparing these outcomes with appropriate peer groups of nonawardee CDFIs to better gauge the relative impact of the program on financial performance, risk, 

and social impacts. This research is using multiple evaluation methods including surveys, 

original data gathering, and statistical techniques to assess the results of the program on CDFIs 

and the communities that they serve, particularly the provision of improved access to capital and 

credit in low-income and underserved communities. This project aligns with the CDFI Fund’s 

Strategic Goal No. 1 – Expanded capacity of financial institutions to provide credit, capital, and 

financial services to low-income and underserved populations. 

Priority 3: Implement the CDFI Bond Guarantee Program – The CDFI Fund published the Bond 

Guarantee Program’s interim rule, Notice of Guarantee Availability, and application materials in 

FY 2013. During this period, Congress authorized up to $500 million in Guarantees for FY 2013. 

The Department of the Treasury entered into three loan guarantees totaling $325 million with 

Qualified Issuers who will provide bond financing to four Eligible CDFIs. The Bond Guarantee 

Program supports lending activity in underserved communities by providing a source of longterm financing, and aligns with the CDFI Fund’s Strategic Goal No. 2 – Increased public and 

private investment in distressed communities eligible to be served by the CDFI Fund’s programs. 

Priority 4: Modernize Information Technology – To reduce costs and improve service and 

reliability, in FY 2013 the CDFI Fund completed the transition of its Information Technology 

(IT) systems and services to the Alcohol and Tobacco Tax and Trade Bureau (TTB), including 

email and shared drives, Internet and network access, and all servers. This transition enabled the 

CDFI Fund to eliminate its two data centers and focus IT resources on procuring an Awards 

Management Information System (AMIS) that meets present and future business requirements. 

The AMIS will improve the efficiency of awards management processes throughout the 

organization. This project aligns with the CDFI Fund’s Strategic Goal No. 4 – Increased 

resource and human capital management to maximize performance, efficiency, and program 

results. 

Other Accomplishments: 

Study on Native Communities’ Access to Capital and Credit. In FY 2013, the CDFI Fund’s 

Native Initiatives launched a new study of Native Communities’ access to capital and credit. 

The project will provide detailed analysis and quantitative research that can lead to actionable 

recommendations for improving access to capital and credit in Native Communities. The CDFI 

Fund’s Native Initiatives has solicited comments from Native Communities to help direct the 

study, and will be conducting a number of consultations as part of the study process. This study 

is consistent with Executive Order 13175, “Consultation and Coordination with Indian Tribal 

Governments.” 

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The Native Leadership Journey II. The CDFI Fund sponsored a two-year training series for 16 

advanced Native CDFIs that finished in June 2013, called Native CDFI Growth & Excellence 

(The Leadership Journey), during which Native CDFI leaders developed leadership skills and 

resources to further staff growth and increase organizational performance. Building on the 

success of this initiative, the CDFI Fund launched the Native Leadership Journey II in FY 2013, 

which is designed to run for two years and will develop the capacity of a second group of 

established Native CDFI leaders to improve their leadership skills, develop resources to further 

staff growth, and increase organizational performance. 

Financing Community Health Centers. In FY 2013, the CDFI Fund launched a two-year 

capacity building initiative titled “Financing Community Health Centers.” This initiative was 

developed in response to increased CDFI lending for federally qualified community health 

centers (FQCHCs). Recent research has quantified over $13 billion in capital needs that CDFIs 

are increasingly responding to through lending for equipment, working capital, acquisition, 

construction, renovations, and permanent financing. Through in-depth technical assistance, this 

initiative is building the capacity of CDFIs to successfully finance and provide services to 

community health centers (CHCs) in underserved communities. The program will provide 

advanced training and technical assistance, including one-on-one assistance, and an advanced 

forum for peer learning for CDFIs to establish and improve services that are critical to the needs 

of CHCs in an evolving environment. CDFIs will also have access to a Virtual Resource Bank 

containing research and tools that can be used to increase their knowledge of CHCs. Course 

training materials, third-party expert documents, and other resources will be made available to 

the public. 

Preserving and Expanding CDFI Minority Depository Institutions (MDIs). In FY 2013, the 

CDFI Fund launched an initiative titled “Preserving and Expanding CDFI Minority Depository 

Institutions (MDIs).” This initiative was developed in response to the challenges impacting 

CDFI MDIs. CDFI MDIs provide vital financial services to often distressed communities but 

face a host of challenges, including a decrease in the number of such institutions, large declines 

in total assets, and struggles to raise capital due to their lower income customer base. This 

initiative provides training, technical assistance, and related services to support MDIs in their 

efforts to serve economically distressed target markets and promote community development. 

Historically, CDFI MDIs have served underserved populations because of their strong 

understanding of their communities and their longstanding relationships, which break down 

barriers that often hinder individuals from accessing financial services. CDFI MDIs face unique 

challenges, which the CDFI Fund aims to help address through this initiative by providing 

technical assistance to achieve financial health, increase revenues through market expansion and 

product diversification, gain operational efficiencies, build strong leadership, and educate their 

consumers and stakeholders on their services. 

