Category Archives:CDFI Partnerships

CDFI Receives 263 Applications from CDEs

The Community Development Financial Institutions (CDFI) Fund today announced that it received 263 applications from community development entities (CDEs) requesting a combined $19.9 billion in allocation authority under the 2014 round of the New Markets Tax Credit (NMTC) program. The 2014 notice of allocation authority makes up to $5 billion in tax credit allocation authority available for the current round, pending Congressional authorization. The 2014 round applicants are headquartered in 44 states, the District of Columbia, Guam and Puerto Rico.

Through the first 11 rounds of the NMTC program, the CDFI Fund has made 836 awards totaling $40 billion in tax credit allocation authority. This includes $3 billion in Recovery Act awards and $1 billion for Gulf Opportunity Zones.

Treasury Guarantees Additional $200 Million in Bond Funding

The Treasury Department announced that it has guaranteed an additional $200 million through the Community Development Financial Institutions (CDFI) Bond Guarantee program.  Building upon its August announcement that $325 million in bonds had been guaranteed to support economic development opportunities across the country, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) added an additional four bonds totaling $200 million, bringing the total guaranteed to date to $525 million. Under the program, CDFIs will issue federally backed bonds and use the proceeds to provide long-term, fixed-rate capital for projects in low-income communities.

The FY 2014 program participants include institutions with a strong presence in the community development finance industry that share an equal commitment to financing a wide range of job-creating and community-building projects. Four Eligible CDFIs received bond loans from the Community Reinvestment Fund, as Qualified Issuer. They are: Capital Impact Partners; IFF; Low Income Investment Fund; and the Reinvestment Fund.

Model Approaches to Community Bank/CDFI Partnerships Webinar

The FDIC’s Division of Depositor and Consumer Protection (DCP) Community Affairs Branch will host a webinar on Model Approaches to Community Bank/CDFI Partnerships on July 31, 2014, from 2:00 p.m. to 3:30 p.m. (EDT). FDIC staff will provide an overview of a resource guide, Strategies for Community Banks to Develop Partnerships with CDFIs, designed to help community banks identify and evaluate opportunities to collaborate with CDFIs. The webinar also will include presentations on model bank/CDFI partnerships and an overview of U.S. Department of the Treasury programs that can potentially support bank/CDFI partnerships.

Statement of Applicability to Institutions Under $1 Billion in Total Assets

DETAILS:

The webinar will inform community banks of strategies to meet community credit needs in low- and moderate-income communities and receive Community Reinvestment Act (CRA) consideration through collaborations with CDFIs.

The webinar will be held on Thursday, July 31, 2014, from 2:00 p.m. to 3:30 p.m. EDT.

CDFIs are specialized financial institutions that provide financial products and services to underserved markets. The webinar is a follow-up to the release of the FDIC’s resource guide Strategies for Community Banks to Develop Partnerships with CDFIs. The webinar will include an overview of the resource guide. Bank officials representing Community Savings Bank, Chicago, IL; The Bank of Tampa, Tampa, FL; and Eastern Bank, Boston, MA—banks that were featured in the resource guide—will discuss their approaches to working with CDFIs. A representative from the U.S. Department of Treasury’s CDFI Fund also will review their programs that can potentially support partnership activities.

The session is free but registration is required. Institutions must register by July 28. Click here to register.

Contact: Jo Ann Wilkerson, SSenior Community Affairs Specialist, Division of Depositor and Consumer Protection, at jwilkerson@fdic.gov or (703) 254-0482 or FDIC Outreach. and Program Development Section at communityaffairs@fdic.gov