The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.
Not Applicable.
Uses and Use Restrictions
Through the CDFI Bond Guarantee Program, the U. S. Department of the Treasury will provide a 100 percent guarantee on the principal and interest of Bonds issued by Qualified Issuers.
No guarantee amount may be less than $100,000,000, provided the total of all such guarantees in any one fiscal year may not exceed $1,000,000,000 (subject to appropriations).
By legislative design, the CDFI Bond Guarantee Program is a zero subsidy credit program.
In accordance with Federal credit policy, the Federal Financing Bank will purchase Bonds issued by Qualified Issuers.
The maximum maturity of the bonds is 29.5 years and the bonds are taxable.
Qualified Issuers as ?pass-through? entities (not as obligors) will lend the Bond proceeds to Eligible CDFIs.
The loans to Eligible CDFIs must be used for Eligible Community or Economic Development Purposes.
Bond and Bond Loan rates and terms will vary.
Eligibility Requirements
Applicant Eligibility
The Act defines Eligible CDFIs and authorizes the CDFI Fund to determine which entities may serve as Qualified Issuers.
Beneficiary Eligibility
Eligible CDFIs must use the Bond Proceeds for Eligible Community and Economic Development Purposes. This may include, but is not limited to, lending activities in low-income communities and underserved rural areas such as: owner-occupied home mortgages, charter schools, and municipal and community entity lending, among others.
Credentials/Documentation
Eligible CDFIs must be certified by the CDFI Fund. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
Preapplication Coordination
Preapplication coordination is not applicable.
An environmental impact assessment is required for this program.
This program is excluded from coverage under E.O.
12372.
Application Procedures
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application procedures will be set forth in the CDFI Bond Guarantee Program regulations, the applicable Notice of Guarantee Availability (NOGA), and application materials.
Award Procedures
The CDFI Fund reviews applications and authorizes the provision of Guarantees based on an established merit-based review process set forth in the CDFI Bond Guarantee Program regulations, NOGA, and application materials.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Authorization
The Small Business Jobs Act of 2010, Section 1134, Public Law 111-240.
Range of Approval/Disapproval Time
> 180 Days.
Appeals
Not Applicable.
Renewals
Not Applicable.
Assistance Considerations
Formula and Matching Requirements
Statutory formulas are not applicable to this program. Matching requirements are not applicable to this program. This program does not have MOE requirements.
Length and Time Phasing of Assistance
The CDFI Bond Guarantee Program is subject to annual congressional authorization and appropriation. Guaranteed Bonds may have terms up to 29.5 years. See the following for information on how assistance is awarded/released: See the following for information on how assistance is awarded/released: Procedures for Bond Loan disbursements are set forth in the CDFI Bond Guarantee Program regulations and the NOGA.
Post Assistance Requirements
Reports
Reporting is required of Qualified Issuers and Eligible CDFIs regarding the use of Bond and Bond Loan proceeds.
No cash reports are required.
Progress reports are required.
Expenditure reports may be required.
Performance monitoring is required.
Audits
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503. The CDFI Fund may, if it deems appropriate, audit Qualified Issuers, Eligible CDFIs, Program Administrators, Servicers, and/or the Master Servicer/Trustee, or provide for or require an audit, at least annually.
Records
Record keeping will be required.
Financial Information
Account Identification
20-1881-0-1-451.
Obigations
(Guaranteed/Insured Loans) FY 16 $500,000,000; FY 17 est $500,000,000; and FY 18 Estimate Not Available
Range and Average of Financial Assistance
No Data Available.
Regulations, Guidelines, and Literature
Program regulations (12 C.F.R. 1808), NOGA, and application materials.
Information Contacts
Regional or Local Office
None.
Headquarters Office
Bond Gurantee Program 1500 Pennsylvania Avenue, N.W., Washington, District of Columbia 20036 Email: bgp@cdfi.treas.gov Phone: (202) 653-0300
Criteria for Selecting Proposals
The application review and evaluation process is merit-based and based on established standard operating procedures, which may include interviews and/or site visits.
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