Source: https://www.federalregister.gov/articles/2009/01/30/E9-1575/bank-enterprise-award-program
Timestamp: 2016-05-29 15:27:21
Document Index: 490622135

Matched Legal Cases: ['§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', 'art 1806', 'ART 1806', '§ 1806', '§ 1806', '§ 1806', '§ 45', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806', '§ 1806']

Federal Register | Bank Enterprise Award Program
A Rule by the Community Development Financial Institutions Fund on
Dates: Interim rule effective January 30, 2009; comments must be received on or before March 2, 2009.
-5796 (7 pages)
Shorter URL: https://federalregister.gov/a/E9-1575 Related Topics
Bank Enterprise Award (BEA) Program 3 actions from November 2002 to November 2002
II. Summary of Changes Back to Top
Revised Definitions for Categories of Qualified Activities: The interim rule updates the definition of Affordable Housing Development Loans (§ 1806.103(b)); Affordable Housing Loans (§ 1806.103(c)), and Home Improvement Loans (§ 1806.103(ee)); Commercial Real Estate Loans (§ 1806.103(l)); and Small Business Loans (§ 1806. 103(oo)) to include the requirement that the borrower and/or entity financed be located in a Distressed Community (§ 1806.103(t)). Affordable Housing Development Loans are loans related to the development of residential real property that are affordable to Low- and Moderate-Income Eligible Residents. Affordable Housing Loan means origination of a loan to finance the purchase or improvement of the borrower's primary residence, and that is secured by such property, where such borrower is a Low- and Moderate-Income individual and an Eligible Resident. Home Improvement Loans mean advances of funds, either unsecured or secured by a one-to-four family residential property, the proceeds of which are used to improve the borrower's primary residence where the borrower is an Eligible Resident. Commercial Real Estate Loans are loans secured by real estate and used to finance the acquisition or rehabilitation of a building in a Distressed Community, or the acquisition, construction and or development of property in a Distressed Community, used for commercial purposes. Small Business Loan means an origination of a loan used for commercial or industrial activities (other than an Affordable Housing Finance Loan, Affordable Housing Development Loan, Commercial Real Estate Loan, Home Improvement Loan) to a business or farm that meets the size eligibility standards of the Small Business Administration's Development Company or Small Business Investment Company programs (13 CFR 121.301) and is located in a Distressed Community.
III. Rulemaking Analysis Back to Top
The collections of information contained in this interim rule have been previously reviewed and approved by OMB in accordance with the Paperwork Reduction Act of 1995 and assigned OMB Control Number 1559-0005. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by OMB. This document restates the collections of information without substantive change. Comments concerning suggestions for reducing the burden of collections of information should be directed to the Deputy Director for Policy and Programs, Community Development Financial Institutions Fund, 601 13th Street, NW., Suite 200 South, Washington, DC 20005, and to the Office of Management and Budget, Attention: Desk Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC 20503.
List of Subjects in 12 CFR Part 1806 Back to Top
PART 1806—BANK ENTERPRISE AWARD PROGRAM Back to Top
1806.100 Purpose.
1806.101 Summary.
1806.102 Relationship to other Community Development Financial Institutions Programs.
1806.103 Definitions.
1806.104 Waiver authority.
1806.105 OMB control number.
1806.200 Community eligibility and designation.
1806.201 Measuring and reporting Qualified Activities.
1806.202 Estimated award amounts.
1806.203 Selection Process, actual award amounts.
1806.204 Applications for Bank Enterprise Awards.
1806.300 Award Agreement; sanctions.
1806.302 Compliance with government requirements.
1806.303 Fraud, waste and abuse.
1806.304 Books of account, records and government access.
1806.305 Retention of records.
§ 1806.102 Relationship to other Community Development Financial Institutions Programs.
§ 1806.103 Definitions.
(g) Award Agreement means a formal agreement between the Fund and an Awardee pursuant to § 1806.300;
(k) Baseline Period means an annual or semi-annual period specified in the applicable NOFA in which an Applicant has previously carried out Qualified Activities; (l) Commercial Real Estate Loan means an origination of a loan (other than an Affordable Housing Development Loan or Affordable Housing Loan) that is secured by real estate and used to finance the acquisition or rehabilitation of a building in a Distressed Community, or the acquisition, construction and/or development of property in a Distressed Community, used for commercial purposes;
(m) Community Development Entity (or CDE) means any Qualified Community Development Entity that meets the requirements set forth at Internal Revenue Code (IRC) § 45D(c) and that has been certified as such by the Fund;
(t) Distressed Community means a geographic community which meets the minimum area eligibility requirements specified in § 1806.200, and such additional criteria as may be set forth in the applicable NOFA;
(ii) For a non-CDFI, having directed the percentage of its business activities (e.g., investments, revenues, expenses, or other appropriate measures) to serving the Distressed Community identified by the Applicant, or having provided the percentage of its business activities in said Distressed Community, set forth in the applicable NOFA.
§ 1806.104 Waiver authority.
Subpart B—Awards Back to Top
§ 1806.200 Community eligibility and designation.
(1) Selecting Geographic Units which individually meet the minimum area eligibility requirements set forth in paragraph (b) of this section; or (2) Selecting two or more Geographic Units which, in the aggregate, meet the minimum area eligibility requirements set forth in paragraph (b) of this section, provided that no Geographic Unit selected by the Applicant within the area has a poverty rate of less than 20 percent.
§ 1806.201 Measuring and reporting Qualified Activities.
§ 1806.202 Estimated award amounts.
§ 1806.203 Selection Process, actual award amounts.
(a) Sufficient Funds Available to Cover Estimated Awards. All Bank Enterprise Awards are subject to the availability of funds. If the amount of funds available during a funding round is sufficient to cover all estimated award amounts for which Applicants are eligible, in the Fund's determination, and an Applicant meets all of the program requirements specified in this part, then such Applicant shall receive an actual award amount that is calculated by the Fund in the manner specified in § 1806.202.
§ 1806.204 Applications for Bank Enterprise Awards.
(3) With respect to all CDFI Related Activities and Distressed Community Financing Activities where the amount of the Qualified Activity is $250,000 or greater, documentation that meets the conditions described in § 1806.201(f);
Subpart C—Terms and Conditions of Assistance Back to Top
§ 1806.300 Award Agreement; sanctions.
(1) Carry out its Qualified Activities in accordance with applicable law, the approved application, and all other applicable requirements; (2) Comply with such other terms and conditions (including record keeping and reporting requirements) that the Fund may establish; and
§ 1806.302 Compliance with government requirements.
§ 1806.303 Fraud, waste and abuse.
§ 1806.304 Books of account, records and government access.
§ 1806.305 Retention of records.