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Notice2022-04007

Community Development Financial Institutions Fund

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Published

February 28, 2022

Issuing agencies

Treasury Department

Abstract

This NOGA is published in connection with the CDFI Bond Guarantee Program, administered by the Community Development Financial Institutions Fund (CDFI Fund), the U.S. Department of the Treasury (Treasury). Through this NOGA, the CDFI Fund announces the availability of up to $500 million of Guarantee Authority in FY 2022. This NOGA explains application submission and evaluation requirements and processes, and provides agency contacts and information on CDFI Bond Guarantee Program outreach. Parties interested in being approved for a Guarantee under the CDFI Bond Guarantee Program must submit Qualified Issuer Applications and Guarantee Applications for consideration in accordance with this NOGA. Capitalized terms used in this NOGA and not defined elsewhere are defined in the CDFI Bond Guarantee Program regulations (12 CFR 1808.102) and the CDFI Program regulations (12 CFR 1805.104).

Full Text

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<title>Federal Register, Volume 87 Issue 39 (Monday, February 28, 2022)</title>
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[Federal Register Volume 87, Number 39 (Monday, February 28, 2022)]
[Notices]
[Pages 11117-11132]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-04007]

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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund

Bond Guarantee Program, Fiscal Year 2022; Guarantee Availability

Funding Opportunites: Bond Guarantee Program, FY 2022; Notice of
Guarantee Availability.
Funding Opportunity Title: Notice of Guarantee Availability (NOGA)
inviting Qualified Issuer Applications and Guarantee Applications for
the Community Development Financial Institutions (CDFI) Bond Guarantee
Program.
Announcement Type: Announcement of opportunity to submit Qualified
Issuer Applications and Guarantee Applications.
Catalog of Federal Domestic Assistance (CFDA) Number: 21.011.
Dates: Qualified Issuer Applications and Guarantee Applications may
be submitted to the CDFI Fund starting on the date of publication of
this NOGA. In order to be considered for the approval of a Guarantee in
fiscal year (FY) 2022, Qualified Issuer Applications must be submitted
by 11:59 p.m. Eastern Time (ET) on April 20, 2022 and Guarantee
Applications must be submitted by 11:59 p.m. ET on April 26, 2022. If
applicable, CDFI Certification Applications must be received by the
CDFI Fund by 11:59 p.m. ET on March 28, 2022. Under FY 2022 authority,
Bond Documents and Bond Loan documents must be executed, and Guarantees
will be provided, in the order in which Guarantee Applications are
approved or by such other criteria that the CDFI Fund may establish, in
its sole discretion, and in any event by December 31, 2022.
Executive Summary: This NOGA is published in connection with the
CDFI Bond Guarantee Program, administered by the Community Development
Financial Institutions Fund (CDFI Fund), the U.S. Department of the
Treasury (Treasury). Through this NOGA, the CDFI Fund announces the
availability of up to $500 million of Guarantee Authority in FY 2022.
This NOGA explains application submission and evaluation requirements
and processes, and provides agency contacts and information on CDFI
Bond Guarantee Program outreach. Parties interested in being approved
for a Guarantee under the CDFI Bond Guarantee Program must submit
Qualified Issuer Applications and Guarantee Applications for
consideration in accordance with this NOGA. Capitalized terms used in
this NOGA and not defined elsewhere are defined in the CDFI Bond
Guarantee Program regulations (12 CFR 1808.102) and the CDFI Program
regulations (12 CFR 1805.104).

I. Guarantee Opportunity Description

A. Authority. The CDFI Bond Guarantee Program was authorized by the
Small Business Jobs Act of 2010 (Pub. L. 111-240; 12 U.S.C. 4713a) (the
Act). Section 1134 of the Act amended the Riegle Community Development
and Regulatory Improvement Act of 1994 (12 U.S.C. 4701, et seq.) to
provide authority to the Secretary of the Treasury (Secretary) to
establish and administer the CDFI Bond Guarantee Program.
B. Bond Issue size; Amount of Guarantee authority. In FY 2022, the
Secretary may guarantee Bond Issues having a minimum Guarantee of $100
million each, and up to an aggregate total of $500 million, or other
amounts authorized by FY 2022 Appropriations.
C. Program summary. The purpose of the CDFI Bond Guarantee Program
is to support CDFI lending by providing Guarantees for Bonds issued for
Eligible Community or Economic Development Purposes, as authorized by
section 1134 and 1703 of the Act. The Secretary, as the Guarantor of
the Bonds, will provide a 100% Guarantee for the repayment of the
Verifiable Losses of Principal, Interest, and Call Premium of Bonds
issued by Qualified Issuers. Qualified Issuers, approved by the CDFI
Fund, will issue Bonds that will be purchased by the Federal Financing
Bank. The Qualified Issuer will use 100% of Bond Proceeds to provide
Bond Loans to Eligible CDFIs, which will use Bond Loan proceeds for
Eligible Community and Economic Development Purposes, including
providing Secondary Loans to Secondary Borrowers in accordance with the
Secondary Loan Requirements. Secondary Loans may support lending in the
following asset classes: CDFI-to-CDFI, CDFI to Financing Entity,
Charter Schools, Commercial Real Estate, Daycare Centers, Healthcare
Facilities, Rental Housing, Rural Infrastructure, Owner-Occupied Home
Mortgages, Licensed Senior Living and Long-Term Care Facilities, Small
Business, and Not-for-Profit Organizations, as these terms are defined
in the Secondary Loan Requirements (Underwriting Review Checklist),
which can be found on the CDFI Fund's website at <a href="http://www.cdfifund.gov/bond">www.cdfifund.gov/bond</a>.
D. Review Guarantee Applications, in general.
1. Qualified Issuer Applications submitted with Guarantee
Applications will have priority for review over Qualified Issuer
Applications submitted without Guarantee Applications. With the
exception of the aforementioned prioritized review, all Qualified
Issuer Applications and Guarantee Applications will be reviewed by the
CDFI Fund on an ongoing basis, in the order in which they are received,
or by such other criteria that the CDFI Fund may establish in its sole
discretion.
2. Guarantee Applications that are incomplete or require the CDFI
Fund to request additional or clarifying information may delay the
ability of the CDFI Fund to move the Guarantee Application to the next
phase of review. Submitting an incomplete Guarantee Application earlier
than other applicants does not ensure first approval.
3. Qualified Issuer Applications and Guarantee Applications that
were received in FY 2021 and that were neither withdrawn nor declined
in FY 2021 will be considered under FY 2022 authority.
4. Pursuant to the Regulations at 12 CFR 1808.504(c), the Guarantor
may limit the number of Guarantees issued per year or the number of
Guarantee Applications accepted to ensure that a sufficient examination
of Guarantee Applications is conducted.
E. Additional reference documents. In addition to this NOGA, the
CDFI Fund encourages interested parties to review the following
documents, which have been posted on the CDFI Bond Guarantee Program
page of the CDFI Fund's website at <a href="http://www.cdfifund.gov/bond">http://www.cdfifund.gov/bond</a>.
1. Guarantee Program Regulations. The regulations that govern the
CDFI Bond Guarantee Program were published on February 5, 2013 (78 FR
8296; 12 CFR part 1808) (the Regulations), and provide the regulatory
requirements and parameters for CDFI Bond Guarantee Program
implementation and administration including general provisions,
eligibility, eligible activities, applications for Guarantee and
Qualified Issuer, evaluation and selection, terms and conditions of the
Guarantee, Bonds, Bond Loans, and Secondary Loans.
2. Application materials. Details regarding Qualified Issuer
Application and Guarantee Application content requirements are found in
this NOGA and the respective application materials.

[[Page 11118]]

Interested parties should review the template Bond Documents and Bond
Loan documents that will be used in connection with each Guarantee. The
template documents are posted on the CDFI Fund's website for review.
Such documents include, among others:
a. The Secondary Loan Requirements, which contain the minimum
required criteria (in addition to the Eligible CDFI's underwriting
criteria) for a loan to be accepted as a Secondary Loan or Other
Pledged Loan. The Secondary Loan Requirements include the General
Requirements and the Underwriting Review Checklist;
b. The Agreement to Guarantee, which describes the roles and
responsibilities of the Qualified Issuer, will be signed by the
Qualified Issuer and the Guarantor, and will include term sheets as
exhibits that will be signed by each individual Eligible CDFI;
c. The Term Sheet(s), which describe the material terms and
conditions of the Bond Loan from the Qualified Issuer to the Eligible
CDFI. The CDFI Fund website includes template term sheets for the
General Recourse Structure (GRS), the Alternative Financial Structure
(AFS), and for the CDFI to Financing Entity Asset Class utilizing
pooled tertiary loans;
d. The Bond Trust Indenture, which describes the responsibilities
of the Master Servicer/Trustee in overseeing the Trust Estate and the
servicing of the Bonds, which will be entered into by the Qualified
Issuer and the Master Servicer/Trustee;
e. The Bond Loan Agreement, which describes the terms and
conditions of Bond Loans, and will be entered into by the Qualified
Issuer and each Eligible CDFI that receives a Bond Loan;
f. The Bond Purchase Agreement, which describes the terms and
conditions under which the Bond Purchaser will purchase the Bonds
issued by the Qualified Issuer, and will be signed by the Bond
Purchaser, the Qualified Issuer, the Guarantor and the CDFI Fund; and
g. The Future Advance Promissory Bond, which will be signed by the
Qualified Issuer as its promise to repay the Bond Purchaser. The
template documents may be updated periodically, as needed, and will be
tailored, as appropriate, to the terms and conditions of a particular
Bond, Bond Loan, and Guarantee. Additionally, the CDFI Fund may impose
terms and conditions that address risks unique to the Eligible CDFI's
business model and target market, which may include items such as
concentration risk of a specific Eligible CDFI, geography or Secondary
Borrower.
The Bond Documents and the Bond Loan documents reflect the terms
and conditions of the CDFI Bond Guarantee Program and will not be
substantially revised or negotiated prior to execution.
F. Frequently Asked Questions. The CDFI Fund may periodically post
on its website responses to questions that are asked by parties
interested in applying to the CDFI Bond Guarantee Program.
G. Designated Bonding Authority. The CDFI Fund has determined that,
for purposes of this NOGA, it will not solicit applications from
entities seeking to serve as a Qualified Issuer in the role of the
Designated Bonding Authority, pursuant to 12 CFR 1808.201, in FY 2022.
H. Noncompetitive process. The CDFI Bond Guarantee Program is a
non-competitive program through which Qualified Issuer Applications and
Guarantee Applications will undergo a merit-based evaluation (meaning,
applications will not be scored against each other in a competitive
manner in which higher ranked applicants are favored over lower ranked
applicants).
I. Relationship to other CDFI Fund programs.
1. Award funds received under any other CDFI Fund Program cannot be
used by any participant, including Qualified Issuers, Eligible CDFIs,
and Secondary Borrowers, to pay principal, interest, fees,
administrative costs, or issuance costs (including Bond Issuance Fees)
related to the CDFI Bond Guarantee Program, or to fund the Risk-Share
Pool for a Bond Issue.
2. Bond Proceeds may not be used to refinance any projects financed
and/or supported with proceeds from the Capital Magnet Fund (CMF).
3. Bond Proceeds may not be used to refinance a leveraged loan
during the seven-year NMTC compliance period. However, Bond Proceeds
may be used to refinance a QLICI after the seven-year NMTC compliance
period has ended, so long as all other programmatic requirements are
met.
4. The terms Qualified Equity Investment, Community Development
Entity, and QLICI are defined in the NMTC Program's authorizing
statute, 26 U.S.C. 45D.
J. Relationship and interplay with other Federal programs and
Federal funding. Eligible CDFIs may not use Bond Loans to refinance
existing Federal debt or to service debt from other Federal credit
programs.
1. The CDFI Bond Guarantee Program underwriting process will
include a comprehensive review of the Eligible CDFI's concentration of
sources of funds available for debt service, including the
concentration of sources from other Federal programs and level of
reliance on said sources, to determine the Eligible CDFI's ability to
service the additional debt.
2. In the event that the Eligible CDFI proposes to use other
Federal funds to service Bond Loan debt or as a Credit Enhancement for
Secondary Loans, the CDFI Fund may require, in its sole discretion,
that the Eligible CDFI provide written assurance from such other
Federal program in a form that is acceptable to the CDFI Fund and that
the CDFI Fund may rely upon, that said use is permissible.
K. Contemporaneous application submission. Qualified Issuer
Applications may be submitted contemporaneously with Guarantee
Applications; however, the CDFI Fund will review an entity's Qualified
Issuer Application and make its Qualified Issuer determination prior to
approving a Guarantee Application. As noted above in D(1), review
priority will be given to any Qualified Issuer Application that is
accompanied by a Guarantee Application.
L. Other restrictions on use of funds. Bond Proceeds may not be
used to finance or refinance any trade or business consisting of the
operation of any private or commercial golf course, country club,
massage parlor, hot tub facility, suntan facility, racetrack or other
facility used for gambling, or any store the principal business of
which is the sale of alcoholic beverages for consumption off-premises.
Bond Proceeds may not be used to finance or refinance tax-exempt
obligations or to finance or refinance projects that are also financed
by tax-exempt obligations if: (a) Such financing or refinancing results
in the direct or indirect subordination of the Bond Loan or Bond Issue
to the tax-exempt obligations, or (b) such financing or refinancing
results in a corresponding guarantee of the tax-exempt obligation.
Qualified Issuers and Eligible CDFIs must ensure that any financing
made in conjunction with tax-exempt obligations complies with CDFI Bond
Guarantee Program Regulations.