NMTC Community Development Entity Site Visits. In FY 2013, the NMTC Program Office 

conducted 11 site visits to Community Development Entities (CDEs) that have received NMTC 

allocations. The main goals of the site visits were to (1) inform the contents of the NMTC 

application as well as the application review and awardee selection process; (2) gain a deeper 

knowledge of CDE business practices the Fund may want to encourage or discourage (i.e., risk 

management); (3) to identify potential policy changes that could not be gleaned from NMTC 

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application materials; and (4) increase staff knowledge base to enhance NMTC industry 

oversight and program administration. As a result of the information gathered during the Site 

Visits, certain questions in the application have been revised and new questions have been 

added; the guidance to conduct Phase 1 reviews and Phase 2 award determinations has been 

revised. Topics examined included fees and transaction costs, community feedback and 

engagement, the role of investors in project selection, and innovative uses of NMTC allocations. 

Fiscal Year 2015: The Department of the Treasury requests the following for FY 2015: 

•	 $151.3 million for the CDFI Program to provide Financial Assistance (FA) and Technical 

Assistance (TA) awards. Through the CDFI Program, the CDFI Fund awards grants and loans 

to invest in and to build the capacity of CDFIs to serve low-income communities lacking 

adequate access to affordable financial products and services. The proposed FY 2015 Budget 

supports FA and TA awards to CDFIs to further goals that include, among others: 

-Economic development (job creation, small business lending, and commercial real estate 

development); 

- Affordable housing (housing development and homeownership); 

-Financial services (such as basic banking services to underserved communities); and 

- Development services (such as financial literacy or homebuyer counseling and education). 

•	 $35 million for HFFI awards to CDFIs to expand financing for healthy food retail options in 

underserved urban and rural communities, particularly through the development or equipping 

of grocery stores and other healthy food retailers. 

•	 $15 million to provide FA and TA awards through the NACA Program, which provides 

awards and training to CDFIs that primarily serve Native Communities and to entities 

proposing to become or create Native CDFIs, thereby increasing access to credit, capital, and 

financial services in Native Communities. 

•	 $23.6 million in administrative funding to support a variety of purposes, including1: 

- Staffing and resource demands created by significant growth across all programs, 

including the NMTC and the CDFI Bond Guarantee programs; 

- Administration of non-monetary award programs and activities including compliance and 

certification; 

- Continuation of compliance risk research and program evaluation of the effectiveness of 

CDFI Fund programs; and 

- Enhancement of existing management and information systems and improvement of 

operational efficiency and effectiveness. 

1

A proposed Manufacturing Communities Tax Credit (MCTC) Program will support qualified investments in 

communities affected by military base closures or mass layoffs, such as those arising from plant closures. The cost 

of additional resources (for example, applications reviewer management) to implement the MCTC Program will be 

determined at a later date and is not included in the $23.6 million administrative funding request. 

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Community Development Financial Institutions Fund FTE Amount 

FY 2014 Enacted 76 $226,000 

Changes to Base: 

Maintaining Current Levels (MCLs): - $462 

Pay-Raise - $111 

FERS Contribution Increase - $99 

Non-Pay - $252 

Subtotal Changes to Base - $462 

Total FY 2015 Base 76 $226,462 

Program Changes: 

Program Decreases: (3) ($19,498) 

Bank Enterprise Award Program - ($18,000) 

Administration (3) ($1,498) 

Program Increases: - $17,936 

Healthy Food Financing Initiative - $13,000 

CDFI Program - $ 4,936 

Total FY 2015 Request 73 $224,900 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Section 2 – Budget Adjustments and Appropriation Language 

2.1 – Budget Adjustments Table 

Dollars in Thousands 

2A – Budget Increases and Decreases Description 

Maintaining Current Levels (MCLs) ......................................................... +$462,000 / +0 FTE
 

Pay-Raise +$111,000 / +0 FTE 

Funds are requested for the proposed January 2015 pay-raise in and for the annualization of the 

2014 pay-raise. 

FERS Contribution Increase +$99,000 / +0 FTE 

Funds are requested for increases in agency contributions to the Federal Employee Retirement System 

based on updated actuarial estimates. 

Non-Pay +$252,000 / +0 FTE 

Funds are requested for inflation adjustments in non-labor expenses such as GSA rent 

adjustments, postage, supplies, and equipment. 

Program Decreases .................................................................................. -$19,498,000 / +0 FTE
 

Bank Enterprise Award Program -$18,000,000 / +0 FTE 

Treasury proposes not to fund the BEA Program in FY 2015. 

Administration - $1,498,000 / -3 FTE 

Treasury proposes to reduce Administration by $1.498 million through savings in contractual 

services and administrative staffing costs. 

