Form 1 Guarantee Application

CDFI Bond
Guarantee
Program

Guarantee
Application
Fy [year]

1

Introduction
Under the CDFI Bond Guarantee Program, a Qualified Issuer (QI) that wishes to apply to the
CDFI Fund for a Guarantee must submit a Guarantee Application in the form and with the
substance that is described herein. A QI must provide all required information in its Guarantee
Application to establish that it meets all required criteria to receive a Guarantee and can carry
out all Guarantee requirements including, but not limited to, information that demonstrates that
the QI has the appropriate expertise, capacity, and experience and is qualified to make,
administer and service Bond Loans for Eligible Purposes. In order to be considered for the
issuance of a Guarantee in fiscal year (FY) 20XX, Guarantee Applications must be submitted by
[Month, day, year]. The FY 20XX authority to issue a Guarantee is contingent upon
Congressional authorization.
The Guarantee Application includes two sections: 1) a “Capital Distribution Plan” for each Bond
Issue; and 2) a “Secondary Capital Distribution Plan” for each Eligible CDFI included in the
proposed Bond Issue. The Guarantee Application must demonstrate that the QI and the
proposed Eligible CDFIs have a feasible plan to successfully repay the Bond (including
principal, interest, and call premiums) and Bond Loans according to their respective terms, to
the satisfaction of the CDFI Fund. Upon receipt of a Guarantee Application, the CDFI Fund may
request additional, clarifying, confirming or supplemental information on the materials submitted
as part of the Guarantee Application.
In order to understand the CDFI Bond Guarantee Program and the roles and responsibilities of
the QI, interested parties should review and become familiar with the regulations that govern the
program, set forth at 12 C.F.R. 1808 (the Regulations). In addition, Applicants should review
and become familiar with the Notice of Guarantee Availability (NOGA) published with respect to
FY [Year] QI Applications and Guarantee Applications. Please note that, similar to prior years,
all Applicants will be required to certify that it, and its respective counsel, have read and
understand the Regulations and all of the Bond and Bond Loan Documents. The Regulations,
templates of Bond and Bond Loan Documents, and NOGA are found on the CDFI Fund
website. Capitalized terms in the Guarantee Application are defined in the Regulations.
For purposes of the Guarantee Application, the term “Applicant” also refers to the Qualified
Issuer, any Affiliates and third-party entities (i.e., the Program Administrator and the Servicer)
that seek to participate in performing the duties of the QI under the proposed Guarantee, as well
as each proposed Eligible CDFI, including Affiliates of Controlling CDFI(s) as described in the
NOGA, which seek to participate in the Bond Issue.
QI Applications submitted with Guarantee Applications will have priority for review over QI
Applications submitted without Guarantee Applications. However, the CDFI Fund will not
recommend a Guarantee Application for approval until it has determined that the entity
proposing to serve as the QI meets the requirements of the Regulations.
The Guarantee Application must contain all required documentation. In addition to information
regarding the QI (and its Program Administrator and Servicer), certain documentation must be
submitted with regard to each proposed Eligible CDFI.

Page 2

This document provides the format, document organization, naming conventions, and
description of requested documentation for QIs and proposed Eligible CDFIs to be submitted as
part of the Guarantee Application. The Guarantee Application must follow the standardized
naming conventions and file organization detailed below.
Paperwork Reduction Act Burden Statement
According to the Paperwork Reduction Act, as amended, no persons are required to respond to
a collection of information unless it displays a valid Office of Management and Budget (OMB)
Approval Number. This form's Approval Number is 1559-0044. Public reporting burden for this
collection of information is estimated to average 50 hours per response, including the time for
reviewing instructions, searching existing data sources, gathering and maintaining the data
needed, and completing and reviewing the collection of information. Send comments regarding
the burden estimate or any other aspect of this collection of information, including suggestions
for reducing this burden, to the Community Development Financial Institutions Fund, 1500
Pennsylvania Avenue, NW, Washington, D.C. 20220.

Document Format
Documentation should be submitted in Microsoft Word, unprotected Microsoft Excel, Adobe
PDF, or other mediums as appropriate. Narratives must be submitted in Microsoft Word format in
single-spaced, 12 point Arial or Times New Roman font. Please follow the file naming
conventions and descriptions listed in this document.

Missing or Not Applicable Documentation
If a specific document is not applicable or otherwise not available, the Applicant must submit a
placeholder file stating that the requested document is “Not Applicable”, as appropriate, in place
of the file. The Applicant must also include a brief description of why such documentation is not
applicable or not available, as this designation should be used for very few documents, if any.
The placeholder file must retain the naming convention of the respective file it was meant to
replace. See Figure 1 for an example.

Figure 1: Sample Documentation Stating Non-Applicability

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Document Organization and Submission
All Guarantee Applications must be submitted electronically through the CDFI Fund’s internetbased MyCDFI Fund portal, which is accessed via the Awards Management Information System
(AMIS), and all documents must be uploaded according to the file structure specified in each
section. A Guarantee Application submission is divided in two portions: (1) a Qualified Issuer (QI)
portion, and (2) one or more Eligible CDFI portions. Applications sent by mail, fax, or other form
will not be permitted, except in circumstances that the CDFI Fund, in its sole discretion, deems
acceptable. Please note that Applications will not be accepted through Grants.gov.
NOTE: If a QI Application is submitted concurrently with a Guarantee Application, both the
QI Application and each of the “Guarantee Application-Eligible CDFI Portion(s)” must be
submitted before the “Guarantee Application- Qualified Issuer Portion” can be submitted.
Each Qualified Issuer applicant, its proposed Program Administrator, its proposed Servicer, and
each Certified CDFI and Eligible CDFI that is included in the Guarantee Application must
register User and Organization accounts in AMIS. Each such entity must be registered as an
Organization and register at least one (1) User Account in AMIS. As AMIS is the CDFI Fund’s
primary means of communication with applicants with regard to its programs, each such entity
must make sure that it updates the contact information in its AMIS account before any
Application is submitted. For more information on AMIS, please visit the AMIS Landing Page at
https://amis.cdfifund.gov.
Eligible CDFIs may consider granting the Qualified Issuer access as a User to its organization so
that the QI can monitor the progress of the application process. Once completed, the Applicant
can login to its account and choose “Guarantee Application-Qualified Issuer Portion” or
“Guarantee Application-Eligible CDFI Portion” from the list of possible applications.
The files for the Qualified Issuer of the proposed Bond Issue should be uploaded under the
application entitled “Guarantee Application- Qualified Issuer Portion” and the files for each Eligible
CDFI should be uploaded separately under “Guarantee Application-Eligible CDFI Portion.” The
files for the Qualified Issuer should be titled “QI Abbreviation-Section-File Name” (e.g.: QI-4Statement of Proposed Sources and Uses of Funds). Each Eligible CDFI within the proposed
Bond Issue should have its own dedicated set of files which should be titled “Eligible CDFI
Abbreviation-Section-File Name” (e.g.: CDFI Abbreviation-3-Secondary Capital Distribution Plan
Narrative).
Begin with the Eligible CDFI portions of the Guarantee Application.
Carefully follow the instructions found on MyCDFI Fund portal and upload the application
documents following the naming conventions and descriptions listed below in this document.
Applications will be submitted via the MyCDFI Fund portal, which is assessed via AMIS, and all
documents must be uploaded according to the specified file structure.

