Delta Community Capital Initiative
Specifically, it will provide direct investment and technical assistance to community development lending and investing institutions
DCCI will focus on helping local financial institutions improve their capacity to raise capital, and to lend and invest in local communities.
Strengthening local community development lenders and investors will also widen the channels through which larger private institutions and federal agencies can reach small business owners and entrepreneurs who need their support.
The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.
Relevant Nonprofit Program Categories
Program Accomplishments
Not Applicable.
Uses and Use Restrictions
Innovative economic development uses, including but not limited to loan or investment capital, loan loss reserves, program staff costs, information systems, market studies, portfolio analyses, business planning, and other activities supporting the program goals.
Award must be used to support the eligible activities.
Eligibility Requirements
Applicant Eligibility
Applicants that are eligible to participate in this initiative are community development lenders and investors, which may be local rural non-profit organizations or federally recognized tribes.
Applicants do not need to be certified as Community Development Financial Institutions by the CDFI Fund at the time of application.
If applicants propose to become certified as a CDFI, they should lay out milestones and time frames toward the CDFI certification process in their application.
Applicants may serve other markets than Delta residents and communities, using other sources of financing.
Beneficiary Eligibility
Eligible target markets for use of DCCI funds include businesses owned by or serving low income residents of the Lower Mississippi Delta Region. The Delta region includes the 252 counties and parishes in eight states that make up the Lower Mississippi Delta Region, as defined by the Delta Regional Authority. The Delta Regional Authority (DRA) is a federal-state partnership working to stimulate economic development and governed by the Delta Regional Authority Board, comprised of the Federal Co-Chairman, appointed by the President and confirmed by the U.S. Senate, and the governors of the eight states. The eight states that are included in the region are: Alabama, Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee.
Credentials/Documentation
No Credentials or documentation are required. 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. This program is excluded from coverage under OMB Circular No. A-110. Information on application procedures is not yet available. Information will be available in Notice of Funds Availability to be released in fiscal year 2014. Application procedures will be similar to those listed in the Border Community Capital Initiative, with is available on the grants.gov website.
Award Procedures
Information on award procedures is not yet available. Information will be available in Notice of Funds Availability to be released in fiscal year 2014. Award procedures will be similar to those listed in the Border Community Capital Initiative, with is available on the grants.gov website.
Deadlines
Contact the headquarters or regional office, as appropriate, for application deadlines.
Authorization
Departments of Veterans Affairs and Housing and Urban Development, and Independent
Agencies Appropriations Act, 1999, Public Law 105-276.
Range of Approval/Disapproval Time
From 30 to 60 days. Information on application review procedures is not yet available. Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Appeals
Not Applicable.
Renewals
Not Applicable.
Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.
This program has no matching requirements. The Delta Community Capital Initiative will not have matching requirements.
MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Awards will be available for a period of 36 months from the date of execution of the grant agreement. Method of awarding/releasing assistance: by letter of credit.
Post Assistance Requirements
Reports
Information on reporting requirements and procedures are not yet available.
Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Reporting requirements will be similar to those listed in the Border Community Capital Initiative NOFA, which is available on the grants.gov website.
Information on reporting requirements and procedures are not yet available.
Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Reporting requirements will be similar to those listed in the Border Community Capital Initiative NOFA, which is available on the grants.gov website.
Information on reporting requirements and procedures are not yet available.
Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Reporting requirements will be similar to those listed in the Border Community Capital Initiative NOFA, which is available on the grants.gov website.
Information on reporting requirements and procedures are not yet available.
Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Reporting requirements will be similar to those listed in the Border Community Capital Initiative NOFA, which is available on the grants.gov website.
Information on reporting requirements and procedures are not yet available.
Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Reporting requirements will be similar to those listed in the Border Community Capital Initiative NOFA, which is available on the grants.gov website.
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
Information on record keeping requirements and procedures are not yet available. Information will be available in Notice of Funds Availability to be released in fiscal year 2014. Record keeping requirements will be similar to those listed in the Border Community Capital Initiative NOFA, which is available on the grants.gov website.
Financial Information
Account Identification
86-0304-0-1-604.
Obigations
(Project Grants) FY 12 Not Seperately Identifiable(Exp: No grants distributed); FY 13 Not Seperately Identifiable(Exp: No grants distributed); and FY 14 est $1,000,000
Range and Average of Financial Assistance
Up to $1,000,000.
Regulations, Guidelines, and Literature
Information on specific regulations and guidelines are not yet available. Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
Information Contacts
Regional or Local Office
None.
Headquarters Office
Thann Young Office of Rural Housing and Economic Development
U.S. Department of Housing and Urban Development
451 7th Street SW, Room 7137
, Washington DC, District of Columbia 20410 Email: thann.young@hud.gov Phone: 1-877-787-2526
Criteria for Selecting Proposals
Information on application review and selection criteria are not yet available. Information will be available in Notice of Funds Availability to be released in fiscal year 2014.
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