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Program Increases ...............................................................+$17,936,000 / +0 FTE 

Healthy Food Financing Initiative +$13,000,000 / +0 FTE 

The CDFI Fund will increase the amount and number of FA awards for the Healthy Foods 

Financing Initiative. An increase of $13 million will result in 6-7 more awards to expand the 

offering of affordable financing for healthy food retail options in distressed communities. 

CDFI Program +$4,936,000 / +0 FTE 

The CDFI Fund will increase the amount and number of FA and TA awards. An increase of 

$4.936 million to the CDFI Program will result in 4-5 more FA awards to increase the number of 

business and microenterprise loans, home improvement and purchase loans, residential real 

estate transactions, and other consumer loans and products offered by CDFI awardees. 

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Dollars in Thousands 

Community Development Financial Institutions Fund FY 2013 FY 2014 FY 2015 

Object Classification Actual Enacted Request 

11.1 - Full-time permanent 7,791 8,138 7,869 

11.9 - Personnel Compensation (Total) 7,791 8,138 7,869 

12.0 - Personnel benefits 2,227 2,392 2,373 

Total Personnel and Compensation Benefits $10,018 $10,530 $10,242 

21.0 - Travel and transportation of persons 60 177 177 

22.0 - Transportation of things 4 4 4 

23.1 - Rental payments to GSA 0 0 0 

23.3 - Communication, utilities, and misc charges 290 159 225 

24.0 - Printing and reproduction 125 125 125 

25.1 - Advisory and assistance services 7,856 6,983 7,169 

25.2 - Other services 118 118 118 

25.3 - Other purchases of goods & serv frm Govt accounts 4,954 4,954 4,954 

25.5 - Research and development contracts 0 1,500 1,500 

26.0 - Supplies and materials 102 56 56 

31.0 - Equipment 30 30 30 

41.0 - Grants, subsidies, and contributions 185,883 201,364 200,300 

Total Non-Personnel 199,422 215,470 214,658 

Subtotal New Appropriated Resources $209,440 $226,000 $224,900 

Budget Activities: 

Community Development Financial Institutions Program 148,539 150,698 155,634 

Bank Enterprise Award Program 35,059 35,059 18,000 

Native American CDFI Assistance Program 13,434 16,065 16,065 

Administration 28,795 30,887 30,986 

Healthy Food Financing Initiative 21,973 23,008 36,008 

Total Budgetary Resources $247,800 $255,717 $256,693 

FTE 76 76 73 

2.2 – Operating Levels Table 

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2B – Appropriations Language and Explanation of Changes 

Appropriations Language 

DEPARTMENT OF THE TREASURY 

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND 

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 5 U.S.C. 3109, but at rates for individuals not to exceed the per diem 

rate equivalent to the rate for EX-3, [$226,000,000] $224,900,000, to remain 

available until September 30, [2015] 2016; of which $15,000,000 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; of which, notwithstanding [sections] 

section 4707(d) [and 4707(e)] of title 12, United States Code, up to [$22,000,000] 

$35,000,000 shall be 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; of which [$18,000,000 shall be for the Bank Enterprise Award 

program; of which up to $24,636,000] up to $23,600,000 may be used for 

administrative expenses, including administration of CDFI Fund programs and the 

New Markets Tax Credit Program [and the CDFI Bond Guarantee Program, 

$1,000,000 for capacity building to expand CDFI investments in underserved 

areas], and up to $300,000 for the administrative expenses to carry out the direct 

loan program; and of which up to [$2,222,500] $3,102,500 may be used for the 

cost of direct loans: 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 [during fiscal year 2014] section 

114A of the Riegle Community Development and Regulatory Improvement Act of 

1994 (12 U.S.C. 4701 et seq.) shall remain in effect until September 30, 2015: 

Provided further, That commitments to guarantee bonds and notes under section 

114A of the Riegle Community Development and Regulatory Improvement Act of 

1994 (12 U.S.C. [4701 et seq.] 4713a) shall not exceed [$750,000,000] 

$1,000,000,000: Provided further, That no funds shall be available for the cost, if 

any, of bonds and notes guaranteed under such section, as defined in section 502 of 

the Congressional Budget Act of 1974. 

(Department of the Treasury Appropriations Act, 2014.) 

Explanation 

of Changes 

Removes 

waiving the 

match for 

HFFI 

Removes 

funding for the 

Bank 

Enterprise 

Award 

Program. 

Administration 

of the CDFI 

Bond Program 

is included in 

CDFI Fund 

Programs. 

Removes $1 

million for 

capacity 

building. 

Extension of 

the CDFI Bond 

Program; Adds 

language to 

meet FCRA 

requirement 

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2C – Legislative Proposals 

Treasury recommends extension of the CDFI Bond Guarantee Program through FY 2015, one 

year beyond its existing sunset date at the end of FY 2014. 

