50944 Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices 

CONFORMING PRODUCTS LIST OF EVIDENTIAL BREATH MEASUREMENT DEVICES—Continued 

Manufacturer/Distributor and model Mobile Non-mobile 

AlcoData ........................................................................................................................................................... X X 

Seres Alco Master ............................................................................................................................................ X X 

Seres Alcopro ................................................................................................................................................... X X 

Stephenson Corp.: 

Breathalyzer 900 * ............................................................................................................................................ X X 

Tokai-Denshi Inc., Tokyo, Japan: 

ALC–PRO II (US) ............................................................................................................................................. X X 

U.S. Alcohol Testing, Inc./Protection Devices, Inc., Rancho Cucamonga, California: 

Alco-Analyzer 1000 .......................................................................................................................................... ........................ X 

Alco-Analyzer 2000 .......................................................................................................................................... ........................ X 

Alco-Analyzer 2100 .......................................................................................................................................... X X 

Verax Systems, Inc., Fairport, New York: 

BAC Verifier * .................................................................................................................................................... X X 

BAC Verifier Datamaster ......................................................................................................................................... X X 

BAC Verifier Datamaster II * .................................................................................................................................... X X 

* Instruments marked with an asterisk (*) meet the Model Specifications detailed in 49 FR 48854 (December 14, 1984) (i.e., instruments tested 

at 0.000, 0.050, 0.101, and 0.151 BAC). Instruments not marked with an asterisk meet the Model Specifications detailed in 58 FR 48705 (September 17, 1993), and were tested at BACs = 0.000, 0.020, 0.040, 0.080, and 0.160. All instruments that meet the Model Specifications currently 

in effect (dated September 17, 1993) also meet the Model Specifications for Screening Devices to Measure Alcohol in Bodily Fluids. 

Authority: 44 U.S.C. Section 3506(c)(2)(A). 

Issued in Washington, DC, on October 30, 

2017. 

Jeff Michael, 

Associate Administrator, Research and 

Program Development. 

[FR Doc. 2017–23869 Filed 11–1–17; 8:45 am] 

BILLING CODE 4910–59–P 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

Funding Opportunity Title: Notice of 

Guarantee Availability (NOGA) Inviting 

Qualified Issuer Applications and 

Guarantee Applications for the 

Community Development Financial 

Institutions (CDFI) Bond Guarantee 

Program 

Announcement Type: Announcement 

of opportunity to submit Qualified 

Issuer Applications and Guarantee 

Applications. 

Catalog of Federal Domestic 

Assistance (CFDA) Number: 21.011. 

Key Dates: Qualified Issuer 

Applications and Guarantee 

Applications may be submitted to the 

CDFI Fund starting on the date of 

publication of this NOGA. In order to be 

considered for the issuance of a 

Guarantee in FY 2018, Qualified Issuer 

Applications must be submitted by 

11:59 p.m. Eastern Standard Time (EST) 

on January 9, 2018 and Guarantee 

Applications must be submitted by 

11:59 p.m. EST on January 23, 2018. If 

applicable, CDFI Certification 

Applications must be received by the 

CDFI Fund by 11:59 p.m. EST on 

November 30, 2017. Under FY 2018 

authority, which is contingent upon 

Congressional authorization, Bond 

Documents and Bond Loan documents 

must be executed, and Guarantees will 

be provided, in the order in which 

Guarantee Applications are approved or 

by such other criteria that the CDFI 

Fund may establish, in its sole 

discretion, and in any event by 

September 30, 2018. 

Executive Summary: This NOGA is 

published in connection with the CDFI 

Bond Guarantee Program, administered 

by the Community Development 

Financial Institutions Fund (CDFI 

Fund), the U.S. Department of the 

Treasury (Treasury). Through this 

NOGA, the CDFI Fund announces the 

availability of $500 million of Guarantee 

Authority in FY 2018, contingent upon 

Congressional authorization. This 

NOGA explains application submission 

and evaluation requirements and 

processes, and provides agency contacts 

and information on CDFI Bond 

Guarantee Program outreach. Parties 

interested in being approved for a 

Guarantee under the CDFI Bond 

Guarantee Program must submit 

Qualified Issuer Applications and 

Guarantee Applications for 

consideration in accordance with this 

NOGA. 

Capitalized terms used in this NOGA 

and not defined elsewhere are defined 

in the CDFI Bond Guarantee Program 

regulations (12 CFR 1808.102) and the 

CDFI Program regulations (12 CFR 

1805.104). 

I. Guarantee Opportunity Description 

A. Authority. The CDFI Bond 

Guarantee Program was authorized by 

the Small Business Jobs Act of 2010 

(Pub. L. 111–240; 12 U.S.C. 4713a) (the 

Act). Section 1134 of the Act amended 

the Riegle Community Development and 

Regulatory Improvement Act of 1994 (12 

U.S.C. 4701, et seq.) to provide authority 

to the Secretary of the Treasury 

(Secretary) to establish and administer 

the CDFI Bond Guarantee Program. 

B. Bond Issue size; Amount of 

Guarantee authority. In FY 2018, the 

Secretary may guarantee Bond Issues 

having a minimum Guarantee of $100 

million each, up to an aggregate total of 

$500 million, contingent upon 

Congressional authorization. 

C. Program summary. The purpose of 

the CDFI Bond Guarantee Program is to 

support CDFI lending by providing 

Guarantees for Bonds issued for Eligible 

Community or Economic Development 

Purposes, as authorized by section 1134 

and 1703 of the Act. The Secretary, as 

the Guarantor of the Bonds, will provide 

a 100 percent Guarantee for the 

repayment of the Verifiable Losses of 

Principal, Interest, and Call Premium of 

Bonds issued by Qualified Issuers. 

Qualified Issuers, approved by the CDFI 

Fund, will issue Bonds that will be 

purchased by the Federal Financing 

Bank. The Qualified Issuer will use 100 

percent of Bond Proceeds to provide 

Bond Loans to Eligible CDFIs, which 

will use Bond Loan proceeds for Eligible 

Community and Economic Development 

Purposes, including providing 

Secondary Loans to Secondary 

Borrowers. 

D. Review of Guarantee Applications, 

in general. 

1. Qualified Issuer Applications 

submitted with Guarantee Applications 

will have priority for review over 

Qualified Issuer Applications submitted 

without Guarantee Applications. With 

the exception of the aforementioned 

prioritized review, all Qualified Issuer 

Applications and Guarantee 


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Applications will be reviewed by the 

CDFI Fund on an ongoing basis, in the 

order in which they are received, or by 

such other criteria that the CDFI Fund 

may establish in its sole discretion. 

2. Guarantee Applications that are 

incomplete or require the CDFI Fund to 

request additional or clarifying 

information may delay the ability of the 

CDFI Fund to move the Guarantee 

Application to the next phase of review. 

Submitting an incomplete Guarantee 

Application earlier than other 

applicants does not ensure first 

approval. 

3. Qualified Issuer Applications and 

Guarantee Applications that were 

received in FY 2017 and that were 

neither withdrawn nor declined in FY 

2017 will be considered under FY 2018 

authority. 

4. Pursuant to the Regulations at 12 

CFR 1808.504(c), the Guarantor may 

limit the number of Guarantees issued 

per year or the number of Guarantee 

Applications accepted to ensure that a 

sufficient examination of Guarantee 

Applications is conducted. 

E. Additional reference documents. In 

addition to this NOGA, the CDFI Fund 

encourages interested parties to review 

the following documents, which have 

been posted on the CDFI Bond 

Guarantee Program page of the CDFI 

Fund’s Web site at http://

www.cdfifund.gov/bond. 

1. CDFI Bond Guarantee Program 

Regulations. The regulations that govern 

the CDFI Bond Guarantee Program were 

published on February 5, 2013 (78 FR 

8296; 12 CFR part 1808) (the 

Regulations), and provide the regulatory 

requirements and parameters for CDFI 

Bond Guarantee Program 

implementation and administration 

including general provisions, eligibility, 

eligible activities, applications for 

Guarantee and Qualified Issuer, 

evaluation and selection, terms and 

conditions of the Guarantee, Bonds, 

Bond Loans, and Secondary Loans. 

2. Application materials. Details 

regarding Qualified Issuer Application 

and Guarantee Application content 

requirements are found in this NOGA 

and the respective application materials. 

3. Program documentation. Interested 

parties should review the template Bond 

Documents and Bond Loan documents 

that will be used in connection with 

each Guarantee. The template 

documents are posted on the CDFI 

Fund’s Web site for review. Such 

documents include, among others: 

a. The Agreement to Guarantee, which 

describes the roles and responsibilities 

of the Qualified Issuer, will be signed by 

the Qualified Issuer and the Guarantor, 

and will include term sheets as exhibits 

that will be signed by each individual 

Eligible CDFI; 

b. The Bond Trust Indenture, which 

describes responsibilities of the Master 

Servicer/Trustee in overseeing the Trust 

Estate and servicing of the Bonds, and 

will be entered into by the Qualified 

Issuer and the Master Servicer/Trustee; 

c. The Bond Loan Agreement, which 

describes the terms and conditions of 

Bond Loans, and will be entered into by 

the Qualified Issuer and each Eligible 

CDFI that receives a Bond Loan; 

d. The Bond Purchase Agreement, 

which describes the terms and 

conditions under which the Bond 

Purchaser will purchase the Bonds 

issued by the Qualified Issuer, and will 

be signed by the Bond Purchaser, the 

Qualified Issuer, the Guarantor and the 

CDFI Fund; and 

e. The Future Advance Promissory 

Bond, which will be signed by the 

Qualified Issuer as its promise to repay 

the Bond Purchaser. 

The template documents may be 

updated periodically, as needed, and 

will be tailored, as appropriate, to the 

terms and conditions of a particular 

Bond, Bond Loan, and Guarantee. 

The Bond Documents and the Bond 

Loan documents reflect the terms and 

conditions of the CDFI Bond Guarantee 

Program and will not be substantially 

revised or negotiated prior to execution. 

F. Frequently Asked Questions. The 

CDFI Fund will periodically post on its 

Web site responses to questions that are 

asked by parties interested in the CDFI 

Bond Guarantee Program. 

G. Designated Bonding Authority. The 

CDFI Fund has determined that, for 

purposes of this NOGA, it will not 

solicit applications from entities seeking 

to serve as a Qualified Issuer in the role 

of the Designated Bonding Authority, 

pursuant to 12 CFR 1808.201, in FY 

2018. 

H. Noncompetitive process. The CDFI 

Bond Guarantee Program is a noncompetitive program through which 

Qualified Issuer Applications and 

Guarantee Applications will undergo a 

merit-based evaluation (meaning, 

applications will not be scored against 

each other in a competitive manner in 

which higher ranked applicants are 

favored over lower ranked applicants). 

I. Relationship to other CDFI Fund 

programs. 

1. Award funds received under any 

other CDFI Fund Program cannot be 

used by any participant, including 

Qualified Issuers, Eligible CDFIs, and 

Secondary Borrowers, to pay principal, 

interest, fees, administrative costs, or 

issuance costs (including Bond Issuance 

Fees) related to the CDFI Bond 

Guarantee Program, or to fund the RiskShare Pool for a Bond Issue. 

2. Bond Proceeds may be combined 

with New Markets Tax Credits (NMTC) 

derived equity (i.e., leveraged loan) to 

make a Qualified Equity Investment 

(QEI) in a Community Development 

Entity or to refinance a Qualified LowIncome Community Investment (QLICI) 

at the beginning of the seven (7) year 

NMTC compliance period only under 

the following circumstances: If an 

Eligible CDFI proposes to use Bond 

Loan proceeds to finance a leveraged 

loan in a transaction that includes a 

NMTC investment, the Eligible CDFI 

must provide: (1) Additional collateral 

in the form of Other Pledged Loans or 

Cash Collateral; (2) a payment guarantee 

or similar Credit Enhancement; and/or 

(3) other assurances that are required by 

Treasury such as additional collateral or 

Credit Enhancements. 

3. Credit Enhancements, and/or 

assurances must be from a non-Federal 

source, remain in force during the entire 

seven-year NMTC compliance period, 

and comply with the Secondary Loan 

Requirements. These requirements may 

be included in the term sheet (which is 

an exhibit to the Agreement to 

Guarantee that must be signed by the 

Eligible CDFI) and the final Bond Loan 

terms. 

4. Bond Proceeds may not be used to 

refinance a leveraged loan during the 

seven-year NMTC compliance period. 

However, Bond Proceeds may be used to 

refinance a QLICI after the seven-year 

NMTC compliance period has ended, so 

long as all other programmatic 

requirements are met. 

5. The terms Qualified Equity 

Investment, Community Development 

Entity, and QLICI are defined in the 

NMTC Program’s authorizing statute, 26 

U.S.C. 45D. 

J. Relationship and interplay with 

other Federal programs and Federal 

funding. Eligible CDFIs may not use 

Bond Loans to refinance existing 

Federal debt or to service debt from 

other Federal credit programs. 

1. The CDFI Bond Guarantee Program 

underwriting process will include a 

comprehensive review of the Eligible 

CDFI’s concentration of sources of funds 

available for debt service, including the 

concentration of sources from other 

Federal programs and level of reliance 

on said sources, to determine the 

Eligible CDFI’s ability to service the 

additional debt. 

2. In the event that the Eligible CDFI 

proposes to use other Federal funds to 

service Bond Loan debt or as a Credit 

Enhancement, the CDFI Fund may 

require, in its sole discretion, that the 

Eligible CDFI provide written assurance 


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from such other Federal program, in a 

form that is acceptable to the CDFI Fund 

and that the CDFI Fund may rely upon, 

that said use is permissible. 

K. Contemporaneous application 

submission. Qualified Issuer 

Applications may be submitted 

contemporaneously with Guarantee 

Applications; however, the CDFI Fund 

will review an entity’s Qualified Issuer 

Application and make its Qualified 

Issuer determination prior to approving 

a Guarantee Application. As noted 

above in D (1), review priority will be 

given to any Qualified Issuer 

Application that is accompanied by a 

Guarantee Application. 

L. Other restrictions on use of funds. 

Bond Proceeds may not be used to 

finance or refinance any trade or 

business consisting of the operation of 

any private or commercial golf course, 

country club, massage parlor, hot tub 

facility, suntan facility, racetrack or 

other facility used for gambling, or any 

store the principal business of which is 

the sale of alcoholic beverages for 

consumption off-premises. Bond 

Proceeds may not be used to finance or 

refinance tax- exempt obligations or 

finance or refinance projects that are 

also financed by tax-exempt obligations 

if: (a) Such financing or refinancing 

results in the direct or indirect 

subordination of the Bond Loan or Bond 

Issue to the tax-exempt obligations or (b) 

such financing or refinancing results in 

a corresponding guarantee of the taxexempt obligation. Qualified Issuers and 

Eligible CDFIs must ensure that any 

financing made in conjunction with taxexempt obligations complies with CDFI 

Bond Guarantee Program Regulations. 