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Figure 2: Screenshot of File Upload Interface

NOTE: MyCDFI Fund cannot accept files larger than 15 megabytes. If any files such as
PDFs are larger than 15MB, please save and upload the files in multiple parts.
The Eligible CDFI’s portion of the application process is completed by submitting a “Signature
Page.” You will not be able to make any edits to the application materials unless granted express
permission to re-access an application by the CDFI Fund. Once the Signature Page has been
submitted, the ECDFI Applicant should print a copy of the Submission Status Page, which will
include its Eligible CDFI Control Number, and retain this for its records. The ECDFI Applicant will
need to give the Eligible CDFI Control Number to its Qualified Issuer for it to submit the Signature
Page associated with its portion of the Guarantee Application.
The Eligible CDFI Control Number follows the format ##-BGC-######.
Once the Qualified Issuer has all of the Eligible CDFI Control Numbers for each of the CDFIs that
are part of the proposed pool, the Qualified Issuer can complete its portion of the Guarantee
Application. The Qualified Issuer will use the MyCDFI Fund interface to upload the Eligible CDFI
Control Numbers and associate those entities with the proposed pool. See the figure below.

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Checklist Contents

Figure 3: Screenshot of E-CDFI Control Number Interface

The Qualified Issuer completes the entire Guarantee Application process by submitting the
Qualified Issuer’s “Signature Page.” An Applicant will not be able to make any edits to the
application materials unless granted express permission to re-access an application by the CDFI
Fund. Once the Signature Page has been submitted, the QI Applicant should print a copy of the
Submission Status Page, which will include its Qualified Issuer’s Control Number, and retain this
for its records.
The Control Number for the overall Guarantee Application follows the format ##-#-BG-######.
Applicants who require assistance or have any questions, should call (202) 653-0421 and select
Option 5, or email at BGP@cdfi.treas.gov.

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Checklist Contents

1.0 Qualified Issuer Capital Distribution Plan
Section
A-1
A-2

A-3

Document
Checklist

Included

Format
PDF

Qualified Issuer
Information and No
Material Change
Certification
A. No Material
Change
Certification
B. SF-424
C. Federal
assurances
and
certifications
D. EIN/TIN letter

PDF (All)

Bond Issue

Word

Narrative
A-4

A-5

A-6
A-7

Statement of
Proposed Sources
and Uses of Funds
Bond Issue
Qualified Issuer
Cash Flow Model
Credit
Enhancement
Draft Term Sheet

Excel

Excel

Word
Word

2.0 Eligible CDFI(s) Secondary Capital
Distribution Plan(s)
Section Document
B-ID-1 Checklist
B-ID-2

B-ID-3

Eligible CDFI Organization and Contact Information
A. SF-424
B. Federal assurances and certifications
C. EIN/TIN letter
D. Affiliate/Subsidiary Organizational Structure
Secondary Capital Distribution Plan Narrative

Included

Format
PDF

PDF
(All)

Word

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Checklist Contents

Section Document
B-ID-4 Eligible CDFI Statement of Proposed Sources and
Uses of Funds
B-ID-5

Eligible CDFI Cash Flow Model

B-ID-6

Eligible CDFI Organizational Capacity
A. Employee organizational chart
B. Organizational Documents
i.
Articles of incorporation
ii.
By-laws
iii.
Good standing certificate
iv.
501(c)(3) letter
C. Management or operating agreement
D. Key management analysis
E. Board of directors information
F. Governance narrative
G. Senior managers’ biographies
H. Employee information
I. Independent reports
J. Strategic plan and related progress reports
K. Management Information Systems report and
narrative

B-ID-7

B-ID-8

Eligible CDFI Policies and Procedures
A. Asset-liability matching policy
B. Loan policies and procedures
C. Conflicts of Interest/Ethics policies and
procedures
D. Other Policies
Eligible CDFI Financial Statements
A. Most recent four (4) years of audited financial
statements
B. Current year-to-date financial statements
C. Current year’s approved budget or projected
budget if the Board has not yet approved it
D. Appropriate Federal Banking Agency or
Appropriate State Agency information

Included

Format
Excel
Excel
PDF
PDF
PDF
PDF
PDF
PDF
Word
Excel
PDF
PDF
PDF
PDF
PDF
PDF

PDF
PDF
PDF
PDF

PDF
PDF
PDF
PDF

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Section Document
B-ID-9 Eligible CDFI Loan Portfolio
A. Portfolio Quality Report
B. Pipeline report
C. Portfolio listing
D. Other assets under management (non-owned)
E. Loan products
F. Independent loan review report
G. Impact report case studies
H. Loan portfolio by risk rating
I. Cumulative financing transactions
B-ID-10 Eligible CDFI Funding Sources and Capitalization
A. Current grant funding
B. Projected grant funding
C. Credit Enhancements
D. Historical investor renewal rate
E. Covenant compliance
F. Off balance sheet contingencies
G. Earned revenues
H. Debt capital statistics
I. Restricted Funds

Included

Format
Excel
Excel
Excel
PDF
PDF
PDF
PDF
PDF
Excel
Excel
Excel
Excel
Word
Excel
Excel
Excel
Excel
Excel
Excel

Documentation Checklist Contents
The following sections provide descriptions and naming conventions for the requested
documentation for the Qualified Issuer and Eligible CDFIs, including Affiliates of Controlling
CDFI(s) as described in the NOGA, in a Bond Issue.

1. Capital Distribution Plan (Qualified Issuer)
The Capital Distribution Plan is the component of the Guarantee Application that demonstrates
the Qualified Issuer’s comprehensive plan for lending, disbursing, servicing, and monitoring
each Bond Loan. The Capital Distribution Plan includes, among other components, a
Statement of Proposed Sources and Uses of Funds, and must be accompanied by a Secondary
Capital Distribution Plan for each Eligible CDFI included in the Guarantee Application. The
Secondary Capital Distribution Plan(s) will be uploaded as part of the Eligible CDFI materials in
Section 2.0.
The following is guidance for compiling the information for the Capital Distribution Plan items
listed in Section 1.0 of the Guarantee Application. Please note that to provide consistency
between Guarantee Applications, each file has specific naming conventions that must be
followed.
The files noted below should be uploaded to the appropriate section of the MyCDFI Fund
submission page.