Justification 

The CDFI Bond Guarantee Program provides CDFIs access to a significant source of capital. By 

providing guarantees of bonds issued by Qualified Issuers, the CDFI Bond Guarantee Program 

injects new and substantial capital into our nation’s most distressed communities. CDFIs can 

gain from the potential scale of the CDFI Bond Guarantee Program, which offers long-term 

credit at below-market interest rates for the development of commercial real estate, rental 

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

among others. The CDFI Bond Guarantee Program is a groundbreaking effort to accelerate 

community economic revitalization across the nation by enabling CDFIs to provide long-term, 

fixed-rate financing to low-income and underserved urban and rural communities. This will 

further close the gap of financing in these communities, generate new credit information in these 

market segments, and yield the benefit of lower financing costs for borrowers in these 

underserved communities. These benefits will be realized at no cost to taxpayers because the 

program requires no subsidy. 

Treasury proposes to extend the CDFI Bond Guarantee Program by one year through FY 2015, 

with $1 billion of guarantee authority. Due to the timing of the FY 2013 appropriation and 

publication of the program’s initial Notice of Guarantee Availability (NOGA), the Fund 

significantly compressed the application review process for the 2013 cohort, despite appreciable 

program demand; the CDFI Fund received 8 applications requesting $825 million in bond 

loans. This amount well exceeded the Fund’s $500 million in guarantee authority. Given the 

tight review timeframe, Treasury approved three Qualified Issuers and four CDFI applicants 

covering $325 million in bond loans. As stated in the FY 2013 NOGA, applications that were 

not approved before the close of the fiscal year are queued as the Fund begins its review of FY 

2014 guarantee authority (currently underway). 

The CDFI Fund anticipates releasing the FY 2014 NOGA in April 2014 and will provide a twomonth application window for new applicants. Approximately 500 participants representing 

nearly 80 Certified CDFIs attended program briefings and other outreach activities prior to the 

close of the FY 2013 application period. In response to this high level of interest among CDFIs, 

the CDFI Fund will continue its aggressive outreach efforts in FY 2014 in order to maximize 

program participation and to attract well-qualified applicants.. 

Suggested Legislative Language 

Provided further, That Section 114A of the Riegle Community Development and Regulatory 

Improvement Act of 1994 (12 U.S.C. 4701 et seq.) shall remain in effect until September 30, 

2015. 

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Section 3 – Budget and Performance Plan 

3A – Administration 

($23,600,000 from direct appropriations): 

This budget activity encompasses the CDFI Fund’s operational support and management 

activities for each of its award programs and supports the CDFI Fund’s Strategic Goal No. 4: To 

increase resource and human capital management to maximize performance, efficiency, and 

program results. This includes, among other activities, developing regulations, Notices of 

Funding Availability (NOFAs), and application materials; reviewing and evaluating certification 

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

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

compliance. All of these tasks support activities that allow the CDFI Fund to carry out its overall 

mission. The goal owner for this budget activity is the Deputy Director of the CDFI Fund. 

Description of Performance: 

The CDFI Fund’s two administrative measures are organization-wide efficiency measures based 

on the weighted average of the number of applications/awards across all programs (Allapplication-award and All-award-disbursement cycle times). 

In FY 2013, the CDFI Fund completed its program application-award cycle in 6.8 months, 

within the target of 7 months despite the additional responsibility of issuing the applications for 

the Bond Guarantee Program. 

The All-Award-disbursement cycle time target of 3.5 months to disburse 85 percent of the 

awards—which is a measure of how quickly the CDFI Fund manages to disburse program funds 

after the award announcement— was not met as it is projected that it will take 4.5 months to 

disburse 85 percent of the awards. Considerable effort was required by program staff and 

financial management to assure the accuracy of all in-kind matching requirements for grants and 

loans, particularly for the rates and terms of the matching loans. These efforts were necessary 

since all matching fund requirements were waived from FY 2008 to FY 2011 due to financial 

market instability. Although matching funds were not waived in FY 2012 or FY 2013, the CDFI 

Fund has allowed applicants to raise partial matching funds in order be eligible and considered 

for an award. However, disbursements are only processed if dollar for dollar match is 

submitted. As a result of the increased level of effort to allow applicants to raise matching funds 

and to ensure strong controls over the disbursement process, the CDFI Fund raised the target 

award-disbursement target to 3.5 months for FYs 2013 and 2014. Despite raising the target the 

CDFI Fund missed this target in FY 2013 with only slightly less than half of the awards having 

been disbursed.in 3.5 months. The CDFI Fund is further reviewing its policies and procedures to 

ascertain how it can improve its in-kind matching requirements so that it can accelerate the 

disbursement process. 

The CDFI Fund’s composite performance measures also include two composite program 

measures (All-jobs created/maintained and All-affordable housing units developed or produced) 

which provide combined results from all of the CDFI programs. 

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In FY 2013, the CDFI Fund reported for its All-jobs created/maintained measure a total of 

50,353, meeting the target of 50,000. The increase in the All-jobs target to 55,000 for FY 2014 

reflects the overall projected incremental increase in all program investments in operating 

businesses. 

