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Federal Register / Vol. 86, No. 32 / Friday, February 19, 2021 / Notices TABLE 9MATCHING FUNDS REQUIREMENTS Continued
Matching Funds in the form of retained earnings.

Special rule for Regulated Institutions
Retained earnings are eligible for use as Matching Funds in an amount equal to the CDFI Funds calculation of:
i. the increase in retained earnings that occurred over any one of the Applicants fiscal years within the Matching Funds Window, adjusted to remove revenue and expenses derived from Federal sources and Matching Funds used for an award; or ii. the annual average of such increases that occurred over any three consecutive fiscal years of the Applicant with at least one of the fiscal years occurring within the Matching Funds Window, adjusted to remove revenue and expenses derived from Federal sources and Matching Funds used for an award; or iii. any combination of i and ii above that does not include Matching Funds used for an award.
Retained earnings will be matched in the form of a grant.
Depository Institution Holding Company Applicants must provide call reports for the Depository Institution Holding Company in order to verify their retained earnings, even if the requested award will support its Subsidiary CDFI Insured Depository Institution.
A Regulated Institutions retained earnings are eligible for use as Matching Funds in an amount equal to the CDFI Funds calculation of:
i. the increase in retained earnings that occurred over any one of the Applicants fiscal years within the Matching Funds Window, adjusted to remove revenue from Federal sources and Matching Funds used for an award; or ii. the annual average of such increases that occurred over any three consecutive fiscal years of the Applicant with at least one of the fiscal years occurring within the Matching Funds Window, adjusted to remove revenue and expenses derived from Federal sources and Matching Funds used for an award; or iii. the entire retained earnings that have been accumulated since the inception of the Applicant, as provided in the Regulations.
If option iii is used for Insured Credit Unions or State-Insured Credit Unions, the Applicant must increase its member and/or non-member shares and/or total loans outstanding by an amount equal to the amount of retained earnings committed as Matching Funds.
This increase 1 will be measured on a quarterly basis from March 31, 2021; 2 must occur by December 31, 2022; and 3 will be based on amounts reported in the Applicants National Credit Union Administration NCUA form 5300 Call Report, or equivalent.
The CDFI Fund will assess the likelihood of this increase during the Application review process.
An award will not be made to any Applicant that has not demonstrated in the relevant NCUA
form 5300 call reports or equivalent that it has increased shares and/or total loans outstanding by at least 25% of the requested FA award amount including all awards requiring Matching Funds between December 31, 2019, and December 31, 2020.
The Matching Funds are not In-Hand until the Recipient has increased its member and/or nonmember shares, deposits and/or total loans outstanding by the amount of retained earnings since inception that are being used as Matching Funds.
If option iii is used for Insured Depository Institutions or Depository Institution Holding Companies, the Applicant or its Subsidiary CDFI Insured Depository Institution in the case of a Depository Institution Holding Company must increase deposits and/or total loans outstanding by an amount equal to the amount of retained earnings committed as Matching Funds. Depository Institution Holding Company Applicants must use the call reports of the Subsidiary CDFI Insured Depository Institution that the requested the FA award will support.
This increase 1 will be measured on a quarterly basis from March 31, 2021; 2 must occur by December 31, 2022; and 3 will be based on amounts reported in the call report.
The CDFI Fund will assess the likelihood of this increase during the Application review process.
An award will not be made to any Applicant that has not demonstrated in the relevant call reports that it has increased deposits and/or total loans outstanding by at least 25% of the requested FA award amount including all awards requiring Matching Funds between December 31, 2019, and December 31, 2020.
The Matching Funds are not In-Hand until the Recipient has increased its deposits and/or total loans outstanding by the amount of retained earnings since inception that are being used as Matching Funds.
All regulated Applicants utilizing the option iii should refer to the Retained Earnings Guidance included in the Retained Earnings Calculator Excel Workbook found on the CDFI Funds website.

The requirements set forth in Table 9 are applicable to Category II Core FA Applicants, with the exception of Native American CDFIs, applying for Base-FA, PPCFA, and DFFA. The Matching Funds requirements for HFFIFA and SECA FA Applicants were waived for the FY 2021
Funding Round and permanently waived for Native American CDFIs. Therefore, the requirements set forth in Table 9 are not applicable to HFFI
FA, SECA FA, and Native American CDFI Applicants for the FY 2021 Funding Round.

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IV. Application and Submission Information A. Address to Request an Application Package: Application materials can be found on the CDFI Funds website at www.cdfifund.gov/cdfi. Applicants may request a paper version of any Application material by contacting the CDFI Fund Help Desk at cdfihelp@

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cdfi.treas.gov. Paper versions of Application materials will only be provided if an Applicant cannot access the CDFI Funds website.
B. Content and Form of Application Submission: All Applications must be prepared using the English language, and calculations must be computed in U.S. dollars. The following table lists
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the Required Application Documents for the FY 2021 Funding Round. The CDFI
Fund reserves the right to request and review other pertinent or public information that has not been specifically requested in this NOFA or the Application. Information submitted by the Applicant that the CDFI Fund has not specifically requested will not be
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