Program Regulations: The regulations governing the CDFI Program are found at 12 CFR parts 1805 and 1815 (the Regulations), and are used by the CDFI Fund to govern, in general, the NACA Program, setting forth evaluation criteria and other program requirements. Program Manager, Office of Certification, Compliance Monitoring and Evaluation Community Development Financial Institutions (CDFI) Fund U.S. Department of the Treasury 1500 Pennsylvania Ave. NW Washington DC 20220 Submitted via email to ccme@cdfi.treas.gov Re: Proposed CDFI Program--Certification Application The undersigned consumer, civil rights, and housing organizations welcome the CDFI … Here are the minimum criteria an organization must meet to apply for certification: Is a private financial institution Both Financial and Technical Assistance awards empower CDFIs to grow, achieve organizational sustainability, and contribute to the revitalization of the communities they serve. Borrowers Borrowers of CDFI banks include individuals, businesses of all sizes, nonprofit community organizations, and real estate developers. The CDFI Fund and the legal concept of CDFIs were established by the Riegle Community Development and Regulatory Improvement Act of 1994. The CDFI Fund mission is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. An Investment Area (or the units that comprise an area) must meet at least one of the following objective criteria of economic distress (as reported in the most recently completed decennial census published by the U.S. Bureau of the Census): (1) The percentage of the population living in poverty is at least 20 percent; (2) In the case of an Investment Area located: (i) Within a Metropolitan Area, the median family income shall be at or below 80 percent of the Metropolitan Area median family income or the national Metropolitan Area median family income, whichever is greater; or. The CDFI Fund's vision is an America in which all people have access to affordable credit, capital, and financial services. An entity may demonstrate that it meets this requirement by demonstrating that it provides Financial Products and/or Financial Services in an Investment Areas and/or Targeted Populations as described in this section. and products in distressed communities, and technical assistance for . CDFI-to-CDFI ; 2. Beginning with the fiscal year 2020 application round, CDFI program and NACA program financial assistance applicants must be certified CDFIs by the date the notice of funds availability (NOFA) is published in the Federal Register. Subject to the remainder of this paragraph (B), an Investment Area shall consist of a geographic unit that is a county (or equivalent area), minor civil division that is a unit of local government, incorporated place, census tract, or Indian Reservation. (c) Records and Review. On December 9, CDFI Fund Director Jodie Harris announced that CDFIs that made PPP loans outside their approved target market(s) during calendar year 2020 will not be required to make target market modifications for purposes of their CDFI recertification. All such materials may be found on the CDFI Fund’s website at https://www.cdfifund.gov. Program Regulations: The regulations governing the CDFI Program are found at 12 CFR parts 1805 and 1815 (the Regulations), and are used by the CDFI Fund to govern, in general, the NACA Program, setting forth evaluation criteria and other program requirements. CDFI loan funds lend independently, with other nonprofit partners, and in partnership with traditional and CDFI banks, which provides traditional banks the opportunity to participate in loans that may not meet their underwriting requirements. (B) Serving Targeted Populations. (C) Organization that is deemed by the CDFI Fund to have such a predominant business activity as a result of analysis of its financial statements, organizing documents, and any other information required to be submitted as part of its certification application. Electronic Code of Federal Regulations (e-CFR), CHAPTER XVIII - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, DEPARTMENT OF THE TREASURY, PART 1805 - COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS PROGRAM. Credit unions will learn how to complete and submit a Participation Form during one of the program intake periods. CDFI Fund Issues Revised CDFI Program Regulations CDFI Fund Opens FY 2015 Funding Round for CDFI Program and NACA Program CDFI Fund Releases Two Independent Reports on the CDFI Program CDFI Fund Seeks Public Comment on the CDFI Program and NACA Program Application FY 2015 CDFI Program and NACA Program Application Frequently Asked Questions Important Update for FY 2015 CDFI Program … There are two components to the COIN CDFI Tax Credit Program: COIN CDFI Certification Program COIN CDFI Tax Credit Program (ii) Outside of a Metropolitan Area, the median family income shall be at or below 80 percent of the statewide non-Metropolitan Area median family income or the national non-Metropolitan Area median family income, whichever is greater; (3) The unemployment rate is at least 1.5 times the national average; (4) In counties located outside of a Metropolitan Area, the county population loss during the period between the most recent decennial census and the previous decennial census is at least 10 percent; or. 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