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Federal Register / Vol. 86, No. 41 / Thursday, March 4, 2021 / Notices
Qualified Issuer Application will be rejected.
2. Qualified Issuer criteria. In total, there are more than 60 individual criteria or sub-criteria used to evaluate a Qualified Issuer applicant and all materials provided in the Qualified Issuer Application will be used to evaluate the applicant. Qualified Issuer determinations will be made based on Qualified Issuer applicants experience and expertise, in accordance with the following criteria:
a. Organizational capability.
i. The Qualified Issuer applicant must demonstrate that it has the appropriate expertise, capacity, experience, and qualifications to issue Bonds for Eligible Purposes, or is otherwise qualified to serve as Qualified Issuer, as well as manage the Bond Issue on the terms and conditions set forth in the Regulations, this NOGA, and the Bond Documents, satisfactory to the CDFI Fund.
ii. The Qualified Issuer applicant must demonstrate that it has the appropriate expertise, capacity, experience, and qualifications to originate, underwrite, service and monitor Bond Loans for Eligible Purposes, targeted to Low-Income Areas and Underserved Rural Areas.
iii. The Qualified Issuer applicant must demonstrate that it has the appropriate expertise, capacity, experience, and qualifications to manage the disbursement process set forth in the Regulations at 12 CFR
1808.302 and 1808.307.
b. Servicer. The Qualified Issuer applicant must demonstrate that it has either directly or contractually through another designated entity the appropriate expertise, capacity, experience, and qualifications, or is otherwise qualified to serve as Servicer.
The Qualified Issuer Application must provide information that demonstrates that the Qualified Issuers Servicer has the expertise, capacity, experience, and qualifications necessary to perform certain required administrative duties including, but not limited to, Bond Loan servicing functions.
c. Program Administrator. The Qualified Issuer applicant must demonstrate that it has either directly or contractually through another designated entity the appropriate expertise, capacity, experience, and qualifications, or is otherwise qualified to serve as Program Administrator. The Qualified Issuer Application must provide information that demonstrates that the Qualified Issuers Program Administrator has the expertise, capacity, experience, and qualifications necessary to perform certain required administrative duties including, but not
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limited to, compliance monitoring and reporting functions.
d. Strategic alignment. The Qualified Issuer applicant will be evaluated on its strategic alignment with the CDFI Bond Guarantee Program on factors that include, but are not limited to: i Its missions strategic alignment with community and economic development objectives set forth in the Riegle Act at 12 U.S.C. 4701; ii its strategy for deploying the entirety of funds that may become available to the Qualified Issuer through the proposed Bond Issue; iii its experience providing up to 30-year capital to CDFIs or other borrowers in Low-Income Areas or Underserved Rural Areas as such terms are defined in the Regulations at 12 CFR 1808.102; iv its track record of activities relevant to its stated strategy; and v other factors relevant to the Qualified Issuers strategic alignment with the program.
e. Experience. The Qualified Issuer applicant will be evaluated on factors that demonstrate that it has previous experience: i Performing the duties of a Qualified Issuer including issuing bonds, loan servicing, program administration, underwriting, financial reporting, and loan administration; ii lending in Low-Income Areas and Underserved Rural Areas; and iii indicating that the Qualified Issuers current principals and team members have successfully performed the required duties, and that previous experience is applicable to the current principals and team members.
f. Management and staffing. The Qualified Issuer applicant must demonstrate that it has sufficiently strong management and staffing capacity to undertake the duties of Qualified Issuer. The applicant must also demonstrate that its proposed Program Administrator and its proposed Servicer have sufficiently strong management and staffing capacity to undertake their respective requirements under the CDFI Bond Guarantee Program. Strong management and staffing capacity is evidenced by factors that include, but are not limited to: i A sound track record of delivering on past performance; ii a documented succession plan; iii organizational stability including staff retention; and iv a clearly articulated, reasonable, and well-documented staffing plan.
g. Financial strength. The Qualified Issuer applicant must demonstrate the strength of its financial capacity and activities including, among other items, financially sound business practices relative to the industry norm for bond issuers, as evidenced by reports of Appropriate Federal Banking Agencies, Appropriate State Agencies, or auditors.

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Such financially sound business practices will demonstrate: i The financial wherewithal to perform activities related to the Bond Issue such as administration and servicing; ii the ability to originate, underwrite, close, and disburse loans in a prudent manner;
iii whether the applicant is depending on external funding sources and the reliability of long-term access to such funding; iv whether there are foreseeable counterparty issues or credit concerns that are likely to affect the applicants financial stability; and v a budget that reflects reasonable assumptions about upfront costs as well as ongoing expenses and revenues.
h. Systems and information technology. The Qualified Issuer applicant must demonstrate that it as well as its proposed Program Administrator and its proposed Servicer has, among other things: i A
strong information technology capacity and the ability to manage loan servicing, administration, management, and document retention; ii appropriate office infrastructure and related technology to carry out the CDFI Bond Guarantee Program activities; and iii sufficient backup and disaster recovery systems to maintain uninterrupted business operations.
i. Pricing structure. The Qualified Issuer applicant must provide its proposed pricing structure for performing the duties of Qualified Issuer, including the pricing for the roles of Program Administrator and Servicer. Although the pricing structure and fees shall be decided by negotiation between market participants without interference or approval by the CDFI
Fund, the CDFI Fund will evaluate whether the Qualified Issuer applicants proposed pricing structure is feasible to carry out the responsibilities of a Qualified Issuer over the life of the Bond to help ensure sound implementation of the program.
j. Other criteria. The Qualified Issuer applicant must meet such other criteria as may be required by the CDFI Fund, as set forth in the Qualified Issuer Application or required by the CDFI
Fund in its sole discretion, for the purposes of evaluating the merits of a Qualified Issuer Application. The CDFI
Fund may request an on-site review of Qualified Issuer applicant to confirm materials provided in the written application, as well as to gather additional due diligence information.
The on-site reviews are a critical component of the application review process and will generally be conducted for all applicants not regulated by an Appropriate Federal Banking Agency or Appropriate State Agency. The CDFI

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