§4705 Community Partnerships

Summary

A community development financial institution (CDFI) can apply together with a community partner to run a community partnership. The joint application must follow the CDFI minimum rules under section 4704(b), but the community partner does not have to meet the items in 4704(b)(1) and 4704(b)(2)(A). The application must say what each partner will do, how the work will help the investment area or target group, and show it fits the CDFI’s strategic plan. The Fund will review applications based on the CDFI meeting the selection rules in sections 4704 and 4706, how much the partner will take part, how the partnership helps the CDFI’s plan, and whether a partnership serves the area or people better than the CDFI alone. If approved, any money goes only to the CDFI. The funds cannot directly pay the community partner or its affiliates. Other rules and limits in this subchapter still apply as the Fund decides, and the Fund may add extra guidelines about using federal money for partnerships.