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Federal Register / Vol. 86, No. 32 / Friday, February 19, 2021 / Notices
10401

TABLE 9MATCHING FUNDS REQUIREMENTS Continued
Limitations on Matching Funds

Rights of the CDFI Fund

Matching Funds in the form of thirdparty in-kind contributions.

Matching Funds in the form of a loan ..

Matching Funds in the form of Equity Investments.

Severe Constraints Waiver

Ineligible Matching Funds

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Use of Matching Funds from a prior CDFI Program Recipient.

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Although the Applicant is not required to provide further documentation for Committed Matching Funds at the time of Application submission other than supporting documentation for retained earnings, deposits, and Equity Investments, which must be provided at the time of Application submission, it must be able to provide the CDFI Fund, upon request, acceptable written documentation showing the source, form, and amount of the Committed Matching Funds including, in the case of a loan, the terms thereof, as well as the anticipated payment date of the Committed funds.
Matching Funds must be from non-Federal sources.
Applicants cannot proffer Matching Funds that were accepted as Matching Funds for a prior award that required Matching Funds under the CDFI Program, NACA Program, or under another Federal grant or award program.
Matching Funds must comply with the Regulations.
Matching Funds must be attributable to at least one of the five eligible FA activities see Section II
C of this NOFA.
The CDFI Fund reserves the right to contact the Matching Funds source to discuss the Matching Funds and the documentation that the Applicant provided.
The CDFI Fund may grant an extension of the Matching Funds Window defined in Table 9, on a case-by-case basis, if the CDFI Fund deems it appropriate.
The CDFI Fund reserves the right to rescind all or a portion of an award requiring Matching Funds and re-allocate the rescinded award amount to other qualified Applicants if a Recipient fails to provide evidence of In-Hand Matching Funds obtained during the Matching Funds Window totaling its award amount.
Third party in-kind contributions are non-cash contributions i.e., property or services provided by non-Federal third parties to the Applicant.
Third party in-kind contributions will be considered to be in the form of a grant for Matching Funds purposes.
Third party in-kind contributions may be in the form of real property, equipment, supplies, and other expendable property. The value of goods and services must directly benefit the eligible FA activities.
For third party in-kind contributions, the fair market value of goods and services must be documented as the grant match.
Applicants will be responsible for documenting the value of all in-kind contributions pursuant to the Uniform Requirements.
An award made in the form of a loan will have the following standardized terms:
i. A 13-year term with semi-annual interest-only payments due in years 1 through 10, and fully amortizing payments due each year in years 11 through 13; and ii. A fixed interest rate of 0.66%, which was calculated by the CDFI Fund based on the U.S. Department of the Treasurys 10-year Treasury note.
The Applicants Matching Funds loans must:
i. have a minimum of a 3-year term loans presented as Matching Funds with less than a 3-year term will not qualify as eligible match; and ii. be from a non-Federal source.
An Equity Investment source must meet the terms outlined in 12 CFR 1805.401a: Equity: The CDFI
Fund may make non-voting equity investments in a Recipient, including, without limitation, the purchase of non-voting stock. Such stock shall be transferable and, in the discretion of the CDFI Fund, may provide for convertibility to voting stock upon transfer. The CDFI Fund shall not own more than 50 percent of the equity of a Recipient and shall not control its operations.
The CDFI Funds ownership of equity is calculated by dividing the shares owned by the CDFI Fund by the total number of shares issued by the Recipient.
The CDFI Fund reserves the right, in its sole discretion, to perform its own valuation of Equity Investment sources and to determine if the equity value is acceptable to the CDFI Fund.
In the case of an Applicant demonstrating severe constraints on available sources of Matching Funds, the CDFI Fund, in its sole discretion, may provide a Severe Constraints Waiver, which permits such Applicant to comply with the Matching Funds requirements by reducing such requirements by up to 50%.
In order to be considered eligible for a Severe Constraints Waiver, an Applicant must meet all of the SECA eligibility criteria described in Table 8. Instructions for requesting a Severe Constraints Waiver will be made available if required.
No more than 25% of the total funds available for obligation under this funding round may qualify for a Severe Constraints Waiver.
Applicants will not be given the opportunity to correct or amend the Matching Funds information included in the FA Application after Application submission if the CDFI Fund determines that any portion of the Applicants Matching Funds is ineligible.
If an Applicant offers Matching Funds documentation from an organization that was a prior Recipient under the CDFI Program or NACA Program, the Applicant must be able to prove to the CDFI Funds satisfaction that such funds do not consist, in whole or in part, of CDFI Program funds, NACA Program funds, or other Federal funds.

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