II. General Application Information 

The following requirements apply to 

all Qualified Issuer Applications and 

Guarantee Applications submitted 

under this NOGA, as well as any 

Qualified Issuer Applications and 

Guarantee Applications submitted 

under the FY 2017 NOGA that were 

neither withdrawn nor declined in FY 

2017. 

A. CDFI Certification Requirements. 

1. In general. By statute and 

regulation, the Qualified Issuer 

applicant must be either a Certified 

CDFI (an entity that has been certified 

by the CDFI Fund as meeting the CDFI 

certification requirements set forth in 12 

CFR 1805.201) or an entity designated 

by a Certified CDFI to issue Bonds on 

its behalf. An Eligible CDFI must be a 

Certified CDFI as of the Bond Issue Date 

and must maintain its CDFI certification 

throughout the term of the 

corresponding Bond. 

2. CDFI Certification requirements. 

Pursuant to the regulations that govern 

CDFI certification (12 CFR 1805.201), an 

entity may be certified if it is a legal 

entity (meaning, that it has properly 

filed articles of incorporation or other 

organizing documents with the State or 

other appropriate body in the 

jurisdiction in which it was legally 

established, as of the date the CDFI 

Certification Application is submitted) 

and meets the following requirements: 

a. Primary mission requirement (12 

CFR 1805.201(b)(1)): To be a Certified 

CDFI, an entity must have a primary 

mission of promoting community 

development, which mission must be 

consistent with its Target Market. In 

general, the entity will be found to meet 

the primary mission requirement if its 

incorporating documents or boardapproved narrative statement (i.e., 

mission statement or resolution) clearly 

indicate that it has a mission of 

purposefully addressing the social and/ 

or economic needs of Low-Income 

individuals, individuals who lack 

adequate access to capital and/or 

financial services, distressed 

communities, and other underserved 

markets. An Affiliate of a Controlling 

CDFI, seeking to be certified as a CDFI 

(and therefore, approved to be an 

Eligible CDFI to participate in the CDFI 

Bond Guarantee Program), must 

demonstrate that it meets the primary 

mission requirement on its own merit, 

pursuant to the regulations and the 

CDFI Certification Application and 

related guidance materials posted on the 

CDFI Fund’s Web site. 

b. Financing entity requirement (12 

CFR 1805.201(b)(2)): To be a Certified 

CDFI, an entity must demonstrate that 

its predominant business activity is the 

provision of Financial Products and 

Financial Services, Development 

Services, and/or other similar financing. 

i. On April 10, 2015, the CDFI Fund 

published a revision of 12 CFR 

1805.201(b)(2), the section of the CDFI 

certification regulation that governs the 

‘‘financing entity’’ requirement. The 

regulatory change creates a means for 

the CDFI Fund, in its discretion, to 

deem an Affiliate (meaning, in this case, 

an entity that is Controlled by a CDFI; 

see 12 CFR 1805.104(b)) to have met the 

financing entity requirement based on 

the financing activity or track record of 

the Controlling CDFI (Control is defined 

in 12 CFR 1805.104(q)), solely for the 

purpose of participating in the CDFI 

Bond Guarantee Program as an Eligible 

CDFI. 

In order for the Affiliate to rely on the 

Controlling CDFI’s financing track 

record, (A) the Controlling CDFI must be 

a Certified CDFI; (B) there must be an 

operating agreement that includes 

management and ownership provisions 

in effect between the two entities (prior 

to the submission of a CDFI Certification 

Application and in form and substance 

that is acceptable to the CDFI Fund); 

and (C) the Affiliate must submit a 

complete CDFI Certification Application 

to the CDFI Fund no later than 11:59 

p.m. EST on November 30, 2017 in 

order it to be considered for CDFI 

certification and participation in the FY 

2018 application round of the CDFI 

Bond Guarantee Program. 

This regulatory revision affects only 

the Affiliate’s ability to meet the 

financing entity requirement for 

purposes of CDFI certification: Said 

Affiliate must meet the other 

certification criteria in accordance with 

the existing regulations governing CDFI 

certification. 

ii. The revised regulation also states 

that, solely for the purpose of 

participating in the CDFI Bond 

Guarantee Program, the Affiliate’s 

provision of Financial Products and 

Financial Services, Development 

Services, and/or other similar financing 

transactions need not be arms-length in 

nature if such transaction is by and 

between the Affiliate and Controlling 

CDFI, pursuant to an operating 

agreement that (a) includes management 

and ownership provisions, (b) is 

effective prior to the submission of a 

CDFI Certification Application, and (c) 

is in form and substance that is 

acceptable to the CDFI Fund. 

iii. An Affiliate whose CDFI 

certification is based on the financing 

activity or track record of a Controlling 

CDFI is not eligible to receive financial 

or technical assistance awards or tax 

credit allocations under any other CDFI 

Fund program until such time that the 

Affiliate meets the financing entity 

requirement based on its own activity or 

track record. 

iv. If an Affiliate elects to satisfy the 

financing entity requirement based on 

the financing activity or track record of 

a Controlling CDFI, and if the CDFI 

Fund approves such Affiliate as an 

Eligible CDFI for the sole purpose of 

participation in the CDFI Bond 

Guarantee Program, said Affiliate’s CDFI 

certification will terminate if: (A) It does 

not enter into Bond Loan documents 

with its Qualified Issuer within one (1) 

year of the date that it signs the term 

sheet (which is an exhibit to the 

Agreement to Guarantee); (B) it ceases to 

be an Affiliate of the Controlling CDFI; 

or (C) it ceases to adhere to CDFI 

certification requirements. 

v. An Affiliate electing to satisfy the 

financing entity requirement based on 

the financing activity or track record of 


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a Controlling CDFI need not have 

completed any financing activities prior 

to the date the CDFI Certification 

Application is submitted or approved. 

However, the Affiliate and the 

Controlling CDFI must have entered into 

the operating agreement described in 

(b)(i)(B) above, prior to such date, in 

form and substance that is acceptable to 

the CDFI Fund. 

c. Target Market requirement (12 CFR 

1805.201(b)(3)): 

i. To be a Certified CDFI, an entity 

must serve at least one eligible Target 

Market (either an Investment Area or a 

Targeted Population) by directing at 

least 60% of all of its Financial Product 

activities to one or more eligible Target 

Market. 

ii. Solely for the purpose of 

participation as an Eligible CDFI in the 

FY 2018 application round of the CDFI 

Bond Guarantee Program, an Affiliate of 

a Controlling CDFI may be deemed to 

meet the Target Market requirement by 

virtue of serving either: 

(A) An Investment Area through 

‘‘borrowers or investees’’ that serve the 

Investment Area or provide significant 

benefits to its residents (pursuant to 12 

CFR 1805.201(b)(3)(ii)(F)). For purposes 

of this NOGA, the term ‘‘borrower’’ or 

‘‘investee’’ includes a borrower of a loan 

originated by the Controlling CDFI that 

has been transferred to the Affiliate as 

lender (which loan must meet 

Secondary Loan Requirements), 

pursuant to an operating agreement with 

the Affiliate that includes ownership/ 

investment and management provisions, 

which agreement must be in effect prior 

to the submission of a CDFI Certification 

Application and in form and substance 

that is acceptable to the CDFI Fund. 

Loans originated by the Controlling 

CDFI do not need to be transferred prior 

to application submission; however, 

such loans must be transferred before 

certification of the Affiliate is effective. 

If an Affiliate has more than one 

Controlling CDFI, it may meet this 

Investment Area requirement through 

one or more of such Controlling CDFIs’ 

Investment Areas; or 

(B) a Targeted Population ‘‘indirectly 

or through borrowers or investees that 

directly serve or provide significant 

benefits to such members’’ (pursuant to 

12 CFR 1805.201(b)(3)(iii)(B)) if a loan 

originated by the Controlling CDFI has 

been transferred to the Affiliate as 

lender (which loan must meet 

Secondary Loan Requirements) and the 

Controlling CDFI’s financing entity 

activities serve the Affiliate’s Targeted 

Population pursuant to an operating 

agreement that includes ownership/ 

investment and management provisions 

by and between the Affiliate and the 

Controlling CDFI, which agreement 

must be in effect prior to the submission 

of a CDFI Certification Application and 

in form and substance that is acceptable 

to the CDFI Fund. Loans originated by 

the Controlling CDFI do not need to be 

transferred prior to application 

submission; however, such loans must 

be transferred before certification of the 

Affiliate is effective. If an Affiliate has 

more than one Controlling CDFI, it may 

meet this Targeted Population 

requirement through one or more of 

such Controlling CDFIs’ Targeted 

Populations. 

An Affiliate that meets the Target 

Market requirement through paragraphs 

(ii)(A) or (B) above, is not eligible to 

receive financial or technical assistance 

awards or tax credit allocations under 

any other CDFI Fund program until 

such time that the Affiliate meets the 

Target Market requirements based on its 

own activity or track record. 

iii. If an Affiliate elects to satisfy the 

target market requirement based on 

paragraphs (c)(ii)(A) or (B) above, the 

Affiliate and the Controlling CDFI must 

have entered into the operating 

agreement as described above, prior to 

the date that the CDFI Certification 

Application is submitted, in form and 

substance that is acceptable to the CDFI 

Fund. 

d. Development Services requirement 

(12 CFR 1805.201(b)(4)): To be a 

Certified CDFI, an entity must provide 

Development Services in conjunction 

with its Financial Products. Solely for 

the purpose of participation as an 

Eligible CDFI in the FY 2018 application 

round of the CDFI Bond Guarantee 

Program, an Affiliate of a Controlling 

CDFI may be deemed to meet this 

requirement if: (i) Its Development 

Services are provided by the Controlling 

CDFI pursuant to an operating 

agreement that includes management 

and ownership provisions with the 

Controlling CDFI that is effective prior 

to the submission of a CDFI Certification 

Application and in form and substance 

that is acceptable to the CDFI Fund and 

(ii) the Controlling CDFI must have 

provided Development Services in 

conjunction with the transactions that 

the Affiliate is likely to purchase, prior 

to the date of submission of the CDFI 

Certification Application. 

e. Accountability requirement (12 CFR 

1805.201(b)(5)): To be a Certified CDFI, 

an entity must maintain accountability 

to residents of its Investment Area or 

Targeted Population through 

representation on its governing board 

and/or advisory board(s), or through 

focus groups, community meetings, 

and/or customer surveys. Solely for the 

purpose of participation as an Eligible 

CDFI in the FY 2018 application round 

of the CDFI Bond Guarantee Program, an 

Affiliate of a Controlling CDFI may be 

deemed to meet this requirement only if 

it has a governing board and/or advisory 

board that has the same composition as 

the Controlling CDFI and such 

governing board or advisory board has 

convened and/or conducted Affiliate 

business prior to the date of submission 

of the CDFI Certification Application. If 

an Affiliate has multiple Controlling 

CDFIs, the governing board and/or 

advisory board may have a mixture of 

representatives from each Controlling 

CDFI so long as there is at least one 

representative from each Controlling 

CDFI. 

f. Non-government entity requirement 

(12 CFR 1805.201(b)(6)): To be a 

Certified CDFI, an entity can neither be 

a government entity nor be controlled 

by one or more governmental entities. 

g. For the FY 2018 application round 

of the CDFI Bond Guarantee Program, 

only one Affiliate per Controlling CDFI 

may participate as an Eligible CDFI. 

However, there may be more than one 

Affiliate participating as an Eligible 

CDFI in any given Bond Issue. 

3. Operating agreement: An operating 

agreement between an Affiliate and its 

Controlling CDFI, as described above, 

must provide, in addition to the 

elements set forth above, among other 

items: (i) Conclusory evidence that the 

Controlling CDFI Controls the Affiliate, 

through investment and/or ownership; 

(ii) explanation of all roles, 

responsibilities and activities to be 

performed by the Controlling CDFI 

including, but not limited to, 

governance, financial management, loan 

underwriting and origination, recordkeeping, insurance, treasury services, 

human resources and staffing, legal 

counsel, dispositions, marketing, 

general administration, and financial 

reporting; (iii) compensation 

arrangements; (iv) the term and 

termination provisions; (v) 

indemnification provisions, if 

applicable; (vi) management and 

ownership provisions; and (vii) default 

and recourse provisions. 

4. For more detailed information on 

CDFI certification requirements, please 

review the CDFI certification regulation 

(12 CFR 1805.201, as revised on April 

10, 2015) and CDFI Certification 

Application materials/guidance posted 

on the CDFI Fund’s Web site. Interested 

parties should note that there are 

specific regulations and requirements 

that apply to Depository Institution 

Holding Companies, Insured Depository 

Institutions, Insured Credit Unions, and 

State-Insured Credit Unions. 


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5. Uncertified entities, including an 

Affiliate of a Controlling CDFI, that wish 

to apply to be certified and designated 

as an Eligible CDFI in the FY 2018 

application round of the CDFI Bond 

Guarantee Program must submit a CDFI 

Certification Application to the CDFI 

Fund by 11:59 p.m. EST on November 

30, 2017. Any CDFI Certification 

Application received after such date and 

time, as well as incomplete applications 

that are not amended by the deadline, 

will not be considered for the FY 2018 

application round of the CDFI Bond 

Guarantee Program. 

6. In no event will the Secretary 

approve a Guarantee for a Bond from 

which a Bond Loan will be made to an 

entity that is not an Eligible CDFI. The 

Secretary must make FY 2018 Guarantee 

Application decisions, and the CDFI 

Fund must close the corresponding 

Bonds and Bond Loans, prior to the end 

of FY 2018 (September 30, 2018). 

Accordingly, it is essential that CDFI 

Certification Applications are submitted 

timely and in complete form, with all 

materials and information needed for 

the CDFI Fund to make a certification 

decision. Information on CDFI 

certification, the CDFI Certification 

Application, and application 

submission instructions may be found 

on the CDFI Fund’s Web site at 

www.cdfifund.gov. 

B. Application Submission. 

1. Electronic submission. All 

Qualified Issuer Applications and 

Guarantee Applications must be 

submitted electronically through the 

CDFI Fund’s internet-based 

myCDFIFund portal, which is assessed 

via the Awards Management 

Information System (AMIS). 