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A-1: Checklist
Item

Discussion

Capital
The Applicant must submit the Capital
Distribution Plan Distribution Plan Checklist as part of the
Checklist
application materials in MyCDFI Fund.

Format
PDF,
Template
provided
by CDFI
Fund

Naming
Convention
A-1-Checklist

A-2: Qualified Issuer Information and No Material Change Certification
Format
Naming
Item
Description
Convention
A. No Material
If the Qualified Issuer Application is not
PDF,
A-2A-Material
Change
submitted in concurrence with this
Template Change
Certification
Guarantee Application, the Qualified
provided
Issuer shall provide a scanned document, by the
using the Certification of Material Events
CDFI
form, certifying that no material changes
Fund
have occurred regarding the organization
and certifications provided in the
previously submitted Qualified Issuer
Application. Further, should any material
changes occur while the Guarantee
Application is under review, the Qualified
Issuer shall notify the CDFI Fund in a
timely manner.
B. SF-424

The Qualified Issuer must provide a
Standard Form (SF)-424 with
organizational contact information for the
Guarantee Application, regardless of
whether it is submitted in concurrence or
separately from the Qualified Issuer
Application. The Qualified Issuer must
provide the following information on the
form:
•
•
•
•
•
•

PDF,
Template
provided
by the
CDFI
Fund

A-2B-SF424

Applicant legal name
Employer/Taxpayer Identification
Number (EIN/TIN)
DUNS number
Mailing address, including 9-digit
zip code
Contact name, email address, and
telephone number
Contact position/title

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Checklist Contents

Item

Description
•
•
•

Format

Naming
Convention

Authorized Representative name,
email address, and telephone
number
Authorized Representative
position/title
Signature

C. Federal
Assurances
and
Certifications

The Qualified Issuer shall provide an
initialed Federal Assurances and
Certifications with the SF-424 for the
Guarantee Application, regardless of
whether it is submitted in concurrence or
separately from the Qualified Issuer
Application.

PDF,
Template
provided
by the
CDFI
Fund

A-2CCertifications

D. EIN/TIN
letter from IRS

The Qualified Issuer must provide a copy
of its EIN/TIN letter from the IRS.

PDF

A-2D-IRS Letter

A-3: Bond Issue Narrative
Item

Description

Bond
Issue
Narrative

Provide a narrative of no more than 10 singlesided pages in length of proposed uses of funds
(Bond Proceeds), including the extent to which
Bond Loans will serve Low-Income or
Underserved Rural Areas. The narrative must
include the amount of the Bond Issue (minimum
of $100 million) and the amount of each Bond
Loan (minimum of $10 million).

Format
Word

Naming
Convention
A-3-Bond Issue
Narrative

The narrative must describe the Qualified
Issuer’s plan for lending, disbursing, servicing,
and monitoring each Bond Loan. In addition, the
narrative must concisely describe the aggregate
activities relating to the CDFI Bond Guarantee
Program of each of the underlying Eligible
CDFIs. The narrative should identify any issues,
structures, or unique characteristics of the
Eligible CDFIs to which the CDFI Fund should
pay particular attention. The narrative should
also highlight if the proposed Bond Issue requires
clarification of any policies not addressed by the
CDFI Fund.

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Checklist Contents

A-4: Bond Issue Statement of Proposed Sources and Uses of Funds
Item

Description

Bond
Issue
Statement
of
Proposed
Sources
and Uses
of Funds

Provide a consolidated table detailing the specific
uses and timing of disbursements for the
proposed Bond Issue. The Bond Issue Sources
and Uses of Funds should be informed by
Eligible CDFIs’ Statement of Proposed Uses of
Funds to include the following information per
disbursement of funds:
•
•
•
•

•
•

•

Format
Excel

Naming
Convention
A-4-Sources and
Uses

Date of disbursement;
Amount of disbursement;
Term of disbursement (which shall not
exceed the proposed Bond Loan maturity
date);
Amortization schedule for each
disbursement, including any interest-only
period (which must be consistent with the
first principal payment date listed in the
Term Sheet);
Asset class under which funds are
disbursed;
Number and average size of loans
pledged as collateral per disbursement,
including additional overcollateralization;
and
Relending plan for each Eligible CDFI, as
applicable.

The statement should indicate the sources of
funds to repay principal and interest on the Bond
and Bond Loan.
The consolidated table should demonstrate that
100 percent of Bond proceeds will be used for
Eligible Purposes.

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Checklist Contents

A-5: Bond Issue Qualified Issuer Cash Flow Model
Item
Description
Cash Flow The Qualified Issuer should provide a working
Model
cash flow model of the proposed Bond Issue. The
cash flow model must be submitted in an
unprotected workbook with apparent formulas as
opposed to hard-coded values. The cash flow
model should track the flow of funds through the
Qualified Issuer and Eligible CDFIs through the
term of the Bond Issue. This cash flow model
should include disbursement and repayments for
Bonds, Bond Loans, and Secondary Loans, as
well as associated interest, fees and other costs.
The cash flow model should also demonstrate the
mechanics of the Relending Fund, if utilized.

Format
Excel

Naming
Convention
A-5-Cash Flow
Model

The cash flow model should match the
aggregated cash flows of each of the underlying
Eligible CDFIs and identify the average assumed
net interest margin between the assumed Bond
Loan interest rate and Secondary Loan interest
rates. The model should also clearly identify the
assumed total fee or cost structure to the Eligible
CDFI and whether certain costs are annual,
monthly, or event-driven. Such assumptions are
non-binding unless otherwise stipulated as part of
the Term Sheet.

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Checklist Contents

A-6: Credit Enhancements
Item
Description
Credit
Enhancements

Format

Provide a description of Credit
Word
Enhancements, if any, which may be
applicable to any and all Eligible CDFIs
presented in this Guarantee Application.
Please Note: If an Eligible CDFI proposes
to use Federal Funds as Credit
Enhancements, the CDFI Fund, in its sole
discretion, may require that the Eligible
CDFI provide written assurance from such
other Federal sources that the Funds may
be utilized in another Federal program.
Also, any Credit Enhancements will be
required to be pledged, as part of the Trust
Estate, to the Master Servicer/Trustee, for
the benefit of the Bond Purchaser.

Naming
Convention
A-6-Credit
Enhancements

Include the following information for each
Credit Enhancement, as relevant:
•
•
•
•
•

Provider of Credit Enhancement;
Amount of Credit Enhancement, term
and any specific conditions (maturity,
expiration, or renewal options);
Indicate any limiting conditions or
revocability of the Credit
Enhancement;
Relevant terms and language to clarify
the exact nature of the Credit
Enhancement; and/or
For any third-party providing a Credit
Enhancement, please provide most
recent four (4) years of audited
financial statements and a brief
analysis of the creditworthiness of
such entity as a counterparty to the
Bond Issue.

