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Federal Register / Vol. 86, No. 173 / Friday, September 10, 2021 / Notices rental housing is proposed, demonstrates a compelling strategy for and track record of financing and/or supporting rental housing units targeted to Very Low-Income VLI Families 50% of AMI or below, with the maximum score available to Applications that propose to target at least 45% of units to Very Low-Income Families; iv if Homeownership is proposed, demonstrates a compelling strategy for financing and/or supporting up to 100% of CMF Award to Homeownership units either targeted to Low-Income Families 80% of AMI or below or Homeownership units targeted to Eligible-Income Families 120% of AMI or below located in AEDs, with the Applicants track record supporting their ability to execute this strategy; v if proposing Economic Development Activities, demonstrates how its proposed Economic Development Activities fit within a Concerted Strategy and will benefit the residents of the nearby Affordable Housing; and vi makes a commitment to invest at least 10% of the CMF Award in Rural Areas and presents a corresponding track record of serving Rural Areas.
c Organizational Capacity 25
points: In the Organizational Capacity section, the Applicant will discuss: i Its management team and key staff; ii the roles and responsibilities of those staff in managing the proposed CMF
Award; iii its past experience managing Federal awards; iv its financial health; and v lending or property portfolio as applicable.
An Applicant will generally score more favorably in the criteria evaluated by the external reviewer and by the quantitative assessment factors to the extent that it demonstrates: i Strong qualifications of its key personnel with respect to their skills and experience in identifying investments, underwriting or developing similar projects as applicable, and managing a portfolio of similar activities and ensuring compliance with program requirements;
ii a strong ability to successfully manage Federal awards based on experience managing prior Federal Awards or administering state or local government awards, foundation grants, or other programs with complex compliance requirements; iv strong financial health, including but not limited to strong capitalization, sound operating performance, and strong liquidity; iv favorable audit results e.g., opinion other than unqualified/
unmodified with no negative findings, including lack of a going concern paragraph, lack of repeat findings of reportable conditions, lack of material
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weaknesses in internal controls, lack of delinquencies on obligations to investors or lenders, and not having filed for bankruptcy or defaulted on financial obligations; and iv solid portfolio performance property portfolio or loan/investment portfolio, as applicable. CMF Program encourages first-time Applicants. Prior CMF
Recipients will not receive a scoring advantage solely for having received a prior CMF Award.
d Scoring anomaly: If, in the case of a particular Application, the reviewers total External Review scores vary significantly from each other, the CDFI
Fund may, in its sole discretion, obtain the evaluation and numeric scoring of an additional reviewer to determine whether the anomalous score should be replaced with the score of the additional reviewer.
2. Internal Review: At the conclusion of the External Review phase, the CMF
Program Manager will determine the overall number of Applications that will be initially forwarded for Internal Review. Each group of Applications financing entity approach and affordable housing developer/manager approach will be ranked separately based on their External Review score.
The CMF Program Manager may initially forward an amount up to the highest scoring 50% of Applications from the External Review to the Internal Review, as long as the forwarded Applications reflect, within no more than 5% variance, the proportion of financing entity approach Applications to affordable housing developer/
manager approach Applications in the overall Application Pool. Such Applications will be forwarded for Internal Review in descending order of External Review score. The forwarded Applications will be drawn from the financing entity approach and affordable housing developer/manager approach groups in proportion to each groups representation in the overall Application pool. This approach will ensure that the percentage of Applicants with a financing entity approach and affordable housing developer approach forwarded to Internal Review reflects the proportion of these entity strategies within the overall Application pool, with no more than 5% variance.
These forwarded Applications will constitute the highly qualified pool.
During the Internal Review, CDFI Fund staff will prioritize the Applications in the highly qualified pool for an Award based on a combination of the following criteria: i Final External Review score;
ii alignment with CMF statutory and policy priorities; iii the overall quality of the Applicants strategy; and iv the
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Applicants organizational capacity and financial health. The CDFI Fund will not attempt to ensure any specific balance of Applicants with a financing entity approach and Applicants with an affordable housing developer approach in the final Award pool.
In assessing the Applicants organizational capacity, CDFI Fund staff will consider the following factors, including, but not limited to the Applicants overall organizational and financial capacity, including a its financial strength and ability, and its resources to weather changing conditions and risks; b its organizational strength as demonstrated by good management practices, risk management, and internal controls; c key personnel with relevant experience and capacity; and d relevant experience and capacity demonstrating ability to meet federal award management standards including performance with prior CDFI Fund awards. The CDFI Fund will also review OMB-designated repositories of government-wide eligibility qualification and financial integrity information, as part of the assessment of organizational capacity. In the case of an Applicant 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 Recipient is in compliance with current or prior award agreements as well as to review the results of any Federal Single Audit, and to take such information into consideration before making a CMF
Award.
In assessing the Applications alignment with CMF statutory and policy priorities, CDFI Fund staff will consider the following factors, including, but not limited to: a The likelihood of the Applicant to reach a minimum overall leverage multiplier of 10 times the Award amount or more; b the amount of private capital it will leverage relative to the CMF Award; c if rental housing is proposed, the Applicants approach, track record and ability to finance/support a significant portion up to 45% of its rental housing for Very Low-Income Families; d if rental housing is proposed, the Applicants approach, track record and ability to finance/support a significant portion of rental housing located in Areas of Economic Distress AED and/
or High Opportunity Areas HOA as a percentage of its CMF rental portfolio;
e if Homeownership is proposed, the Applicants approach, track record and ability to successfully finance/support up to 100% of its Homeownership units for Low-Income Families 80% AMI or
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