Applications sent by mail, fax, or other 

form will not be permitted, except in 

circumstances that the CDFI Fund, in its 

sole discretion, deems acceptable. 

Please note that Applications will not be 

accepted through Grants.gov. For more 

information on AMIS, please visit the 

AMIS Landing Page at https://

amis.cdfifund.gov. 

2. Applicant identifier numbers. 

Please note that, pursuant to Office of 

Management and Budget (OMB) 

guidance (68 FR 38402), each Qualified 

Issuer applicant and Guarantee 

applicant must provide, as part of its 

Application, its Dun and Bradstreet Data 

Universal Numbering System (DUNS) 

number, as well as DUNS numbers for 

its proposed Program Administrator, its 

proposed Servicer, and each Certified 

CDFI that is included in the Qualified 

Issuer Application and Guarantee 

Application. In addition, each 

Application must include a valid and 

current Employer Identification Number 

(EIN), with a letter or other 

documentation from the IRS confirming 

the Qualified Issuer applicant’s EIN, as 

well as EINs for its proposed Program 

Administrator, its proposed Servicer, 

and each Certified CDFI that is included 

in any Application. An Application that 

does not include such DUNS numbers, 

EINs, and documentation is incomplete 

and will be rejected by the CDFI Fund. 

Applicants should allow sufficient time 

for the IRS and/or Dun and Bradstreet 

to respond to inquiries and/or requests 

for the required identification numbers. 

3. System for Award Management 

(SAM). Registering with SAM is 

required for each Qualified Issuer 

applicant, its proposed Program 

Administrator, its proposed Servicer, 

and each Certified CDFI that is included 

in any Application. The CDFI Fund will 

not consider any Applications that do 

not meet the requirement that each 

entity must be properly registered before 

the date of Application submission. Any 

entity that needs to create a new 

account or update its current 

registration must register for a user 

account in SAM. The CDFI Fund does 

not manage the SAM registration 

process, so entities must contact SAM 

directly for issues related to registration. 

The CDFI Fund strongly encourages all 

applicants to ensure that their SAM 

registration (and the SAM registration 

for their Program Administrators, 

Servicers and each Certified CDFI that is 

included in the Qualified Issuer 

Application or Guarantee Application) 

is updated and that their accounts have 

not expired. For information regarding 

SAM registration, please visit https://

www.sam.gov. 

4. AMIS accounts. Each Qualified 

Issuer applicant, its proposed Program 

Administrator, its proposed Servicer, 

and each Certified CDFI that is included 

in the Qualified Issuer Application or 

Guarantee Application must register 

User and Organization accounts in 

AMIS. Each such entity must be 

registered as an Organization and 

register at least one User Account in 

AMIS. As AMIS is the CDFI Fund’s 

primary means of communication with 

applicants with regard to its programs, 

each such entity must make sure that it 

updates the contact information in its 

AMIS account before any Application is 

submitted. For more information on 

AMIS, please visit the AMIS Landing 

Page at https://amis.cdfifund.gov. 

C. Form of Application. 

1. As of the date of this NOGA, the 

Qualified Issuer Application, the 

Guarantee Application, and related 

application guidance may be found on 

the CDFI Bond Guarantee Program’s 

page on the CDFI Fund’s Web site at 

http://www.cdfifund.gov/bond. 

2. Paperwork Reduction Act. Under 

the Paperwork Reduction Act (44 U.S.C. 

chapter 35), an agency may not conduct 

or sponsor a collection of information, 

and an individual is not required to 

respond to a collection of information, 

unless it displays a valid OMB control 

number. Pursuant to the Paperwork 

Reduction Act, the Qualified Issuer 

Application, the Guarantee Application, 

and the Secondary Loan Requirements 

have been assigned the following 

control number: 1559–0044. 

3. Application deadlines. In order to 

be considered for the issuance of a 

Guarantee under FY 2018 program 

authority, Qualified Issuer Applications 

must be submitted by 11:59 p.m. EST on 

January 9, 2018, and Guarantee 

Applications must be submitted by 

11:59 p.m. EST on January 23, 2018. 

Qualified Issuer Applications and 

Guarantee Applications received in FY 

2017 that were neither withdrawn nor 

declined will be considered under FY 

2018 authority. If applicable, CDFI 

Certification Applications must be 

received by the CDFI Fund by 11:59 

p.m. EST on November 30, 2017. 

4. Format. Detailed Qualified Issuer 

Application and Guarantee Application 

content requirements are found in the 

Applications and application guidance. 

The CDFI Fund will read only 

information requested in the 

Application and reserves the right not to 

read attachments or supplemental 

materials that have not been specifically 

requested in this NOGA, the Qualified 

Issuer, or the Guarantee Application. 

Supplemental materials or attachments 

such as letters of public support or other 

statements that are meant to bias or 

influence the Application review 

process will not be read. 

5. Application revisions. After 

submitting a Qualified Issuer 

Application or a Guarantee Application, 

the applicant will not be permitted to 

revise or modify the Application in any 

way unless authorized or requested by 

the CDFI Fund. 

6. Material changes. 

a. In the event that there are material 

changes after the submission of a 

Qualified Issuer Application prior to the 

designation as a Qualified Issuer, the 

applicant must notify the CDFI Fund of 

such material changes information in a 

timely and complete manner. The CDFI 

Fund will evaluate such material 

changes, along with the Qualified Issuer 

Application, to approve or deny the 

designation of the Qualified Issuer. 

b. In the event that there are material 

changes after the submission of a 

Guarantee Application (including, but 


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not limited to, a revision of the Capital 

Distribution Plan or a change in the 

Eligible CDFIs that are included in the 

Application) prior to or after the 

designation as a Qualified Issuer or 

approval of a Guarantee Application or 

Guarantee, the applicant must notify the 

CDFI Fund of such material changes 

information in a timely and complete 

manner. The Guarantor will evaluate 

such material changes, along with the 

Guarantee Application, to approve or 

deny the Guarantee Application and/or 

determine whether to modify the terms 

and conditions of the Agreement to 

Guarantee. This evaluation may result 

in a delay of the approval or denial of 

a Guarantee Application. 

D. Eligibility and completeness 

review. The CDFI Fund will review each 

Qualified Issuer and Guarantee 

Application to determine whether it is 

complete and the applicant meets 

eligibility requirements described in the 

Regulations, this NOGA, and the 

Applications. An incomplete Qualified 

Issuer Application or Guarantee 

Application, or one that does not meet 

eligibility requirements, will be rejected. 

If the CDFI Fund determines that 

additional information is needed to 

assess the Qualified Issuer’s and/or the 

Certified CDFIs’ ability to participate in 

and comply with the requirements of 

the CDFI Bond Guarantee Program, the 

CDFI Fund may require that the 

Qualified Issuer furnish additional, 

clarifying, confirming or supplemental 

information. If the CDFI Fund requests 

such additional, clarifying, confirming 

or supplemental information, the 

Qualified Issuer must provide it within 

the timeframes requested by the CDFI 

Fund. Until such information is 

provided to the CDFI Fund, the 

Qualified Issuer Application and/or 

Guarantee Application will not be 

moved forward for the substantive 

review process. The Guarantor shall 

approve or deny a Guarantee 

Application no later than 90 days after 

the date the Guarantee Application has 

been advanced for substantive review. 

E. Regulated entities. In the case of 

Qualified Issuer applicants, proposed 

Program Administrators, proposed 

Servicers, and Certified CDFIs that are 

included in the Qualified Issuer 

Application or Guarantee Application 

that are Insured Depository Institutions 

and Insured Credit Unions, the CDFI 

Fund will consider information 

provided by, and views of, the 

Appropriate Federal Banking Agencies. 

If any such entity is a CDFI bank 

holding company, the CDFI Fund will 

consider information provided by the 

Appropriate Federal Banking Agencies 

of the CDFI bank holding company and 

its CDFI bank(s). Throughout the 

Application review process, the CDFI 

Fund will consult with the Appropriate 

Federal Banking Agency about the 

applicant’s financial safety and 

soundness. If the Appropriate Federal 

Banking Agency identifies safety and 

soundness concerns, the CDFI Fund will 

assess whether the concerns cause or 

will cause the applicant to be incapable 

of undertaking activities related to the 

CDFI Bond Guarantee Program. The 

CDFI Fund also reserves the right to 

require a regulated applicant to improve 

safety and soundness conditions prior to 

being approved as a Qualified Issuer or 

Eligible CDFI. In addition, the CDFI 

Fund will take into consideration 

Community Reinvestment Act 

assessments of Insured Depository 

Institutions and/or their Affiliates. 

F. Prior CDFI Fund recipients. All 

applicants must be aware that success 

under any of the CDFI Fund’s programs 

is not indicative of success under this 

NOGA. Prior CDFI Fund recipients 

should note the following: 

1. Pending resolution of 

noncompliance. If a Qualified Issuer 

applicant, its proposed Program 

Administrator, its proposed Servicer, or 

any of the Certified CDFIs included in 

the Qualified Issuer Application or 

Guarantee Application is a prior 

recipient or allocatee under any CDFI 

Fund program and (i) it has submitted 

reports to the CDFI Fund that 

demonstrate noncompliance with a 

previously executed agreement with the 

CDFI Fund, and (ii) the CDFI Fund has 

yet to make a final determination as to 

whether the entity is noncompliant with 

its previously executed agreement, the 

CDFI Fund will consider the Qualified 

Issuer Application or Guarantee 

Application pending full resolution, in 

the sole determination of the CDFI 

Fund, of the noncompliance. 

2. Previous findings of 

noncompliance. If a Qualified Issuer 

applicant, its proposed Program 

Administrator, its proposed Servicer, or 

any of the Certified CDFIs included in 

the Qualified Issuer Application or 

Guarantee Application is a prior 

recipient or allocatee under any CDFI 

Fund program and the CDFI Fund has 

made a final determination that the 

entity is noncompliant with a 

previously executed agreement with the 

CDFI Fund, but has not notified the 

entity that it is ineligible to apply for 

future CDFI Fund program awards or 

allocations, the CDFI Fund will consider 

the Qualified Issuer Application or 

Guarantee Application. However, it is 

strongly advised that the entity take 

action to address such noncompliance 

finding, as repeat findings of 

noncompliance may result in the CDFI 

Fund determining the entity ineligible 

to participate in future CDFI Fund 

program rounds during the period of 

review of the Application, the applicant 

and Applications may be deemed 

ineligible for further review. The CDFI 

Bond Guarantee Program staff cannot 

resolve compliance matters; instead, 

please contact the CDFI Fund’s 

Certification, Compliance Monitoring, 

and Evaluation Unit (CCME) if your 

organization has questions about its 

current compliance status or has been 

found not in compliance with a 

previously executed agreement with the 

CDFI Fund. 

3. Ineligibility due to noncompliance. 

The CDFI Fund will not consider a 

Qualified Issuer Application or 

Guarantee Application if the applicant, 

its proposed Program Administrator, its 

proposed Servicer, or any of the 

Certified CDFIs included in the 

Qualified Issuer Application or 

Guarantee Application, is a prior 

recipient or allocatee under any CDFI 

Fund program and if, as of the date of 

Qualified Issuer Application or 

Guarantee Application submission, (i) 

the CDFI Fund has made a 

determination that such entity is 

noncompliant with a previously 

executed agreement and (ii) the CDFI 

Fund has provided written notification 

that such entity is ineligible to apply for 

any future CDFI Fund program awards 

or allocations. Such entities will be 

ineligible to submit a Qualified Issuer or 

Guarantee Application, or be included 

in such submission, as the case may be, 

for such time period as specified by the 

CDFI Fund in writing. 

4. Undisbursed award funds. The 

CDFI Fund will not consider a Qualified 

Issuer Application or Guarantee 

Application, if the applicant, its 

proposed Program Administrator, its 

proposed Servicer, its Affiliate, or any 

Certified CDFI that is included in the 

Qualified Issuer Application or 

Guarantee Application, is a recipient 

under any CDFI Fund program and has 

undisbursed award funds (as defined 

below) as of the Qualified Issuer 

Application or Guarantee Application 

submission date. The CDFI Fund will 

include the combined undisbursed prior 

awards, as of the date of the Qualified 

Issuer Application submission, of the 

applicant, the proposed Program 

Administrator, the proposed Servicer, 

and any Certified CDFIs included in the 

application. 

For purposes of the calculation of 

undisbursed award funds for the Bank 

Enterprise Award (BEA) Program, only 

awards made to the Qualified Issuer 

applicant, its proposed Program 


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Administrator, its proposed Servicer, 

and any Certified CDFI included in the 

Qualified Issuer Application, three to 

five calendar years prior to the end of 

the calendar year of the Qualified Issuer 

Application submission date are 

included. For purposes of the 

calculation of undisbursed award funds 

for the CDFI Program, the Native 

American CDFI Assistance (NACA) 

Program, and the Capital Magnet Fund 

(CMF), only awards made to the 

Qualified Issuer applicant, its proposed 

Program Administrator, its proposed 

Servicer, and any Certified CDFI 

included in the Qualified Issuer 

Application, three to five calendar years 

prior to the end of the calendar year of 

the Qualified Issuer Application 

submission date are included. 

Undisbursed awards cannot exceed 

five percent of the total includable 

awards for the Applicant’s BEA/CDFI/ 

NACA/CMF awards as of the date of 

submission of the Qualified Issuer 

Application. The calculation of 

undisbursed award funds does not 

include: (i) Tax credit allocation 

authority made available through the 

New Markets Tax Credit Program; (ii) 

any award made available through the 

CDFI Bond Guarantee Program; (iii) any 

award funds for which the CDFI Fund 

received a full and complete 

disbursement request from the recipient 

by the date of submission of the 

Qualified Issuer Application; (iv) any 

award funds for an award that has been 

terminated in writing by the CDFI Fund 

or de-obligated by the CDFI Fund; or (v) 

any award funds for an award that does 

not have a fully executed assistance or 

award agreement. The CDFI Fund 

strongly encourages Qualified Issuer 

applicants, proposed Program 

Administrators, proposed Servicers, and 

any Certified CDFIs included in a 

Qualified Issuer Application that wish 

to request disbursements of undisbursed 

funds from prior awards to provide the 

CDFI Fund with a complete 

disbursement request at least 10 

business days prior to the date of 

submission of a Qualified Issuer 

Application. 