Additionally, as applicable, provide the
amount and quality of any other financial
resources to be pledged, or risk mitigation to
be provided, by an Affiliate of the proposed
Eligible CDFI through its management
structure. If so, provide specific terms and
language to clarify the exact nature of the
resources to be pledged.

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Checklist Contents

A-7: Draft Term Sheet(s)
Item
Description
Term
For each Eligible CDFI that is part of the
Sheets
proposed Bond Issue, provide a draft Term
Sheet using the template provided on the CDFI
Fund’s website. The draft Term Sheet should
clearly state:
•
•
•
•
•

•

Format
Word,
Template
provided
by CDFI
Fund

Naming Convention
A-7-Term Sheets

Any requested prepayment provisions;
First principal payment date;
Final Bond Loan maturity;
Unique conditions precedent;
Proposed covenants, including exact
calculations and definitions for all
Financial and Additional Debt
Covenants; and,
Terms and exact language describing
any Credit Enhancements.

2. Secondary Capital Distribution Plan (Eligible CDFI)
The Secondary Capital Distribution Plan section lists the documentation to be submitted
regarding each proposed Eligible CDFI, including Affiliates of Controlling CDFI(s) as described
in the NOGA, represented by the Guarantee Application. The Secondary Capital Distribution
Plan must demonstrate comprehensive plans for lending, disbursing, servicing and monitoring
Secondary Loans, including a description of how the proposed Secondary Loans will meet
Eligible Purposes. The documentation listed in this checklist is to be provided for each Eligible
CDFI in the proposed Bond Issue. If the proposed Eligible CDFI is an Affiliate of Controlling
CDFI(s), the Controlling CDFI(s) must also provide the information listed in B-ID-08, B-ID-09,
and B-ID-10, as well as describe how the Affiliate and the Controlling CDFI(s) will meet the
requirements listed in B-ID-03 through B-ID-07. It is worth noting that the CDFI Fund will pay
specific attention to the Controlling CDFI’s financial strength and organizational capacity, along
with the operating agreements between the Eligible CDFI and the Controlling CDFI(s), to assess
the feasibility of the proposed Bond Issue. Please Note: Only Certified CDFIs may apply as
part of a proposed Bond Issue. Entities that are not Certified CDFIs, as defined in the
NOGA, may not apply to be an Eligible CDFI as part of a proposed Bond Issue. Solely for
the purpose of participation in the FY [YEAR] application round of the CDFI Bond
Guarantee Program, an uncertified Affiliate of a Certified Controlling CDFI(s) that wishes
to apply to be designated as an Eligible CDFI may submit a CDFI Certification Application
to the CDFI Fund by [Month, day, year]. Such CDFI Certification Application shall include
an Operating Agreement that must be in effect prior to the submission of the Certification
Application.

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Checklist Contents

The table below provides guidance for compiling the information for Eligible CDFI items listed in
Section 2.0 of the Guarantee Application. Please note that to provide consistency between
Guarantee Applications, each item has specific naming conventions that must be followed.
Files for each Eligible CDFI within the proposed Bond Issue should be uploaded to the
appropriate section of the MyCDFI Fund submission page and should be titled “B - Eligible CDFI
Abbreviation-Section-File Name” (e.g., B-Eligible CDFI Abbreviation-2A-SF424). In the naming
convention column below, ‘ID’ represents the CDFI Abbreviation. The need to provide the
CDFI’s name is to ensure that files for different CDFIs are not comingled. Please assign a
three- or four- letter abbreviation to each Eligible CDFI included in the Bond Issue, and use this
abbreviation consistently for all documentation associated with the application.
B-ID-1: Table of Contents and Checklist
Item
Discussion
Checklist
Each Eligible CDFI must submit a
Secondary Capital Distribution
Plan Checklist as part of the
application materials in MyCDFI
Fund, which is accessed via AMIS.

Format
PDF,
Template
provided
by CDFI
Fund

Naming Convention
B-ID-1-Secondary
Checklist

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Checklist Contents

B-ID-2: Eligible CDFI Organization and Contact Information
Item
Discussion
Format
A. SF-424
This section consists of the
SF-424,
Standard Form-424 (SF-424) with Template
the following sections filled out:
provided
by CDFI
• Applicant legal name
Fund
• Employer/Taxpayer
Identification Number
(EIN/TIN)
• DUNS number
• Mailing address, including
9-digit zip code
• Contact name, email
address, and telephone
number
• Contact position/title
• Authorized Representative
name, email address, and
telephone number
• Authorized Representative
position/title
• Signature
B. Federal
The CDFI Fund will provide a
PDF,
Assurances and
template of all certifications to
Template
Certifications
which the Eligible CDFI must
provided
attest, including Federal
by CDFI
Assurances and Certifications.
Fund
C. EIN/TIN Letter
Each Eligible CDFI must submit a PDF
copy of its EIN/TIN letter from the
IRS.

Naming Convention
B-ID-2A-SF 424

B-ID-2B-Certifications

BI-ID-2C-IRS Letter

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Checklist Contents

Item
D.
Affiliate/Subsidiary
Organizational
Structure

Discussion
Provide a scanned copy of the
Applicant’s network of Affiliates or
subsidiaries showing the
relationship between the entities
(i.e. ownership, control, etc.) The
chart should note whether the
assets of the Eligible CDFI and
the related organization would be
comingled in a bankruptcy estate,
or whether the ECDFI relies on
any Affiliate or parent organization
for financial support or
management services. A brief
narrative should also detail the
purpose of each organization and
if the affiliated organization’s
financial information is rolled up
into the consolidated statements
of the Eligible CDFI. This
requirement is separate from the
employee organizational chart in
Section 6.

