CDFI Fund opens application period for bond guarantee program
WASHINGTON (5/13/14)--The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year 2014 application period for the CDFI Bond Guarantee Program.
The Notice of Guarantee Authority makes up to $750 million in bond guarantee authority available to eligible Community Development Financial Institutions (CDFIs) in fiscal year 2014.
Through the CDFI Bond Guarantee Program, certified CDFIs can issue federally guaranteed bonds and use bond proceeds to extend capital within the CDFI industry for community development financing and long-term community investments.
The Secretary of the Treasury may guarantee bond issues having a minimum size of $100 million each, up to an aggregate total of $750 million. Multiple CDFIs may pool together in a single $100 million bond issuance provided that each eligible CDFI participates at a minimum of $10 million.
Authorized uses of the loans financed through bond proceeds include supporting commercial facilities that promote revitalization, community stability and job creation or retention; housing that is principally affordable to low-income people; businesses that provide jobs for low-income people or are owned by low-income people; and community or economic development in low-income and underserved rural areas.
Qualified Issuer Applications must be submitted through myCDFIFund by 11:59 p.m. (ET) June 23. Guarantee Applications must be submitted through myCDFIFund by 11:59 p.m. (ET) June 30.
Use the resource link for more information.