G. Review of Bond and Bond Loan 

documents. Each Qualified Issuer and 

proposed Eligible CDFI will be required 

to certify that its appropriate senior 

management, and its respective legal 

counsel, has read the Regulations (set 

forth at 12 CFR part 1808, as well as the 

CDFI certification regulations set forth 

at 12 CFR 1805.201, as amended, and 

the environmental quality regulations 

set forth at 12 CFR part 1815) and the 

template Bond Documents and Bond 

Loan documents posted on the CDFI 

Fund’s Web site including, but not 

limited to, the following: Bond Trust 

Indenture, Supplemental Indenture, 

Bond Loan Agreement, Promissory 

Note, Bond Purchase Agreement, 

Designation Notice, Secretary’s 

Guarantee, Collateral Assignment, 

Reimbursement Note, Opinion of Bond 

Counsel, Opinion of Counsel to the 

Borrower, Escrow Agreement, and 

Closing Checklist. 

H. Contact the CDFI Fund. A 

Qualified Issuer applicant, its proposed 

Program Administrator, its proposed 

Servicer, or any Certified CDFIs 

included in the Qualified Issuer 

Application or Guarantee Application 

that are prior CDFI Fund recipients are 

advised to: (i) Comply with 

requirements specified in CDFI Fund 

assistance, allocation, and/or award 

agreement(s), and (ii) contact the CDFI 

Fund to ensure that all necessary 

actions are underway for the 

disbursement or deobligation of any 

outstanding balance of said prior 

award(s). Any such parties that are 

unsure about the disbursement status of 

any prior award should contact the 

CDFI Fund’s Senior Resource Manager 

via email at CDFI.disburseinquiries@

cdfi.treas.gov. All outstanding reports 

and compliance questions should be 

directed to CCME staff by email at 

ccme@cdfi.treas.gov or by telephone at 

(202) 653–0423. The CDFI Fund will 

respond to applicants’ reporting, 

compliance, or disbursement questions 

between the hours of 9:00 a.m. and 5:00 

p.m. ET, starting on the date of the 

publication of this NOGA. 

I. Evaluating prior award 

performance. In the case of a Qualified 

Issuer, a proposed Program 

Administrator, a proposed Servicer, or 

Certified CDFI that has received awards 

from other Federal programs, the CDFI 

Fund reserves the right to contact 

officials from the appropriate Federal 

agency or agencies to determine 

whether the entity is in compliance 

with current or prior award agreements, 

and to take such information into 

consideration before issuing a 

Guarantee. In the case of such an entity 

that has previously received funding 

through any CDFI Fund program, the 

CDFI Fund will review the entity’s 

compliance history with the CDFI Fund, 

including any history of providing late 

reports, and consider such history in the 

context of organizational capacity and 

the ability to meet future reporting 

requirements. 

The CDFI Fund may also bar from 

consideration any such entity that has, 

in any proceeding instituted against it 

in, by, or before any court, 

governmental, or administrative body or 

agency, received a final determination 

within the two years prior to the date of 

publication of this NOGA indicating 

that the entity has discriminated on the 

basis of race, color, national origin, 

disability, age, marital status, receipt of 

income from public assistance, religion, 

or sex, including, but not limited, to 

discrimination under (i) Title VI of the 

Civil Rights Act of 1964 (Pub. L. 88– 

352) which prohibits discrimination on 

the basis of race, color or national 

origin; (ii) Title IX of the Education 

Amendments of 1972, as amended (20 

U.S.C. 1681–1683, 1685–1686), which 

prohibits discrimination on the basis of 

sex; (iii) Section 504 of the 

Rehabilitation Act of 1973, as amended 

(29 U.S.C. 794), which prohibits 

discrimination on the basis of 

handicaps; (iv) the Age Discrimination 

Act of 1975, as amended (42 U.S.C. 

6101–6107), which prohibits 

discrimination on the basis of age; (v) 

the Drug Abuse Office and Treatment 

Act of 1972 (Pub. L. 92–255), as 

amended, relating to nondiscrimination 

on the basis of drug abuse; (vi) the 

Comprehensive Alcohol Abuse and 

Alcoholism Prevention, Treatment and 

Rehabilitation Act of 1970 (Pub. L. 91 

–616), as amended, relating to 

nondiscrimination on the basis of 

alcohol abuse or alcoholism; (vii) 

Sections 523 and 527 of the Public 

Health Service Act of 1912 (42 U.S.C. 

290 dd-3 and 290 ee-3), as amended, 

relating to confidentiality of alcohol and 

drug abuse patient records; (viii) Title 

VIII of the Civil Rights Act of 1968 (42 

U.S.C. 3601 et seq.), as amended, 

relating to nondiscrimination in the 

sale, rental or financing of housing; (ix) 

any other nondiscrimination provisions 

in the specific statute(s) under which 

Federal assistance is being made; and 

(x) the requirements of any other 

nondiscrimination statutes which may 

apply to the CDFI Bond Guarantee 

Program. 

J. Changes to review procedures. The 

CDFI Fund reserves the right to change 

its completeness, eligibility and 

evaluation criteria, and procedures if 

the CDFI Fund deems it appropriate. If 

such changes materially affect the CDFI 

Fund’s decision to approve or deny a 

Qualified Issuer Application, the CDFI 

Fund will provide information 

regarding the changes through the CDFI 

Fund’s Web site. 

K. Decisions are final. The CDFI 

Fund’s Qualified Issuer Application 

decisions are final. The Guarantor’s 

Guarantee Application decisions are 

final. There is no right to appeal the 

decisions. Any applicant that is not 

approved by the CDFI Fund or the 

Guarantor may submit a new 

Application and will be considered 


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based on the newly submitted 

Application. Such newly submitted 

Applications will be reviewed along 

with all other pending Applications in 

the order in which they are received, or 

by such other criteria that the CDFI 

Fund may establish, in its sole 

discretion. 

III. Qualified Issuer Application 

A. General. This NOGA invites 

interested parties to submit a Qualified 

Issuer Application to be approved as a 

Qualified Issuer under the CDFI Bond 

Guarantee Program. 

1. Qualified Issuer. The Qualified 

Issuer is a Certified CDFI, or an entity 

designated by a Certified CDFI to issue 

Bonds on its behalf, that meets the 

requirements of the Regulations and this 

NOGA, and that has been approved by 

the CDFI Fund pursuant to review and 

evaluation of its Qualified Issuer 

Application. The Qualified Issuer will, 

among other duties: (i) Organize the 

Eligible CDFIs that have designated it to 

serve as their Qualified Issuer; (ii) 

prepare and submit a complete and 

timely Qualified Issuer and Guarantee 

Application to the CDFI Fund; (iii) if the 

Qualified Issuer Application is 

approved by the CDFI Fund and the 

Guarantee Application is approved by 

the Guarantor, prepare the Bond Issue; 

(iv) manage all Bond Issue servicing, 

administration, and reporting functions; 

(v) make Bond Loans; (vi) oversee the 

financing or refinancing of Secondary 

Loans; (vii) ensure compliance 

throughout the duration of the Bond 

with all provisions of the Regulations, 

and Bond Documents and Bond Loan 

Documents entered into between the 

Guarantor, the Qualified Issuer, and the 

Eligible CDFI; and (viii) ensure that the 

Master Servicer/Trustee complies with 

the Bond Trust Indenture and all other 

applicable regulations. Further, the role 

of the Qualified Issuer also is to ensure 

that its proposed Eligible CDFI 

applicants possess adequate and well 

performing assets to support the debt 

service of the proposed Bond Loan. 

2. Qualified Issuer Application. The 

Qualified Issuer Application is the 

document that an entity seeking to serve 

as a Qualified Issuer submits to the 

CDFI Fund to apply to be approved as 

a Qualified Issuer prior to consideration 

of a Guarantee Application. 

3. Qualified Issuer Application 

evaluation, general. Each Qualified 

Issuer Application will be evaluated by 

the CDFI Fund and, if acceptable, the 

applicant will be approved as a 

Qualified Issuer, in the sole discretion 

of the CDFI Fund. The CDFI Fund’s 

Qualified Issuer Application review and 

evaluation process is based on 

established procedures, which may 

include interviews of applicants and/or 

site visits to applicants conducted by 

the CDFI Fund. Through the 

Application review process, the CDFI 

Fund will evaluate Qualified Issuer 

applicants on a merit basis and in a fair 

and consistent manner. Each Qualified 

Issuer applicant will be reviewed on its 

ability to successfully carry out the 

responsibilities of a Qualified Issuer 

throughout the life of the Bond. The 

Applicant must currently meet the 

criteria established in the Regulations to 

be deemed a Qualified Issuer. Qualified 

Issuer Applications that are forwardlooking or speculate as to the eventual 

acquisition of the required capabilities 

and criteria are unlikely to be approved. 

Qualified Issuer Application processing 

will be initiated in chronological order 

by date of receipt; however, Qualified 

Issuer Applications that are incomplete 

or require the CDFI Fund to request 

additional or clarifying information may 

delay the ability of the CDFI Fund to 

deem the Qualified Issuer Application 

complete and move it to the next phase 

of review. Submitting a substantially 

incomplete application earlier than 

other applicants does not ensure first 

approval. 

B. Qualified Issuer Application: 

Eligibility. 

1. CDFI certification requirements. 

The Qualified Issuer applicant must be 

a Certified CDFI or an entity designated 

by a Certified CDFI to issue Bonds on 

its behalf. 

2. Designation and attestation by 

Certified CDFIs. An entity seeking to be 

approved by the CDFI Fund as a 

Qualified Issuer must be designated as 

a Qualified Issuer by at least one 

Certified CDFI. A Qualified Issuer may 

not designate itself. The Qualified Issuer 

applicant will prepare and submit a 

complete and timely Qualified Issuer 

Application to the CDFI Fund in 

accordance with the requirements of the 

Regulations, this NOGA, and the 

Application. A Certified CDFI must 

attest in the Qualified Issuer 

Application that it has designated the 

Qualified Issuer to act on its behalf and 

that the information in the Qualified 

Issuer Application regarding it is true, 

accurate, and complete. 

C. Substantive review and approval 

process. 

1. Substantive review. 

a. If the CDFI Fund determines that 

the Qualified Issuer Application is 

complete and eligible, the CDFI Fund 

will undertake a substantive review in 

accordance with the criteria and 

procedures described in the 

Regulations, this NOGA, the Qualified 

Issuer Application, and CDFI Bond 

Guarantee Program policies. 

b. As part of the substantive 

evaluation process, the CDFI Fund 

reserves the right to contact the 

Qualified Issuer applicant (as well as its 

proposed Program Administrator, its 

proposed Servicer, and each designating 

Certified CDFI in the Qualified Issuer 

Application) by telephone, email, mail, 

or through on-site visits for the purpose 

of obtaining additional, clarifying, 

confirming, or supplemental application 

information. The CDFI Fund reserves 

the right to collect such additional, 

clarifying, confirming, or supplemental 

information from said entities as it 

deems appropriate. If contacted for 

additional, clarifying, confirming, or 

supplemental information, said entities 

must respond within the time 

parameters set by the CDFI Fund or the 

Qualified Issuer Application will be 

rejected. 

2. Qualified Issuer criteria. In total, 

there are more than 60 individual 

criteria or sub-criteria used to evaluate 

a Qualified Issuer applicant and all 

materials provided in the Qualified 

Issuer Application will be used to 

evaluate the applicant. Qualified Issuer 

determinations will be made based on 

Qualified Issuer applicants’ experience 

and expertise, in accordance with the 

following criteria: 

a. Organizational capability. 

i. The Qualified Issuer applicant must 

demonstrate that it has the appropriate 

expertise, capacity, experience, and 

qualifications to issue Bonds for Eligible 

Purposes, or is otherwise qualified to 

serve as Qualified Issuer, as well as 

manage the Bond Issue on the terms and 

conditions set forth in the Regulations, 

this NOGA, and the Bond Documents, 

satisfactory to the CDFI Fund. 

ii. The Qualified Issuer applicant 

must demonstrate that it has the 

appropriate expertise, capacity, 

experience, and qualifications to 

originate, underwrite, service and 

monitor Bond Loans for Eligible 

Purposes, targeted to Low-Income Areas 

and Underserved Rural Areas. 

iii. The Qualified Issuer applicant 

must demonstrate that it has the 

appropriate expertise, capacity, 

experience, and qualifications to 

manage the disbursement process set 

forth in the Regulations at 12 CFR 

1808.302 and 1808.307. 

b. Servicer. The Qualified Issuer 

applicant must demonstrate that it has 

(either directly or contractually through 

another designated entity) the 

appropriate expertise, capacity, 

experience, and qualifications, or is 

otherwise qualified to serve as Servicer. 

The Qualified Issuer Application must 


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provide information that demonstrates 

that the Qualified Issuer’s Servicer has 

the expertise, capacity, experience, and 

qualifications necessary to perform 

certain required administrative duties 

(including, but not limited to, Bond 

Loan servicing functions). 

c. Program Administrator. The 

Qualified Issuer applicant must 

demonstrate that it has (either directly 

or contractually through another 

designated entity) the appropriate 

expertise, capacity, experience, and 

qualifications, or is otherwise qualified 

to serve as Program Administrator. The 

Qualified Issuer Application must 

provide information that demonstrates 

that the Qualified Issuer’s Program 

Administrator has the expertise, 

capacity, experience, and qualifications 

necessary to perform certain required 

administrative duties (including, but not 

limited to, compliance monitoring and 

reporting functions). 

d. Strategic alignment. The Qualified 

Issuer applicant will be evaluated on its 

strategic alignment with the CDFI Bond 

Guarantee Program on factors that 

include, but are not limited to: (i) Its 

mission’s strategic alignment with 

community and economic development 

objectives set forth in the Riegle Act at 

12 U.S.C. 4701; (ii) its strategy for 

deploying the entirety of funds that may 

become available to the Qualified Issuer 

through the proposed Bond Issue; (iii) 

its experience providing up to 30-year 

capital to CDFIs or other borrowers in 

Low-Income Areas or Underserved 

Rural Areas as such terms are defined in 

the Regulations at 12 CFR 1808.102; (iv) 

its track record of activities relevant to 

its stated strategy; and (v) other factors 

relevant to the Qualified Issuer’s 

strategic alignment with the program. 

e. Experience. The Qualified Issuer 

applicant will be evaluated on factors 

that demonstrate that it has previous 

experience: (i) Performing the duties of 

a Qualified Issuer including issuing 

bonds, loan servicing, program 

administration, underwriting, financial 

reporting, and loan administration; (ii) 

lending in Low-Income Areas and 

Underserved Rural Areas; and (iii) 

indicating that the Qualified Issuer’s 

current principals and team members 

have successfully performed the 

required duties, and that previous 

experience is applicable to the current 

principals and team members. 

f. Management and staffing. The 

Qualified Issuer applicant must 

demonstrate that it has sufficiently 

strong management and staffing 

capacity to undertake the duties of 

Qualified Issuer. The applicant must 

also demonstrate that its proposed 

Program Administrator and its proposed 

Servicer have sufficiently strong 

management and staffing capacity to 

undertake their respective requirements 

under the CDFI Bond Guarantee 

Program. Strong management and 

staffing capacity is evidenced by factors 

that include, but are not limited to: (i) 

A sound track record of delivering on 

past performance; (ii) a documented 

succession plan; (iii) organizational 

stability including staff retention; and 

(iv) a clearly articulated, reasonable, and 

well- documented staffing plan. 

g. Financial strength. The Qualified 

Issuer applicant must demonstrate the 

strength of its financial capacity and 

activities including, among other items, 

financially sound business practices 

relative to the industry norm for bond 

issuers, as evidenced by reports of 

Appropriate Federal Banking Agencies, 

Appropriate State Agencies, or auditors. 

