Program Descriptions
Program Number
21.021
Title
Bank Enterprise Award Program
Federal Agency
COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND, UNDER SECRETARY FOR DOMESTIC FINANCE, DEPARTMENT OF TREASURY
Authorization
Public Law 103-325, 12 U.S.C. 1834a; 12 U.S.C. 4713.
Status
Active
Objectives
To encourage insured depository institutions to increase their level of community development activities in the form of loans, investments, services and technical assistance within distressed communities and to provide assistance to Community Development Financial Institutions through grants, equity investments, loans, deposits and other forms of financial and technical assistance. The program rewards participating insured depository institutions for increasing their activities in economically distressed communities and investing in community development financial institutions.
Types of Assistance
Project Grants.
Uses and Use Restrictions
Under this program, awards are issued to selected applicants that: (1) Invest in or otherwise support Community Development Financial Institutions; (2)Increase lending and investment activities within Distressed Communities; and/or (3) Increase the provision of certain services and technical assistance within Distressed Communities. An award is based upon a percentage of the increase in qualifying activities that are carried out by the applicant between an established Baseline Period and Assessment Period. This information is announced in the annual notice of funds availability published in the Federal Register. No award under this program will be issued if the applicant has: an application pending under the Community Development Financial Institutions (CDFI) Program, received assistance under the CDFI Program within the preceding 12-month period, or ever received assistance under the CDFI Program for the same activities for which it is seeking a Bank Enterprise Award. Only banks or savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation may apply for an award under this program.
Eligibility Requirements
Applicant Eligibility
Profit Organization and Other Private Institution/Organization in the form of insured depository institutions.
Beneficiary Eligibility
Profit Organization and Other Private Institution/Organization in the form of an insured depository institutions.
Credentials/Documentation
An applicant must provide Federal Deposit Insurance Corporation certificate number.
Application and Award Process
Preapplication Coordination
None. This program is excluded from coverage under E.O. 12372 and OMB Circular No. A-102.
Application Procedure
Each applicant must complete a Bank Enterprise Award Application package.
Award Procedure
Applications are reviewed and grant awardees are selected by the Community Development Financial Institutions Fund.
Deadlines
The annual Notice of Funds Availability published in the Federal Register announces deadline dates for submission of applications for this program. Deadline dates generally range from 30 to 90 days subsequent to the notice publication.
Range of Approval/Disapproval Time
Generally, 6 months.
Appeals
None.
Renewals
Assistance Considerations
Formula and Matching Requirements
None.
Length and Time Phasing of Assistance
Awards are issued on a percentage basis for selected and approved activity increases under this program.
Post Assistance Requirements
Reports
The schedule of reports is arranged during the pre-award negotiation stage.
Audits
Costs incurred for awards issued as part of this program are subject to audit in accordance with the award terms and conditions.
Records
Award recipients must maintain records to substantiate all award costs incurred and to assure that all performance measures are met. Records will be retained in accordance with the provisions of 12 CFR Part 1806 and OMB Circular No. A-110.
Financial Information
Account Identification
20-1881-0-1-451.
Obligations
(Grants) FY 07 $11,167,711; FY 08 est $20,000,000; and FY 09 est $20,000,000.
Range and Average of Financial Assistance
$6,000 to $500,000; $218,971.
Program Accomplishments
For fiscal year 2007, 51 awards were issued.
Regulations, Guidelines and Literature
12 CFR Part 1806, Revised Interim Rule, published in the February 4, 2003 issue of the Federal Register. Bank Enterprise Award Program Application Package.
Information Contacts
Regional or Local Office
None.
Headquarters Office
Program Office Contact: Ms. Ruth Jaure, Program Manager, Community Development Financial Institutions Fund, 601 13th Street, N.W., Suite 200 South, Washington, DC, 20005. Telephone: (202) 622-9156, Fax: (202) 622-7754. Awards Office Contact: Ms. Ayisa Crowe, Awards Manager, Community Development Financial Institutions Fund, 601 13th Street, N.W., Suite 200 South, Washington, DC, 20005. Telephone: (202) 622-8691, Fax: (202) 622-6453.
Web Site Address
http://www.cdfifund.gov
Related Programs
21.020, Community Development Financial Institutions Program
Examples of Funded Projects
The Bank Enterprise Award recipients issued more than $58 million in new loans to finance multi-family housing in distressed communities around the nation. In addition, recipients made available nearly $83 million for new loans, investments, financial services and technical assistance in economically distressed communities.
Criteria for Selecting Proposals
Award recipients are selected based upon a priority ranking of qualified activities. Qualified activities include, in order of importance, the following: (1) Community Development Financial Institution Related Activities; and, (2) Development and Service Activities.
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