B-ID-3: Secondary Capital Distribution Plan Narrative
Item
Discussion
A. Secondary
Capital
Distribution
Plan Narrative

Provide a narrative of no more than 10
single-sided pages in length detailing
the proposed uses of funds. In
particular, the Eligible CDFI must: (1)
attest that 100 percent of the Bond
Loan proceeds shall be used to make
Secondary Loans according to
Secondary Loan Requirements; (2)
indicate the expected asset classes to
which it will lend under Secondary Loan
Requirements, including whether it will
use such asset classes as part of initial
disbursements or through relending; (3)
provide examples of previous lending
and years of experience lending to a
specific asset class, specifically with
regards to the number and dollar
volume lent in the past five years, as
well as a discussion of how historic
lending activity compares to the size of
proposed Secondary Loans; (4)
describe how its Secondary Loan

Format
PDF

Format
Word

Naming Convention
B-ID-2DOrganizational
Structure

Naming
Convention
B-ID-3A-Secondary
CDP Narrative

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Checklist Contents

products in each asset class will
address specific market gaps in
available financing; (5) describe the
extent to which Secondary Loans will
serve Low-Income Areas or
Underserved Rural Areas, contribute to
community development, and
contribute to comprehensive
community revitalization strategies in
those areas; (6) describe the Eligible
CDFI’s operational plans for lending,
disbursing, servicing, and monitoring
Secondary Loans; (7) if an Eligible
CDFI plans to acquire the capabilities
to lend to specific asset classes,
describe how it will obtain this capacity;
and (8) provide a community impact
analysis, including how Secondary
Loans will address financing needs that
the private market is not adequately
serving, as well as specific community
benefit metrics. If the Secondary Loans
are to be concentrated in a limited
number of unique or noninterchangeable projects or uses,
please describe the characteristics of
such projects or uses.

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B-ID-3B: Supplemental Narrative
Item
B.
Supplemental
Narrative

Discussion
If not sufficiently addressed elsewhere
in the application materials, the
Applicant has the option to submit a
supplemental narrative, including
charts or graphics, of no more than ten
(10) single-sided pages to address any
of the following topics. This narrative
should not discuss any topics other
than those listed below.
• Organizational history, growth,
and major changes over time;
• Risk management culture;
• Internal controls culture;
• Identified sensitivities or key
milestones for projected
successful Bond Loan
proceeds’ deployment;
• Use of other Federal programs
for grant or other earned
revenue and potential for
reducing reliance on such
funding in the future;
• Unique aspects of the
financial position, structure, or
other factors that would affect
whether common CDFI metrics
do not accurately reflect the
organization’s suitability for
participation in the Program;
and/or
• Non-compliance with any
previous agreements with the
CDFI Fund or other entities,
including any corrective
actions which must be
completed.

Format
Word

Naming
Convention
B-ID-3BSupplemental
Narrative

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Checklist Contents

B-ID-4: Eligible CDFI Statement of Proposed Sources and Uses of Funds
Item

Discussion

Statement of
Proposed Uses
of Bond Loan
Funds

Provide a table detailing the specific
uses and timing of disbursements of
the Bond Loan. Include the following
information per disbursement of funds:
•
•
•
•

•

•
•
•

Format
Excel

Naming
Convention
B-ID-4-Proposed
Uses

Date of disbursement;
Amount of disbursement;
Term of disbursement (which
may not exceed the Bond Loan
maturity);
Amortization schedule for each
disbursement, including any
interest-only period (which must
be consistent with the first
principal payment date listed in
the Term Sheet);
Number and average size of
loans pledged as collateral per
disbursement, including
additional overcollateralization;
Estimated interest rate and net
interest margin over the
assumed Bond Loan rate;
Applicable fees; and
Expected asset classes to be
used as part of initial
disbursements and relending.

The total dollar amount of
disbursements should be equal to the
amount requested by the Eligible CDFI
under the Qualified Issuer's Sources
and Uses of Funds. If an Applicant is
proposing to overcollateralize the Bond
Loan, the statement of proposed
sources and uses should reflect the
overcollateralization amount.

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B-ID-5: Eligible CDFI Cash Flow Model
Item
Cash Flow
Model

Discussion
The Eligible CDFI should provide a
working cash flow model of the
proposed Bond Loan. The cash flow
model must be submitted in an
unprotected workbook with apparent
formulas as opposed to hard-coded
values. The cash flow model should
track the flow of funds through the
Qualified Issuer and Eligible CDFI
through the term of the Bond Issue.
This cash flow model should include
disbursement and repayments for
Bonds, Bond Loans, and Secondary
Loans, as well as associated interest,
fees, and other costs. The cash flow
model should also demonstrate the
mechanics of the Relending Fund, if
utilized.

Format
Excel

Naming
Convention
B-ID-5-Cash Flow
Model

The cash flow model should match
each Eligible CDFIs’ portion of the
Qualified Issuer's cash flow model.
The model should also clearly identify
the assumed total fee or cost structure
to the Eligible CDFI and whether
certain costs are annual, monthly, or
event-driven. Such assumptions are
non-binding unless otherwise
stipulated as part of the Term Sheet.
B-ID-6: Organizational Capacity
Item
Discussion
A. Employee
Organizational
Chart

Provide documentation showing the
organization’s employee structure,
down to individual or manager level, as
appropriate to the Applicant. Both
individual names and titles should be
indicated as well as any vacancies.
Please indicate if employees are
shared with other Affiliates and what
percentage of time is dedicated to the
Affiliate. The chart should include the
most recent data available and indicate
the “as of” date.

Format
PDF

Naming
Convention
B-ID-6A-Employee
Org Chart

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Checklist Contents

Item

Discussion

Format

B.
Organizational
Documents

Each Eligible CDFI should include a
copy of the Articles of Incorporation,
By-Laws and any amendments
thereto. Also included should be a
copy of the most recent Certificate of
Good Standing and, if applicable, the
IRS 501(c)(3) determination letter.

PDF

C. Management
or Operating
Agreement

If the Eligible CDFI is managed by a
separate organization, provide a copy
of the signed Management Agreement.

PDF

If the Eligible CDFI is an Affiliate(s) of
Controlling CDFI(s) as described in the
NOGA, provide a copy of the signed
Operating Agreement, which should
include among other things: (i)
conclusive evidence that the
Controlling CDFI(s) Controls the
Affiliate; (ii) explanation of all roles,
responsibilities and activities to be
performed by the Controlling CDFI(s)
including, but not limited to,
governance, financial management,
loan underwriting and origination,
record-keeping, insurance, treasury
services, human resources and
staffing, legal counsel, dispositions,
marketing, general administration, and
financial reporting; (iii) compensation
arrangements; (iv) the term and
termination provisions; (v)
indemnification provisions; (vi)
management and ownership
provisions; and (vii) default and
recourse provisions.

Naming
Convention
B-ID-6Bi-Articles;
B-ID-6Bii-Bylaws;
B-ID-6Biii-Good
Standing;
B-ID-6Biv-501c3

B-ID-6CManagement
Agreement or
B-ID-6C-Operating
Agreement

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Checklist Contents

Item

Discussion

D. Management
Discussion

No more than a five-page, single-sided
narrative of the current management’s
ability to manage the organization
through the funding, monitoring, and
collection of the Secondary Loans.
Identify the management team and
roles in relation to the Eligible CDFI’s
participation in the CDFI Bond
Guarantee Program, including any
relevant contingency plans. If
necessary, indicate any plans to hire
additional staff if approved to
participate in the CDFI Bond
Guarantee Program.