Such financially sound business 

practices will demonstrate: (i) The 

financial wherewithal to perform 

activities related to the Bond Issue such 

as administration and servicing; (ii) the 

ability to originate, underwrite, close, 

and disburse loans in a prudent manner; 

(iii) whether the applicant is depending 

on external funding sources and the 

reliability of long-term access to such 

funding; (iv) whether there are 

foreseeable counterparty issues or credit 

concerns that are likely to affect the 

applicant’s financial stability; and (v) a 

budget that reflects reasonable 

assumptions about upfront costs as well 

as ongoing expenses and revenues. 

h. Systems and information 

technology. The Qualified Issuer 

applicant must demonstrate that it (as 

well as its proposed Program 

Administrator and its proposed 

Servicer) has, among other things: (i) A 

strong information technology capacity 

and the ability to manage loan servicing, 

administration, management, and 

document retention; (ii) appropriate 

office infrastructure and related 

technology to carry out the CDFI Bond 

Guarantee Program activities; and (iii) 

sufficient backup and disaster recovery 

systems to maintain uninterrupted 

business operations. 

i. Pricing structure. The Qualified 

Issuer applicant must provide its 

proposed pricing structure for 

performing the duties of Qualified 

Issuer, including the pricing for the 

roles of Program Administrator and 

Servicer. Although the pricing structure 

and fees shall be decided by negotiation 

between market participants without 

interference or approval by the CDFI 

Fund, the CDFI Fund will evaluate 

whether the Qualified Issuer applicant’s 

proposed pricing structure is feasible to 

carry out the responsibilities of a 

Qualified Issuer over the life of the 

Bond and sound implementation of the 

program. 

j. Other criteria. The Qualified Issuer 

applicant must meet such other criteria 

as may be required by the CDFI Fund, 

as set forth in the Qualified Issuer 

Application or required by the CDFI 

Fund in its sole discretion, for the 

purposes of evaluating the merits of a 

Qualified Issuer Application. The CDFI 

Fund may request an on-site review of 

Qualified Issuer applicant to confirm 

materials provided in the written 

application, as well as to gather 

additional due diligence information. 

The on-site reviews are a critical 

component of the application review 

process and will generally be conducted 

for all applicants not regulated by an 

Appropriate Federal Banking Agency or 

Appropriate State Agency. The CDFI 

Fund reserves the right to conduct a site 

visit of regulated entities, in its sole 

discretion. 

k. Third-party data sources. The CDFI 

Fund, in its sole discretion, may 

consider information from third-party 

sources including, but not limited to, 

periodicals or publications, publicly 

available data sources, or subscriptions 

services for additional information 

about the Qualified Issuer applicant, the 

proposed Program Administrator, the 

proposed Servicer, and each Certified 

CDFI that is included in the Qualified 

Issuer Application. Any additional 

information received from such thirdparty sources will be reviewed and 

evaluated through a systematic and 

formalized process. 

D. Notification of Qualified Issuer 

determination. Each Qualified Issuer 

applicant will be informed of the CDFI 

Fund’s decision in writing, by email 

using the addresses maintained in the 

entity’s AMIS account. The CDFI Fund 

will not notify the proposed Program 

Administrator, the proposed Servicer, or 

the Certified CDFIs included in the 

Qualified Issuer Application of its 

decision regarding the Qualified Issuer 

Application; such contacts are the 

responsibility of the Qualified Issuer 

applicant. 

E. Qualified Issuer Application 

rejection. In addition to substantive 

reasons based on the merits of its 

review, the CDFI Fund reserves the right 

to reject a Qualified Issuer Application 

if information (including administrative 

errors) comes to the attention of the 

CDFI Fund that adversely affects an 

applicant’s eligibility, adversely affects 

the CDFI Fund’s evaluation of a 

Qualified Issuer Application, or 

indicates fraud or mismanagement on 

the part of a Qualified Issuer applicant 

or its proposed Program Administrator, 


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its proposed Servicer, and any Certified 

CDFI included in the Qualified Issuer 

Application. If the CDFI Fund 

determines that any portion of the 

Qualified Issuer Application is incorrect 

in any material respect, the CDFI Fund 

reserves the right, in its sole discretion, 

to reject the Application. 

IV. Guarantee Applications 

A. General. This NOGA invites 

Qualified Issuers to submit a Guarantee 

Application to be approved for a 

Guarantee under the CDFI Bond 

Guarantee Program. 

1. Guarantee Application. 

a. The Guarantee Application is the 

application document that a Qualified 

Issuer (in collaboration with the Eligible 

CDFI(s) that seek to be included in the 

proposed Bond Issue) must submit to 

the CDFI Fund in order to apply for a 

Guarantee. The Qualified Issuer shall 

provide all required information in its 

Guarantee Application to establish that 

it meets all criteria set forth in the 

Regulations at 12 CFR 1808.501 and this 

NOGA and can carry out all CDFI Bond 

Guarantee Program requirements 

including, but not limited to, 

information that demonstrates that the 

Qualified Issuer has the appropriate 

expertise, capacity, and experience and 

is qualified to make, administer and 

service Bond Loans for Eligible 

Purposes. 

b. The Guarantee Application 

comprises a Capital Distribution Plan 

and at least one Secondary Capital 

Distribution Plan, as well as all other 

requirements set forth in this NOGA or 

as may be required by the Guarantor and 

the CDFI Fund in their sole discretion, 

for the evaluation and selection of 

Guarantee applicants. 

2. Guarantee Application evaluation, 

general. The Guarantee Application 

review and evaluation process will be 

based on established standard 

procedures, which may include 

interviews of applicants and/or site 

visits to applicants conducted by the 

CDFI Fund. Through the Application 

review process, the CDFI Fund will 

evaluate Guarantee applicants on a 

merit basis and in a fair and consistent 

manner. Each Guarantee applicant will 

be reviewed on its ability to successfully 

implement and carry out the activities 

proposed in its Guarantee Application 

throughout the life of the Bond. Eligible 

CDFIs must currently meet the criteria 

established in the Regulations to 

participate in the CDFI Bond Guarantee 

Program. Guarantee Applications that 

are forward-looking or speculate as to 

the eventual acquisition of the required 

capabilities and criteria by the Eligible 

CDFI(s) are unlikely to be approved. 

Guarantee Application processing will 

be initiated in chronological order by 

date of receipt; however, Guarantee 

Applications that are incomplete or 

require the CDFI Fund to request 

additional or clarifying information may 

delay the ability of the CDFI Fund to 

deem the Guarantee Application 

complete and move it to the next phase 

of review. Submitting a substantially 

incomplete application earlier than 

other applicants does not ensure first 

approval. 

B. Guarantee Application: Eligibility. 

1. Eligibility; CDFI certification 

requirements. If approved for a 

Guarantee, each Eligible CDFI must be 

a Certified CDFI as of the Bond Issue 

Date and must maintain its respective 

CDFI certification throughout the term 

of the corresponding Bond. For more 

information on CDFI Certification and 

the certification of affiliated entities, 

including the deadlines for submission 

of certification applications, see part II 

of this NOGA. 

2. Qualified Issuer as Eligible CDFI. A 

Qualified Issuer may not participate as 

an Eligible CDFI within its own Bond 

Issue, but may participate as an Eligible 

CDFI in a Bond Issue managed by 

another Qualified Issuer. 

3. Attestation by proposed Eligible 

CDFIs. Each proposed Eligible CDFI 

must attest in the Guarantee Application 

that it has designated the Qualified 

Issuer to act on its behalf and that the 

information pertaining to the Eligible 

CDFI in the Guarantee Application is 

true, accurate and complete. Each 

proposed Eligible CDFI must also attest 

in the Guarantee Application that it will 

use Bond Loan proceeds for Eligible 

Purposes and that Secondary Loans will 

be financed or refinanced in accordance 

with the applicable Secondary Loan 

Requirements. 

C. Guarantee Application: 

Preparation. When preparing the 

Guarantee Application, the Eligible 

CDFIs and Qualified Issuer must 

collaborate to determine the 

composition and characteristics of the 

Bond Issue, ensuring compliance with 

the Act, the Regulations, and this 

NOGA. The Qualified Issuer is 

responsible for the collection, 

preparation, verification, and 

submission of the Eligible CDFI 

information that is presented in the 

Guarantee Application. The Qualified 

Issuer will submit the Guarantee 

Application for the proposed Bond 

Issue, including any information 

provided by the proposed Eligible 

CDFIs. In addition, the Qualified Issuer 

will serve as the primary point of 

contact with the CDFI Fund during the 

Guarantee Application review and 

evaluation process. 

D. Review and approval process. 

1. Substantive review. 

a. If the CDFI Fund determines that 

the Guarantee Application is complete 

and eligible, the CDFI Fund will 

undertake a substantive review in 

accordance with the criteria and 

procedures described in the Regulations 

at 12 CFR 1808.501, this NOGA, and the 

Guarantee Application. The substantive 

review of the Guarantee Application 

will include due diligence, 

underwriting, credit risk review, and 

Federal credit subsidy calculation, in 

order to determine the feasibility and 

risk of the proposed Bond Issue, as well 

as the strength and capacity of the 

Qualified Issuer and each proposed 

Eligible CDFI. Each proposed Eligible 

CDFI will be evaluated independently of 

the other proposed Eligible CDFIs 

within the proposed Bond Issue; 

however, the Bond Issue must then 

cumulatively meet all requirements for 

Guarantee approval. In general, 

applicants are advised that proposed 

Bond Issues that include a large number 

of proposed Eligible CDFIs are likely to 

substantially increase the review period. 

b. As part of the substantive review 

process, the CDFI Fund may contact the 

Qualified Issuer (as well as the proposed 

Eligible CDFIs included in the 

Guarantee Application) by telephone, 

email, mail, or through an on-site visit 

for the sole purpose of obtaining 

additional, clarifying, confirming, or 

supplemental application information. 

The CDFI Fund reserves the right to 

collect such additional, clarifying, 

confirming or supplemental information 

as it deems appropriate. If contacted for 

additional, clarifying, confirming, or 

supplemental information, said entities 

must respond within the time 

parameters set by the CDFI Fund or the 

Guarantee Application will be rejected. 

2. Guarantee Application criteria. 

a. In general, a Guarantee Application 

will be evaluated based on the strength 

and feasibility of the proposed Bond 

Issue, as well as the creditworthiness 

and performance of the Qualified Issuer 

and the proposed Eligible CDFIs. 

Guarantee Applications must 

demonstrate that each proposed Eligible 

CDFI has the capacity for its respective 

Bond Loan to be a secured, general 

recourse obligation of the proposed 

Eligible CDFI and to deploy the Bond 

Loan proceeds within the required 

disbursement timeframe as described in 

the Regulations. Unless receiving 

significant third-party support, support 

from a Controlling CDFI, or Credit 

Enhancements, Eligible CDFIs should 

not request Bond Loans greater than 


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their current total asset size or which 

would otherwise significantly impair 

their net asset or net equity position. In 

general, an applicant requesting a Bond 

Loan more than 50 percent of its total 

asset size should be prepared to clearly 

demonstrate that it has a reasonable 

plan to scale its operations prudently 

and in a manner that does not impair its 

net asset or net equity position. Further, 

an entity with a limited operating 

history or a history of operating losses 

is unlikely to meet the strength and 

feasibility requirements of the CDFI 

Bond Guarantee Program, unless it 

receives significant third-party support, 

support from a Controlling CDFI, or 

Credit Enhancements. 

b. The Capital Distribution Plan must 

demonstrate the Qualified Issuer’s 

comprehensive plan for lending, 

disbursing, servicing and monitoring 

each Bond Loan in the Bond Issue. It 

includes, among other information, the 

following components: 

i. Statement of Proposed Sources and 

Uses of Funds: Pursuant to the 

requirements set forth in the 

Regulations at 12 CFR 1808.102(bb) and 

1808.301, the Qualified Issuer must 

provide: (A) A description of the overall 

plan for the Bond Issue; (B) a 

description of the proposed uses of 

Bond Proceeds and proposed sources of 

funds to repay principal and interest on 

the proposed Bond and Bond Loans; (C) 

a certification that 100 percent of the 

principal amount of the proposed Bond 

will be used to make Bond Loans for 

Eligible Purposes on the Bond Issue 

Date; and (D) description of the extent 

to which the proposed Bond Loans will 

serve Low-Income Areas or Underserved 

Rural Areas; 

ii. Bond Issue Qualified Issuer cash 

flow model: The Qualified Issuer must 

provide a cash flow model displaying 

the orderly repayment of the Bond and 

the Bond Loans according to their 

respective terms. The cash flow model 

shall include disbursement and 

repayment of Bonds, Bond Loans, and 

Secondary Loans. The cash flow model 

shall match the aggregated cash flows 

from the Secondary Capital Distribution 

Plans of each of the underlying Eligible 

CDFIs in the Bond Issue pool. Such 

information must describe the expected 

distribution of asset classes to which 

each Eligible CDFI expects to disburse 

funds, the proposed disbursement 

schedule, quarterly or semi-annual 

amortization schedules, interest-only 

periods, maturity date of each advance 

of funds, and assumed net interest 

margin on Secondary Loans above the 

assumed Bond Loan rate; 

iii. Organizational capacity: If not 

submitted concurrently, the Qualified 

Issuer must attest that no material 

changes have occurred since the time 

that it submitted the Qualified Issuer 

Application. 

iv. Credit Enhancement (if 

applicable): The Qualified Issuer must 

provide information about the adequacy 

of proposed risk mitigation provisions 

designed to protect the financial 

interests of the Federal Government, 

either directly or indirectly through 

supporting the financial strength of the 

Bond Issue. This includes, but is not 

limited to, the amount and quality of 

any Credit Enhancements, terms and 

specific conditions such as renewal 

options, and any limiting conditions or 

revocability by the provider of the 

Credit Enhancement. For any thirdparty providing a Credit Enhancement, 

the Qualified Issuer must provide the 

following information on the thirdparty: Most recent three years of audited 

financial statements, a brief analysis of 

the such entity’s creditworthiness, and 

an executed letter of intent from such 

entity that indicates the terms and 

conditions of the Credit Enhancement. 

