Capital Magnet Fund
The Department of Treasury is a steward of United States economic and financial systems, and promotes conditions for prosperity and stability in the U.S., and encourages prosperity and stability in the rest of the world.
Program Accomplishments
Fiscal Year 2009: No Data Available. Fiscal Year 2010: The CDFI Fund will use existing CDFI Program metrics, with some customization, to measure performance of the Capital Magnet Fund. Awardees are required to report annually for five years using the CDFI Fund"s electronic reporting system. Proposed metrics include:
*Number of affordable housing units developed or produced
**Number/percentage of low-income renters/owners
**Number/percentage of very low-income renters/owners
*Number of jobs produced
*Leverage ratio
*Deployment rate. Fiscal Year 2011: The CDFI Fund has proposed not to fund the CMF in FY 2011 but will monitor and evaluate the community development impact and performance of FY 2010 awards.
Uses and Use Restrictions
The CDFI Fund awards Capital Magnet Fund grants to certified Community Development Financial Institutions (CDFIs) and certain nonprofit organizations to finance: (1) the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families; and (2) economic development activities or community service facilities, such as day care centers, workforce development centers, and health care clinics, which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area.
Each awardee enters into an assistance agreement that specifies the terms and conditions related to expenditures (including eligible uses) of the grant funds, requires compliance with performance goals, and requires reporting on performance outcomes.
Eligibility Requirements
Applicant Eligibility
Applicants must be (1) a Treasury certified CDFI; or (2) a nonprofit organization having as one of its principal purposes the development or management of affordable housing.
Beneficiary Eligibility
Low income, very low-income, and extremely low-income people as directed in 12 C.F.R. 1807.
Credentials/Documentation
An applicant must provide information necessary to establish that it is an eligible organization in order to apply for assistance. This information is included as part of the application materials. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Preapplication Coordination
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
12372.
Application Procedures
This program is excluded from coverage under OMB Circular No. A-102. OMB Circular No. A-110 applies to this program. Each applicant must complete an application package. The CDFI Fund provides the application package format.
Award Procedures
The CDFI Fund reviews applications and makes awards based on an established awards review process, set forth in the Notice of Funds Availability (NOFA) and application materials.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Authorization
The Housing and Economic Recovery Act of 2008, Section 1339.
Range of Approval/Disapproval Time
The NOFA, published in the Federal Register, announces the deadline for submission of applications. Award approval/disapproval determinations are generally made within 180 days after the application deadline. The application deadline is 30 days subsequent to the NOFA publication date.
Appeals
None.
Renewals
None.
Assistance Considerations
Formula and Matching Requirements
Statutory formulas are not applicable to this program.
This program has no matching requirements. Certain leverage requirements apply.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Awardees must commit all funds within two years; begin initial expenditure of funds within three years; and place the projects into service within five years of the award. Method of awarding/releasing assistance: lump sum.
Post Assistance Requirements
Reports
Program Reports provide the explanation of noncompliance with a statement addressing the failure to achieve program goals.
No cash reports are required.
Progress Reports cover the following areas:
Institutional Performance Reporting; Transactional Performance Reporting; and the utilization of the award funds for Financial and/or Technical assistance.
Expenditure Reports are included in the SF-425 - Expenditure of Financial Assistance Report.
Performance Monitoring is accomplished with the financial review of Audited Financial Statements; and the OMB Circular A-133 Single Audit findings.
Audits
In accordance with the provisions of OMB Circular No. A-133 (Revised, June 27, 2003), "Audits of States, Local Governments, and Non-Profit Organizations," nonfederal entities that expend financial assistance of $500,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $500,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133.
Records
Award recipients must maintain records to substantiate total costs incurred and to assure that all performance measures are met. Records must be retained in accordance with the provisions of applicable OMB guidance and the terms of the assistance agreement.
Financial Information
Account Identification
20-1881-0-1-451.
Obigations
(Project Grants) FY 09 $0; FY 10 est $80,000,000; FY 11 est $0 - The CDFI Fund has proposed not to fund the CMF in FY 2011 but will monitor and evaluate the community development impact and performance of FY 2010 awards.
Range and Average of Financial Assistance
The maximum allowable award is 15% of the annual available funding.
Regulations, Guidelines, and Literature
Proposed Rule (12 CFR 1807); NOFA; CMF Application. Website: www.cdfifund.gov.
Information Contacts
Regional or Local Office
None.
Headquarters Office
Matthew Josephs, 601 13th Street NW - Suite 200 South, Washington, District of Columbia 20005 Email: JosephsM@cdfi.treas.gov Phone: (202) 622-9254 Fax: (202) 622-2445.
Criteria for Selecting Proposals
Applicants are evaluated based upon criteria set forth in the proposed rule, the NOFA and application materials.
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