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Federal Register / Vol. 86, No. 173 / Friday, September 10, 2021 / Notices
V. Application Review Information A. Criteria: All complete and eligible Applications will be reviewed in accordance with the criteria and procedures described in the CMF
Interim Rule, this NOFA, the Application guidance, and the Uniform Administrative Requirements. As part of the review process, the CDFI Fund reserves the right to contact the Applicant by telephone, email, mail, or through an on-site visit for the sole purpose of clarifying or confirming Application information at any point during the review process. The CDFI
Fund reserves the right to collect such additional information from Applicants as it deems appropriate. If contacted, the Applicant must respond within the time period communicated by the CDFI Fund or its Application may be rejected. For the sake of clarity, specific Application evaluation criteria are described in the context of the overall Application review and selection process described in Section V.B. below.
B. Review and Selection Process: The CDFI Fund will evaluate each complete and eligible Application using the multi-phase review process described in this Section. For the first part of the review process, the External Review, the Applications will be grouped into two categories depending on their approach:
1 Financing entities and 2 affordable housing developers/managers. All Applicants will be able to select whether they are applying with a financing entity approach or with an affordable housing developer/manager approach. However, all eligibility requirements, as either a certified CDFI
or Nonprofit Organization, must be met.
In most cases, CDFIs will select the financing entity approach; however, a CDFI that is applying with a strategy to act as an affordable housing developer and has a track record as an affordable housing developer, can select the affordable housing developer/manager entity approach. The Applications of these two groups will be evaluated based on the criteria listed in this section. Where appropriate, the CDFI
Fund will use different criteria in order to evaluate the financial health, capacity, portfolio performance, and projected activities of the Applicant based on these distinct approaches.
These differences are noted in the following sections and the Application Instructions.
1. External Review and Quantitative Assessment: All eligible Applications will be evaluated through a Quantitative Assessment and External Review. The Quantitative Assessment evaluates the Applications quantitative factors and is
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performed automatically in AMIS. In the External Review, Applications will be separately scored by two or more external non-Federal reviewers who are selected based on criteria that include:
A professional background in affordable housing or in community and economic development finance with experience with affordable housing. These reviewers must complete the CDFI
Funds conflict of interest process and be approved by the CDFI Fund.
Reviewers will be assigned a set number of Applications to review, consisting of either Applicants with a financing entity approach or Applicants with an affordable housing developer/manager approach. The reviewer will provide a score for each of the Applications assessed in accordance with the scoring criteria outlined in Section V.B.2 of this NOFA and the Application materials.
The external reviewers evaluation, in combination with the quantitative assessment factors, will result in the Application being awarded up to 100
points for each review scorecard. The majority of the score will be based on the external reviewers evaluation.
These points will be distributed across three sections: Business and Leveraging Strategy 40 possible points, Community Impact 35 possible points, and Organizational Capacity 25
possible points. As each Application is evaluated by two external reviewers, the maximum score each Application can receive is 200 points 100 points 2
Reviewers.
a Business and Leveraging Strategy 40 points: In the Business and Leveraging Strategy section, the Applicant will address: i The needs of communities and persons in the areas it proposes to serve with a CMF Award and the extent to which the proposed strategy addresses these needs; ii the affordable housing, economic development, and financing gaps addressed by its business strategy; iii the projected CMF activities and relevant track record; iv the role CMF
will play in its project financing strategy; v its strategy for leveraging private capital with a CMF Award; and vi its strategy for leveraging its CMF
Award at the Enterprise-level, through re-investments, and/or at the Projectlevel as applicable.
An Applicant will generally score more favorably in the criteria evaluated by the external review and by the quantitative assessment factors to the extent that it: i Clearly aligns its proposed CMF Award activities with the affordable housing needs and financing gaps it identifies; ii demonstrates that its CMF Award activities will result in more favorable
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financing rates and terms to Projects;
iii demonstrates that its projected activities are achievable based on the Applicants strategy and track record;
iv describes a process for selecting projects that have a clear need for CMF
financing; v has a credible pipeline of projects or can demonstrate clear demand for its proposed financial products from borrowers; vi has a clear strategy for and track record of leveraging private capital resulting in a higher multiplier of private leverage;
vii has a clear strategy for attracting capital and demonstrates a track record of leveraging funds at the Enterpriselevel, through re-investments, and/or at the Project-level as applicable; and viii whether the Application is proposing to serve American Samoa, Guam, the Northern Mariana Islands, or the U.S. Virgin Islands.
b Community Impact 35 points: In the Community Impact Section, the Applicant will address: i The extent to which the Applicants strategy is likely to result in the selected Affordable Housing and/or Economic Development Activities impacts and its plan to track relevant outcome metrics; ii for rental housing, a its strategy for and track record of financing and/or supporting rental housing units located in Areas of Economic Distress or High Opportunity Areas; and b its strategy for and track record of financing rental housing units targeted to Very Low-Income VLI
Families 50% of AMI or below; iii for Homeownership housing, its strategy for and track record of financing Homeownership units targeted to LowIncome LI Families 80% of AMI or below or units located in Areas of Economic Distress ; iv if applicable, its strategy for and track record of financing and/or supporting Economic Development Activities and how the projected activities will align with a Concerted Strategy and will benefit the residents of nearby Affordable Housing;
and v commitment to and track record of serving Rural Areas.
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: i Demonstrates a clear strategy for achieving the selected Affordable Housing and/or Economic Development Activities impacts identified in the Application and it presents a clear and effective plan to track metrics related to relevant outcomes; ii if rental housing is proposed, demonstrates a compelling strategy for and track record of financing and/or supporting rental housing units located in Areas of Economic Distress and/or High Opportunity Areas; iii if
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