Any Credit Enhancement must be 

pledged, as part of the Trust Estate, to 

the Master Servicer/Trustee for the 

benefit of the Federal Financing Bank; 

v. Proposed Term Sheets: For each 

Eligible CDFI that is part of the 

proposed Bond Issue, the Qualified 

Issuer must submit a proposed Term 

Sheet using the template provided on 

the CDFI Fund’s Web site. The proposed 

Term Sheet must clearly state all 

relevant and critical terms of the 

proposed Bond Loan including, but not 

limited to: Any requested prepayment 

provisions, unique conditions 

precedent, proposed covenants and 

exact amounts/percentages for 

determining the Eligible CDFI’s ability 

to meet program requirements, and 

terms and exact language describing any 

Credit Enhancements. Terms may be 

either altered and/or negotiated by the 

CDFI Fund in its sole discretion, based 

on the proposed structure in the 

application, to ensure that adequate 

protection is in place for the Guarantor; 

vi. Secondary Capital Distribution 

Plan(s): Each proposed Eligible CDFI 

must provide a comprehensive plan for 

financing, disbursing, servicing and 

monitoring Secondary Loans, address 

how each proposed Secondary Loan 

will meet Eligible Purposes, and address 

such other requirements listed below 

that may be required by the Guarantor 

and the CDFI Fund. For each proposed 

Eligible CDFI relying, for CDFI 

certification purposes, on the financing 

entity activity of a Controlling CDFI, the 

Controlling CDFI must describe how the 

Eligible CDFI and the Controlling CDFI, 

together, will meet the requirements 

listed below: 

(A) Narrative and Statement of 

Proposed Sources and Uses of Funds: 

Each Eligible CDFI will: (1) Provide a 

description of proposed uses of funds, 

including the extent to which Bond 

Loans will serve Low-Income Areas or 

Underserved Rural Areas, and the extent 

to which Bond Loan proceeds will be 

used (i) to make the first monthly 

installment of a Bond Loan payment, (ii) 

pay Issuance Fees up to one percent of 

the Bond Loan, and (iii) finance Loan 

Loss Reserves related to Secondary 

Loans; (2) attest that 100 percent of 

Bond Loan proceeds designated for 

Secondary Loans will be used to finance 

or refinance Secondary Loans that meet 

Secondary Loan Requirements; (3) 

describe a plan for financing, 

disbursing, servicing, and monitoring 

Secondary Loans; (4) indicate the 

expected asset classes to which it will 

lend under the Secondary Loan 

Requirements; (5) indicate examples of 

previous lending and years of 

experience lending to a specific asset 

class, especially with regards to the 

number and dollar volume of loans 

made in the five years prior to 

application submission to the specific 

asset classes to which an Eligible CDFI 

is proposing to lend Bond Loan 

proceeds; (6) provide a table detailing 

specific uses and timing of 

disbursements, including terms and 

relending plans if applicable; and (7) a 

community impact analysis, including 

how the proposed Secondary Loans will 

address financing needs that the private 

market is not adequately serving and 

specific community benefit metrics; 

(B) Eligible CDFI cash flow model: 

Each Eligible CDFI must provide a cash 

flow model of the proposed Bond Loan 

which: (1) Matches each Eligible CDFI’s 

portion of the Qualified Issuer’s cash 

flow model; and (2) tracks the flow of 

funds through the term of the Bond 

Issue and demonstrates disbursement 

and repayment of the Bond Loan, 

Secondary Loans, and any utilization of 

the Relending Fund, if applicable. Such 

information must describe: The 

expected distribution of asset classes to 

which each Eligible CDFI expects to 

disburse funds, the proposed 

disbursement schedule, quarterly or 

semi-annual amortization schedules, 

interest-only periods, maturity date of 

each advance of funds, and the assumed 

net interest margin on Secondary Loans 

above the assumed Bond Loan rate; 

(C) Organizational capacity: Each 

Eligible CDFI must provide 

documentation indicating the ability of 

the Eligible CDFI to manage its Bond 

Loan including, but not limited to: (1) 


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Organizational ownership and a chart of 

affiliates; (2) organizational documents, 

including policies and procedures 

related to loan underwriting and asset 

management; (3) management or 

operating agreement, if applicable; (4) 

an analysis by management of its ability 

to manage the funding, monitoring, and 

collection of loans being contemplated 

with the proceeds of the Bond Loan; (5) 

information about its board of directors; 

(6) a governance narrative; (7) 

description of senior management and 

employee base; (8) independent reports, 

if available; (9) strategic plan or related 

progress reports; and (10) a discussion 

of the management and information 

systems used by the Eligible CDFI; 

(D) Policies and procedures: Each 

Eligible CDFI must provide relevant 

policies and procedures including, but 

not limited to: A copy of the assetliability matching policy, if applicable; 

and loan policies and procedures which 

address topics including, but not 

limited to: Origination, underwriting, 

credit approval, interest rates, closing, 

documentation, asset management, and 

portfolio monitoring, risk-rating 

definitions, charge-offs, and loan loss 

reserve methodology; 

(E) Financial statements: Each 

Eligible CDFI must provide information 

about the Eligible CDFI’s current and 

future financial position, including but 

not limited to: (1) Audited financial 

statements for the prior three (3) most 

recent Fiscal Years; (2) current year-todate or interim financial statement for 

the immediately prior quarter end of the 

Fiscal Year; (3) a copy of the current 

year’s approved budget or projected 

budget if the entity’s Board has not yet 

approved such budget; and (4) a three 

(3) year pro forma projection of the 

statement of financial position or 

balance sheet, statement of activities or 

income statement, and statement of cash 

flows in the standardized template 

provided by the CDFI Fund; 

(F) Loan portfolio information: Each 

Eligible CDFI must provide information 

including, but not limited to: (1) Loan 

portfolio quality report; (2) pipeline 

report; (3) portfolio listing; (4) a 

description of other loan assets under 

management; (5) loan products; (6) 

independent loan review report; (7) 

impact report case studies; and (8) a 

loan portfolio by risk rating and loan 

loss reserves; and 

(G) Funding sources and financial 

activity information: Each Eligible CDFI 

must provide information including, but 

not limited to: (1) Current grant 

information; (2) funding projections; (3) 

credit enhancements; (4) historical 

investor renewal rates; (5) covenant 

compliance; (6) off-balance sheet 

contingencies; (7) earned revenues; and 

(8) debt capital statistics. 

vii. Assurances and certifications that 

not less than 100 percent of the 

principal amount of Bonds will be used 

to make Bond Loans for Eligible 

Purposes beginning on the Bond Issue 

Date, and that Secondary Loans shall be 

made as set forth in subsection 

1808.307(b); and 

viii. Such other information that the 

Guarantor, the CDFI Fund and/or the 

Bond Purchaser may deem necessary 

and appropriate. 

c. The CDFI Fund will use the 

information described in the Capital 

Distribution Plan and Secondary Capital 

Distribution Plan(s) to evaluate the 

feasibility of the proposed Bond Issue, 

with specific attention paid to each 

Eligible CDFI’s financial strength and 

organizational capacity. For each 

proposed Eligible CDFI relying, for CDFI 

certification purposes, on the financing 

entity activity of a Controlling CDFI, the 

CDFI Fund will pay specific attention to 

the Controlling CDFI’s financial strength 

and organizational capacity as well as 

the operating agreement between the 

proposed Eligible CDFI and the 

Controlling CDFI. All materials 

provided in the Guarantee Application 

will be used to evaluate the proposed 

Bond Issue. In total, there are more than 

100 individual criteria or sub-criteria 

used to evaluate each Eligible CDFI. 

Specific criteria used to evaluate each 

Eligible CDFI shall include, but not be 

limited to, the following criteria below. 

For each proposed Eligible CDFI relying, 

for CDFI certification purposes, on the 

financing entity activity of a Controlling 

CDFI, the following specific criteria will 

also be used to evaluate both the 

proposed Eligible CDFI and the 

Controlling CDFI: 

i. Historical financial ratios: Ratios 

which together have been shown to be 

predictive of possible future default will 

be used as an initial screening tool, 

including total asset size, net asset or 

Tier 1 Core Capital ratio, self-sufficiency 

ratio, non-performing asset ratio, 

liquidity ratio, reserve over 

nonperforming assets, and yield cost 

spread; 

ii. Quantitative and qualitative 

attributes under the ‘‘CAMEL’’ 

framework: After initial screening, the 

CDFI Fund will utilize a more detailed 

analysis under the ‘‘CAMEL’’ 

framework, including but not limited to: 

(A) Capital Adequacy: Attributes such 

as the debt-to-equity ratio, status, and 

significance of off-balance sheet 

liabilities or contingencies, magnitude, 

and consistency of cash flow 

performance, exposure to affiliates for 

financial and operating support, trends 

in changes to capitalization, and other 

relevant attributes; 

(B) Asset Quality: Attributes such as 

the charge-off ratio, adequacy of loan 

loss reserves, sector concentration, 

borrower concentration, asset 

composition, security and 

collateralization of the loan portfolio, 

trends in changes to asset quality, and 

other relevant attributes; 

(C) Management: Attributes such as 

documented best practices in 

governance, strategic planning and 

board involvement, robust policies and 

procedures, tenured and experienced 

management team, organizational 

stability, infrastructure and information 

technology systems, and other relevant 

attributes; 

(D) Earnings and Performance: 

Attributes such as net operating 

margins, deployment of funds, selfsufficiency, trends in earnings, and 

other relevant attributes; 

(E) Liquidity: Attributes such as 

unrestricted cash and cash equivalents, 

ability to access credit facilities, access 

to grant funding, covenant compliance, 

affiliate relationships, concentration of 

funding sources, trends in liquidity, and 

other relevant attributes; 

iii. Projected performance and other 

relevant criteria: The CDFI Fund will 

stress test each Eligible CDFI’s projected 

financial performance under scenarios 

that are specific to the unique 

circumstance and attributes of the 

organization. Additionally, the CDFI 

Fund will consider other relevant 

criteria that have not been adequately 

captured in the preceding steps as part 

of the due diligence process. Such 

criteria may include, but not be limited 

to, the size and quality of any thirdparty Credit Enhancements or other 

forms of credit support. 

(A) Overcollateralization: The 

commitment by an Eligible CDFI to 

over-collateralize a proposed Bond Loan 

with excess Secondary Loans is a 

criterion that may affect the viability of 

a Guarantee Application by decreasing 

the estimated net present value of the 

long-term cost of the Guarantee to the 

Federal Government, by decreasing the 

probability of default, and/or increasing 

the recovery rate in the event of default. 

An Eligible CDFI committing to 

overcollateralization may not be 

required to deposit funds in the 

Relending Account, subject to the 

maintenance of certain unique 

requirements that are detailed in the 

template Agreement to Guarantee and 

Bond Loan Agreement. 

(B) Credit Enhancements: The 

provision of third-party Credit 

Enhancements, including any Credit 

Enhancement from a Controlling CDFI 


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or any other affiliated entity, is a 

criterion that may affect the viability of 

a Guarantee Application by decreasing 

the estimated net present value of the 

long-term cost of the Guarantee to the 

Federal Government. Credit 

Enhancements are considered in the 

context of the structure and 

circumstances of each Guarantee 

Application. 

(C) On-Site Review: The CDFI Fund 

may request an on-site review of an 

Eligible CDFI to confirm materials 

provided in the written application, as 

well as to gather additional due 

diligence information. The on-site 

reviews are a critical component of the 

application review process and will 

generally be conducted for all 

applicants not regulated by an 

Appropriate Federal Banking Agency or 

Appropriate State Agency. The CDFI 

Fund reserves the right to conduct a site 

visit of regulated entities, in its sole 

discretion. 

(D) Secondary Loan Asset Classes: 

Eligible CDFIs that propose to use funds 

for new products or lines of business 

must demonstrate that they have the 

organizational capacity to manage such 

activities in a prudent manner. Failure 

to demonstrate such organizational 

capacity may be factored into the 

consideration of Asset Quality or 

Management criteria as listed above in 

this section. 

3. Credit subsidy cost. The credit 

subsidy cost is the net present value of 

the estimated longterm cost of the 

Guarantee to the Federal Government as 

determined under the applicable 

provisions of the Federal Credit Reform 

Act of 1990, as amended (FCRA). 

Treasury has not received appropriated 

amounts from Congress to cover the 

credit subsidy costs associated with the 

Guarantees issued pursuant to this 

NOGA. In accordance with FCRA, 

Treasury must consult with, and obtain 

the approval of, OMB for Treasury’s 

calculation of the credit subsidy cost of 

each Guarantee prior to entering into 

any Agreement to Guarantee. 

E. Guarantee approval; Execution of 

documents. 

1. The Guarantor, in the Guarantor’s 

sole discretion, may approve a 

Guarantee, after consideration of the 

recommendation from the CDFI Bond 

Guarantee Program’s Credit Review 

Board and/or based on the merits of the 

Guarantee Application. The Guarantor 

shall approve or deny a Guarantee 

Application no later than 90 days after 

the date the Guarantee Application was 

advanced for substantive review. 

2. The Guarantor reserves the right to 

approve Guarantees, in whole or in part, 

in response to any, all, or none of the 

Guarantee Applications submitted in 

response to this NOGA. The Guarantor 

also reserves the right to approve any 

Guarantees in an amount that is less 

than requested in the corresponding 

Guarantee Application. Pursuant to the 

Regulations at 12 CFR 1808.504(c), the 

Guarantor may limit the number of 

Guarantees made per year to ensure that 

a sufficient examination of Guarantee 

Applications is conducted. 

