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Federal Register / Vol. 86, No. 173 / Friday, September 10, 2021 / Notices
below and/or in Areas of Economic Distress as a percentage of its CMF
Homeownership portfolio; and f the number of Affordable Housing units expected to be generated as a result of the Award.
In assessing the quality of the Applicants strategy, the CDFI Fund staff will consider the following factors, including, but not limited to: a The effectiveness and cohesiveness of the Applicants strategy; b how well the proposed financing activities will help close the financing gaps in their market, including more favorable rates and terms than are currently available in its Service Area; c the Applicants ability to execute its strategy and support its projections; d how adaptable the Applicants strategy is to changing market conditions; e the alignment between the proposed activities and strategy and the selected impacts and outcomes; and f for Applicants proposing Economic Development Activities EDA, the extent the activities are part of a Concerted Strategy, whether activities will benefit affordable housing residents, and the track record and capacity of the Applicant to carry out EDA.
In addition to the criteria outlined above, the Applicants ability to deploy the CMF Award in a timely manner will be a key determinant in funding recommendation. Deployment considerations may include the Applicants track record of activities compared with projections, the Applicants progress in committing and/
or deploying past CMF Awards, and whether the Applicant received a FY
2021 CDFI/NACA Program award for a similar business strategy as the proposed use of the CMF Award. The CDFI Fund may also consider the number of geographies served when determining funding recommendations.
3. Selection: Once Applications have been internally evaluated and preliminary award determinations have been made, the Applications will be forwarded to a selecting official for a final award determination. After preliminary award determinations are made, the selecting official will review the list of potential Recipients to determine whether the Recipient pool meets the following statutory objectives:
a The potential Recipients proposed Service Areas collectively represent broad geographic coverage throughout the United States; and b The potential Recipients proposed activities equitably represent both Metropolitan Areas and Rural Areas. For the purposes of the FY 2021 CMF
Round, the term Rural Areas is defined per 12 CFR 1282.1 Enterprise Duty To
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Serve Final Rule as i A census tract outside of a Metropolitan Statistical Area as designated by the Office of Management and Budget; or ii A
census tract in a Metropolitan Statistical Area as designated by the Office of Management and Budget that is outside of the Metropolitan Statistical Areas Urbanized Areas, as designated by the U.S. Department of Agricultures USDA Rural-Urban Commuting Area RUCA Code 1, and outside of tracts with a housing density of over 64
housing units per square mile for USDAs RUCA Code 2.
As Rural Areas data for the Enterprise Duty to Serve Rule is not available for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands, all census tracts in these territories will be deemed as Rural census tracts for Awards issued under this NOFA. The CDFI Fund will publish a dataset indicating which census tracts are designated as Rural Areas for the FY
2021 Round on its website.
In the event the preliminary Recipient pool does not reflect the geographic coverage or representation of Metropolitan and Rural Areas present in the overall Applicant pool, the CDFI
Fund reserves the right to modify CMF
Award amounts and/or the CMF
Recipient pool if deemed necessary to achieve either of these statutory objectives. For the purposes of conducting this analysis, the CDFI Fund will classify Applications as addressing Rural Areas if they propose to use 20%
or more of their award in Rural Areas, and as addressing Metropolitan Areas if they propose to use less than 20% of their Award in Rural Areas.
In order to evaluate the geographic coverage of the potential CMF Recipient pool, Applicants will be asked to designate one of the following two Service Area types in their Applications: Statewide or Multi-State.
These Service Area types are further defined in the Application. Applicants planning to serve communities below the state level cities and municipalities, counties, regions and within one state should designate their Service Area as Statewide.
Similarly, an Applicant that is planning to serve communities below the state level, but in more than one state, should designate their Service Area as Multi-State. The smallest Service Area an Applicant can request is one state or U.S. territory; the largest Service Area an Applicant can propose is a 15 state Multi-State Service Area.
Applicants should indicate in the narrative portions of their Application if they plan to concentrate their CMF
activities in a subset e.g., a county or
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a Metropolitan Area of their broader Service Area. If necessary to achieve proportional activity in Rural Areas and/or broader geographic coverage, the CDFI Fund may award Applications not in the preliminary Recipient pool, including Applications outside of the highly qualified pool, in the order of their Internal Review scoring ranking.
During the selection process, the CDFI
Fund also reserves the right to modify or place restrictions on the Service Area requested in any Application in order to further these statutory objectives.
In cases where the selecting officials award determination varies significantly from the initial CMF Award amount recommended by the CDFI Fund staff review, the CMF Award recommendation will be forwarded to a reviewing official for final determination. The CDFI Fund, in its sole discretion, reserves the right to reject an Application and/or adjust CMF
Award amounts as appropriate, based on information obtained during the review process.
4. Insured Depository Institution Applicants: In the case of Applicants that are Insured Depository Institutions or Insured Credit Unions, the CDFI
Fund will consider safety and soundness information from the Appropriate Federal Banking Agency or Appropriate State Agency, as applicable. If the Applicant is a CDFI
Depository Institution Holding Company, the CDFI Fund will consider information provided by the Appropriate Federal Banking Agency and Appropriate State Agency about both the CDFI Depository Institution Holding Company and the CDFI Insured Depository Institution that will expend and carry out the Award. If the Appropriate Federal Banking Agency or Appropriate State Agency identifies safety and soundness concerns, the CDFI Fund will assess whether the concerns warrant that the Applicant is incapable of undertaking the activities for which funding has been requested.
5. Right of Rejection: The CDFI Fund reserves the right to reject an Application if information including administrative errors comes to the attention of the CDFI Fund that adversely affects an Applicants eligibility for an Award, adversely affects the CDFI Funds evaluation or scoring of an Application, or indicates fraud or mismanagement on the Applicants part, including mismanagement of another Federal award. If the CDFI Fund determines that any portion of the Application is incorrect in any material respect, the CDFI Fund reserves the right, in its sole discretion, to reject the Application. The
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