II. General Application Information

The following requirements apply to all Qualified Issuer
Applications and Guarantee Applications submitted under this NOGA, as
well as any Qualified Issuer Applications and Guarantee Applications
submitted under the FY 2021 NOGA that were neither withdrawn nor
declined in FY 2021.
A. CDFI Certification Requirements.
1. In general. By statute and regulation, the Qualified Issuer
applicant must be either a Certified

[[Page 11119]]

CDFI (an entity that the CDFI Fund has officially notified that it
meets all CDFI certification requirements as set forth in 12 CFR
1805.201) or an entity designated by a Certified CDFI to issue Bonds on
its behalf. An Eligible CDFI must be a Certified CDFI as of the Bond
Issue Date and must maintain its CDFI certification throughout the term
of the corresponding Bond.
2. CDFI Certification requirements. Pursuant to the regulations
that govern CDFI certification (12 CFR 1805.201), an entity may be
certified if it is a legal entity (meaning, that it has properly filed
articles of incorporation or other organizing documents with the State
or other appropriate body in the jurisdiction in which it was legally
established, as of the date the CDFI Certification Application is
submitted) and meets the following requirements:
a. Primary Mission requirement (12 CFR 1805.201(b)(1)): To be a
Certified CDFI, an entity must have a primary mission of promoting
community development, which mission must be consistent with its Target
Market. In general, the entity will be found to meet the primary
mission requirement if its incorporating documents or board-approved
narrative statement (i.e., mission statement or resolution) clearly
indicate that it has a mission of purposefully addressing the social
and/or economic needs of Low-Income individuals, individuals who lack
adequate access to capital and/or financial services, distressed
communities, and other underserved markets. An Affiliate of a
Controlling CDFI, seeking to be certified as a CDFI (and therefore,
approved to be an Eligible CDFI to participate in the CDFI Bond
Guarantee Program), must demonstrate that it meets the primary mission
requirement on its own merit, pursuant to the regulations and the CDFI
Certification Application and related guidance materials posted on the
CDFI Fund's website.
b. Financing Entity requirement (12 CFR 1805.201(b)(2)): To be a
Certified CDFI, an entity must demonstrate that its predominant
business activity is the provision of Financial Products and Financial
Services, Development Services, and/or other similar financing.
On April 10, 2015, the CDFI Fund published a revision of 12 CFR
1805.201(b)(2), the section of the CDFI certification regulation that
governs the ``financing entity'' requirement. The regulatory change
creates a means for the CDFI Fund, in its discretion, to deem an
Affiliate (meaning, in this case, an entity that is Controlled by a
certified CDFI; see 12 CFR 1805.104) to have met the financing entity
requirement based on the financing activity or track record of the
Controlling CDFI (Control is defined in 12 CFR 1805.104), solely for
the purpose of participating in the CDFI Bond Guarantee Program as an
Eligible CDFI. This change is key to the creation of an AFS for the
Bond Guarantee Program (see Section II(B)(2) of this NOGA for more
information on the AFS). In order for the Affiliate to rely on the
Controlling CDFI's financing track record, (A) the Controlling CDFI
must be a Certified CDFI; (B) there must be an operating agreement that
includes management and ownership provisions in effect between the two
entities (prior to the submission of a CDFI Certification Application
and in form and substance that is acceptable to the CDFI Fund); and (C)
the Affiliate must submit a complete CDFI Certification Application to
the CDFI Fund no later than 11:59 p.m. ET on March 28, 2022 in order
for it to be considered for CDFI certification and participation in the
FY 2022 application round of the CDFI Bond Guarantee Program. This
regulatory revision affects only the Affiliate's ability to meet the
financing entity requirement for purposes of CDFI certification: Said
Affiliate must meet the other certification criteria in accordance with
the existing regulations governing CDFI certification.
i. The revised regulation also states that, solely for the purpose
of participating in the CDFI Bond Guarantee Program, the Affiliate's
provision of Financial Products and Financial Services, Development
Services, and/or other similar financing transactions does not need to
be arms-length in nature if such transaction is by and between the
Affiliate and Controlling CDFI, pursuant to an operating agreement that
(a) includes management and ownership provisions, (b) is effective
prior to the submission of a CDFI Certification Application, and (c) is
in form and substance that is acceptable to the CDFI Fund.
ii. An Affiliate whose CDFI certification is based on the financing
activity or track record of a Controlling CDFI is not eligible to
receive financial or technical assistance awards or tax credit
allocations under any other CDFI Fund program until such time that the
Affiliate meets the financing entity requirement based on its own
activity or track record.
iii. If an Affiliate elects to satisfy the financing entity
requirement based on the financing activity or track record of a
Controlling CDFI, and if the CDFI Fund approves such Affiliate as an
Eligible CDFI for the sole purpose of participation in the CDFI Bond
Guarantee Program, said Affiliate's CDFI certification will terminate
if: (A) It does not enter into Bond Loan documents with its Qualified
Issuer within one (1) year of the date that it signs the term sheet
(which is an exhibit to the Agreement to Guarantee); (B) it ceases to
be an Affiliate of the Controlling CDFI; or (C) it ceases to adhere to
CDFI certification requirements.
iv. An Affiliate electing to satisfy the financing entity
requirement based on the financing activity or track record of a
Controlling CDFI does not need to have completed any financing
activities prior to the date the CDFI Certification Application is
submitted or approved. However, the Affiliate and the Controlling CDFI
must have entered into the operating agreement described in (b)(i)(B)
above, prior to such date, in form and substance that is acceptable to
the CDFI Fund.
c. Target Market requirement (12 CFR 1805.201(b)(3)): To be a
Certified CDFI, an entity must serve at least one eligible Target
Market (either an Investment Area or a Targeted Population) by
directing at least 60% of all of its Financial Product activities to
one or more eligible Target Markets.
i. Solely for the purpose of participation as an Eligible CDFI in
the FY 2022 application round of the CDFI Bond Guarantee Program, an
Affiliate of a Controlling CDFI may be deemed to meet the Target Market
requirement by virtue of serving either:
(A) An Investment Area through ``borrowers or investees'' that
serve the Investment Area or provide significant benefits to its
residents (pursuant to 12 CFR 1805.201(b)(3)(ii)(F)). For purposes of
this NOGA, the term ``borrower'' or ``investee'' includes a borrower of
a loan originated by the Controlling CDFI that has been transferred to
the Affiliate as lender (which loan must meet Secondary Loan
Requirements), pursuant to an operating agreement with the Affiliate
that includes ownership/investment and management provisions, which
agreement must be in effect prior to the submission of a CDFI
Certification Application and in form and substance that is acceptable
to the CDFI Fund. Loans originated by the Controlling CDFI do not need
to be transferred prior to application submission; however, such loans
must be transferred before certification of the Affiliate is effective.
If an Affiliate has more than one Controlling CDFI, it may meet this
Investment Area requirement through one or more of such Controlling
CDFIs' Investment Areas; or
(B) a Targeted Population, which shall mean the individuals, who
are Low Income persons or lack adequate access to Financial Products or
Financial

[[Page 11120]]

Services in the entity's Target Market meeting the requirements of 12
CFR 1805.201(b)(3)(iii) of the CDFI Program Regulations as designated
in the Recipient's most recently approved CDFI certification
documentation. Pursuant to 12 CFR 1805.201(b)(3)(iii)(B) if a loan
originated by the Controlling CDFI has been transferred to the
Affiliate as lender (which loan must meet Secondary Loan Requirements)
and the Controlling CDFI's financing entity activities serve the
Affiliate's Targeted Population pursuant to an operating agreement that
includes ownership/investment and management provisions by and between
the Affiliate and the Controlling CDFI, which agreement must be in
effect prior to the submission of a CDFI Certification Application and
in form and substance that is acceptable to the CDFI Fund. Loans
originated by the Controlling CDFI do not need to be transferred prior
to application submission; however, such loans must be transferred
before certification of the Affiliate is effective. If an Affiliate has
more than one Controlling CDFI, it may meet this Targeted Population
requirement through one or more of such Controlling CDFIs' Targeted
Populations.
An Affiliate that meets the Target Market requirement through
paragraphs (ii) (A) or (B) above, is not eligible to receive financial
or technical assistance awards or tax credit allocations under any
other CDFI Fund program until such time that the Affiliate meets the
Target Market requirements based on its own activity or track record.
ii. If an Affiliate elects to satisfy the target market requirement
based on paragraphs (c)(ii)(A) or (B) above, the Affiliate and the
Controlling CDFI must have entered into the operating agreement as
described above, prior to the date that the CDFI Certification
Application is submitted, in form and substance that is acceptable to
the CDFI Fund.
d. Development Services requirement (12 CFR 1805.201(b)(4)): To be
a Certified CDFI, an entity must provide Development Services in
conjunction with its Financial Products. Solely for the purpose of
participation as an Eligible CDFI in the FY 2022 application round of
the CDFI Bond Guarantee Program, an Affiliate of a Controlling CDFI may
be deemed to meet this requirement if: (i) Its Development Services are
provided by the Controlling CDFI pursuant to an operating agreement
that includes management and ownership provisions with the Controlling
CDFI that is effective prior to the submission of a CDFI Certification
Application and in form and substance that is acceptable to the CDFI
Fund and (ii) the Controlling CDFI must have provided Development
Services in conjunction with the transactions that the Affiliate is
likely to purchase, prior to the date of submission of the CDFI
Certification Application.
e. Accountability requirement (12 CFR 1805.201(b)(5)): To be a
Certified CDFI, an entity must maintain accountability to residents of
its Investment Area or Targeted Population through representation on
its governing board and/or advisory board(s), or through focus groups,
community meetings, and/or customer surveys. Solely for the purpose of
participation as an Eligible CDFI in the FY 2022 application round of
the CDFI Bond Guarantee Program, an Affiliate of a Controlling CDFI may
be deemed to meet this requirement only if it has a governing board
and/or advisory board that has the same composition as the Controlling
CDFI and such governing board or advisory board has convened and/or
conducted Affiliate business prior to the date of submission of the
CDFI Certification Application. If an Affiliate has multiple
Controlling CDFIs, the governing board and/or advisory board may have a
mixture of representatives from each Controlling CDFI so long as there
is at least one representative from each Controlling CDFI.
f. Non-government Entity requirement (12 CFR 1805.201(b)(6)): To be
a Certified CDFI, an entity can neither be a government entity nor be
Controlled by one or more governmental entities.
g. for the FY 2022 application round of the CDFI Bond Guarantee
Program, only one Affiliate per Controlling CDFI may participate as an
Eligible CDFI. However, there may be more than one Affiliate
participating as an Eligible CDFI in any given Bond Issue.
3. Operating agreement. An operating agreement between an Affiliate
and its Controlling CDFI, as described above, must provide, in addition
to the elements set forth above, among other items: (i) Conclusory
evidence that the Controlling CDFI Controls the Affiliate, through
investment and/or ownership; (ii) explanation of all roles,
responsibilities and activities to be performed by the Controlling CDFI
including, but not limited to, governance, financial management, loan
underwriting and origination, record-keeping, insurance, treasury
services, human resources and staffing, legal counsel, dispositions,
marketing, general administration, and financial reporting; (iii)
compensation arrangements; (iv) the term and termination provisions;
(v) indemnification provisions, if applicable; (vi) management and
ownership provisions; and (vii) default and recourse provisions.
4. For more detailed information on CDFI certification
requirements, please review the CDFI certification regulation (12 CFR
1805.201) and CDFI Certification Application materials/guidance posted
on the CDFI Fund's website. Interested parties should note that there
are specific regulations and requirements that apply to Depository
Institution Holding Companies, Insured Depository Institutions, Insured
Credit Unions, and State-Insured Credit Unions.
5. Uncertified entities, including an Affiliate of a Controlling
CDFI, that wish to apply to be certified and designated as an Eligible
CDFI in the FY 2022 application round of the CDFI Bond Guarantee
Program must submit a CDFI Certification Application to the CDFI Fund
by 11:59 p.m. ET on March 28, 2022. Any CDFI Certification Application
received after such date and time, as well as incomplete applications,
will not be considered for the FY 2022 application round of the CDFI
Bond Guarantee Program.
6. In no event will the Secretary approve a Guarantee for a Bond
from which a Bond Loan will be made to an entity that is not an
Eligible CDFI. The Secretary must make FY 2022 Guarantee Application
decisions, and the CDFI Fund must close the corresponding Bonds and
Bond Loans, prior to the end of FY 2022 (September 30, 2022).
Accordingly, it is essential that CDFI Certification Applications are
submitted timely and in complete form, with all materials and
information needed for the CDFI Fund to make a certification decision.
Information on CDFI certification, the CDFI Certification Application,
and application submission instructions may be found on the CDFI Fund's
website at <a href="http://www.cdfifund.gov">www.cdfifund.gov</a>.
B. Recourse and Collateral Requirements.
1. General Recourse Structure (GRS). Under the GRS, the Bond is a
nonrecourse obligation to the Qualified Issuer, and the Bond Loan is a
full general recourse obligation to the Eligible CDFI.
2. Alternative Financial Structure (AFS). An AFS can be used as a
limited recourse option to a Controlling CDFI or group of Controlling
CDFIs. The AFS is an Affiliate of a Controlling CDFI(s) that is created
for the sole purpose of participation as an Eligible CDFI in the CDFI
Bond Guarantee Program. The AFS must be an Affiliate of a Controlling
CDFI(s) and must be certified as a CDFI in accordance with

