The U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund) released public comments submitted in response to its Request for Public Comment regarding the CDFI Bond Guarantee Program (BGP). The BGP was enacted through the Small Business Jobs Act of 2010 on September 27, 2010 and is authorized through fiscal year 2014. The purpose of the program is to provide long-term Treasury guaranteed bonds or notes to Community Development Finance Institutions (CDFIs) that make significant community investments such as supporting commercial facilities that promote revitalization, neighborhood stabilization, and job creation/retention; providing basic financial services to low-income individuals; building low-income affordable housing; supporting businesses that provide jobs to or are owned by low-income people; and sustaining community or economic development activities in low-income areas. Treasury is authorized to guarantee up to 10 bonds per year, each at a minimum of $100 million; the total of all bonds cannot exceed $1 billion per year.
To read the full press release, public comments, and more about the program, click here.