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CDFI Fund Opens Application Period for its Fiscal Year 2013 Bond Guarantee Program


6/12/13

Synopsis:

The Community Development Financial Institutions (CDFI) Fund opened the inaugural application period for its CDFI Bond Guarantee Program. The program allows CDFIs to issue bonds guaranteed by the federal government for fiscal year 2013. Loans financed through bond proceeds will support CDFIs that make investments in community development projects.  

Issue:

In anticipation of the publication of the Notice of Guarantee Authority in the Federal Register on June 14, 2013, the CDFI Fund opened the application period for its Bond Guarantee Program. Certified CDFIs or their designees can issue bonds guaranteed by the federal government. The Secretary of the Treasury is authorized to guarantee up to five bonds in fiscal year 2013, each at a minimum of $100 million, for a total of $500 million. Eligible CDFIs may pool together in a single $100 million multiple bond issuance in certain situations.

Bond proceeds from CDFIs or their designees are used for authorized community development activities that may include supporting commercial facilities that promote job creation or retention, the provision of low-income housing, and businesses owned by low-income persons.

How Do I Apply?

Application materials are available on the CDFI Fund’s website and through myCDFIFund.

When is the Deadline?

According to the CDFI, Qualified Issuer Applications must be submitted through myCDFIFund by 11:59 p.m. EDT on July 17, 2013. Guarantee Applications must be submitted through myCDFIFund by 11:59 p.m. EDT on July 17, 2013.

For more information on CohnReznick’s NMTC services, visit our NMTC resource center.


Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

 

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