§4705 Community partnerships

Summary

Groups made up of a community development financial institution (CDFI) and a community partner can apply together for help to run a community partnership. The Fund will require the joint application to meet the CDFI minimum rules under section 4704(b), though two specific 4704(b) criteria do not apply to the community partner. The application must say how each group will take part, explain how the partnership will improve services for the investment area or target population, and show the work fits the CDFI coapplicant’s strategic plan. The Fund will judge applications by checking that the CDFI meets the selection rules in sections 4704 and 4706, how much the partner will be involved, whether the partnership makes the CDFI’s plan more likely to succeed, and whether a partnership serves the area or people better than the CDFI alone. Any funds awarded go only to the CDFI coapplicant and cannot directly pay the partner or its affiliates. Other program rules still apply, and the Fund may set extra limits or guidelines for using federal money for partnerships.