3. The CDFI Fund will notify the 

Qualified Issuer in writing of the 

Guarantor’s approval or disapproval of a 

Guarantee Application. Bond 

Documents and Bond Loan documents 

must be executed, and Guarantees will 

be provided, in the order in which 

Guarantee Applications are approved or 

by such other criteria that the CDFI 

Fund may establish, in its sole 

discretion, and in any event by 

September 30, 2018. 

4. Please note that the most recently 

dated templates of Bond Documents and 

Bond Loan documents that are posted 

on the CDFI Fund’s Web site will not be 

substantially revised or negotiated prior 

to closing of the Bond and Bond Loan 

and issuance of the corresponding 

Guarantee. If a Qualified Issuer or a 

proposed Eligible CDFI does not 

understand the terms and conditions of 

the Bond Documents or Bond Loan 

documents (including those listed in 

Section II.G., above), it should ask 

questions or seek technical assistance 

from the CDFI Fund. However, if a 

Qualified Issuer or a proposed Eligible 

CDFI disagrees or is uncomfortable with 

any term/condition, or if legal counsel 

to either cannot provide a legal opinion 

in substantially the same form and 

content of the required legal opinion, it 

should not apply for a Guarantee. 

5. The Guarantee shall not be effective 

until the Guarantor signs and delivers 

the Guarantee. 

F. Guarantee denial. The Guarantor, 

in the Guarantor’s sole discretion, may 

deny a Guarantee, after consideration of 

the recommendation from the Credit 

Review Board and/or based on the 

merits of the Guarantee Application. In 

addition, the Guarantor reserves the 

right to deny a Guarantee Application if 

information (including any 

administrative error) comes to the 

Guarantor’s attention that adversely 

affects the Qualified Issuer’s eligibility, 

adversely affects the evaluation or 

scoring of an Application, or indicates 

fraud or mismanagement on the part of 

the Qualified Issuer, Program 

Administrator, Servicer, and/or Eligible 

CDFIs. Further, if the Guarantor 

determines that any portion of the 

Guarantee Application is incorrect in 

any material respect, the Guarantor 

reserves the right, in the Guarantor’s 

sole discretion, to deny the Application. 

V. Guarantee Administration 

A. Pricing information. Bond Loans 

will be priced based upon the 

underlying Bond issued by the 

Qualified Issuer and purchased by the 

Federal Financing Bank (FFB or Bond 

Purchaser). The FFB will set the 

liquidity premium at the time of the 

Bond Issue Date, based on the duration 

and maturity of the Bonds according to 

the FFB’s lending policies 

(www.treasury.gov/ffb). Liquidity 

premiums will be charged in increments 

of 1/8th of a percent (i.e., 12.5 basis 

points). 

B. Fees and other payments. The 

following table includes some of the 

fees that may be applicable to Qualified 

Issuers and Eligible CDFIs after approval 

of a Guarantee of a Bond Issue, as well 

as Risk-Share Pool funding, prepayment 

penalties or discounts, and Credit 

Enhancements. The table is not 

exhaustive; additional fees payable to 

the CDFI Fund or other parties may 

apply. 

Fee Description 

Agency Administrative Fee ............. Payable annually to the CDFI Fund by the Qualified Issuer. Equal to 10 basis points on the amount of the 

unpaid principal of the Bond Issue. 

Bond Issuance Fees ....................... Amounts paid by an Eligible CDFI for reasonable and appropriate expenses, administrative costs, and fees 

for services in connection with the issuance of the Bond (but not including the Agency Administrative 

Fee) and the making of the Bond Loan. Fees negotiated between the Qualified Issuer, the Master 

Servicer/Trustee, and the Eligible CDFI. Up of 1% of Bond Loan Proceeds may be used to finance Bond 

Issuance Fees. 

Servicer Fee .................................... The fees paid by the Eligible CDFI to the Qualified Issuer’s Servicer. Servicer fees are negotiated between 

the Qualified Issuer and the Eligible CDFI. 


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Fee Description 

Program Administrator Fee ............. The fees paid by the Eligible CDFI to the Qualified Issuer’s Program Administrator. Program Administrator 

fees are negotiated between the Qualified Issuer and the Eligible CDFI. 

Master Servicer/Trustee Fee .......... The fees paid by the Qualified Issuer and the Eligible CDFI to the Master Servicer/Trustee to carry out the 

responsibilities of the Bond Trust Indenture. In general, the Master Servicer/Trustee fee for a Bond Issue 

with a single Eligible CDFI is the greater of 16 basis points per annum or $10,000 per month once the 

Bond Loans are fully disbursed. Fees for Bond Issues with more than one Eligible CDFI are negotiated 

between the Master Servicer/Trustee, Qualified Issuer, and Eligible CDFI. Any special servicing costs 

and resolution or liquidation fees due to a Bond Loan default are the responsibility of the Eligible CDFI. 

Please see the template legal documents at https://www.cdfifund.gov/programs-training/Programs/cdfibond/Pages/closing-disbursement-step.aspx#step4 for more specific information. https://

www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/closing-disbursement-step.aspx#step4 for 

more specific information. 

Risk-Share Pool Funding ................ The funds paid by the Eligible CDFIs to cover Risk-Share Pool requirements; capitalized by pro rata payments equal to 3% of the amount disbursed on the Bond Loan from all Eligible CDFIs within the Bond 

Issue. 

Prepayment Penalties or Discounts Prepayment penalties or discounts may be determined by the FFB at the time of prepayment. 

Credit Enhancements ..................... Pledges made to enhance the quality of a Bond and/or Bond Loan. Credit Enhancements include, but are 

not limited to, the Principal Loss Collateral Provision and letters of credit. Credit Enhancements must be 

pledged, as part of the Trust Estate, to the Master Servicer/Trustee for the benefit of the Federal Financing Bank. 

C. Terms for Bond Issuance and 

disbursement of Bond Proceeds. In 

accordance with 12 CFR 1808.302(f), 

each year, beginning on the one year 

anniversary of the Bond Issue Date (and 

every year thereafter for the term of the 

Bond Issue), each Qualified Issuer must 

demonstrate that no less than 100 

percent of the principal amount of the 

Guaranteed Bonds currently disbursed 

and outstanding has been used to make 

loans to Eligible CDFIs for Eligible 

Purposes. If a Qualified Issuer fails to 

demonstrate this requirement within the 

90 days after the anniversary of the 

Bond Issue Date, the Qualified Issuer 

must repay on that portion of Bonds 

necessary to bring the Bonds that 

remain outstanding after such 

repayment is in compliance with the 

100 percent requirement above. 

D. Secondary Loan Requirements. In 

accordance with the Regulations, 

Eligible CDFIs must finance or refinance 

Secondary Loans for Eligible Purposes 

(not including loan loss reserves) that 

comply with Secondary Loan 

Requirements. The Secondary Loan 

Requirements are found on the CDFI 

Fund’s Web site at www.cdfifund.gov. 

Applicants should become familiar with 

the published Secondary Loan 

Requirements. Secondary Loan 

Requirements are classified by asset 

class and are subject to a Secondary 

Loan commitment process managed by 

the Qualified Issuer. 

Eligible CDFIs must execute 

Secondary Loan documents (in the form 

of promissory notes) with Secondary 

Borrowers as follows: (i) No later than 

12 months after the Bond Issue Date, 

Secondary Loan documents 

representing at least 50 percent of the 

Bond Loan proceeds allocated for 

Secondary Loans, and (ii) no later than 

24 months after the Bond Issue Date, 

Secondary Loan documents 

representing 100 percent of the Bond 

Loan proceeds allocated for Secondary 

Loans. In the event that the Eligible 

CDFI does not comply with the 

foregoing requirements of clauses (i) or 

(ii) of this paragraph, the available Bond 

Loan proceeds at the end of the 

applicable period shall be reduced by an 

amount equal to the difference between 

the amount required by clauses (i) or (ii) 

for the applicable period minus the 

amount previously committed to the 

Secondary Loans in the applicable 

period. Secondary Loans shall carry 

loan maturities suitable to the loan 

purpose and be consistent with loan-tovalue requirements set forth in the 

Secondary Loan Requirements. 

Secondary Loan maturities shall not 

exceed the corresponding Bond or Bond 

Loan maturity date. It is the expectation 

of the CDFI Fund that interest rates for 

the Secondary Loans will be reasonable 

based on the borrower and loan 

characteristics. 

E. Secondary Loan collateral 

requirements. 

1. The Regulations state that 

Secondary Loans must be secured by a 

first lien of the Eligible CDFI on pledged 

collateral, in accordance with the 

Regulations (at 12 CFR 1808.307(f)) and 

within certain parameters. Examples of 

acceptable forms of collateral may 

include, but are not limited to: real 

property (including land and 

structures), leasehold mortgages, 

machinery, equipment and movables, 

cash and cash equivalents, accounts 

receivable, letters of credit, inventory, 

fixtures, contracted revenue streams 

from non-Federal counterparties, 

provided the Secondary Borrower 

pledges all assets, rights and interests 

necessary to generate such revenue 

stream, and a Principal Loss Collateral 

Provision. Intangible assets, such as 

customer relationships, intellectual 

property rights, and to-be-constructed 

real estate improvements, are not 

acceptable forms of collateral. 

2. The Regulations require that Bond 

Loans must be secured by a first lien on 

a collateral assignment of Secondary 

Loans, and further that the Secondary 

Loans must be secured by a first lien or 

parity lien on acceptable collateral. 

3. Valuation of the collateral pledged 

by the Secondary Borrower must be 

based on the Eligible CDFI’s credit 

policy guidelines and must conform to 

the standards set forth in the Uniform 

Standards of Professional Appraisal 

Practice (USPAP) and the Secondary 

Loan Requirements. 

4. Independent third-party appraisals 

are required for the following collateral: 

real estate, leasehold interests, fixtures, 

machinery and equipment, movables 

stock valued in excess of $250,000, and 

contracted revenue stream from nonFederal creditworthy counterparties. 

Secondary Loan collateral shall be 

valued using the cost approach, net of 

depreciation and shall be required for 

the following: accounts receivable, 

machinery, equipment and movables, 

and fixtures. 

F. Qualified Issuer approval of Bond 

Loans to Eligible CDFIs. The Qualified 

Issuer shall not approve any Bond Loans 

to an Eligible CDFI where the Qualified 

Issuer has actual knowledge, based 

upon reasonable inquiry, that within the 

past five (5) years the Eligible CDFI: (i) 

Has been delinquent on any payment 

obligation (except upon a demonstration 

by the Qualified Issuer satisfactory to 

the CDFI Fund that the delinquency 

does not affect the Eligible CDFI’s 


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creditworthiness), or has defaulted and 

failed to cure any other obligation, on a 

loan or loan agreement previously made 

under the Act; (ii) has been found by the 

Qualified Issuer to be in default of any 

repayment obligation under any Federal 

program; (iii) is financially insolvent in 

either the legal or equitable sense; or (iv) 

is not able to demonstrate that it has the 

capacity to comply fully with the 

payment schedule established by the 

Qualified Issuer. 

G. Credit Enhancements; Principal 

Loss Collateral Provision. 

1. In order to achieve the statutory 

zero-credit subsidy constraint of the 

CDFI Bond Guarantee Program and to 

avoid a call on the Guarantee, Eligible 

CDFIs are encouraged to include Credit 

Enhancements and Principal Loss 

Collateral Provisions structured to 

protect the financial interests of the 

Federal Government. Any Credit 

Enhancement or Principal Loss 

Collateral Provision must be pledged, as 

part of the Trust Estate, to the Master 

Servicer/Trustee for the benefit of the 

Federal Financing Bank. 

2. Credit Enhancements may include, 

but are not limited to, payment 

guarantees from third parties or 

Affiliate(s), non-Federal capital, lines or 

letters of credit, or other pledges of 

financial resources that enhance the 

Eligible CDFI’s ability to make timely 

interest and principal payments under 

the Bond Loan. 

3. As distinct from Credit 

Enhancements, Principal Loss Collateral 

Provisions may be provided in lieu of 

pledged collateral and/or in addition to 

pledged collateral. A Principal Loss 

Collateral Provision shall be in the form 

of cash or cash equivalent guarantees 

from non-Federal capital in amounts 

necessary to secure the Eligible CDFI’s 

obligations under the Bond Loan after 

exercising other remedies for default. 

For example, a Principal Loss Collateral 

Provision may include a deficiency 

guarantee whereby another entity 

assumes liability after other default 

remedies have been exercised, and 

covers the deficiency incurred by the 

creditor. The Principal Loss Collateral 

Provision shall, at a minimum, provide 

for the provision of cash or cash 

equivalents in an amount that is not less 

than the difference between the value of 

the collateral and the amount of the 

accelerated Bond Loan outstanding. 

4. In all cases, acceptable Credit 

Enhancements or Principal Loss 

Collateral Provisions shall be proffered 

by creditworthy providers and shall 

provide information about the adequacy 

of the facility in protecting the financial 

interests of the Federal Government, 

either directly or indirectly through 

supporting the financial strength of the 

Bond Issue. This includes, but is not 

limited to, the amount and quality of 

any Credit Enhancements, the financial 

strength of the provider of the Credit 

Enhancement, the terms, specific 

conditions such as renewal options, and 

any limiting conditions or revocability 

by the provider of the Credit 

Enhancement. 

5. For Secondary Loans benefitting 

from a Principal Loss Collateral 

Provision (e.g., a deficiency guarantee), 

the entity providing the Principal Loss 

Collateral Provision must be 

underwritten based on the same criteria 

as if the Secondary Loan were being 

made directly to that entity with the 

exception that the guarantee need not be 

collateralized. 

6. If the Principal Loss Collateral 

Provision is provided by a financial 

institution that is regulated by an 

Appropriate Federal Banking Agency or 

an Appropriate State Agency, the 

guaranteeing institution must 

demonstrate performance of financially 

sound business practices relative to the 

industry norm for providers of collateral 

enhancements as evidenced by reports 

of Appropriate Federal Banking 

Agencies, Appropriate State Agencies, 

and auditors, as appropriate. 