In FY 2013, the composite All-affordable housing measure totaled 26,349 units, which include 

real estate construction and rehabilitation units financed in part by CDFI Program, the NMTC 

program and the CMF program. The target of 24,000 was exceeded largely because of the first 

year of CMF reporting on housing investments. As a result of the new data on the CMF 

program, the target has been adjusted upward for FY 2014 and recalibrated for FY 2015 to 

reflect the tapering off of CMF investments. 

3.1.1 – Administration Budget and Performance Plan 

The CDFI Fund’s suite of performance measures was comprehensively revised in FY 2010 so 

many of these measures only have three years of actual results. The targets for FY 2014 and 

FY 2015 have been adjusted in light of FY 2013 actual data. 

Dollars in Thousands 

Administration Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Enacted Enacted Request 

Appropriated Resources $9,630 $12,483 $13,797 $18,602 $22,965 $21,764 $24,636 $23,600 

Budget Activity Total $9,630 $12,483 $13,797 $18,602 $22,965 $21,764 $24,636 $23,600 

Measure FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Target Target 

ALL - Award Cycle Time N/A N/A N/A 7.4 6.5 6.8 7.0 7.0 

ALL - Disbursement Cycle N/A N/A N/A 2.0 3.1 4.5 3.5 3.5 

Time 

ALL - Jobs Created/Maintained N/A N/A N/A 55,274 57,023 50,353 55,000 55,000 

ALL - Number of affordable N/A N/A N/A 19,083 27,433 26,391 26,500 24,000 

housing units developed or 

produced 

3B Community Development Financial Institutions Program 

($151,300,000 from direct appropriations): 

The CDFI Program supports the CDFI Fund’s Strategic Goal No. 1: To expand the capacity of 

financial institutions to provide credit, capital, and financial services to low-income and 

underserved populations. Through the CDFI Program, the CDFI Fund makes 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 TA grants 

to CDFIs and entities proposing to become CDFIs. The goal owner for this budget activity is the 

Program Manager for the CDFI Program. 

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Description of Performance: 

As detailed in Table 3.1.2, in FY 2013, CDFI Program awardees reported originating 24,285 

loans totaling more than $1.9 billion based on their portfolio of activities in FY 2012, exceeding 

the target of 16,900 loans totaling $1.2 billion. Of these transactions, $484.2 million were 

originated for business and microenterprise loans, $484.8 million for home improvement and 

purchase loans, and $452.8 million for residential real estate transactions, $278.9 million in 

commercial real estate loans, $45.3 million in consumer loans, and $231 million in other loans. 

The target was exceeded largely because of the considerable growth in the CDFIs assets, which 

led to an increase in the amount and number of loans reported by CDFIs. The FY 2014 target 

has been adjusted upward to reflect projected lending based on the changes in the projected size 

and composition of the portfolios of reporting CDFIs in the next year. 

The Percentage of eligible areas served by CDFI awardees measured 23.2 percent for the 

reporting period, exceeding the target of 20 percent. This metric provides a program coverage 

measure of the percentage of all program-eligible census tracts that had one or more transactions 

originated by a CDFI Program awardee.2 The improvement of CDFI investing in a wider array 

of eligible census tracts seems to reflect the improved geographical and institutional diversity of 

awards made over the last two years. As a result the target has been recalibrated upward. 

3.1.2 – Community Development Financial Institutions Program Budget and Performance 

Plan 

Dollars in Thousands 

Community Development Financial Institutions Program Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Enacted Enacted Request 

Appropriated Resources $52,250 $149,750 $107,600 $162,830 $146,035 $138,397 $146,364 $151,300 

Budget Activity Total $52,250 $149,750 $107,600 $162,830 $146,035 $138,397 $146,364 $151,300 

Measure FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Target Target 

CDFI - Amount of N/A N/A N/A 1,228.0 1,298.0 1,978.0 1,690.0 1,700 

Loans/Investments Originated 

(Annual) $ millions 

CDFI - Number of N/A N/A N/A 16,313 17,547 24,285 24,000 24,000 

Loans/Investments Originated 

(Annual)

Percentage of Eligible Areas N/A N/A N/A 22.1 21.2 23.2 22.5 22.0 

Served by CDFI Awardees 

Key: DISC - Discontinued and B – Baseline 

2 The percentage of eligible areas served by CDFI Program awardees measures the percentage of all eligible census 

tracts receiving at least one origination in the past three years. This methodological change reduces fluctuations and 

ensures more accurate forecasting. 

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3C – New Markets Tax Credit Program 

($0 from direct program appropriations): 

Through the NMTC Program, the CDFI Fund facilitates new investment in low-income 

communities by attracting private sector capital to these communities through tax credits. These 

objectives align with the CDFI Fund’s Strategic Goal No. 2 – Increased public and private 

investment in distressed communities eligible to be served by the CDFI Fund’s programs. 