[[Page 11121]]

the requirements set forth in Section II(A) of this NOGA. The AFS, as
the Eligible CDFI, provides a general full recourse obligation to repay
the Bond Loan, and the Bond Loan is on the balance sheet of the AFS.
The requirements for the AFS are delineated in the template term sheet
located on the CDFI Fund website at <a href="https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/apply-step.aspx#step2">https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/apply-step.aspx#step2</a>.
C. Application Submission.
1. Electronic submission. All Qualified Issuer Applications and
Guarantee Applications must be submitted through the CDFI Fund's Awards
Management Information System (AMIS). Applications sent by mail, fax,
or other form will not be permitted, except in circumstances that the
CDFI Fund, in its sole discretion, deems acceptable. Please note that
Applications will not be accepted through <a href="http://Grants.gov">Grants.gov</a>. For more
information on AMIS, please visit the AMIS Landing Page at <a href="https://amis.cdfifund.gov">https://amis.cdfifund.gov</a>.
2. Applicant identifier numbers. Please note that, pursuant to
Office of Management and Budget (OMB) guidance (68 FR 38402), each
Qualified Issuer applicant and Guarantee applicant must provide, as
part of its Application, its Dun and Bradstreet Data Universal
Numbering System (DUNS) number, if applicable, as well as DUNS numbers
for its proposed Program Administrator, its proposed Servicer, and each
Certified CDFI that is included in the Qualified Issuer Application and
Guarantee Application. In addition, each Application must include a
valid and current Employer Identification Number (EIN), with a letter
or other documentation from the IRS confirming the Qualified Issuer
applicant's EIN, as well as EINs for its proposed Program
Administrator, its proposed Servicer, and each Certified CDFI that is
included in any Application. An Application that does not include such
DUNS numbers, EINs, and documentation is incomplete and will be
rejected by the CDFI Fund. Applicants should allow sufficient time for
the IRS and/or Dun and Bradstreet to respond to inquiries and/or
requests for the required identification numbers.
3. System for Award Management (SAM). Registration with SAM is
required for each Qualified Issuer applicant, its proposed Program
Administrator, its proposed Servicer, and each Certified CDFI that is
included in any Application. The CDFI Fund will not consider any
Applications that do not meet the requirement that each entity must be
properly registered before the date of Application submission. The SAM
registration process may take one month or longer to complete. A signed
notarized letter identifying the SAM authorized entity administrator
for the entity associated with the DUNS number is required. This
requirement is applicable to new entities registering in SAM, as well
as to existing entities with registrations being updated or renewed in
SAM. Applicants without DUNS and/or EIN numbers should allow for
additional time as an applicant cannot register in SAM without those
required numbers. Applicants that have previously completed the SAM
registration process must verify that their SAM accounts are current
and active. Each applicant must continue to maintain an active SAM
registration with current information at all times during which it has
an active Federal award or an Application under consideration by a
Federal awarding agency. The CDFI Fund will not consider any applicant
that fails to properly register or activate its SAM account and these
restrictions also apply to organizations that have not yet received a
DUNS or EIN number. Applicants must contact SAM directly with questions
related to registration or SAM account changes as the CDFI Fund does
not maintain this system and has no ability to make changes or correct
errors of any kind. For more information about SAM, visit <a href="https://www.sam.gov">https://www.sam.gov</a>.
4. AMIS accounts. Each Qualified Issuer applicant, its proposed
Program Administrator, its proposed Servicer, and each Certified CDFI
that is included in the Qualified Issuer Application or Guarantee
Application must register User and Organization accounts in AMIS. Each
such entity must be registered as an Organization and register at least
one User Account in AMIS. As AMIS is the CDFI Fund's primary means of
communication with applicants with regard to its programs, each such
entity must make sure that it updates the contact information in its
AMIS account before any Application is submitted. For more information
on AMIS, please visit the AMIS Landing Page at <a href="https://amis.cdfifund.gov">https://amis.cdfifund.gov</a>.
D. Form of Application.
1. As of the date of this NOGA, the Qualified Issuer Application,
the Guarantee Application, and related application instructions for
this round may be found on the CDFI Bond Guarantee Program's page on
the CDFI Fund's website at <a href="http://www.cdfifund.gov/bond">http://www.cdfifund.gov/bond</a>.
2. Paperwork Reduction Act. Under the Paperwork Reduction Act (44
U.S.C. chapter 35), an agency may not conduct or sponsor a collection
of information, and an individual is not required to respond to a
collection of information, unless it displays a valid OMB control
number. Pursuant to the Paperwork Reduction Act, the Qualified Issuer
Application, the Guarantee Application, and the Secondary Loan
Requirements have been assigned the following control number: 1559-
0044.
3. Application deadlines. In order to be considered for the
issuance of a Guarantee under FY 2022 program authority, Qualified
Issuer Applications must be submitted by 11:59 p.m. ET on April 20,
2022, and Guarantee Applications must be submitted by 11:59 p.m. ET on
April 26, 2022. Qualified Issuer Applications and Guarantee
Applications received in FY 2021 that were neither withdrawn nor
declined will be considered under FY 2022 authority. If applicable,
CDFI Certification Applications must be received by the CDFI Fund by
11:59 p.m. ET on March 28, 2022.
4. Format. Detailed Qualified Issuer Application and Guarantee
Application content requirements are found in the Applications and
application guidance. The CDFI Fund will read only information
requested in the Application and reserves the right not to read
attachments or supplemental materials that have not been specifically
requested in this NOGA, the Qualified Issuer, or the Guarantee
Application. Supplemental materials or attachments such as letters of
public support or other statements that are meant to bias or influence
the Application review process will not be read.
5. Application revisions. After submitting a Qualified Issuer
Application or a Guarantee Application, the applicant will not be
permitted to revise or modify the Application in any way unless
authorized or requested by the CDFI Fund.
6. Material changes.
a. In the event that there are material changes after the
submission of a Qualified Issuer Application prior to the designation
as a Qualified Issuer, the applicant must notify the CDFI Fund of such
material changes information in a timely and complete manner. The CDFI
Fund will evaluate such material changes, along with the Qualified
Issuer Application, to approve or deny the designation of the Qualified
Issuer.
b. In the event that there are material changes after the
submission of a Guarantee Application (including, but not limited to, a
revision of the Capital Distribution Plan or a change in the Eligible
CDFIs that are included in the Application) prior to or after the
designation as a Qualified Issuer or approval of a Guarantee
Application or Guarantee, the applicant must notify the

[[Page 11122]]

CDFI Fund of such material changes information in a timely and complete
manner. The Guarantor will evaluate such material changes, along with
the Guarantee Application, to approve or deny the Guarantee Application
and/or determine whether to modify the terms and conditions of the
Agreement to Guarantee. This evaluation may result in a delay of the
approval or denial of a Guarantee Application.
E. Eligibility and completeness review. The CDFI Fund will review
each Qualified Issuer and Guarantee Application to determine whether it
is complete and the applicant meets eligibility requirements described
in the Regulations, this NOGA, and the Applications. An incomplete
Qualified Issuer Application or Guarantee Application, or one that does
not meet eligibility requirements, will be rejected. If the CDFI Fund
determines that additional information is needed to assess the
Qualified Issuer's and/or the Certified CDFIs' ability to participate
in and comply with the requirements of the CDFI Bond Guarantee Program,
the CDFI Fund may require that the Qualified Issuer furnish additional,
clarifying, confirming or supplemental information. If the CDFI Fund
requests such additional, clarifying, confirming or supplemental
information, the Qualified Issuer must provide it within the timeframes
requested by the CDFI Fund. Until such information is provided to the
CDFI Fund, the Qualified Issuer Application and/or Guarantee
Application will not be moved forward for the substantive review
process.
F. Regulated entities. In the case of Qualified Issuer applicants,
proposed Program Administrators, proposed Servicers, and Certified
CDFIs that are included in the Qualified Issuer Application or
Guarantee Application that are Insured Depository Institutions and
Insured Credit Unions, the CDFI Fund will consider information provided
by, and views of, the Appropriate Federal and State Banking Agencies.
If any such entity is a CDFI bank holding company, the CDFI Fund will
consider information provided by the Appropriate Federal Banking
Agencies of the CDFI bank holding company and its CDFI bank(s).
Throughout the Application review process, the CDFI Fund will consider
financial safety and soundness information from the Appropriate Federal
Banking Agency. Each regulated applicant must have a composite CAMELS/
CAMEL rating of at least ``3'' and/or no material concerns from its
regulator. The CDFI Fund also reserves the right to require a regulated
applicant to improve safety and soundness conditions prior to being
approved as a Qualified Issuer or Eligible CDFI. In addition, the CDFI
Fund will take into consideration Community Reinvestment Act
assessments of Insured Depository Institutions and/or their Affiliates.
G. Prior CDFI Fund recipients. All applicants must be aware that
success under any of the CDFI Fund's other programs is not indicative
of success under this NOGA. Prior CDFI Fund recipients should note the
following:
1. Pending resolution of noncompliance. If a Qualified Issuer
applicant, its proposed Program Administrator, its proposed Servicer,
or any of the Certified CDFIs included in the Qualified Issuer
Application or Guarantee Application is a prior recipient or allocatee
under any CDFI Fund program and (i) it has submitted reports to the
CDFI Fund that demonstrate noncompliance with a previously executed
agreement with the CDFI Fund, and (ii) the CDFI Fund has yet to make a
final determination as to whether the entity is noncompliant with its
previously executed agreement, the CDFI Fund will consider the
Qualified Issuer Application or Guarantee Application pending full
resolution, in the sole determination of the CDFI Fund, of the
noncompliance.
2. Previous findings of noncompliance. If a Qualified Issuer
applicant, its proposed Program Administrator, its proposed Servicer,
or any of the Certified CDFIs included in the Qualified Issuer
Application or Guarantee Application is a prior recipient or allocatee
under any CDFI Fund program and the CDFI Fund has made a final
determination that the entity is noncompliant with a previously
executed agreement with the CDFI Fund, but has not notified the entity
that it is ineligible to apply for future CDFI Fund program awards or
allocations, the CDFI Fund will consider the Qualified Issuer
Application or Guarantee Application. However, it is strongly advised
that the entity take action to address such noncompliance finding, as
repeat findings of noncompliance may result in the CDFI Fund
determining the entity ineligible to participate in future CDFI Fund
program rounds, which could result in any pending applications being
deemed ineligible for further review. The CDFI Bond Guarantee Program
staff cannot resolve compliance matters; instead, please contact the
CDFI Fund's Office of Compliance Monitoring and Evaluation Unit (OCME)
if your organization has questions about its current compliance status
or has been found not in compliance with a previously executed
agreement with the CDFI Fund.
3. Ineligibility due to noncompliance. The CDFI Fund will not
consider a Qualified Issuer Application or Guarantee Application if the
applicant, its proposed Program Administrator, its proposed Servicer,
or any of the Certified CDFIs included in the Qualified Issuer
Application or Guarantee Application, is a prior recipient or allocatee
under any CDFI Fund program and if, as of the date of Qualified Issuer
Application or Guarantee Application submission, (i) the CDFI Fund has
made a determination that such entity is noncompliant with a previously
executed agreement and (ii) the CDFI Fund has provided written
notification that such entity is ineligible to apply for any future
CDFI Fund program awards or allocations. Such entities will be
ineligible to submit a Qualified Issuer or Guarantee Application, or be
included in such submission, as the case may be, for such time period
as specified by the CDFI Fund in writing.
H. Review of Bond and Bond Loan documents. Each Qualified Issuer
and proposed Eligible CDFI will be required to certify that its
appropriate senior management, and its respective legal counsel, has
read the Regulations (set forth at 12 CFR part 1808, as well as the
CDFI certification regulations set forth at 12 CFR 1805.201, as
amended, and the environmental quality regulations set forth at 12 CFR
part 1815) and the template Bond Documents and Bond Loan documents
posted on the CDFI Fund's website including, but not limited to, the
following: Bond Trust Indenture, Supplemental Indenture, Bond Loan
Agreement, Promissory Note, Bond Purchase Agreement, Designation
Notice, Secretary's Guarantee, Collateral Assignment, Reimbursement
Note, Opinion of Bond Counsel, Opinion of Counsel to the Borrower,
Escrow Agreement, and Closing Checklist.
I. Contact the CDFI Fund. A Qualified Issuer applicant, its
proposed Program Administrator, its proposed Servicer, or any Certified
CDFIs included in the Qualified Issuer Application or Guarantee
Application that are prior CDFI Fund recipients are advised to: (i)
Comply with requirements specified in CDFI Fund assistance, allocation,
and/or award agreement(s), and (ii) contact the CDFI Fund to ensure
that all necessary actions are underway for the disbursement or
deobligation of any outstanding balance of said prior award(s). Any
such parties that are unsure about the disbursement status of any prior
award should submit a Service

