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Federal Register / Vol. 86, No. 173 / Friday, September 10, 2021 / Notices a certificate of good standing, also require the Applicant to furnish an opinion from its legal counsel, the content of which may be further specified in the Assistance Agreement, and which, among other matters, opines that:
a The Recipient is duly formed and in good standing in the jurisdiction in which it was formed and the jurisdictions in which it transacts business;
b The Recipient has the authority to enter into the Assistance Agreement and undertake the activities that are specified therein;
c The Recipient has no pending or threatened litigation that would materially affect its ability to enter into and carry out the activities specified in the Assistance Agreement;
d The Recipient is not in default of its articles of incorporation or formation, bylaws or operating agreements, other organizational or establishing documents, or any agreements with the Federal government;
e The CMF affordability restrictions that are to be imposed by deed restrictions, covenants running with the land, or other CDFI Fund approved mechanisms that are recordable and enforceable under the laws of the State and locality where the Recipient will undertake its CMF activities;
f If applicable, the Recipient is exempt from Federal Income taxation pursuant to the Internal Revenue Code of 1986; and g If applicable, the Recipient is designated as a nonprofit or not for
profit entity under the laws of the organizations State of formation.
6. Closing and Payment of the Award:
Pursuant to the Assistance Agreement, there will be an initial closing at which point the Assistance Agreement and related documents will be properly executed and delivered, and a Payment of the CMF Award is made. Recipients of CMF FY 2021 Awards will have the option to choose Payment of the Award in a single, lump sum payment or in two payment tranches, each no more than one year apart, and as set forth in the Assistance Agreement. If the Applicant is electing to receive Payment in two tranches, the first Payment amount will be based on the Applicants estimated amount of the Award that will be Committed in the first year, though the first Payment amount can be modified at the Recipients request prior to closing the Assistance Agreement. The date of Payment will affect the required date of Commitment of the Award, two years subsequent to each Payment, but will not affect or change any other performance goal or requirement set forth in the Assistance Agreement, including the requirement that all Projects must achieve Project Completion within five years of the effective date of the Assistance Agreement.
Following the initial closing of the Assistance Agreement, there may be subsequent closings involving additional award Payments. Any documentation in addition to the Assistance Agreement that is connected with such subsequent closings and Payments shall be properly executed
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and timely delivered by the Recipient to the CDFI Fund.
D. Paperwork Reduction Act: Under the Paperwork Reduction Act 44 U.S.C.
chapter 35, an agency may not conduct or sponsor a collection of information, and an individual is not required to respond to a collection of information, unless it displays a valid OMB control number. If applicable, the CDFI Fund may inform Applicants that they do not need to provide certain Application information otherwise required.
Pursuant to the Paperwork Reduction Act, the Capital Magnet Fund Application has been assigned the following control number: 15590036.
E. Reporting: The CDFI Fund will require each Recipient that receives a CMF Award through this NOFA to account for and report to the CDFI Fund on the use of the CMF Award. This will require Recipients to establish administrative controls, subject to the Uniform Administrative Requirements and other applicable OMB guidance.
The CDFI Fund will collect information from each such Recipient on its use of the CMF Award annually, following Payment and more often if deemed appropriate by the CDFI Fund in its sole discretion. The CDFI Fund will provide guidance to Recipients outlining the format and content of the information required to be provided to describe how the funds were used.
The CDFI Fund may collect information from each Recipient including, but not limited to, an annual report with the components listed in Table 8:

TABLE 8REPORTING REQUIREMENTS 5
Criteria
Description
Single Audit if applicable

A non-profit Recipient must complete an annual Single Audit pursuant to the Uniform Requirements 2 CFR
200.501 if it expends $750,000 or more in Federal awards in its fiscal year, or such other dollar threshold established by OMB pursuant to 2 CFR 200.501. If a Single Audit is required, it must be submitted electronically to the Federal Audit Clearinghouse FAC see 2 CFR Subpart F-Audit Requirements in the Uniform Requirements and optionally through AMIS.
For-profit and nonprofit Recipients must submit a Financial Statement Audit FSA report in AMIS, along with the Recipients statement of financial condition audited or reviewed by an independent certified public accountant.
The Recipient must submit a performance report not less than annually, which is a progress report on the Recipients use of the CMF Award towards meeting its performance goals, Affordable Housing outcomes, and the Recipients overall performance. The CMF Performance Report covers the Announcement Date through the Investment Period for the CMF Award and the ten-year Affordability Period for each Project. The Investment Period shall mean the period beginning with the Effective Date of the Assistance Agreement and ending not earlier than the fifth year anniversary of the Effective Date, or as otherwise established in the Assistance Agreement. The Affordability Period shall mean, for each Project, the period beginning on the date when the Project is placed into service and consisting of the full ten consecutive years thereafter, or as otherwise established in the Assistance Agreement.
If the Recipient fails to meet a performance goal or reporting requirements, it must submit an explanation of noncompliance via AMIS.

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