Individual and corporate investors may receive a credit against their Federal income taxes in 

exchange for making equity investments in Community Development Entities (CDEs) that, in 

turn, use such proceeds to finance businesses and real estate projects in low-income 

communities. The investor’s tax credit equals 39 percent of the amount invested and is taken 

over seven years. The goal owner for this budget activity is the Program Manager for the NMTC 

Program. 

The FY 2015 President’s Budget proposes to permanently extend the NMTC Program, allowing 

up to $5 billion in qualifying investment in each year beginning in 2014. The proposal would 

also permit the NMTC to offset Alternative Minimum Tax (AMT) liability. 

Description of Performance: 

The CY 2012 NMTC authority was allocated in FY 2013 due to delays in the passage of the 

authorizing legislation. In the CY 2012 round, the NMTC Program awarded, through its annual 

highly competitive application process, $3.5 billion in NMTC investment allocation authority to 

85 CDEs, out of a pool of 282 applicants requesting $21.9 billion. The CY 2013 NMTC 

allocation authority totaling $3.5 billion is projected to be awarded in the spring of 2014. 

The FY 2013 NMTC annual reporting by allocatees totaled $4.8 billion in new financing, 

slightly exceeding the target of $4.5 billion. The FY 2014 target and FY 2015 increase to $5 

billion reflect the total available tax credit authority for making Qualified Equity Investments. 

As of August 2013, CDEs have raised a cumulative total of $31.63 billion under the NMTC 

Program. More than 78 percent of new financing went to severely distressed communities 

reported in FY 2013, exceeding the target of 70 percent.3 The NMTC Program has exceeded the 

targeted investments in census tracts because allocatees have focused on investing in more 

severely distressed than required by statute. Future targets have been adjusted upward to reflect 

both an increase in the estimated amount of outstanding tax credit allocation authority and the 

increased focus on severely distressed areas. 

3 “Severely distressed” communities include census tracts with poverty rates above 30 percent; or median family 

incomes below 60 percent of the metropolitan or state median; or unemployment rates greater than 1.5 times the 

national average. 

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3.1.3 – New Markets Tax Credit Program 

Dollars in Thousands 

New Markets Tax Credit Program Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Enacted Enacted Request 

Allocation Authority 

Budget Activity Total 

$4,120 

$4,120 

$4,267 

$4,267 

$4,203 

$4,203 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

$0 

Measure FY 2008 

Actual 

FY 2009 

Actual 

FY 2010 

Actual 

FY 2011 

Actual 

FY 2012 

Actual 

FY 2013 

Actual 

FY 2014 

Target 

FY 2015 

Target 

Community Development 

Entities' Annual Qualified LowIncome Community 

Investments ($ billions) 

NMTC-Percentage of Loans 

and Investments that Went Into 

Severely Distressed 

Communities 

3.3 

73.0 

3.6 

81.0 

3.1 

73.4 

4.7 

72.4 

5.5 

70.4 

4.8 

78.5 

5.0 

77.0 

5.0 

77.0 

3D – Bank Enterprise Award Program 

($0 from direct 

Through the BEA Program, the CDFI Fund encourages insured depository institutions to 

increase investments and services in distressed communities and to provide financial assistance 

and support to CDFIs. These objectives align with the Department of the Treasury’s Strategic 

Goal No. 1: Promote domestic economic growth and stability while continuing reforms of the 

financial system. The goal owner for this budget activity is the Program Manager for the BEA 

Program. 

Description of Performance: 

In FY 2013, the CDFI Fund received 98 eligible applications requesting a total of approximately 

$91 million, compared to 71 applications requesting a total of approximately $88.5 million in 

FY 2012. The number of Applicants represents an increase of 38 percent over the prior year, and 

is the largest number of BEA Program Applicants since FY 2002. The CDFI Fund selected 85 

FDIC-insured institutions to receive approximately $17 million in BEA Program awards. The 

average award was $200,574. FY 2013 BEA Program awardees increased their loans and 

investments in distressed communities by $417.3 million; increased their loans, deposits, and 

technical assistance to Community Development Financial Institutions (CDFIs) by $48.4 

million; increased their equity and equity-like loans and grants to CDFIs by $6.1 million; and 

increased the provision of financial services in distressed communities by $10.3 million. 

FY 2013 awardees are headquartered in 23 states and the District of Columbia, compared to the 

18 states and the District of Columbia represented in the prior year. Due to the delay in FY 2013 

appropriations, the FY 2013 awards were not announced until the first quarter of FY 2014. 

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Despite reductions in program funding over the last few years, applicants continue to devote 

considerable resources and effort to community development activities. 