[[Page 11123]]

Request through that organization's AMIS Account.
All outstanding reporting and compliance questions should be
directed to the Office of Compliance Monitoring and Evaluation help
desk by AMIS Service Requests. The CDFI Fund will respond to
applicants' reporting, compliance, or disbursement questions between
the hours of 9:00 a.m. and 5:00 p.m. ET, starting on the date of the
publication of this NOGA.
J. Evaluating prior award performance. In the case of a Qualified
Issuer, a proposed Program Administrator, a proposed Servicer, or
Certified CDFI that has received awards from other Federal programs,
the CDFI Fund reserves the right to contact officials from the
appropriate Federal agency or agencies to determine whether the entity
is in compliance with current or prior award agreements, and to take
such information into consideration before issuing a Guarantee. In the
case of such an entity that has previously received funding through any
CDFI Fund program, the CDFI Fund will review the entity's compliance
history with the CDFI Fund, including any history of providing late
reports, and consider such history in the context of organizational
capacity and the ability to meet future reporting requirements.
The CDFI Fund may also bar from consideration any such entity that
has, in any proceeding instituted against it in, by, or before any
court, governmental, or administrative body or agency, received a final
determination within the three years prior to the date of publication
of this NOGA indicating that the entity has discriminated on the basis
of race, color, national origin, disability, age, marital status,
receipt of income from public assistance, religion, or sex, including,
but not limited, to discrimination under (i) Title VI of the Civil
Rights Act of 1964 (Pub. L. 88-352) which prohibits discrimination on
the basis of race, color or national origin; (ii) Title IX of the
Education Amendments of 1972, as amended (20 U.S.C. 1681-1683, 1685-
1686), which prohibits discrimination on the basis of sex; (iii)
Section 504 of the Rehabilitation Act of 1973, as amended (29 U.S.C.
794), which prohibits discrimination on the basis of handicaps; (iv)
the Age Discrimination Act of 1975, as amended (42 U.S.C. 6101-6107),
which prohibits discrimination on the basis of age; (v) the Drug Abuse
Office and Treatment Act of 1972 (Pub. L. 92-255), as amended, relating
to nondiscrimination on the basis of drug abuse; (vi) the Comprehensive
Alcohol Abuse and Alcoholism Prevention, Treatment and Rehabilitation
Act of 1970 (Pub. L. 91-616), as amended, relating to nondiscrimination
on the basis of alcohol abuse or alcoholism; (vii) Sections 523 and 527
of the Public Health Service Act of 1912 (42 U.S.C. 290 dd-3 and 290
ee-3), as amended, relating to confidentiality of alcohol and drug
abuse patient records; (viii) Title VIII of the Civil Rights Act of
1968 (42 U.S.C. 3601 et seq.), as amended, relating to
nondiscrimination in the sale, rental or financing of housing; (ix) any
other nondiscrimination provisions in the specific statute(s) under
which Federal assistance is being made; and (x) the requirements of any
other nondiscrimination statutes which may apply to the CDFI Bond
Guarantee Program.
K. Civil Rights and Diversity. Any person who is eligible to
receive benefits or services from the CDFI Fund or Recipients under any
of its programs is entitled to those benefits or services without being
subject to prohibited discrimination. The Department of the Treasury's
Office of Civil Rights and Diversity enforces various Federal statutes
and regulations that prohibit discrimination in financially assisted
and conducted programs and activities of the CDFI Fund. If a person
believes that s/he has been subjected to discrimination and/or reprisal
because of membership in a protected group, s/he may file a complaint
with: Director, Office of Civil Rights, and Diversity, 1500
Pennsylvania Ave. NW, Washington, DC 20220 or (202) 622-1160 (not a
toll-free number).
L. Statutory and national policy requirements. The CDFI Fund will
manage and administer the Federal award in a manner so as to ensure
that Federal funding is expended and associated programs are
implemented in full accordance with the U.S. Constitution, Federal Law,
and public policy requirements: Including, but not limited to, those
protecting free speech, religious liberty, public welfare, the
environment, and prohibiting discrimination.
M. Changes to review procedures. The CDFI Fund reserves the right
to change its completeness, eligibility and evaluation criteria, and
procedures if the CDFI Fund deems it appropriate. If such changes
materially affect the CDFI Fund's decision to approve or deny a
Qualified Issuer Application, the CDFI Fund will provide information
regarding the changes through the CDFI Fund's website.
N. Decisions are final. The CDFI Fund's Qualified Issuer
Application decisions are final. The Guarantor's Guarantee Application
decisions are final. There is no right to appeal the decisions. Any
applicant that is not approved by the CDFI Fund or the Guarantor may
submit a new Application and will be considered based on the newly
submitted Application. Such newly submitted Applications will be
reviewed along with all other pending Applications in the order in
which they are received, or by such other criteria that the CDFI Fund
may establish, in its sole discretion.

III. Qualified Issuer Application

A. General. This NOGA invites interested parties to submit a
Qualified Issuer Application to be approved as a Qualified Issuer under
the CDFI Bond Guarantee Program.
1. Qualified Issuer. The Qualified Issuer is a Certified CDFI, or
an entity designated by a Certified CDFI to issue Bonds on its behalf,
that meets the requirements of the Regulations and this NOGA, and that
has been approved by the CDFI Fund pursuant to review and evaluation of
its Qualified Issuer Application. The Qualified Issuer will, among
other duties: (i) Organize the Eligible CDFIs that have designated it
to serve as their Qualified Issuer; (ii) prepare and submit a complete
and timely Qualified Issuer and Guarantee Application to the CDFI Fund;
(iii) if the Qualified Issuer Application is approved by the CDFI Fund
and the Guarantee Application is approved by the Guarantor, prepare the
Bond Issue; (iv) manage all Bond Issue servicing, administration, and
reporting functions; (v) make Bond Loans; (vi) oversee the financing or
refinancing of Secondary Loans; (vii) ensure compliance throughout the
duration of the Bond with all provisions of the Regulations, and Bond
Documents and Bond Loan Documents entered into between the Guarantor,
the Qualified Issuer, and the Eligible CDFI; and (viii) ensure that the
Master Servicer/Trustee complies with the Bond Trust Indenture and all
other applicable regulations. Further, the role of the Qualified Issuer
also is to ensure that its proposed Eligible CDFI applicants possess
adequate and well performing assets to support the debt service of the
proposed Bond Loan.
2. Qualified Issuer Application. The Qualified Issuer Application
is the document that an entity seeking to serve as a Qualified Issuer
submits to the CDFI Fund to apply to be approved as a Qualified Issuer
prior to consideration of a Guarantee Application.
3. Qualified Issuer Application evaluation, general. Each Qualified
Issuer Application will be evaluated by

[[Page 11124]]

the CDFI Fund and, if acceptable, the applicant will be approved as a
Qualified Issuer, in the sole discretion of the CDFI Fund. The CDFI
Fund's Qualified Issuer Application review and evaluation process is
based on established procedures, which may include interviews of
applicants and/or site visits to applicants conducted by the CDFI Fund.
Through the Application review process, the CDFI Fund will evaluate
Qualified Issuer applicants on a merit basis and in a fair and
consistent manner. Each Qualified Issuer applicant will be reviewed on
its ability to successfully carry out the responsibilities of a
Qualified Issuer throughout the life of the Bond. The Applicant must
currently meet the criteria established in the Regulations to be deemed
a Qualified Issuer. Qualified Issuer Applications that are forward-
looking or speculate as to the eventual acquisition of the required
capabilities and criteria are unlikely to be approved. Qualified Issuer
Application processing will be initiated in chronological order by date
of receipt; however, Qualified Issuer Applications that are incomplete
or require the CDFI Fund to request additional or clarifying
information may delay the ability of the CDFI Fund to deem the
Qualified Issuer Application complete and move it to the next phase of
review. Submitting a substantially incomplete application earlier than
other applicants does not ensure first approval.
B. Qualified Issuer Application: Eligibility.
1. CDFI certification requirements. The Qualified Issuer applicant
must be a Certified CDFI or an entity designated by a Certified CDFI to
issue Bonds on its behalf.
2. Designation and attestation by Certified CDFIs. An entity
seeking to be approved by the CDFI Fund as a Qualified Issuer must be
designated as a Qualified Issuer by at least one Certified CDFI. A
Qualified Issuer may not designate itself. The Qualified Issuer
applicant will prepare and submit a complete and timely Qualified
Issuer Application to the CDFI Fund in accordance with the requirements
of the Regulations, this NOGA, and the Application. A Certified CDFI
must attest in the Qualified Issuer Application that it has designated
the Qualified Issuer to act on its behalf and that the information in
the Qualified Issuer Application regarding it is true, accurate, and
complete.
C. Substantive review and approval process.
1. Substantive review.
a. If the CDFI Fund determines that the Qualified Issuer
Application is complete and eligible, the CDFI Fund will undertake a
substantive review in accordance with the criteria and procedures
described in the Regulations, this NOGA, the Qualified Issuer
Application, and CDFI Bond Guarantee Program policies.
b. As part of the substantive evaluation process, the CDFI Fund
reserves the right to contact the Qualified Issuer applicant (as well
as its proposed Program Administrator, its proposed Servicer, and each
designating Certified CDFI in the Qualified Issuer Application) by
telephone, email, mail, or through on-site visits for the purpose of
obtaining additional, clarifying, confirming, or supplemental
application information. The CDFI Fund reserves the right to collect
such additional, clarifying, confirming, or supplemental information
from said entities as it deems appropriate. If contacted for
additional, clarifying, confirming, or supplemental information, said
entities must respond within the time parameters set by the CDFI Fund
or the Qualified Issuer Application will be rejected.
2. Qualified Issuer criteria. In total, there are more than 60
individual criteria or sub-criteria used to evaluate a Qualified Issuer
applicant, and all materials provided in the Qualified Issuer
Application will be used to evaluate the applicant. Qualified Issuer
determinations will be made based on Qualified Issuer applicants'
experience and expertise, in accordance with the following criteria:
a. Organizational capability.
i. The Qualified Issuer applicant must demonstrate that it has the
appropriate expertise, capacity, experience, and qualifications to
issue Bonds for Eligible Purposes, or is otherwise qualified to serve
as Qualified Issuer, as well as manage the Bond Issue on the terms and
conditions set forth in the Regulations, this NOGA, and the Bond
Documents, satisfactory to the CDFI Fund.
ii. The Qualified Issuer applicant must demonstrate that it has the
appropriate expertise, capacity, experience, and qualifications to
originate, underwrite, service and monitor Bond Loans for Eligible
Purposes, targeted to Low-Income Areas and Underserved Rural Areas.
iii. The Qualified Issuer applicant must demonstrate that it has
the appropriate expertise, capacity, experience, and qualifications to
manage the disbursement process set forth in the Regulations at 12 CFR
1808.302 and 1808.307.
b. Servicer. The Qualified Issuer applicant must demonstrate that
it has (either directly or contractually through another designated
entity) the appropriate expertise, capacity, experience, and
qualifications, or is otherwise qualified to serve as Servicer. The
Qualified Issuer Application must provide information that demonstrates
that the Qualified Issuer's Servicer has the expertise, capacity,
experience, and qualifications necessary to perform certain required
administrative duties (including, but not limited to, Bond Loan
servicing functions).
c. Program Administrator. The Qualified Issuer applicant must
demonstrate that it has (either directly or contractually through
another designated entity) the appropriate expertise, capacity,
experience, and qualifications, or is otherwise qualified to serve as
Program Administrator. The Qualified Issuer Application must provide
information that demonstrates that the Qualified Issuer's Program
Administrator has the expertise, capacity, experience, and
qualifications necessary to perform certain required administrative
duties (including, but not limited to, compliance monitoring and
reporting functions).
d. Strategic alignment. The Qualified Issuer applicant will be
evaluated on its strategic alignment with the CDFI Bond Guarantee
Program on factors that include, but are not limited to: (i) Its
mission's strategic alignment with community and economic development
objectives set forth in the Riegle Act at 12 U.S.C. 4701; (ii) its
strategy for deploying the entirety of funds that may become available
to the Qualified Issuer through the proposed Bond Issue; (iii) its
experience providing up to 30-year capital to CDFIs or other borrowers
in Low-Income Areas or Underserved Rural Areas as such terms are
defined in the Regulations at 12 CFR 1808.102; (iv) its track record of
activities relevant to its stated strategy; and (v) other factors
relevant to the Qualified Issuer's strategic alignment with the
program.
e. Experience. The Qualified Issuer applicant will be evaluated on
factors that demonstrate that it has previous experience: (i)
Performing the duties of a Qualified Issuer including issuing bonds,
loan servicing, program administration, underwriting, financial
reporting, and loan administration; (ii) lending in Low-Income Areas
and Underserved Rural Areas; and (iii) indicating that the Qualified
Issuer's current principals and team members have successfully
performed the required duties, and that previous experience is
applicable to the current principals and team members.
f. Management and staffing. The Qualified Issuer applicant must
demonstrate that it has sufficiently