Word

E. Board of
Directors
Information

An Excel chart of the Eligible CDFI’s
Board of Directors indicating the
following for each member:

Excel

•
•
•
•
•
•
•
•

Format

Naming
Convention
B-ID-6DManagement
Discussion

B-ID-6E-Board of
Directors

Original election date;
Start date of most recent term;
Expiration date;
Position and/or committee
membership;
Current employer and position;
Area of expertise;
Indicate if Board member is/not
independent of an affiliate
entity; and
For current or upcoming
vacancies/expirations
scheduled to occur in the next
12 months, identify
appointment plans.

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Checklist Contents

Item

Discussion

Format

Naming
Convention
B-ID-6FGovernance

F. Governance
Narrative

No more than a five-page, single-sided
narrative describing the Board of
Directors’:
• Internal controls and adequacy
of such controls;
• Term limits;
• Deliberation processes;
• Balance between senior
executives and the board
chair;
• Committee constitution and
separation from other board
and organizational duties;
• Role in strategic planning and
progress toward meeting
stated strategic planning goals;
and
• Role in loan approval and/or
oversight.

PDF

G. Senior
Managers’
Biographies

Resumes, job descriptions, and
hire/ascension data (including date or
hire and date of position ascension) of
all senior managers, down to the
manager or senior manager level, as
appropriate. Indicate whether each
senior manager has any outside
employment or serves on other board
memberships. Include contingencies,
key manager insurance (i.e., insurance
policies to protect against disruptions
from the loss of a crucial senior
manager) and any succession
planning.

PDF

B-ID-6GManagement
Biographies

H. Employee
Information

A narrative discussion of no more than
five pages in length of the Eligible
CDFI’s employee base, which should
include a brief discussion of turnover
rates, number of staff, average years
of experience, average time at the
organization, and training programs, if
any. Include currently vacant or new
unfilled positions.

PDF

B-ID-6H-Employee
Information

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Checklist Contents

Item
I. Independent
Reports

Discussion
All independent reports, other than
audited financial statements, within the
last three years about the organization
as a whole.

Format
PDF

Each report should be uploaded as a
separate file. If the independent report
cannot be included due to contractual
terms of service or confidentiality,
provide contact information for the
source of the report and indicate how
the CDFI Fund may request access to
such information.

Naming
Convention
B-ID-6I-Report
Name where
“Report Name” is
the title of the
report including the
date of the report.

J. Strategic
Plan and
Related
Progress
Reports

The Eligible CDFI’s current strategic
plan for a designated period, as well as
the most recent report to the Board of
Directors indicating organizational
progress toward established goals.
Indicate when the plan will next be
reviewed and updated. If the strategic
plan provides quantifiable goals,
please indicate whether the
organization has met these goals and
explain why any shortfalls have
occurred.

PDF

B-ID-6J-Strategic
Plan

K. MIS
Discussion

A narrative discussion of no more than
five pages in length of the Eligible
CDFI’s Management Information
Systems, including a description of
hard/software and how these support
the organization. The discussion
should address loan accounting,
portfolio management, impact
reporting, fundraising, project
management, disaster recovery plans,
and general ledger systems, as well as
how the systems are integrated.
Include a copy of the most recent IT
audit, if available. Indicate when and
how often backups are performed,
including whether such backups are
on-site or off-site. Indicate how often
the Eligible CDFI reevaluates MIS
needs.

PDF

B-ID-6K-MIS

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Checklist Contents

B-ID-7: Policies and Procedures
Item
Discussion
Format
A. Asset
Submit a copy of the Asset-Liability PDF
Liability
Matching policy. The current policy,
Matching Policy as well as all appendices, should
be submitted as a single
document.

Naming Convention
B-ID-7A-Asset-Liability
Policy

The submitted policy should
explain how the Eligible CDFI
manages liquidity risk that arises
due to potential mismatches
between the assets and liabilities.
If not noted in the policy, a
separate sheet should be included
indicating how often the policy is
reviewed, who reviews the policy,
and when the policy will be
reviewed next.

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Checklist Contents

Item
B. Loan
Policies and
Procedures

Discussion
Format
The current loan policies and
PDF
procedures as well as all
appendices should be submitted as
a single document.

Naming Convention
B-ID-7B-Loan Policies

The submitted loan policies should
address conflicts of interest,
origination, underwriting, credit
review approval, closing,
documentation, disbursement,
portfolio monitoring, and loss
mitigation. Include a sample
internal portfolio management
report.
If not noted in the policies, a
separate sheet should be included
indicating how often the policies
are reviewed, who reviews the
policies, and when the policies will
be reviewed next. If not included in
the loan policies or any of the
appendices, a discussion of the
risk rating definition, charge-offs,
and loan loss reserve methodology
should be added.
If there is any difference in
nomenclature for non-performing
assets or delinquencies compared
to what is used in the audited
financial statements or the Eligible
CDFI’s internal asset management
policies, please provide a crosswalk and clarification between
these conventions.
C. Conflict of
Interest/Ethics
Policies and
Procedures

If not noted in the Eligible CDFI’s
by-laws or loan policies and
procedures, a separate sheet
should be included indicating how
conflicts of interest are addressed
by the Eligible CDFI.

PDF

B-ID-7C-Conflicts of
Interest

D. Other
Policies

If applicable, describe any other
Eligible CDFI’s policies not
contemplated above (e.g., how the
Eligible CDFI manages operational
risk, interest rate risk, foreign
exchange risk, etc.)

PDF

B-ID-7D-Other Policies

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Checklist Contents

B-ID-8: Financial Statements. If the Applicant is an Affiliate of Controlling CDFI(s), please
provide this information for both the Controlling CDFI(s) and the Affiliate, as applicable.
Item
Discussion
Format
Naming Convention
A. Most Recent The four (4) most recent audited
PDF
B-ID-8AFour Years
financial statements should be
YYYY_MM_DD Audit”
Audited
submitted separately. Note the
where the YYYY is the
Financial
financial statements should be
four-digit year of the
Statements and prepared by an independent
statement, the MM is
Management
accounting firm in accordance with
the two-digit month and
Letters
generally accepted accounting
the DD is the two-digit
principles. Also note that each
day. For example: “Byear should be separate and
CDFI Abbreviation-8ainclude all notes to the audits and
2011_12_31 Audit”
management letter for each year.
If appropriate, the statement
should include all consolidating
schedules and/or any
supplementary information. If a
more recent audited financial
statement becomes available
during the application review
period, the Qualified Issuer must
notify the CDFI Fund in a timely
manner and provide the updated
information.