3.1.4 – Bank Enterprise Award Program 

Dollars in Thousands 

Bank Enterprise Award Program Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Enacted Enacted Request 

Appropriated Resources $20,000 $22,000 $25,000 $21,956 $18,000 $17,058 $18,000 $0 

Budget Activity Total $20,000 $22,000 $25,000 $21,956 $18,000 $17,058 $18,000 $0 

Measure FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Target Target 

BEA-Increase in Community 232.0 292.0 290.0 268.3 432.4 493.5.0 250.0 N/A

Development Activities Over 

Prior Year For All BEA 

Program Applicants ($ million) 

Key: DISC - Discontinued and B – Baseline 

3E – Native American CDFI Assistance Program 

($15,000,000 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 CDFI Fund 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 others have not, and are serving the poorest in Native Communities. In 

order for Native CDFIs to make a larger economic impact within Native Communities they 

require further technical assistance and capacity building to access financial capital. With the 

increased capacity building, Native CDFIs could, for example, expand their lending from an 

initial offering of micro-loans to making larger small business loans to better promote economic 

activity. In the FY 2013 funding round, the NACA Program’s financial assistance and technical 

assistance awards were oversubscribed, with only 35 Native CDFIs receiving funding―about 50 

percent of eligible applicants. In addition, a Native CDFI may currently obtain only one type of 

award at a time – either financial assistance or technical assistance - rather than both. The FY 

2015 request level will enable this to be changed, which could be more effective for promoting 

growth of Native CDFIs. The CDFI Fund also has the ability to build off its existing Nativefocused capacity building programs such as the Leadership Journey I and II series, to provide 

targeted training to promote sustainability and market expansion. 

These objectives align with the Department of the Treasury’s Strategic Goal 1: Promote 

domestic economic growth and stability while continuing reforms of the financial system. The 

goal owner for this budget activity is the Program Manager for the NACA Program. 

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Description of Performance: 

As detailed in Table 3.1.5, in FY 2013, NACA awardees reported originating 1,508 loans 

amounting to $23.2 million. The target for the number and amount of loans originated slightly 

exceeded the projected targets of 1,200 and $20 million respectively. Of the loans originated by 

reporting Native CDFIs, over 12 percent went to business loans, more than 30 percent for home 

purchase or home improvement loans, more than 10 percent for consumer loans, and the balance 

to other types of loans. The targets for FYs 2014 and 2015 have been adjusted upward to reflect 

the three years of trend data. 

3.1.5 – Native American CDFI Assistance Program 

Dollars in Thousands 

Native American CDFI Assistance Program Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Enacted Enacted Request 

Appropriated Resources $8,000 $16,500 $12,000 $11,352 $12,000 $11,372 $15,000 $15,000 

Budget Activity Total $8,000 $16,500 $12,000 $11,352 $12,000 $11,372 $15,000 $15,000 

Measure FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Target Target 

NACA - Amount of N/A N/A N/A 14.7 21.2 23.2.0 22.5.0 22.0 

Loans/Investments Originated 

(Annual) (Dollars in Millions) 

NACA - Number of N/A N/A N/A 1,004 1,170 1,508 1,300 1,300 

Loans/Investments Originated 

(Annual)

3F – Healthy Food Financing Initiative 

($35,000,000 from direct appropriations): 

The Healthy Food Financing Initiative (HFFI) is an interagency initiative involving the U.S. 

Department of the Treasury and the U.S. Department of Agriculture. The HFFI represents the 

Federal government’s first coordinated step to eliminate “food deserts” – low-income urban and 

rural areas in the United States with limited access to affordable and nutritious food – by 

promoting a wide range of interventions that expand the supply of and demand for nutritious 

foods, including increasing the distribution of agricultural products, developing and equipping 

grocery stores, and strengthening producer-to-consumer relationships. 

Of the additional funding requested, $10 million comes from grants funding that was previously 

administered by the Department of Health and Human Services’ Community and Economic 

Development (CED) program. These funds will continue to serve the CDFI Fund’s goal of 

increasing access to healthy, affordable food in communities that currently lack these options. 

The HFFI Initiative has had a high response rate from applicants. To date, all 12 of the firstround HFFI awardees have reported their first year of investments on 43 projects totaling 

$29,035,079 in HFFI eligible activities. 

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This budget activity supports the CDFI Fund’s Strategic Goal No. 1: To expand capacity of 

financial institutions to provide credit, capital, and financial services to low-income and 

underserved populations. 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. The goal owner for this budget activity is the CDFI Program Manager. 

Description of Performance: 

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

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

as having limited access to healthy food retail options. To date, all 12 of the first-round HFFI 

awardees have reported their first year of investments on 43 projects totaling $29,035,079 in 

HFFI eligible activities. Of these projects 30 were retail HFFI projects with 339,226 square feet 

of new retail space developed for small green grocers to large supermarkets serving low-income, 

low-access census tracts. Another 13 non-retail projects, such as production and distribution, 

developed 5,073 square feet of space for eligible healthy food activities. 