[[Page 11125]]

strong management and staffing capacity to undertake the duties of
Qualified Issuer. The applicant must also demonstrate that its proposed
Program Administrator and its proposed Servicer have sufficiently
strong management and staffing capacity to undertake their respective
requirements under the CDFI Bond Guarantee Program. Strong management
and staffing capacity is evidenced by factors that include, but are not
limited to: (i) A sound track record of delivering on past performance;
(ii) a documented succession plan; (iii) organizational stability
including staff retention; and (iv) a clearly articulated, reasonable,
and well-documented staffing plan.
g. Financial strength. The Qualified Issuer applicant must
demonstrate the strength of its financial capacity and activities
including, among other items, financially sound business practices
relative to the industry norm for bond issuers, as evidenced by reports
of Appropriate Federal Banking Agencies, Appropriate State Agencies, or
auditors. Such financially sound business practices will demonstrate:
(i) The financial wherewithal to perform activities related to the Bond
Issue such as administration and servicing; (ii) the ability to
originate, underwrite, close, and disburse loans in a prudent manner;
(iii) whether the applicant is depending on external funding sources
and the reliability of long-term access to such funding; (iv) whether
there are foreseeable counterparty issues or credit concerns that are
likely to affect the applicant's financial stability; and (v) a budget
that reflects reasonable assumptions about upfront costs as well as
ongoing expenses and revenues.
h. Systems and information technology. The Qualified Issuer
applicant must demonstrate that it (as well as its proposed Program
Administrator and its proposed Servicer) has, among other things: (i) A
strong information technology capacity and the ability to manage loan
servicing, administration, management, and document retention; (ii)
appropriate office infrastructure and related technology to carry out
the CDFI Bond Guarantee Program activities; and (iii) sufficient backup
and disaster recovery systems to maintain uninterrupted business
operations.
i. Pricing structure. The Qualified Issuer applicant must provide
its proposed pricing structure for performing the duties of Qualified
Issuer, including the pricing for the roles of Program Administrator
and Servicer. Although the pricing structure and fees shall be decided
by negotiation between market participants without interference or
approval by the CDFI Fund, the CDFI Fund will evaluate whether the
Qualified Issuer applicant's proposed pricing structure is feasible to
carry out the responsibilities of a Qualified Issuer over the life of
the Bond to help ensure sound implementation of the program.
j. Other criteria. The Qualified Issuer applicant must meet such
other criteria as may be required by the CDFI Fund, as set forth in the
Qualified Issuer Application or required by the CDFI Fund in its sole
discretion, for the purposes of evaluating the merits of a Qualified
Issuer Application. The CDFI Fund may request an on-site review of
Qualified Issuer applicant to confirm materials provided in the written
application, as well as to gather additional due diligence information.
The on-site reviews are a critical component of the application review
process and will generally be conducted for all applicants not
regulated by an Appropriate Federal Banking Agency or Appropriate State
Agency. The CDFI Fund reserves the right to conduct a site visit of
regulated entities, in its sole discretion.
k. Third-party data sources. The CDFI Fund, in its sole discretion,
may consider information from third-party sources including, but not
limited to, periodicals or publications, publicly available data
sources, or subscriptions services for additional information about the
Qualified Issuer applicant, the proposed Program Administrator, the
proposed Servicer, and each Certified CDFI that is included in the
Qualified Issuer Application. Any additional information received from
such third-party sources will be reviewed and evaluated through a
systematic and formalized process.
D. Notification of Qualified Issuer determination. Each Qualified
Issuer applicant will be informed of the CDFI Fund's decision in
writing, by email using the addresses maintained in the entity's AMIS
account. The CDFI Fund will not notify the proposed Program
Administrator, the proposed Servicer, or the Certified CDFIs included
in the Qualified Issuer Application of its decision regarding the
Qualified Issuer Application; such contacts are the responsibility of
the Qualified Issuer applicant.
E. Qualified Issuer Application rejection. In addition to
substantive reasons based on the merits of its review, the CDFI Fund
reserves the right to reject a Qualified Issuer Application if
information (including administrative errors) comes to the attention of
the CDFI Fund that adversely affects an applicant's eligibility,
adversely affects the CDFI Fund's evaluation of a Qualified Issuer
Application, or indicates fraud or mismanagement on the part of a
Qualified Issuer applicant or its proposed Program Administrator, its
proposed Servicer, and any Certified CDFI included in the Qualified
Issuer Application. If the CDFI Fund determines that any portion of the
Qualified Issuer Application is incorrect in any material respect, the
CDFI Fund reserves the right, in its sole discretion, to reject the
Application.

IV. Guarantee Applications

A. This NOGA invites Qualified Issuers to submit a Guarantee
Application to be approved for a Guarantee under the CDFI Bond
Guarantee Program.
1. Guarantee Application.
a. The Guarantee Application is the application document that a
Qualified Issuer (in collaboration with the Eligible CDFI(s) that seek
to be included in the proposed Bond Issue) must submit to the CDFI Fund
in order to apply for a Guarantee. The Qualified Issuer shall provide
all required information in its Guarantee Application to establish that
it meets all criteria set forth in the Regulations at 12 CFR 1808.501
and this NOGA and can carry out all CDFI Bond Guarantee Program
requirements including, but not limited to, information that
demonstrates that the Qualified Issuer has the appropriate expertise,
capacity, and experience and is qualified to make, administer and
service Bond Loans for Eligible Purposes. An Eligible CDFI may be an
existing certified or certifiable CDFI (the GRS), or the Eligible CDFI
may be an Affiliate of a Controlling CDFI(s) that is created for the
sole purpose of participation as an Eligible CDFI in the CDFI Fund Bond
Guarantee Program (the AFS; see Section II(B) of this NOGA for Recourse
and Collateral Requirements and Section II(A) of this NOGA for
certification requirements for certifiable CDFIs and Affiliates of
Controlling CDFIs).
b. The Guarantee Application comprises a Capital Distribution Plan
and at least one Secondary Capital Distribution Plan, as well as all
other requirements set forth in this NOGA or as may be required by the
Guarantor and the CDFI Fund in their sole discretion, for the
evaluation and selection of Guarantee applicants.
2. Guarantee Application evaluation, general. The Guarantee
Application review and evaluation process will be based on established
standard procedures, which may include interviews of applicants and/or
site visits to applicants conducted by the

[[Page 11126]]

CDFI Fund. Through the Application review process, the CDFI Fund will
evaluate Guarantee applicants on a merit basis and in a fair and
consistent manner. Each Guarantee applicant will be reviewed on its
ability to successfully implement and carry out the activities proposed
in its Guarantee Application throughout the life of the Bond. Eligible
CDFIs must currently meet the criteria established in the Regulations
to participate in the CDFI Bond Guarantee Program. Guarantee
Applications that are forward-looking or speculate as to the eventual
acquisition of the required capabilities and criteria by the Eligible
CDFI(s) are unlikely to be approved. Guarantee Application processing
will be initiated in chronological order by date of receipt; however,
Guarantee Applications that are incomplete or require the CDFI Fund to
request additional or clarifying information may delay the ability of
the CDFI Fund to deem the Guarantee Application complete and move it to
the next phase of review. Submitting a substantially incomplete
application earlier than other applicants does not ensure first
approval.
B. Guarantee Application: Eligibility.
1. Eligibility; CDFI certification requirements. If approved for a
Guarantee, each Eligible CDFI must be a Certified CDFI as of the Bond
Issue Date and must maintain its respective CDFI certification
throughout the term of the corresponding Bond. For more information on
CDFI Certification and the certification of affiliated entities,
including the deadlines for submission of certification applications,
see part II of this NOGA.
2. Qualified Issuer as Eligible CDFI. A Qualified Issuer may not
participate as an Eligible CDFI within its own Bond Issue, but may
participate as an Eligible CDFI in a Bond Issue managed by another
Qualified Issuer.
3. Attestation by proposed Eligible CDFIs. Each proposed Eligible
CDFI must attest in the Guarantee Application that it has designated
the Qualified Issuer to act on its behalf and that the information
pertaining to the Eligible CDFI in the Guarantee Application is true,
accurate and complete. Each proposed Eligible CDFI must also attest in
the Guarantee Application that it will use Bond Loan proceeds for
Eligible Purposes and that Secondary Loans will be financed or
refinanced in accordance with the applicable Secondary Loan
Requirements.
C. Guarantee Application: Preparation. When preparing the Guarantee
Application, the Eligible CDFIs and Qualified Issuer must collaborate
to determine the composition and characteristics of the Bond Issue,
ensuring compliance with the Act, the Regulations, and this NOGA. The
Qualified Issuer is responsible for the collection, preparation,
verification, and submission of the Eligible CDFI information that is
presented in the Guarantee Application. The Qualified Issuer will
submit the Guarantee Application for the proposed Bond Issue, including
any information provided by the proposed Eligible CDFIs. In addition,
the Qualified Issuer will serve as the primary point of contact with
the CDFI Fund during the Guarantee Application review and evaluation
process.
D. Review and approval process.
1. Substantive review.
a. If the CDFI Fund determines that the Guarantee Application is
complete and eligible, the CDFI Fund will undertake a substantive
review in accordance with the criteria and procedures described in the
Regulations at 12 CFR 1808.501, this NOGA, and the Guarantee
Application. The substantive review of the Guarantee Application will
include due diligence, underwriting, credit risk review, and Federal
credit subsidy calculation, in order to determine the feasibility and
risk of the proposed Bond Issue, as well as the strength and capacity
of the Qualified Issuer and each proposed Eligible CDFI. Each proposed
Eligible CDFI will be evaluated independently of the other proposed
Eligible CDFIs within the proposed Bond Issue; however, the Bond Issue
must then cumulatively meet all requirements for Guarantee approval. In
general, applicants are advised that proposed Bond Issues that include
a large number of proposed Eligible CDFIs are likely to substantially
increase the review period.
b. As part of the substantive review process, the CDFI Fund may
contact the Qualified Issuer (as well as the proposed Eligible CDFIs
included in the Guarantee Application) by telephone, email, mail, or
through an on-site visit for the sole purpose of obtaining additional,
clarifying, confirming, or supplemental application information. The
CDFI Fund reserves the right to collect such additional, clarifying,
confirming or supplemental information as it deems appropriate. If
contacted for additional, clarifying, confirming, or supplemental
information, said entities must respond within the time parameters set
by the CDFI Fund or the Guarantee Application will be rejected.
2. Guarantee Application criteria.
a. In general, a Guarantee Application will be evaluated based on
the strength and feasibility of the proposed Bond Issue, as well as the
creditworthiness and performance of the Qualified Issuer and the
proposed Eligible CDFIs. Guarantee Applications must demonstrate that
each proposed Eligible CDFI has the capacity for its respective Bond
Loan to be a secured, general recourse obligation of the proposed
Eligible CDFI and to deploy the Bond Loan proceeds within the required
disbursement timeframe as described in the Regulations. Unless
receiving significant support from a Controlling CDFI, or Credit
Enhancements, Eligible CDFIs should not request Bond Loans greater than
their current total asset size or which would otherwise significantly
impair their net asset or net equity position. In general, an applicant
requesting a Bond Loan more than 50% of its total asset size should be
prepared to clearly demonstrate that it has a reasonable plan to scale
its operations prudently and in a manner that does not impair its net
asset or net equity position. Further, an entity with a limited
operating history or a history of operating losses is unlikely to meet
the strength and feasibility requirements of the CDFI Bond Guarantee
Program, unless it receives significant support from a Controlling
CDFI, or Credit Enhancements.
b. The Capital Distribution Plan must demonstrate the Qualified
Issuer's comprehensive plan for lending, disbursing, servicing and
monitoring each Bond Loan in the Bond Issue. It includes, among other
information, the following components:
i. Statement of Proposed Sources and Uses of Funds: Pursuant to the
requirements set forth in the Regulations at 12 CFR1808.102(bb) and
1808.301, the Qualified Issuer must provide: (A) A description of the
overall plan for the Bond Issue; (B) a description of the proposed uses
of Bond Proceeds and proposed sources of funds to repay principal and
interest on the proposed Bond and Bond Loans; (C) a certification that
100% of the principal amount of the proposed Bond will be used to make
Bond Loans for Eligible Purposes on the Bond Issue Date; and (D)
description of the extent to which the proposed Bond Loans will serve
Low-Income Areas or Underserved Rural Areas;
ii. Bond Issue Qualified Issuer cash flow model: The Qualified
Issuer must provide a cash flow model displaying the orderly repayment
of the Bond and the Bond Loans according to their respective terms. The
cash flow model shall include disbursement and repayment of Bonds, Bond
Loans, and Secondary Loans. The cash flow model shall match the
aggregated cash flows

