The Community Development Financial Institutions (CDFI) Fund today announced that it is requesting all award applicants–excluding applicants for the New Markets Tax Credit (NMTC) incentive and the CDFI Bond Guarantee program–to complete a worksheet documenting compliance with the Civil Rights Act of 1964. The CDFI Fund requests that applicants complete a Title VI Compliance Worksheet once annually with their applications as well as for their prospective sub-recipients. The CDFI Fund will use the worksheet to determine whether award applicants are compliant with federal civil rights requirements, which is mandatory to receive federal financial assistance awards from the CDFI Fund.
The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund posted updates Wednesday to its calendar year (CY) 2021 New Markets Tax Credit (NMTC) Program application FAQs. The updates answer questions raised during Nov. 10 webinar, including how to categorize Paycheck Protection Program (PPP) loans, clarifying the “last ten years” portion in a question about the duration of qualified low-income community investments (QLICIs) and the type of information to include when quantifying environmentally sustainable outcomes.
The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced Tuesday that its Awards Management Information System (AMIS) will transition to Salesforce Lightning Jan. 14, 2022. The move will introduce an update user interface. The CDFI Fund offers a user guide and a series of how-to videos to familiarize users with the new interface, available on its AMIS Training Materials page. The CDFI Fund initially planned to make the switch in mid-December.
The Office of the Comptroller of the Currency (OCC) today issued a final rule to rescind the Community Reinvestment Act (CRA) rule it issued in June 2020. Today’s action replaces the 2020 rule with a rule based on rules adopted by the OCC, Federal Reserve and Federal Deposit Insurance Corporation (FDIC) in 1995, as amended. The final rule applies to national banks, federal savings associations and state savings associations. The updated rule takes effect Jan. 1, 2022.
The Community Development Financial Institutions (CDFI) Fund today announced that 146 organizations submitted applications requesting more than $991.8 million in funding in the fiscal year 2021 (FY 2021) round of the Capital Magnet Fund (CMF) program. The application period closed Nov. 9 and up to $380.2 million in funding is available, with awards announced this spring. Through the CMF, the CDFI Fund awards CDFIs and qualified nonprofit housing organizations funds to finance affordable housing activities and related economic development activities and community service facilities. The CDFI Fund said half the applicants are certified CDFIs and half are nonprofit housing organizations.
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