3.1.6 – Healthy Food Financing Initiative 

Dollars in Thousands 

Healthy Food Financing Initiative Budget Activity 

Resource Level FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Enacted Enacted Request 

Appropriated Resources $0 $0 $0 $0 $22,000 $20,849 $22,000 $35,000 

Budget Activity Total $0 $0 $0 $0 $22,000 $20,849 $22,000 $35,000 

Measure FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Actual Actual Actual Actual Actual Actual Target Target 

HFFI - Retail Outlets N/A N/A N/A N/A B 43 N/A N/A

Created/Preserved 

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Section 4 – Supplemental Information 

4A – Summary of Capital Investments 

As part of its FY 2015 capital investment strategy, the CDFI Fund plans to spend approximately 

$5.172 million on Information Technology (IT). The CDFI Fund has no major IT investments, 

nor any capital investments other than IT. 

Non-Major IT Investments 

The CDFI Fund’s capital investment strategy is to become a consumer of commodity IT services 

(e.g., IT infrastructure services) and to focus its limited IT resources on IT solutions that directly 

support the mission of the CDFI Fund. One important mission-focused IT modernization 

activity is the acquisition of an Award Management Information System (AMIS) — an 

enterprise commercial off-the-shelf product that will replace the CDFI Fund’s legacy business 

systems. By streamlining business processes and leveraging modern automation and technology, 

the CDFI Fund will be able to handle larger volumes of grants, tax credits, and loan portfolios 

while achieving more transparency and better data quality and providing better service to its 

customers. 

In FY 2014, the CDFI Fund identified seven non-major IT investments. Investments for the 

CDFI Fund Public Website, Legacy Mission Systems, and the Community Investment Impact 

System (CIIS) are in Operations & Maintenance (O&M). The CDFI LAN investment, which 

consisted of funding for the CDFI Fund’s IT infrastructure, will be decommissioned now that the 

CDFI Fund IT infrastructure is being managed by a Treasury bureau, the Alcohol and Tobacco 

Tax and Trade Bureau (TTB). The Information Technology Security investment, which 

consisted of funding for contract labor to support the Federal Information Security Management 

Act (FISMA) and operational security, will be decommissioned because these services now are 

being provided by an FTE. The remaining two investments are AMIS, which is described above, 

and IT Program Management Support. The IT Program Management Support investment 

includes planning, acquisition, and system deployment support services for the modernization of 

CDFI Fund mission systems. These services are being obtained via an Interagency Agreement 

with TTB. 

IT Infrastructure Investments 

In 2012, TTB assumed management of the CDFI Fund IT infrastructure. Treasury has seen 

numerous benefits from the CDFI Fund/TTB arrangement. It provides better availability and 

security for the CDFI Fund’s business data and systems, increases utilization of Treasury data 

centers, and enables the CDFI Fund to leverage existing Disaster Recovery and Continuity of 

Operations capabilities. With TTB, the CDFI Fund avoids software upgrade costs by using 

TTB’s enterprise software licenses, stops duplicative services (such as Web monitoring and 

filtering), and eliminates contracts used to maintain the CDFI Fund’s IT infrastructure. 

A summary of capital investment resources, including major information technology and nontechnology investments, can be viewed/downloaded at: http://www.treasury.gov/about/budgetperformance/Pages/summary-of-capital-investments.aspx 

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Dollars in Thousands 

Bond Guarantee Program 

Resource Level	 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 

Enacted Enacted Actual Enacted Request 

Obligations	 - - $325,000 $750,000 $1,000,000 

Loan Limitation Obligation Authority	 - - - $750,000 $1,000,000 

 

 

 

 

 

 

 

Bond Guarantee Program 

Resource Level FY 2011 FY 2012 FY 2013 FY 2014 

Enacted Enacted Actual Enacted Request 

Obligations - - $325,000 $750,000 $1,000,000 

Collections1 - - - 0 $ 21,389 

1/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 

disbursements of $90,200,000 and $466,700,000 for FY 2014 and FY 2015, respectively. 

FY 2015 

4B – CDFI Bond Guarantee Program 

The Small Business Jobs Act of 2010 (Public Law 111-240) created the CDFI Bond Guarantee 

Program. Bonds issued under the program support CDFI lending and investment activity in 

underserved communities by providing a source of long-term capital. Qualified Issuers (CDFIs 

or their designees) issue bonds that are guaranteed by the Secretary of the Treasury and use the 

bond proceeds to make loans to Eligible CDFIs for eligible community and economic 

development purposes. Bond maturity cannot exceed 30 years. During FY 2013, Treasury 

published the program’s Interim Final Rule, issued the Notice of Guarantee Availability and 

application materials for FY 2013 guarantee authority, and approved the first three agreements to 

guarantee. Subject to Congressional authorization, the following objectives have been identified 

for the program for FY 2015: 

• Approval of up to $1 billion in guarantees; 

•	 A compliance assessment of the Master Servicer/Trustee, Qualified Issuers and Eligible 

CDFIs across the bond loan lifecycle. 

4.1 – Resource Detail Table 

4.2 – Financing Accounts - Non-Budgetary Summary 

Dollars in Thousands 

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