The 1999 Bank Enterprise Award (BEA) Program is now open, making at least $25 million available. The BEA Program provides incentives for banks and thrifts to increase their investments in community development financial institutions (CDFIs) and to increase their lending and provision of financial services in distressed communities. The CDFI Fund is conducting a series of free workshops that will provide an overview of the BEA Program regulations. The next three are:
For more information, visit the CDFI Fund's web site at www.treasury.gov/about/organizational-structure/offices/Pages/CDFI-Fund.aspx or call the Fund at (202) 622-8662. To obtain a 1999 BEA program application, send your request by fax to (202) 622-7754.
The Memphis Community Development Partnership (MCDP) is a new funding source in Memphis specifically targeted to neighborhood-based community development corporations (CDCs). MCDP is the offspring of the former city housing trust fund, the Foundation for Home Ownership. This trust fund was established in 1994 and administered by the Community Foundation of Greater Memphis to increase homeownership opportunities.
This effort is being funded by $250,000 from the Ford Foundation, $250,000 from the City of Memphis and $250,000 from other community partners for the next four years. In addition to the City of Memphis and the Community Foundation of Greater Memphis, partners include First Tennessee Bank, Union Planters National Bank, NationsBank, National Bank of Commerce, United Way of the Mid-South and the Assisi Foundation of Memphis. Memphis Light, Gas and Water, LeMoyne-Owen College and University of Memphis also will serve on the board as partners making in-kind pledges.
MCDP will make grants for core operating support and technical assistance to CDCs beginning this fall. Training will focus on financial management to help CDCs be more accountable for financial matters, and additional technical assistance programs will address board and staff development.
For more information, call Glenn Cox, executive director, at (901) 722-0037.
The Illinois Housing Development Authority (IHDA) has partnered with the Illinois Association of Realtors and PMI Mortgage Insurance Co. to offer below-market mortgages with 1-percent down payments under a new Rural Housing Initiative. The pilot program will cover 29 southern counties, offering 30-year fixed-rate loans to first-time buyers. To participate, purchasers must be in rural communities and complete an eight-hour homeownership course.
While loans will be issued at 6.25 percent for those earning between 65 percent and 80 percent of the median income, special 5-percent mortgage loans will be offered to homebuyers earning below 65 percent of the median county income. Closing cost assistance of up to $1,000 will be available. For more information, contact Colleen McGovern Graves of IHDA, at (312) 836-5365.
The St. Louis Fed's Community Affairs Department has revised portions of its profile for the Lower Mississippi Delta Region. In addition to providing descriptions of national and regional programs, the Fed updated descriptions of many organizations and programs in the states of Arkansas, Illinois, Kentucky, Mississippi and Tennessee. For a copy of the resource directory or the original Lower Mississippi Delta Region profile, call Judy Armstrong at (314) 444-8646.
If you haven't taken a look at the St. Louis Fed's Internet site in a while, now is a great time to pay a visit to www.stls.frb.org. The Fed launched a revamped version of the site recently. It includes new informational categories, new technological features and a bright, new appearance.
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Fed in Print: An index of the economic research conducted by the Fed.
FedCommunities.org is a portal to community development resources from all 12 Federal Reserve Banks and the Federal Reserve Board of Governors.