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Checklist Contents

Item
B. Most recent
Year-to-Date
Financial
Statements

Discussion
The most recent year-to-date
financial statements should be
provided and should include, at a
minimum, the statement of
financial position (or balance sheet
if appropriate) and statement of
activities (or income statement if
appropriate), for the consolidated
organization as well as
consolidating schedules, if
available.

Format
PDF

Naming Convention
B-ID-8BYYYY_MM_DD Interim,
where the YYYY is the
four-digit year of the
statement, the MM is
the two-digit month and
the DD is the two-digit
day. For example: “BCDFI Abbreviation-8b2012_09_30 Interim.”

Excel

B-ID-8C-YYYY Budget,
where the YYYY is the
four-digit year of the
statement.

Interim financial information should
be presented on a quarterly basis
and include the most recent
quarterly information, not more
than 45 days in the past, as
appropriate. For example, if the
application is submitted after
November 15, the September 30
quarter end statement should be
submitted. If the submission is
made after February 15, the
December 31 statement should be
submitted. If a more recent interim
statement becomes available
during the application review
period, the Qualified Issuer must
notify the CDFI Fund in a timely
manner and provide the updated
information.

C. Current
Fiscal Year’s
Approved
Budget

The approved budget for the
current fiscal year should be
submitted. The budget should
contain a comparison with actual
operations (i.e., variance report). If
a budget has not yet been
approved by the Board of
Directors, provide a comparable
report indicative of the current
budget under consideration.

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Checklist Contents

Item
D. Regulator
Information
(Insured
Depository
Institutions
only)

Discussion
If the Applicant is an Insured
Depository Institution, please
indicate the identifying number by
which the organization’s call report
or similar financial data can be
retrieved from its Appropriate
Federal Banking Agency or
Appropriate State Agency.

Format
PDF

Naming Convention
B-ID-8D-Regulator Info

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Checklist Contents

B-ID-9: Loan Portfolio1 If the Applicant is an Affiliate of Controlling CDFI(s), please provide this
information for both the Controlling CDFI(s) and the Affiliate, as applicable.
Item
Discussion
Format
Naming
Convention
A. Portfolio
This report should show the last five (5) Excel,
B-ID-9A-Portfolio
Quality Report
years of portfolio performance, including Template
Quality
the last three (3) years reported by
and
quarter horizontally across from left
Instructions
(earliest) to right (latest).
provided
by the
This report must be completed using
CDFI Fund
the instructions, definitions, and naming
conventions provided in the Financial
Condition Monitoring Report that is
required for all successful participants in
the CDFI Bond Guarantee Program. If
there is any difference in nomenclature
for non-performing assets or
delinquencies compared to what is used
in the audited financial statements or
the CDFI’s internal asset management
policies, please provide a cross-walk
and clarification between these
conventions.

B. Pipeline
Report

The Eligible CDFI should submit a
current pipeline of loan applicants
showing:
•
•
•
•
•
•
•
•
•
•

Excel file

B-ID-9B-Pipeline

Borrower ID (if applicable);
Total Borrower exposure to the
Eligible CDFI;
Project type;
Asset class (according to
Secondary Loan Requirement
descriptions);
Proposed loan amount;
Total project debt from all
sources;
Total project costs including soft
costs;
Estimated closing date;
Projected debt service
coverage;
Collateral type (if applicable);

1

Items B-ID-9a through B-ID-9h should NOT be submitted as a single file with multiple tabs. The items
should be submitted as independent files.

Page 32

Checklist Contents

Item

Discussion
•
•
•

•

Format

Naming
Convention

Collateral value;
Valuation date;
Indication of whether the loan is
expected to be made as part of
the CDFI Bond Guarantee
Program; and
Indication of whether the loan is
a refinancing of a loan currently
in the CDFI’s portfolio.

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Checklist Contents

Item
C. Portfolio
Listing

Discussion
The Eligible CDFI should submit a
portfolio listing showing:
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

•

Format
Excel file

Naming
Convention
B-ID-9C-Portfolio
Listing

Loan Number;
Borrower ID;
Loan Type;
Outstanding Principal Balance
(Dollar and Percentage);
Unfunded Commitment;
Total Commitment;
Interest Rate;
Borrowing Date;
Disbursement Date;
Maturity and Maturity Date;
Principal Repayment Terms or
Amortized Payment Amount;
Delinquent Amount;
Delinquency Date;
Days Past Due;
Security Status
(Secured/Unsecured);
Security Position (first/senior
position, subordinate position);
Form of collateral (real estate,
leasehold mortgage, machinery,
personal guarantee, etc.);
Risk Rating;
Indicate whether the loan has
been previously modified and, if
so, the most recent modification;
and
Indicate whether the loan is
considered a Troubled Debt
Restructuring (TDR).

Include reports on portfolio yield and
portfolio concentration including, but not
limited to: individual borrowers, sectors,
geography, asset classes, or other
appropriate segmentation as
appropriate. Indicate all borrowers
whose combined loans total the lesser
of $1,000,000 or five percent of the
organization’s total portfolio.

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Checklist Contents

Item
D. Other Assets
Under
Management
(non-owned or
OREO)

Discussion
A detailed listing of all loan portfolios
that are managed but not owned
(including those managed by Affiliates)
should be discussed in separate
sections but be included as one
document or file. The file should also
contain a list of all loans that are Other
Real Estate Owned, in conveyance, or
in the process of foreclosure.

Format
PDF

Naming
Convention
B-ID-9D-Managed
Portfolios

The portfolio discussions should include
what functions are managed by the
Eligible CDFI; what contingent liability is
present; how large the portfolio is in
terms of both dollars and number of
loans; how long the portfolio has been
managed; what fees the Eligible CDFI
earns for the management; and the
entity on whose behalf the Eligible CDFI
manages the portfolio.
E. Loan
Products

Provide a narrative, no more than five
single-sided pages in length, of all loan
products currently offered or anticipated
to be offered within the next year. The
discussion should include collateral
required, loan-to-value requirements,
amortization, length of term, range of
rates and fees charged and intended
borrower type or sector.

PDF

B-ID-9E-Loan
Products

F. Independent
Loan Review
Report

If available, provide the most recent
independent loan portfolio review. The
file should contain any management
response to the review.

PDF

B-ID-9F-Portfolio
Review

G. Community
Benefit Case
Studies

Submit no more than a five-page singlesided narrative of at least one example
where funding benefited a particular
borrower in each of the proposed asset
classes. Discuss how community
benefits or impacts and the success of
such efforts are measured.