H. Reporting requirements. 

1. Reports. 

a. General. As required pursuant to 

the Regulations at 12 CFR 1808.619, and 

as set forth in the Bond Documents and 

the Bond Loan documents, the CDFI 

Fund will collect information from each 

Qualified Issuer which may include, but 

will not be limited to: 

(i) Quarterly and annual financial 

reports and data (including an OMB 

single audit, as applicable) for the 

purpose of monitoring the financial 

health, ratios and covenants of Eligible 

CDFIs that include asset quality 

(nonperforming assets, loan loss 

reserves, and net charge-off ratios), 

liquidity (current ratio, working capital, 

and operating liquidity ratio), solvency 

(capital ratio, self-sufficiency, fixed 

charge, leverage, and debt service 

coverage ratios); (ii) annual reports as to 

the compliance of the Qualified Issuer 

and Eligible CDFIs with the Regulations 

and specific requirements of the Bond 

Documents and Bond Loan documents; 

(iii) monthly reports on uses of Bond 

Loan proceeds and Secondary Loan 

proceeds; (iv) Master Servicer/Trustee 

summary of program accounts and 

transactions for each Bond Issue; (v) 

Secondary Loan certifications 

describing Eligible CDFI lending, 

collateral valuation, and eligibility; 

(vi) financial data on Secondary Loans 

to monitor underlying collateral, gauge 

overall risk exposure across asset 

classes, and assess loan performance, 

quality, and payment history; (vii) 

annual certifications of compliance with 

program requirements; (viii) material 

event disclosures including any reports 

of Eligible CDFI management and/or 

organizational changes; (ix) annual 

updates to the Capital Distribution Plan 

(as described below); (x) supplements 

and/or clarifications to correct reporting 

errors (as applicable); (xi) project level 

reports to understand overall program 

impact and the manner in which Bond 

Proceeds are deployed for Eligible 

Community or Economic Development 

Purposes; and (xii) such other 

information that the CDFI Fund and/or 

the Bond Purchaser may require, 

including but not limited to racial and 

ethnic data showing the extent to which 

members of minority groups are 

beneficiaries of the CDFI Bond 

Guarantee Program, to the extent 

permissible by law. 

b. Additional reporting by Qualified 

Issuers. A Qualified Issuer receiving a 

Guarantee shall submit annual updates 

to the approved Capital Distribution 

Plan, including an updated Proposed 

Sources and Uses of Funds for each 

Eligible CDFI, noting any deviation from 

the original baseline with regards to 

both timing and allocation of funding 

among Secondary Loan asset classes. 

The Qualified Issuer shall also submit a 

narrative, no more than five (5) pages in 

length for each Eligible CDFI, describing 

the Eligible CDFI’s capacity to manage 

its Bond Loan. The narrative shall 

address any Notification of Material 

Events and relevant information 

concerning the Eligible CDFI’s 

management information systems, 

personnel, executive leadership or 

board members, as well as financial 

capacity. The narrative shall also 

describe how such changes affect the 

Eligible CDFI’s ability to generate 

impacts in Low-Income or Underserved 

Rural Areas. 

c. Change of Secondary Loan asset 

classes. Any Eligible CDFI seeking to 

expand the allowable Secondary Loan 

asset classes beyond what was approved 

by the CDFI Bond Guarantee Program’s 

Credit Review Board or make other 

deviations that could potentially result 

in a modification, as that term is defined 

in OMB Circulars A–11 and A–129, 

must receive approval from the CDFI 

Fund before the Eligible CDFI can begin 

to enact the proposed changes. The 

CDFI Fund will consider whether the 

Eligible CDFI possesses or has acquired 

the appropriate systems, personnel, 

leadership, and financial capacity to 

implement the revised Capital 

Distribution Plan. The CDFI Fund will 


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also consider whether these changes 

assist the Eligible CDFI in generating 

impacts in Low-Income or Underserved 

Rural Areas. Such changes will be 

reviewed by the CDFI Bond Guarantee 

Program and presented to the Credit 

Review Board for approval, and 

appropriate consultation will be made 

with OMB to ensure compliance with 

OMB Circulars A–11 and A–129, prior 

to notifying the Eligible CDFI if such 

changes are acceptable under the terms 

of the Bond Loan Agreement. An 

Eligible CDFI may request such an 

update to its Capital Distribution Plan 

prior to Bond Issue Closing, and 

thereafter may only request such an 

update once per the Eligible CDFI’s 

fiscal year. 

d. Reporting by Affiliates and 

Controlling CDFIs. In the case of an 

Eligible CDFI relying, for CDFI 

certification purposes, on the financing 

entity activity of a Controlling CDFI, the 

CDFI Fund will require that the Affiliate 

and Controlling CDFI provide certain 

joint reports, including but not limited 

to those listed in subparagraph 1(a) 

above. 

e. Detailed information on specific 

reporting requirements and the format, 

frequency, and methods by which this 

information will be transmitted to the 

CDFI Fund will be provided to 

Qualified Issuers, Program 

Administrators, Servicers, and Eligible 

CDFIs through the Bond Loan 

Agreement, correspondence, and 

webinar trainings, and/or scheduled 

outreach sessions. 

f. Reporting requirements will be 

enforced through the Agreement to 

Guarantee and the Bond Loan 

Agreement, and will contain a valid 

OMB control number pursuant to the 

Paperwork Reduction Act, as applicable. 

g. Each Qualified Issuer will be 

responsible for the timely and complete 

submission of the annual reporting 

documents, including such information 

that must be provided by other entities 

such as Eligible CDFIs, Secondary 

Borrowers or Credit Enhancement 

providers. If such other entities are 

required to provide annual report 

information or documentation, or other 

documentation that the CDFI Fund may 

require, the Qualified Issuer will be 

responsible for ensuring that the 

information is submitted timely and 

complete. Notwithstanding the 

foregoing, the CDFI Fund reserves the 

right to contact such entities and require 

that additional information and 

documentation be provided directly to 

the CDFI Fund. 

h. Annual Assessments. Each 

Qualified Issuer and Eligible CDFI will 

be required to have an independent 

third-party conduct an Annual 

Assessment of its Bond Loan portfolio. 

The Annual Assessment is intended to 

support the CDFI Fund’s annual 

monitoring of the Bond Loan portfolio 

and to collect financial health, internal 

control, investment impact 

measurement methodology information 

related to the Eligible CDFIs. This 

assessment is consistent with the 

program’s requirements for Compliance 

Management and Monitoring (CMM) 

and Portfolio Management and Loan 

Monitoring (PMLM), and will be 

required pursuant to the Bond 

Documents and the Bond Loan 

documents. The assessment will also 

add to the Department of the Treasury’s 

review and impact analysis on the use 

of Bond Loan proceeds in underserved 

communities and support the CDFI 

Fund in proactively managing portfolio 

risks and performance. The Annual 

Assessment criteria for Qualified Issuers 

and Eligible CDFIs is available on the 

CDFI Fund’s Web site. 

i. The CDFI Fund reserves the right, 

in its sole discretion, to modify its 

reporting requirements if it determines 

it to be appropriate and necessary; 

however, such reporting requirements 

will be modified only after notice to 

Qualified Issuers. Additional 

information about reporting 

requirements pursuant to this NOGA, 

the Bond Documents and the Bond Loan 

documents will be subject to the 

Paperwork Reduction Act, as applicable. 

2. Accounting. 

a. In general, the CDFI Fund will 

require each Qualified Issuer and 

Eligible CDFI to account for and track 

the use of Bond Proceeds and Bond 

Loan proceeds. This means that for 

every dollar of Bond Proceeds received 

from the Bond Purchaser, the Qualified 

Issuer is required to inform the CDFI 

Fund of its uses, including Bond Loan 

proceeds. This will require Qualified 

Issuers and Eligible CDFIs to establish 

separate administrative and accounting 

controls, subject to the applicable OMB 

Circulars. 

b. The CDFI Fund will provide 

guidance to Qualified Issuers outlining 

the format and content of the 

information that is to be provided on an 

annual basis, outlining and describing 

how the Bond Proceeds and Bond Loan 

proceeds were used. 

VI. Agency Contacts 

A. General information on questions 

and CDFI Fund support. The CDFI Fund 

will respond to questions and provide 

support concerning this NOGA, the 

Qualified Issuer Application and the 

Guarantee Application between the 

hours of 9:00 a.m. and 5:00 p.m. ET, 

starting with the date of the publication 

of this NOGA. The final date to submit 

questions is January 16, 2018. 

Applications and other information 

regarding the CDFI Fund and its 

programs may be obtained from the 

CDFI Fund’s Web site at http://

www.cdfifund.gov. The CDFI Fund will 

post on its Web site responses to 

questions of general applicability 

regarding the CDFI Bond Guarantee 

Program. 

B. The CDFI Fund’s contact 

information is as follows: 

TABLE 2—CONTACT INFORMATION

Type of question Telephone number 

(not toll free) Email addresses 

CDFI Bond Guarantee Program ........................................... (202) 653–0421, Option 5 .................................................... bgp@cdfi.treas.gov 

CDFI Certification .................................................................. (202) 653–0423 .................................................................... ccme@cdfi.treas.gov 

Compliance Monitoring and Evaluation ................................ (202) 653–0423 .................................................................... ccme@cdfi.treas.gov 

Information Technology Support ........................................... (202) 653–0422 .................................................................... AMIS@cdfi.treas.gov 

C. Communication with the CDFI 

Fund. The CDFI Fund will use the AMIS 

internet interface to communicate with 

applicants, Qualified Issuers, Program 

Administrators, Servicers, Certified 

CDFIs and Eligible CDFIs, using the 

contact information maintained in their 

respective AMIS accounts. Therefore, 

each such entity must maintain accurate 

contact information (including contact 

person and authorized representative, 

email addresses, fax numbers, phone 

numbers, and office addresses) in its 

respective AMIS account. For more 

information about AMIS, please see the 

AMIS Landing Page at https://

amis.cdfifund.gov. 


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VII. Information Sessions and Outreach 

The CDFI Fund may conduct 

webcasts, webinars, or information 

sessions for organizations that are 

considering applying to, or are 

interested in learning about, the CDFI 

Bond Guarantee Program. The CDFI 

Fund intends to provide targeted 

outreach to both Qualified Issuer and 

Eligible CDFI participants to clarify the 

roles and requirements under the CDFI 

Bond Guarantee Program. For further 

information, please visit the CDFI 

Fund’s Web site at http://

www.cdfifund.gov. 

Authority: Pub. L. 111–240; 12 U.S.C. 

4701, et seq.; 12 CFR part 1808; 12 CFR part 

1805; 12 CFR part 1815. 

Mary Ann Donovan, 

Director, Community Development Financial 

Institutions Fund. 

[FR Doc. 2017–23888 Filed 11–1–17; 8:45 am] 

BILLING CODE 4810–70–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Quarterly Publication of Individuals, 

Who Have Chosen To Expatriate, as 

Required by Section 6039G 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice. 

SUMMARY: This notice is provided in 

accordance with IRC section 6039G of 

the Health Insurance Portability and 

Accountability Act (HIPPA) of 1996, as 

amended. This listing contains the name 

of each individual losing United States 

citizenship (within the meaning of 

section 877(a) or 877A) with respect to 

whom the Secretary received 

information during the quarter ending 

September 30, 2017. For purposes of 

this listing, long-term residents, as 

defined in section 877(e)(2), are treated 

as if they were citizens of the United 

States who lost citizenship. 

Last name First name Middle name/initials 

ABERNETHY ...................................................... BRENT ............................................................. LESLIE 

ABRAMS ............................................................ JO-ANNE 

ACHESON .......................................................... SOPHIE ............................................................ LOUISE 

ADAMS ............................................................... VICTORIA ........................................................ SARAH 

AESCHBACHER ................................................ HEIDI 

AGARWAL .......................................................... SWATI 

AGUIAR .............................................................. TONYA ............................................................. JEANNE 

AHN .................................................................... JEE ................................................................... EUN 

AHN .................................................................... MICHAEL 

AKERS ............................................................... SANDRA .......................................................... LEE 

AKERT ................................................................ KARIN .............................................................. ROSEMARIE 

AL ANSARI ......................................................... KHALIFA .......................................................... ABDULLA 

AL FAROUKI ...................................................... TANIA ............................................................... ALTAJI 

ALAWI-WESTPHAL ........................................... MARGARET ..................................................... NASSER 

ALBOINI ............................................................. LESLEY ............................................................ ANNE LEMESURIER 

ALBRECHT ........................................................ PABLO 

ALDRICH ............................................................ CASSANDRA ................................................... FRANCES CASSON 

AL-HAMMAD ...................................................... MESHAL .......................................................... ABDULRAZZAK 

ALKANDARI ....................................................... SARAH ............................................................. H.M. TALEB 

ALKHADRA ........................................................ FAHED ............................................................. FOUAD 

AL-KHALIFA ....................................................... ABDULLA 

ALLARD .............................................................. MICHAEL ......................................................... PAUL 

ALLEN ................................................................ JACQUELYNE ................................................. MARIE 

ALLEN ................................................................ JENNIFER ........................................................ LEIGH 

ALLEN ................................................................ JOSEPH ........................................................... CARL 

ALLURED ........................................................... BRIAN .............................................................. GEORGE 

AL-MAHMOOD ................................................... HANAN ............................................................. MOHAMED 

AL-MUTAIRI ....................................................... HUSSAIN ......................................................... A. 

AL-YAHYA .......................................................... HEND ............................................................... OTHMAN KHALID 

ALZABIN ............................................................. DANAH ............................................................. AHMAD 

AMBROZIC-DUB ................................................ MARIA .............................................................. SUZANNE 

AMETAME ELROD ............................................ ERIKA .............................................................. LOUISE 

ANASTASOPOULOS ......................................... SUSAN ............................................................. THELMA 

ANDERSEN ........................................................ COLTER ........................................................... ETHAN 

ANDERSEN ........................................................ LIV .................................................................... KINGE 

ANDREW ............................................................ DONIA 

ANDROULIDAKIS .............................................. EMMANUEL ..................................................... KIRIAKOS 

ARAS .................................................................. STEPHEN ........................................................ FRANCIS 

ARBUCKLE ........................................................ STEPHANIE ..................................................... SHELLY 

ARMSTRONG .................................................... HELEN ............................................................. KAY 

ARMSTRONG .................................................... JULIE ............................................................... ANN 

ASAMI ................................................................ EIKO 

ASAMI ................................................................ KIYOSHI 

ASSIRELLI ......................................................... JUDITH ............................................................ BEESON 

ASTOR ............................................................... MARCIA ........................................................... FRANCES 

ATIE-HARRICK .................................................. BERTRICE 

ATKINS ............................................................... NICHOLAS ....................................................... GEOFFREY 

ATTENHOFER-PATT ......................................... CORNELIA ....................................................... LOUISE 

AUBERT ............................................................. ROBIN .............................................................. JOSQUIN CASIMIR 

AUBRY ............................................................... ANTOINE ......................................................... JOSEPH 

AUBRY ............................................................... ARIEL ............................................................... MARC 

AUGER ............................................................... FRANCOIS ....................................................... SERGE 


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