[[Page 11127]]

from the Secondary Capital Distribution Plans of each of the underlying
Eligible CDFIs in the Bond Issue pool. Such information must describe
the expected distribution of asset classes to which each Eligible CDFI
expects to disburse funds, the proposed disbursement schedule,
quarterly or semi-annual amortization schedules, interest-only periods,
maturity date of each advance of funds, and assumed net interest margin
on Secondary Loans above the assumed Bond Loan rate;
iii. Organizational capacity: If not submitted concurrently, the
Qualified Issuer must attest that no material changes have occurred
since the time that it submitted the Qualified Issuer Application;
iv. Credit Enhancement (if applicable): The Qualified Issuer must
provide information about the adequacy of proposed risk mitigation
provisions designed to protect the financial interests of the Federal
Government, either directly or indirectly through supporting the
financial strength of the Bond Issue. This includes, but is not limited
to, the amount and quality of any Credit Enhancements, terms and
specific conditions such as renewal options, and any limiting
conditions or revocability by the provider of the Credit Enhancement.
For any third-party providing a Credit Enhancement, the Qualified
Issuer must provide the following information on the third-party: Most
recent three years of audited financial statements, a brief analysis of
the such entity's creditworthiness, and an executed letter of intent
from such entity that indicates the terms and conditions of the Credit
Enhancement. Any Credit Enhancement must be pledged, as part of the
Trust Estate, to the Master Servicer/Trustee for the benefit of the
Federal Financing Bank;
v. Proposed Term Sheets: The CDFI Fund website includes template
term sheets for the GRS, the AFS, and the asset class CDFI to Financing
Entity utilizing pooled tertiary loans. For each Eligible CDFI that is
part of the proposed Bond Issue, the Qualified Issuer must submit a
proposed Term Sheet using the applicable template provided on the CDFI
Fund's website. The proposed Term Sheet must clearly state all relevant
and critical terms of the proposed Bond Loan including, but not limited
to: The Bond Loan Collateral Requirements described in Section II(B) of
this NOGA, any requested prepayment provisions, unique conditions
precedent, proposed covenants and exact amounts/percentages for
determining the Eligible CDFI's ability to meet program requirements,
and terms and exact language describing any Credit Enhancements. Terms
may be either altered and/or negotiated by the CDFI Fund in its sole
discretion, based on the proposed structure in the application, to
ensure that adequate protection is in place for the Guarantor;
vi. Secondary Capital Distribution Plan(s): Each proposed Eligible
CDFI must provide a comprehensive plan for financing, disbursing,
servicing and monitoring Secondary Loans, address how each proposed
Secondary Loan will meet Eligible Purposes, and address such other
requirements listed below that may be required by the Guarantor and the
CDFI Fund. For each proposed Eligible CDFI relying, for CDFI
certification purposes, on the financing entity activity of a
Controlling CDFI, the Controlling CDFI must describe how the Eligible
CDFI and the Controlling CDFI, together, will meet the requirements
listed below:
(A) Narrative and Statement of Proposed Sources and Uses of Funds:
Each Eligible CDFI will: (1) Provide a description of proposed uses of
funds, including the extent to which Bond Loans will serve Low-Income
Areas or Underserved Rural Areas, and the extent to which Bond Loan
proceeds will be used (i) to make the first monthly installment of a
Bond Loan payment, (ii) pay Issuance Fees up to 1% of the Bond Loan,
and (iii) finance Loan Loss Reserves related to Secondary Loans; (2)
attest that 100% of Bond Loan proceeds designated for Secondary Loans
will be used to finance or refinance Secondary Loans that meet
Secondary Loan Requirements; (3) describe a plan for financing,
disbursing, servicing, and monitoring Secondary Loans; (4) indicate the
expected asset classes to which it will lend under the Secondary Loan
Requirements; (5) indicate examples of previous lending and years of
experience lending to a specific asset class, especially with regards
to the number and dollar volume of loans made in the five years prior
to application submission to the specific asset classes to which an
Eligible CDFI is proposing to lend Bond Loan proceeds; (6) provide a
table detailing specific uses and timing of disbursements, including
terms and relending plans if applicable; and (7) a community impact
analysis, including how the proposed Secondary Loans will address
financing needs that the private market is not adequately serving and
specific community benefit metrics;
(B) Eligible CDFI cash flow model: Each Eligible CDFI must provide
a cash flow model of the proposed Bond Loan which: (1) Matches each
Eligible CDFI's portion of the Qualified Issuer's cash flow model; and
(2) tracks the flow of funds through the term of the Bond Issue and
demonstrates disbursement and repayment of the Bond Loan, Secondary
Loans, and any utilization of the Relending Fund, if applicable. Such
information must describe: The expected distribution of asset classes
to which each Eligible CDFI expects to disburse funds, the proposed
disbursement schedule, quarterly or semi-annual amortization schedules,
interest-only periods, maturity date of each advance of funds, and the
assumed net interest margin on Secondary Loans above the assumed Bond
Loan rate;
(C) Organizational capacity: Each Eligible CDFI must provide
documentation indicating the ability of the Eligible CDFI to manage its
Bond Loan including, but not limited to: (1) Organizational ownership
and a chart of affiliates; (2) organizational documents, including
policies and procedures related to loan underwriting and asset
management; (3) management or operating agreement, if applicable; (4)
an analysis by management of its ability to manage the funding,
monitoring, and collection of loans being contemplated with the
proceeds of the Bond Loan; (5) information about its board of
directors; (6) a governance narrative; (7) description of senior
management and employee base; (8) independent reports, if available;
(9) strategic plan or related progress reports; and (10) a discussion
of the management and information systems used by the Eligible CDFI;
(D) Policies and procedures: Each Eligible CDFI must provide
relevant policies and procedures including, but not limited to: A copy
of the asset-liability matching policy, if applicable; and loan
policies and procedures which address topics including, but not limited
to: Origination, underwriting, credit approval, interest rates,
closing, documentation, asset management, and portfolio monitoring,
risk-rating definitions, charge-offs, and loan loss reserve
methodology;
(E) Financial statements: Each Eligible CDFI must provide
information about the Eligible CDFI's current and future financial
position, including but not limited to: (1) Audited financial
statements for the prior three (3) most recent Fiscal Years; (2)
current year-to-date or interim financial statement for the immediately
prior quarter end of the Fiscal Year; (3) a copy of the current year's
approved budget or projected budget if the entity's Board has not yet
approved such budget; and (4) a three (3) year pro forma projection of
the statement of financial position or balance sheet, statement of
activities or income statement, and statement of cash

[[Page 11128]]

flows in the standardized template provided by the CDFI Fund;
(F) Loan portfolio information: Each Eligible CDFI must provide
information including, but not limited to: (1) Loan portfolio quality
report; (2) pipeline report; (3) portfolio listing; (4) a description
of other loan assets under management; (5) loan products; (6)
independent loan review report; (7) impact report case studies; and (8)
a loan portfolio by risk rating and loan loss reserves; and
(G) Funding sources and financial activity information: Each
Eligible CDFI must provide information including, but not limited to:
(1) Current grant information; (2) funding projections; (3) credit
enhancements; (4) historical investor renewal rates; (5) covenant
compliance; (6) off-balance sheet contingencies; (7) earned revenues;
and (8) debt capital statistics.
vii. Assurances and certifications that not less than 100% of the
principal amount of Bonds will be used to make Bond Loans for Eligible
Purposes beginning on the Bond Issue Date, and that Secondary Loans
shall be made as set forth in subsection 1808.307(b); and
viii. Such other information that the Guarantor, the CDFI Fund and/
or the Bond Purchaser may deem necessary and appropriate.
c. The CDFI Fund will use the information described in the Capital
Distribution Plan and Secondary Capital Distribution Plan(s) to
evaluate the feasibility of the proposed Bond Issue, with specific
attention paid to each Eligible CDFI's financial strength and
organizational capacity. For each proposed Eligible CDFI relying, for
CDFI certification purposes, on the financing entity activity of a
Controlling CDFI, the CDFI Fund will pay specific attention to the
Controlling CDFI's financial strength and organizational capacity as
well as the operating agreement between the proposed Eligible CDFI and
the Controlling CDFI. All materials provided in the Guarantee
Application will be used to evaluate the proposed Bond Issue. In total,
there are more than 100 individual criteria or sub-criteria used to
evaluate each Eligible CDFI. Specific criteria used to evaluate each
Eligible CDFI shall include, but not be limited to, the following
criteria below. For each proposed Eligible CDFI relying, for CDFI
certification purposes, on the financing entity activity of a
Controlling CDFI, the following specific criteria will also be used to
evaluate both the proposed Eligible CDFI and the Controlling CDFI:
i. Historical financial ratios: Ratios which together have been
shown to be predictive of possible future default will be used as an
initial screening tool, including total asset size, net asset or Tier 1
Core Capital ratio, self-sufficiency ratio, non-performing asset ratio,
liquidity ratio, reserve over nonperforming assets, and yield cost
spread;
ii. Quantitative and qualitative attributes under the ``CAMELS''
framework: After initial screening, the CDFI Fund will utilize a more
detailed analysis under the ``CAMELS'' framework, including but not
limited to the following. If a Guarantee Application receives a summary
rating of materially deficient during the CAMELS review the application
will be recommended for denial.
(A) Capital Adequacy: Attributes such as the debt-to-equity ratio,
status, and significance of off-balance sheet liabilities or
contingencies, magnitude, and consistency of cash flow performance,
exposure to affiliates for financial and operating support, trends in
changes to capitalization, and other relevant attributes;
(B) Asset Quality: Attributes such as the charge-off ratio,
adequacy of loan loss reserves, sector concentration, borrower
concentration, asset composition, security and collateralization of the
loan portfolio, trends in changes to asset quality, and other relevant
attributes;
(C) Management: Attributes such as documented best practices in
governance, strategic planning and board involvement, robust policies
and procedures, tenured and experienced management team, organizational
stability, infrastructure and information technology systems, and other
relevant attributes;
(D) Earnings and Performance: Attributes such as net operating
margins, deployment of funds, self-sufficiency, trends in earnings, and
other relevant attributes;
(E) Liquidity: Attributes such as unrestricted cash and cash
equivalents, ability to access credit facilities, access to grant
funding, covenant compliance, affiliate relationships, concentration of
funding sources, trends in liquidity, and other relevant attributes;
(F) Sensitivity: The CDFI Fund will stress test each Eligible
CDFI's projected financial performance under scenarios that are
specific to the unique circumstance and attributes of the organization.
Additionally, the CDFI Fund will consider other relevant criteria that
have not been adequately captured in the preceding steps as part of the
due diligence process. Such criteria may include, but not be limited
to, the size and quality of any third-party Credit Enhancements or
other forms of credit support.
iii. Other criteria: (A) Overcollateralization: The commitment by
an Eligible CDFI to over-collateralize a proposed Bond Loan with excess
Secondary Loans is a criterion that may affect the viability of a
Guarantee Application by decreasing the estimated net present value of
the long-term cost of the Guarantee to the Federal Government, by
decreasing the probability of default, and/or increasing the recovery
rate in the event of default. An Eligible CDFI committing to
overcollateralization may not be required to deposit funds in the
Relending Account, subject to the maintenance of certain unique
requirements that are detailed in the template Agreement to Guarantee
and Bond Loan Agreement.
(B) Credit Enhancements: The provision of third-party Credit
Enhancements, including any Credit Enhancement from a Controlling CDFI
or any other affiliated entity, is a criterion that may affect the
viability of a Guarantee Application by decreasing the estimated net
present value of the long-term cost of the Guarantee to the Federal
Government. Credit Enhancements are considered in the context of the
structure and circumstances of each Guarantee Application.
(C) On-Site Review: The CDFI Fund may request an on-site review of
an Eligible CDFI to confirm materials provided in the written
application, as well as to gather additional due diligence information.
The on-site reviews are a critical component of the application review
process and will generally be conducted for all applicants not
regulated by an Appropriate Federal Banking Agency or Appropriate State
Agency. The CDFI Fund reserves the right to conduct a site visit of
regulated entities, in its sole discretion.
(D) Secondary Loan Asset Classes: Eligible CDFIs that propose to
use funds for new products or lines of business must demonstrate that
they have the organizational capacity to manage such activities in a
prudent manner. Failure to demonstrate such organizational capacity may
be factored into the consideration of Asset Quality or Management
criteria as listed above in this section.
3. Credit subsidy cost. The credit subsidy cost is the net present
value of the estimated long-term cost of the Guarantee to the Federal
Government as determined under the applicable provisions of the Federal
Credit Reform Act of 1990, as amended (FCRA).

