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Bank Enterprise Awards Program
The BEA Program recognizes the key role played by
traditional financial institutions in community
development lending and investing. It provides incentives
for these regulated banks and thrifts to invest
in CDFIs and to increase their financial services,
lending and investments in distressed communities.
The BEA Program supports the community investment
efforts of these financial institutions. The funding
round for the BEA Program is open once a year based
on the dates published in a Notice of Funds Availability
(NOFA)." |
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Financial
Assistance
The Community Development Financial Institutions
(CDFI) Fund’s Financial Assistance Component provides
Financial Assistance (FA) to certified CDFIs that
demonstrate an ability to leverage non-Federal dollars
to support a comprehensive business plan of providing
services to create community development impact
in underserved markets. This component replaces
the Core, Intermediary, and Small and Emerging CDFI
Assistance Components. |
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Native
American Initiatives
Through the Native American CDFI Development (NACD)
Program the CDFI Fund currently provides grants
to acquire services to be used to create CDFIs that
serve primarily Native American, Alaska Native,
and/or Native Hawaiian communities. This program
in part replaces the Native American CDFI Technical
Assistance Program. Some entities that were eligible
under the Native American CDFI Technical Assistance
Program will now be eligible to apply under the
Native American Technical Assistance
Program. |
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New
Markets Tax Credits
The New
Markets Tax Credit (NMTC) Program permits taxpayers
to receive a credit against Federal income taxes
for making qualified equity investments in designated
Community Development Entities (CDEs). Substantially
all of the qualified equity investment must in turn
be used by the CDE to provide investments in low-income
communities. The credit provided to the investor
totals 39% of the cost of the investment and is
claimed over a seven-year credit allowance period.
In each of the first three years, the investor receives
a credit equal to five percent of the total amount
paid for the stock or capital interest at the time
of purchase. For the final four years, the value
of the credit is six percent annually. |
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Technical
Assistance
Through the Technical Assistance (TA) the CDFI Fund
provides grants to acquire services to be used to
build the capacity of an entity to achieve the objectives
of its Comprehensive Business Plan of providing
needed financial products and services to an underserved
target market This program is intended to provide
assistance to start-up and early-stage CDFIs, and
entities planning to become CDFIs. Subject to appropriation
and authorization, the Fund plans to provide $10
million in funding in Fiscal Year 2003. The fund
expects to make $4.5 million available in FY 2004.
This Component in part replaces the Small and Emerging
CDFI Technical Assistance Component. |
