The Community Development Financial Institutions (CDFI) Fund today announced a preview of the revised certification application, annual certification and data collection report, and data collection mechanisms for CDFIs. The preview comes ahead of the Office of Management and Budget (OMB) seeking public input for 30 days on the revisions. The OMB request is the final opportunity for input before the changes are implemented in April 2023. Substantial updates have been made to the application and the reporting requirements since the first round of revisions were proposed in 2020, many changes due to comments submitted to the CDFI Fund. The CDFI Fund is in a blackout period for the submission of all new CDFI certification applications as it completes the build out of the application in the Awards Management Information System (AMIS).
The Community Development Financial Institutions (CDFI) Fund today announced that the U.S. Department of Treasury will issue three guarantees on behalf of five CDFIs totaling $355 million under the fiscal year 2022 CDFI Bond Guarantee Program. Three issuers–Community Reinvestment Fund, InBank and Opportunity Finance Network–will issue the bonds. The CDFI Bond Guarantee Program provides CDFIs with substantial long-term, fixed-rate capital for use in distressed communities. There is a minimum of $100 million per bond issuance.
Novogradac has resources available for private companies and nonprofits affected by Accounting Standards Codification (ASC) 842, which changed lease accounting standards. The change–which took effect Jan. 1 for fiscal years beginning after Dec. 15, 2021–affects the way certain contracts are accounted for under generally accepted accounting principles, particularly entities that are lessees. Rather than disclosing operating leases in notes to financial statements, but not on balance sheets, the new guidance requires lessees to record a right-of-use asset for the leased asset and a corresponding lease liability equal to the financial obligation over the lease term, as well as new disclosure requirements.
The Community Development Financial Institutions (CDFI) Fund today announced the largest technical assistance awards amount in the history of the CDFI program and the Native American CDFI Assistance (NACA) program, with $27.57 million going to 218 organizations. The awards are to help the organizations build their capacity to provide services to low-income and underserved people. The CDFI Fund said that 202 organizations received $25.22 million in CDFI program awards and 16 organizations received $2.35 million in NACA program awards.
The Community Development Financial Institutions (CDFI) Fund today published a CDFI Certification Cure Period Frequently Asked Questions (FAQ) document to inform CDFIs that are in a cure period how to resolve certification-related deficiencies.
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