[[Page 11129]]

Treasury has not received appropriated amounts from Congress to cover
the credit subsidy costs associated with Guarantees issued pursuant to
this NOGA. In accordance with FCRA, Treasury must consult with, and
obtain the approval of, OMB for Treasury's calculation of the credit
subsidy cost of each Guarantee prior to entering into any Agreement to
Guarantee.
E. Guarantee approval; Execution of documents.
1. The Guarantor, in the Guarantor's sole discretion, may approve a
Guarantee, after consideration of the recommendation from the CDFI Bond
Guarantee Program's Credit Review Board and/or based on the merits of
the Guarantee Application.
2. The Guarantor reserves the right to approve Guarantees, in whole
or in part, in response to any, all, or none of the Guarantee
Applications submitted in response to this NOGA. The Guarantor also
reserves the right to approve any Guarantees in an amount that is less
than requested in the corresponding Guarantee Application. Pursuant to
the Regulations at 12 CFR 1808.504(c), the Guarantor may limit the
number of Guarantees made per year to ensure that a sufficient
examination of Guarantee Applications is conducted.
3. The CDFI Fund will notify the Qualified Issuer in writing of the
Guarantor's approval or disapproval of a Guarantee Application. Bond
Documents and Bond Loan documents must be executed, and Guarantees will
be provided, in the order in which Guarantee Applications are approved
or by such other criteria that the CDFI Fund may establish, in its sole
discretion, and in any event by September 30, 2022.
4. Please note that the most recently dated templates of Bond
Documents and Bond Loan documents that are posted on the CDFI Fund's
website will not be substantially revised or negotiated prior to
closing of the Bond and Bond Loan and issuance of the corresponding
Guarantee. If a Qualified Issuer or a proposed Eligible CDFI does not
understand the terms and conditions of the Bond Documents or Bond Loan
documents (including those listed in Section II.H., above), it should
ask questions or seek technical assistance from the CDFI Fund. However,
if a Qualified Issuer or a proposed Eligible CDFI disagrees or is
uncomfortable with any term/condition, or if legal counsel cannot
provide a legal opinion in substantially the same form and content of
the required legal opinion, it should not apply for a Guarantee.
5. The Guarantee shall not be effective until the Guarantor signs
and delivers the Guarantee.
F. Guarantee denial. The Guarantor, in the Guarantor's sole
discretion, may deny a Guarantee, after consideration of the
recommendation from the Credit Review Board and/or based on the merits
of the Guarantee Application. If any Guarantee Application receives a
summary rating of materially deficient during the CAMELS underwriting
review, the application will be recommended for denial. In addition,
the Guarantor reserves the right to deny a Guarantee Application if
information (including any administrative error) comes to the
Guarantor's attention that adversely affects the Qualified Issuer's
eligibility, adversely affects the evaluation or scoring of an
Application, or indicates fraud or mismanagement on the part of the
Qualified Issuer, Program Administrator, Servicer, and/or Eligible
CDFIs.
Further, if the Guarantor determines that any portion of the
Guarantee Application is incorrect in any material respect, the
Guarantor reserves the right, in the Guarantor's sole discretion, to
deny the Application.

V. Guarantee Administration

A. Pricing information. Bond Loans will be priced based upon the
underlying Bond issued by the Qualified Issuer and purchased by the
Federal Financing Bank (FFB or Bond Purchaser). As informed by CDFI
Fund underwriting according to the criteria laid out in Section II
``General Application Information'' and Section IV ``Guarantee
Applications'' of this NOGA, the FFB will set the liquidity premium at
the time of the Bond Issue Date, based on the duration and maturity of
the Bonds according to the FFB's lending policies (<a href="http://www.treasury.gov/ffb">www.treasury.gov/ffb</a>). Liquidity premiums will be charged in increments of 1/8th of a
percent (i.e., 12.5 basis points).
B. Fees and other payments. The following table includes some of
the fees that may be applicable to Qualified Issuers and Eligible CDFIs
after approval of a Guarantee of a Bond Issue, as well as Risk-Share
Pool funding, prepayment penalties or discounts, and Credit
Enhancements. The table is not exhaustive; additional fees payable to
the CDFI Fund or other parties may apply.

----------------------------------------------------------------------------------------------------------------
Fee Description
----------------------------------------------------------------------------------------------------------------
Agency Administrative Fee................................. Payable monthly to the CDFI Fund by the Eligible
CDFI Equal to 10 basis points (annualized) on the
amount of the unpaid principal of the Bond Issue.
Bond Issuance Fees........................................ Amounts paid by an Eligible CDFI for reasonable and
appropriate expenses, administrative costs, and
fees for services in connection with the issuance
of the Bond (but not including the Agency
Administrative Fee) and the making of the Bond
Loan. Fees negotiated between the Qualified Issuer,
the Master Servicer/Trustee, and the Eligible CDFI.
Up of 1% of Bond Loan Proceeds may be used to
finance Bond Issuance Fees.
Servicer Fee.............................................. The fees paid by the Eligible CDFI to the Qualified
Issuer's Servicer. Servicer fees are negotiated
between the Qualified Issuer and the Eligible CDFI.
Program Administrator Fee................................. The fees paid by the Eligible CDFI to the Qualified
Issuer's Program Administrator. Program
Administrator fees are negotiated between the
Qualified Issuer and the Eligible CDFI.
Master Servicer/Trustee Fee............................... The fees paid by the Qualified Issuer and the
Eligible CDFI to the Master Servicer/Trustee to
carry out the responsibilities of the Bond Trust
Indenture. In general, the Master Servicer/Trustee
fee for a Bond Issue with a single Eligible CDFI is
the greater of 16 basis points per annum or $6,000
per month once the Bond Loans are fully disbursed.
Fees for Bond Issues with more than one Eligible
CDFI are negotiated between the Master Servicer/
Trustee, Qualified Issuer, and Eligible CDFI. Any
special servicing costs and resolution or
liquidation fees due to a Bond Loan default are the
responsibility of the Eligible CDFI. Please see the
template legal documents at <a href="https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/closing-disbursement-step.aspx#step4">https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/closing-disbursement-step.aspx#step4</a> for
more specific information.
Risk-Share Pool Funding................................... The funds paid by the Eligible CDFIs to cover Risk-
Share Pool requirements; capitalized by pro rata
payments equal to 3% of the amount disbursed on the
Bond Loan from all Eligible CDFIs within the Bond
Issue.
Prepayment Premiums or Discounts.......................... Prepayment premiums or discounts are determined by
the FFB at the time of prepayment.

[[Page 11130]]

Credit Enhancements....................................... Pledges made to enhance the quality of a Bond and/or
Bond Loan. Credit Enhancements include, but are not
limited to, the Principal Loss Collateral Provision
and letters of credit. Credit Enhancements must be
pledged, as part of the Trust Estate, to the Master
Servicer/Trustee for the benefit of the Federal
Financing Bank.
----------------------------------------------------------------------------------------------------------------

C. Terms for Bond Issuance and disbursement of Bond Proceeds. In
accordance with 12 CFR 1808.302(f), each year, beginning on the one
year anniversary of the Bond Issue Date (and every year thereafter for
the term of the Bond Issue), each Qualified Issuer must demonstrate
that no less than 100% of the principal amount of the Guaranteed Bonds
currently disbursed and outstanding has been used to make loans to
Eligible CDFIs for Eligible Purposes. If a Qualified Issuer fails to
demonstrate this requirement within the 90 days after the anniversary
of the Bond Issue Date, the Qualified Issuer must repay on that portion
of Bonds necessary to bring the Bonds that remain outstanding after
such repayment is in compliance with the 100% requirement above.
D. Secondary Loan Requirements. In accordance with the Regulations,
Eligible CDFIs must finance or refinance Secondary Loans for Eligible
Purposes (not including loan loss reserves) that comply with Secondary
Loan Requirements. The Secondary Loan Requirements are found on the
CDFI Fund's website at <a href="https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/compliance-step.aspx#step5">https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/compliance-step.aspx#step5</a>. Applicants should
become familiar with the published Secondary Loan Requirements (both
the General Requirements and the Underwriting Review Checklist).
Secondary Loan Requirements are subject to a Secondary Loan commitment
process managed by the Qualified Issuer. Eligible CDFIs must execute
Secondary Loan documents (in the form of promissory notes) with
Secondary Borrowers as follows: (i) No later than 12 months after the
Bond Issue Date, Secondary Loan documents representing at least 50% of
the Bond Loan proceeds allocated for Secondary Loans, and (ii) no later
than 24 months after the Bond Issue Date, Secondary Loan documents
representing 100% of the Bond Loan proceeds allocated for Secondary
Loans. In the event that the Eligible CDFI does not comply with the
foregoing requirements of clauses (i) or (ii) of this paragraph, the
available Bond Loan proceeds at the end of the applicable period shall
be reduced by an amount equal to the difference between the amount
required by clauses (i) or (ii) for the applicable period minus the
amount previously committed to the Secondary Loans in the applicable
period. Secondary Loans shall carry loan maturities suitable to the
loan purpose and be consistent with loan-to-value requirements set
forth in the Secondary Loan Requirements. Secondary Loan maturities
shall not exceed the corresponding Bond or Bond Loan maturity date. It
is the expectation of the CDFI Fund that interest rates for the
Secondary Loans will be reasonable based on the borrower and loan
characteristics.
E. Secondary Loan Collateral Requirements.
1. The Regulations state that Secondary Loans must be secured by a
first lien of the Eligible CDFI on pledged collateral, in accordance
with the Regulations (at 12 CFR 1808.307(f)) and within certain
parameters. Examples of acceptable forms of collateral may include, but
are not limited to: Real property (including land and structures),
leasehold interests, machinery, equipment and movables, cash and cash
equivalents, accounts receivable, letters of credit, inventory,
fixtures, contracted revenue streams from non-Federal counterparties,
provided the Secondary Borrower pledges all assets, rights and
interests necessary to generate such revenue stream, and a Principal
Loss Collateral Provision. Intangible assets, such as customer
relationships and intellectual property rights, are not acceptable
forms of collateral. Loans secured by real property that are still in a
construction phase will only be permitted when backed by a letter of
credit issued by a bank deemed acceptable by the CDFI Bond Guarantee
Program, in a format deemed acceptable to the CDFI Bond Guarantee
Program, that guarantees the full value of the pledged collateral until
at minimum completion of the construction and stabilization phases.
2. The Regulations require that Bond Loans must be secured by a
first lien on a collateral assignment of Secondary Loans, and further
that the Secondary Loans must be secured by a first lien or parity lien
on acceptable collateral.
3. Valuation of the collateral pledged by the Secondary Borrower
must be based on the Eligible CDFI's credit policy guidelines and must
conform to the standards set forth in the Uniform Standards of
Professional Appraisal Practice (USPAP) and the Secondary Loan
Requirements.
4. Independent third-party appraisals are required for the
following collateral: Real estate, leasehold interests, fixtures,
machinery and equipment, movables stock valued in excess of $250,000,
and contracted revenue stream from non-Federal creditworthy
counterparties. Secondary Loan collateral shall be valued using the
cost approach, net of depreciation and shall be required for the
following: Accounts receivable, machinery, equipment and movables, and
fixtures.
F. Qualified Issuer approval of Bond Loans to Eligible CDFIs. The
Qualified Issuer shall not approve any Bond Loans to an Eligible CDFI
where the Qualified Issuer has actual knowledge, based upon reasonable
inquiry, that within the past five (5) years the Eligible CDFI: (i) Has
been delinquent on any payment obligation (except upon a demonstration
by the Qualified Issuer satisfactory to the CDFI Fund that the
delinquency does not affect the Eligible CDFI's creditworthiness), or
has defaulted and failed to cure any other obligation, on a loan or
loan agreement previously made under the Act; (ii) has been found by
the Qualified Issuer to be in default of any repayment obligation under
any Federal program; (iii) is financially insolvent in either the legal
or equitable sense; or (iv) is not able to demonstrate that it has the
capacity to comply fully with the payment schedule established by the
Qualified Issuer.
G. Credit Enhancements; Principal Loss Collateral Provision.
1. In order to achieve the statutory zero-credit subsidy constraint
of the CDFI Bond Guarantee Program and to avoid a call on the
Guarantee, Eligible CDFIs are encouraged to include Credit Enhancements
and Principal Loss Collateral Provisions structured to protect the
financial interests of the Federal Government. Any Credit Enhancement
or Principal Loss Collateral Provision must be pledged, as part of the
Trust Estate, to the Master Servicer/Trustee for the benefit of the
Federal Financing Bank.
2. Credit Enhancements may include, but are not limited to, payment
guarantees from third parties or Affiliate(s), non-Federal capital,
lines or letters of credit, or other pledges of

