[CircleUp] CDFI Coalition E-news: House Financial Services Committee Passes $247 Million Appropriation for CDFI Fund, President Obama Addre

Thu Dec 10 10:40:52 EST 2009

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·         In This Issue:

·         House Financial Services Committee Passes $247 Million Appropriation for CDFI Fund 

·         President Obama Addresses Small Business Lending in Speech at the Brookings Institution

·         CDFI Fund Requests Public Comment on Quarterly Institution Level Report for Recovery Act Awardees Only

·         Join Our Mailing List <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=88J90LzWEYS9imcrIJtcpv0fhPXNoFr0> 

E-Newsletter                                                                               December 9, 2009

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House Financial Services Committee Passes $246,750,000 Million Appropriation for CDFI Fund

House and Senate Financial Services Appropriations Subcommittees filed their conference report for FY2010 on December 8, 2009.  The final result is a little over $3 million above the House request of $243,600,000.  It includes $12 million the Native Initiatives for financial assistance, technical assistance, training, and outreach.

It also includes $18 million for administrative expenses for the CDFI Fund, including administration of the New Markets Tax Credit. The appropriation includes a total of $4,150,000 for the pilot project Financial Education Counseling Program which the Fund launched in 2009, of which $3,150,000 shall be for an additional pilot project grant to an eligible organization located in Hawaii.  Additionally, the appropriation includes $80 million to launch the Capital Magnet Fund. The report pages can be found here <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=euVlOGFmWw%2B%2Fxo%2BJpuT9jf0fhPXNoFr0> .  In addition, the Conference Report directed that not less than $25 million of the appropriated amount be used for awards under the Bank Enterprise Award Program. The language of the report can be found here <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=5A1HSPM7N72adLdVqBk2KP0fhPXNoFr0> .   This leaves $107,600,000 for the Fund's CDFI Financial and Technical Assistance Programs.

The report was consolidated with several others in the Transportation and HUD Subcommittee conference report.  Together with a number of other appropriations bills, this appropriation is expected to be acted upon before Congress breaks for the holidays.

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President Obama Addresses Small Business Lending in Speech at the Brookings Institution 

 <http://www.whitehouse.gov/sites/default/files/imagecache/admin_official_lowres/administration-official/ao_image/President_Official_Portrait_HiRes.jpg> On December 8, 2009 in a speech presented at the Brookings Institution, President Obama laid out some of the 'next steps' the Administration plans to take as part of its ongoing effort to support businesses, encourage investment and promote jobs growth.

The President called for the continuation of initiatives designed to spur investment in small businesses including the elimination of fees and an increase in guarantees for Small Business Administration (SBA) loans. The President also called on Treasury to continue its efforts to use the TARP to support small business lending.

The President also referenced a tax cut to support investments in small businesses and called for a 1-year elimination of the tax on capital gains from new investments in small business stock.

A copy of  President Obama's speech as well as a copy of the official White House press release are linked here <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=coYotFWLpjhhHWBo4FWso%2F0fhPXNoFr0>  and here <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=N7pMqIve%2F9bj7z7%2BfE7vsf0fhPXNoFr0> .

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CDFI Fund Requests Public Comment on Quarterly Insitution Level Report for Recovery Act Awardees Only

The CDFI Coalition is posting the entirety of the CDFI Fund request: <http://www.cfed.org/imageManager/IDAnetwork/native_idas/CDFI_Fund_small.gif> 

December 8, 2009 Washington, DC: The U.S. Department of Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)).  Currently, the Community Development Financial Institutions Fund (the CDFI Fund), an office within the Department of the Treasury, is soliciting comments concerning the CDFI Fund's Quarterly Institution Level Report (QILR) for Awardees under the American Recovery and Reinvestment Act of 2009 (Recovery Act). 

This report should be referenced for the purpose of providing comments on the use of the report to collect information only; it should not be completed and submitted to fulfill Recovery Act reporting requirements.  Written comments should be received on or before January 8, 2010 to be assured of consideration. 

The Community Development Financial Institutions (CDFI) Program was established by the Community Development and Regulatory Improvement Act of 1994 to use federal resources to invest in and build the capacity of CDFIs to serve low income communities and people lacking adequate access to affordable financial products and services.  Through the CDFI and Native CDFI Assistance (NACA) Programs, the CDFI Fund provides: (i) Financial Assistance awards to CDFIs and Native CDFIs that have demonstrable community development impact through the deployment of credit, capital, and financial services within their respective Target Markets or by expansion into new Investment Areas, Low-Income Targeted Populations, or Other Targeted Populations; and (ii) Technical Assistance grants to CDFIs and entities proposing to become CDFIs in order to build their capacity to better address the community development and capital access needs of their existing or proposed Target Markets and/or to become certified CDFIs. 

The regulations governing the CDFI Program are found at 12 CFR part 1805 and provide guidance on evaluation criteria and other requirements of the CDFI Program.  Through the Recovery Act, the CDFI Fund was given authority to make $98 million in CDFI and NACA Program awards.  Fifty-nine CDFIs received FA awards through the CDFI Program and ten Native CDFIs received Financial Assistance and Technical Assistance awards through the NACA Program. 

Recovery Act Awardees must comply with both Recovery Act and CDFI Fund reporting requirements.  The CDFI Fund requires Recovery Act Awardees to complete a QILR to be submitted to the CDFI Fund no later than ten days after the end of each calendar quarter in order to track each Awardee's use of Recovery Act funds.  The information collected from the questions included in the QILR allows the CDFI Fund to evaluate the effectiveness and impact of the CDFI and NACA Programs.  In addition, by comparing the data received through the QILR and the Recovery Act federal reporting portal (FederalReporting.gov), the CDFI Fund will be better able to monitor compliance with Recovery Act requirements and to assure the quality of information provided to FederalReporting.gov.  Failure to obtain the information collected in the QILR could result in improper monitoring of the uses of federal funds.  

View Related Federal Register Notice  <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=N7pMqIve%2F9Y0FlNvmyXknP0fhPXNoFr0>  

Materials for Public Comment:

Quarterly Institution Level Report <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=2QUBaG6Xgy8sm68MgChX2%2FsVfReYVKHt> 

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CDFI Coalition
www.cdfi.org <http://org2.democracyinaction.org/dia/track.jsp?v=2&c=RdtmoBD96WGnGcMn0Y3HKP0fhPXNoFr0> 
email: info at cdfi.org
phone: 202-393-5225

The CDFI Coalition is the unified national voice of community development financial institutions. Our mission is to encourage fair access to financial resources for America's underserved people and communities.

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