PDF

B-ID-9G-Community
Case Studies

H. Loan
Portfolio by
Risk Rating and
Loan Loss
Reserves

Provide a breakdown of the portfolio by
risk rating for the last three (3) fiscal
year ends as well as the most recent
quarter. Include a description of risk
ratings used, numerical rating (if
applicable), number and dollar amount

Excel file

B-ID-9H-Risk
Ratings

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Checklist Contents

Item

Discussion

Format

Naming
Convention

of loans in each risk rating, percent and
total loan loss reserve.
Include a comparison of calculated loan
loss reserves and the actual loan loss
reserve for the last three (3) fiscal year
ends as well as the most recent quarter.
Indicate how the loan loss reserves are
calculated. Indicate whether there is
any difference in risk ratings compared
to the approved loan policies and
procedures.
I. Cumulative
Financing
Transactions

If not available from the preceding
documents, provide information
indicating whether the Eligible CDFI has
engaged in financing transactions in the
previous three (3) years for each of the
proposed asset classes with a
cumulative value equal to the amount of
the proposed Bond Loan (minimum
amount of $10 million).

Excel file

B-ID-9I-Cumulative
transactions

B-ID-10: Funding Sources and Capitalization. If the Applicant is an Affiliate of Controlling
CDFI(s), please provide this information for both the Controlling CDFI(s) and the Affiliate, as
applicable.

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Checklist Contents

Item
A. Current Grant
Funding

Discussion
The Eligible CDFI should submit a
chart showing a list of grantors for
the past five years providing more
than 10 percent of total grant
funding or more than $100,000,
whichever is less. Identify whether
the grant is from a Federal, state,
local, or private source.

Format
Excel

Naming
Convention
B-ID-10A-Current
Grant Funding

The chart should show the grant
name or other identifying
characteristic, the amount of the
current year’s grant, previous
grants from the same source over
the prior three years (itemized by
year), key terms, covenants and
restrictions, and any projected
grants from the source. Indicate
whether the grant is restricted,
Board-designated for particular
purposes, and under what
conditions such restrictions may be
released. This information may be
combined with 10B-Funding
Projections below as indicated in
the example template provided in
the Appendix.
B. Projected Grant
Funding

Provide a chart showing Projected
Grant Funding for the next three
years indicating the source of the
grant (or other identifying
characteristic that can be tied to
10a above if appropriate), the
amount of the grant, the required
use of the grant if any, and the
estimated likelihood of receiving
that grant. Briefly identify whether
the activities funded by the grant
would continue in the absence of
such funding, and what percentage
of operating costs are covered by
such grants.

Excel

B-ID-10B-Projected
Grant Funding

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Checklist Contents

C. Credit
Enhancements 2

If applicable, provide a document
describing any current or future
committed Credit Enhancements
provided to the Eligible CDFI by a
third party.
Include for each Credit
Enhancement the following
information, as relevant:
•
•

•
•

•

Word

B-ID-10C-Credit
Enhancements

Provider of Credit
Enhancement;
Amount of Credit
Enhancement, term and
any specific conditions
(maturity, expiration, or
renewal options);
Indicate any limiting
conditions or revocability of
the Credit Enhancement;
Relevant terms and
language to clarify the exact
nature of the Credit
Enhancement; and
For any third-party providing
a Credit Enhancement,
please provide most recent
four (4) years of audited
financial statements and a
brief analysis of the
creditworthiness of such
entity as a counterparty to
the Bond Loan.

Please Note: If an Eligible CDFI
proposes to use Federal Funds
as Credit Enhancements, the
CDFI Fund may require, in its
sole discretion that the Eligible
CDFI provides written assurance
from such other Federal
programs that the Funds may be
utilized in another Federal
program. Also, any Credit
Enhancements will be required
to be pledged, as part of the
Trust Estate, to the Master
Servicer/Trustee, for the benefits
of the Federal Financing Bank.

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Checklist Contents

Item

Discussion

Format

Naming
Convention
B-ID-10D-Investor
Renewal Rate

D. Historical Investor
Renewal Rate

Provide information on the
historical lender/investor renewal
rates for the Eligible CDFI to
include, annual loan/investment
dollars and the historical
percentage of renewals by
lender/investor (e.g., Eligible CDFI
renewed $5 million last year and
has a lender/investor renewal rate
of 80 percent). Figures should be
provided for both the historical
average and the most recent year.

Excel

E. Covenant
Compliance

A listing of all financial and
operating performance covenants
with an indication of actual versus
prescribed levels for the past three
(3) years. Please indicate the
components and terms of all
covenants, including unique
calculations or carve-outs. Any
violations of covenants should be
accompanied by a discussion of
remediation actions and waivers if
provided.

Excel

B-ID-10E-Covenant
Compliance

Excel

B-ID-10FContingencies

A review of the existing covenants
should also be made to ensure that
any funding under the CDFI Bond
Guarantee Program does not
violate any covenant that is
currently in compliance and noted
when appropriate.
F. Off-Balance Sheet
Contingencies

A report for the past three (3) years
showing all off-balance sheet
contingencies. For current
contingencies, include the amount
and an estimate of the chances for
the contingency resulting in a
formal liability. Provide a brief
narrative of the status of current
contingencies.

2

In addition to specific guarantees, items falling under this category can include forgivable debt, grants,
and other miscellaneous enhancements.

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Checklist Contents

Item

Discussion

Format

Naming
Convention
B-ID-10G-Earned
Revenue

G. Earned Revenue

List the sources, dollar value, and
percentage of the applicant’s
earned revenues for the past five
(5) years. Also, indicate what
proportion of operating expenses
are covered by earned revenue.

Excel

H. Debt Capital
Statistics

Provide a document listing the
calculation of weighted average
term of the debt capital and
weighted average interest rate.
Include also information on:
• Lender;
• Amount;
• Interest Rate;
• Term;
• Whether the loan is secured
and what collateral has
been pledged;
• Percentage of total capital
and overall weighted
average cost of capital;
• Amortizing or balloon
payments; and
• Interest-only period, if
applicable.

Excel

B-ID-10H-Debt
Statistics

I. Restricted Funds

Provide a table listing the total value
of cash and cash equivalent items,
which are restricted as to withdrawal
or usage. This includes any cash
balances or marketable securities
held to satisfy specific covenants or
requirements against borrowing
agreements or contracts entered into
with other parties. Include
information on
• The source of the cash or
investment;
• Amount;
• A description of the
restriction; and
• The conditions under which
the restrictions may be lifted.

Excel

B-ID-10I-Restricted
Funds

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Appendix: Examples of Document and Chart Formatting

3.0 Appendix: Examples of Document and Chart Formatting
The following documents and charts represent formats of sample information that may assist applicants in providing the information
requested for the Guarantee Application. Other than the Portfolio Quality Report (B-ID-9A), applicants may use the following example
formats or provide the requested data in alternative presentations. Microsoft Excel and pdf versions of these formats are provided on
the CDFI Fund’s website for the convenience of applicants. If using the following example formats, applicants may add additional rows,
columns, or explanatory fields as needed.

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