[[Page 11131]]

financial resources that enhance the Eligible CDFI's ability to make
timely interest and principal payments under the Bond Loan.
3. As distinct from Credit Enhancements, Principal Loss Collateral
Provisions may be provided in lieu of pledged collateral and/or in
addition to pledged collateral. A Principal Loss Collateral Provision
shall be in the form of cash or cash equivalent guarantees from non-
Federal capital in amounts necessary to secure the Eligible CDFI's
obligations under the Bond Loan after exercising other remedies for
default. For example, a Principal Loss Collateral Provision may include
a deficiency guarantee whereby another entity assumes liability after
other default remedies have been exercised, and covers the deficiency
incurred by the creditor. The Principal Loss Collateral Provision
shall, at a minimum, provide for the provision of cash or cash
equivalents in an amount that is not less than the difference between
the value of the collateral and the amount of the accelerated Bond Loan
outstanding.
4. In all cases, acceptable Credit Enhancements or Principal Loss
Collateral Provisions shall be proffered by creditworthy providers and
shall provide information about the adequacy of the facility in
protecting the financial interests of the Federal Government, either
directly or indirectly through supporting the financial strength of the
Bond Issue. The information provided must include the amount and
quality of any Credit Enhancements, the financial strength of the
provider of the Credit Enhancement, the terms, specific conditions such
as renewal options, and any limiting conditions or revocability by the
provider of the Credit Enhancement.
5. For Secondary Loans benefitting from a Principal Loss Collateral
Provision (e.g., a deficiency guarantee), the entity providing the
Principal Loss Collateral Provision must be underwritten based on the
same criteria as if the Secondary Loan were being made directly to that
entity with the exception that the guarantee need not be
collateralized.
6. If the Principal Loss Collateral Provision is provided by a
financial institution that is regulated by an Appropriate Federal
Banking Agency or an Appropriate State Agency, the guaranteeing
institution must demonstrate performance of financially sound business
practices relative to the industry norm for providers of collateral
enhancements as evidenced by reports of Appropriate Federal Banking
Agencies, Appropriate State Agencies, and auditors, as appropriate.
7. In the event that the Eligible CDFI proposes to use other
Federal funds to service Bond Loan debt or as a Credit Enhancement, the
CDFI Fund may require, in its sole discretion, that the Eligible CDFI
provide written assurance from such other Federal program, in a form
that is acceptable to the CDFI Fund and that the CDFI Fund may rely
upon, that said use is permissible.
H. Reporting Requirements.
1. Reports.
a. General. As required pursuant to the Regulations at 12 CFR
1808.619, and as set forth in the Bond Documents and the Bond Loan
documents, the CDFI Fund will collect information from each Qualified
Issuer which may include, but will not be limited to:
(i) Quarterly and annual financial reports and data (including an
OMB single audit per 2 CFR 200 Subpart F, as applicable) for the
purpose of monitoring the financial health, ratios and covenants of
Eligible CDFIs that include asset quality (nonperforming assets, loan
loss reserves, and net charge-off ratios), liquidity (current ratio,
working capital, and operating liquidity ratio), solvency (capital
ratio, self-sufficiency, fixed charge, leverage, and debt service
coverage ratios); (ii) annual reports as to the compliance of the
Qualified Issuer and Eligible CDFIs with the Regulations and specific
requirements of the Bond Documents and Bond Loan documents; (iii)
Master Servicer/Trustee summary of program accounts and transactions
for each Bond Issue; (iv) Secondary Loan Certifications describing
Eligible CDFI lending, collateral valuation, and eligibility; (v)
financial data on Secondary Loans to monitor underlying collateral,
gauge overall risk exposure across asset classes, and assess loan
performance, quality, and payment history; (vi) annual certifications
of compliance with program requirements; (vii) material event
disclosures including any reports of Eligible CDFI management and/or
organizational changes; (viii) annual updates to the Capital
Distribution Plan (as described below); (ix) supplements and/or
clarifications to correct reporting errors (as applicable); (x) project
level reports to understand overall program impact and the manner in
which Bond Proceeds are deployed for Eligible Community or Economic
Development Purposes; and (xi) such other information that the CDFI
Fund and/or the Bond Purchaser may require, including but not limited
to racial and ethnic data showing the extent to which members of
minority groups are beneficiaries of the CDFI Bond Guarantee Program,
to the extent permissible by law.
b. Additional reporting by Qualified Issuers. A Qualified Issuer
receiving a Guarantee shall submit annual updates to the approved
Capital Distribution Plan, including an updated Proposed Sources and
Uses of Funds for each Eligible CDFI, noting any deviation from the
original baseline with regards to both timing and allocation of funding
among Secondary Loan asset classes. The Qualified Issuer shall also
submit a narrative, no more than five (5) pages in length for each
Eligible CDFI, describing the Eligible CDFI's capacity to manage its
Bond Loan. The narrative shall address any Notification of Material
Events and relevant information concerning the Eligible CDFI's
management information systems, personnel, executive leadership or
board members, as well as financial capacity. The narrative shall also
describe how such changes affect the Eligible CDFI's ability to
generate impacts in Low-Income or Underserved Rural Areas.
c. Change of Secondary Loan asset classes. Any Eligible CDFI
seeking to expand the allowable Secondary Loan asset classes beyond
what was approved by the CDFI Bond Guarantee Program's Credit Review
Board or make other deviations that could potentially result in a
modification, as that term is defined in OMB Circulars A-11 and A-129,
must receive approval from the CDFI Fund before the Eligible CDFI can
begin to enact the proposed changes. The CDFI Fund will consider
whether the Eligible CDFI possesses or has acquired the appropriate
systems, personnel, leadership, and financial capacity to implement the
revised Capital Distribution Plan. The CDFI Fund will also consider
whether these changes assist the Eligible CDFI in generating impacts in
Low-Income or Underserved Rural Areas. Such changes will be reviewed by
the CDFI Bond Guarantee Program and presented to the Credit Review
Board for approval, and, if required, appropriate consultation will be
made with OMB to ensure compliance with OMB Circulars A-11 and A-129,
prior to notifying the Eligible CDFI if such changes are acceptable
under the terms of the Bond Loan Agreement.
d. Reporting by Affiliates and Controlling CDFIs. In the case of an
Eligible CDFI relying, for CDFI certification purposes, on the
financing entity activity of a Controlling CDFI, the CDFI Fund will
require that the Affiliate and Controlling CDFI provide certain joint
reports, including but not limited to those listed in subparagraph 1(a)
above.

[[Page 11132]]

e. Detailed information on specific reporting requirements and the
format, frequency, and methods by which this information will be
transmitted to the CDFI Fund will be provided to Qualified Issuers,
Program Administrators, Servicers, and Eligible CDFIs through the Bond
Loan Agreement, correspondence, and webinar trainings, and/or scheduled
outreach sessions.
f. Reporting requirements will be enforced through the Agreement to
Guarantee and the Bond Loan Agreement, and will contain a valid OMB
control number pursuant to the Paperwork Reduction Act, as applicable.
g. Each Qualified Issuer will be responsible for the timely and
complete submission of the annual reporting documents, including such
information that must be provided by other entities such as Eligible
CDFIs, Secondary Borrowers or Credit Enhancement providers. If such
other entities are required to provide annual report information or
documentation, or other documentation that the CDFI Fund may require,
the Qualified Issuer will be responsible for ensuring that the
information is submitted timely and complete. Notwithstanding the
foregoing, the CDFI Fund reserves the right to contact such entities
and require that additional information and documentation be provided
directly to the CDFI Fund.
h. Annual Assessments. Each Qualified Issuer and Eligible CDFI will
be required to have an independent third-party conduct an Annual
Assessment of its Bond Loan portfolio. The Annual Assessment is
intended to support the CDFI Fund's annual monitoring of the Bond Loan
portfolio and to collect financial health, internal control, investment
impact measurement methodology information related to the Eligible
CDFIs. This assessment is consistent with the program's requirements
for Compliance Management and Monitoring (CMM) and Portfolio Management
and Loan Monitoring (PMLM), and will be required pursuant to the Bond
Documents and the Bond Loan documents. The assessment will also add to
the Department of the Treasury's review and impact analysis on the use
of Bond Loan proceeds in underserved communities and support the CDFI
Fund in proactively managing portfolio risks and performance. The
Annual Assessment criteria for Qualified Issuers and Eligible CDFIs is
available on the CDFI Fund's website.
i. The CDFI Fund reserves the right, in its sole discretion, to
modify its reporting requirements if it determines it to be appropriate
and necessary; however, such reporting requirements will be modified
only after notice to Qualified Issuers. Additional information about
reporting requirements pursuant to this NOGA, the Bond Documents and
the Bond Loan documents will be subject to the Paperwork Reduction Act,
as applicable.
2. Accounting.
a. In general, the CDFI Fund will require each Qualified Issuer and
Eligible CDFI to account for and track the use of Bond Proceeds and
Bond Loan proceeds. This means that for every dollar of Bond Proceeds
received from the Bond Purchaser, the Qualified Issuer is required to
inform the CDFI Fund of its uses, including Bond Loan proceeds. This
will require Qualified Issuers and Eligible CDFIs to establish separate
administrative and accounting controls, subject to the applicable OMB
Circulars.
b. The CDFI Fund will provide guidance to Qualified Issuers
outlining the format and content of the information that is to be
provided on an annual basis, outlining and describing how the Bond
Proceeds and Bond Loan proceeds were used.

VI. Agency Contacts

A. General information on questions and CDFI Fund support. The CDFI
Fund will respond to questions and provide support concerning this
NOGA, the Qualified Issuer Application and the Guarantee Application
between the hours of 9:00 a.m. and 5:00 p.m. ET, starting with the date
of the publication of this NOGA. The final date to submit questions is
April 13, 2022. Applications and other information regarding the CDFI
Fund and its programs may be obtained from the CDFI Fund's website at
<a href="http://www.cdfifund.gov">http://www.cdfifund.gov</a>. The CDFI Fund will post on its website
responses to questions of general applicability regarding the CDFI Bond
Guarantee Program.
B. The CDFI Fund's contact information is as follows:

Table 2--Contact Information
----------------------------------------------------------------------------------------------------------------
Type of question Telephone No. (not toll free) Email addresses
----------------------------------------------------------------------------------------------------------------
CDFI Bond Guarantee Program....... (202) 653-0421, Option 5............ <a href="/cdn-cgi/l/email-protection#e1838691a182858788cf9593848092cf868e97"><span class="__cf_email__" data-cfemail="0163667141626567682f75736460722f666e77">[email&#160;protected]</span></a>.
CDFI Certification................ (202) 653-0423...................... <a href="/cdn-cgi/l/email-protection#6201010f07220106040b4c16100703114c050d14"><span class="__cf_email__" data-cfemail="7112121c1431121517185f05031410025f161e07">[email&#160;protected]</span></a>.
Compliance Monitoring and (202) 653-0423...................... <a href="/cdn-cgi/l/email-protection#7f1c1c121a3f1c1b1916510b0d1a1e0c51181009"><span class="__cf_email__" data-cfemail="4320202e26032027252a6d37312622306d242c35">[email&#160;protected]</span></a>.
Evaluation.
Information Technology Support.... (202) 653-0422...................... <a href="/cdn-cgi/l/email-protection#77363a3e24371413111e59030512160459101801"><span class="__cf_email__" data-cfemail="fcbdb1b5afbc9f989a95d2888e999d8fd29b938a">[email&#160;protected]</span></a>.
----------------------------------------------------------------------------------------------------------------

C. Communication with the CDFI Fund. The CDFI Fund will communicate
with applicants, Qualified Issuers, Program Administrators, Servicers,
Certified CDFIs and Eligible CDFIs, using the contact information
maintained in their respective AMIS accounts. Therefore, each such
entity must maintain accurate contact information (including contact
person and authorized representative, email addresses, fax numbers,
phone numbers, and office addresses) in its respective AMIS account.
For more information about AMIS, please see the AMIS Landing Page at
<a href="https://amis.cdfifund.gov">https://amis.cdfifund.gov</a>.

VII. Information Sessions and Outreach

The CDFI Fund may conduct webcasts, webinars, or information
sessions for organizations that are considering applying to, or are
interested in learning about, the CDFI Bond Guarantee Program. The CDFI
Fund intends to provide targeted outreach to both Qualified Issuer and
Eligible CDFI participants to clarify the roles and requirements under
the CDFI Bond Guarantee Program. For further information, or to sign up
for alerts, please visit the CDFI Fund's website at <a href="http://www.cdfifund.gov">http://www.cdfifund.gov</a>.
Authority: Pub. L. 111-240; 12 U.S.C. 4701, et seq.; 12 CFR part
1808; 12 CFR part 1805;12 CFR part 1815.

Jodie L. Harris,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2022-04007 Filed 2-25-22; 8:45 am]
BILLING CODE 4810-70-P

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