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Real Estate News Releases
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(EMAILWIRE.COM, January 25, 2009 ) WASHINGTON - The U.S. Department of the TreasuryÂ’s Community Development Financial Institutions (CDFI) Fund today released its Notice of Funds Availability (NOFA) for the fiscal year 2009 Bank Enterprise Award (BEA) Program. This annual funding notice provides awards to FDIC-insured banks and thrifts across the nation for their increased community and economic development lending activities. By providing monetary awards for community investment, the CDFI Fund, through the BEA Program, leverages federal dollars and puts more capital to work in distressed communities throughout the nation.
“The financing activities awarded under this program are taking place in communities with at least 30 percent of residents having incomes less than the national poverty level and with unemployment levels 1.5 times the national rate,” said CDFI Fund Director Gambrell. “In these turbulent economic times, the BEA Program is providing a critical incentive for regulated banks and thrifts to invest in our nation’s most distressed communities and helping those Americans in greatest need.”
To make this funding opportunity available to the public as soon as possible, the CDFI Fund is posting the NOFA electronically on the Grants.Gov website (www.grants.gov) in advance of the Federal Register publication next week. Potential applicants are strongly encouraged to read this funding notice thoroughly. Additional guidance can be found on the BEA Program webpage on the CDFI Fund's website (www.cdfifund.gov). This yearÂ’s BEA application deadline is March 13, 2009.
Since inception, the CDFI Fund has awarded approximately $289 million through the BEA Program. The BEA Program provides formula-based grants to applicants for increasing Qualified Activities from a Baseline Period to a later Assessment Period. Awards are based on activities within three categories:
1. CDFI Related Activities: Equity Investments (such as grants, stock purchases, purchases of partnership interests or limited liability company membership interests), Equity-Like Loans, and CDFI Support Activities (such as loans, Deposits or technical assistance) to certified CDFIs.
2. Distressed Community Financing Activities: loans or investments for Affordable Home Mortgages, Affordable Housing Development, Education, Home Improvement, Small Businesses, and Commercial Real Estate Development in Distressed Communities.
3. Service Activities: Deposit Liabilities, Financial Services (such as check-cashing, money orders, or certified checks), Electronic Transfer Accounts, Individual Development Accounts, or Community Services provided to Low- to Moderate-Income individuals or the institutions serving them.
The fiscal year 2009 BEA Program includes several enhancements over prior-year rounds, including a requirements that awardees receiving over $50,000 must use their award dollars to fund additional BEA-qualified activities in the future. The interim regulations regarding these changes can be found on the BEA Program webpage on the CDFI Fund's website (www.cdfifund.gov).
Questions
Additional questions about the CDFI Fund and its programs may be sent via e-mail to cdfihelp@cdfi.treas.gov or by calling (202) 622-6355.
Background on BEA Program
The BEA Program was created in 1994 to support FDIC-insured financial institutions around the country that are dedicated to financing and supporting community and economic development activities. The BEA Program complements the community development activities of insured depository institutions (i.e., banks and thrifts) by providing financial incentives to expand investments in CDFIs and to increase lending, investment, and service activities within economically distressed communities.
Recent Impact Data
Comparing the Assessment Period, of January 1, 2007 - December 31, 2007, to the Baseline Period (calendar year 2006), BEA Program applicants achieved the following:
· CDFI Related Activities: Applicants increased equity investments or grants to CDFIs by $7.5 million and increased loans, deposits, and technical assistance to CDFIs by over $46.5 million; and,
· Distressed Community Financing Activities: Applicants increased loans and investments in Distressed Communities by nearly $178.1 million.
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U.S. Department of the Treasury
U.S. Department of the Treasury
(800) 439-1420
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