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Indian Nations Law Update - November 2010

November 10, 2010

CDFIs Can Help Develop Reservation Economies

The U.S. Treasury Department Community Development Financial Institution (CDFI) Fund has published its Notice of Funding Available for the Native American CDFI Assistance (NACA) Program, making approximately $12 million available, subject to final appropriations, in awards to CDFIs and entities proposing to become or create CDFIs that primarily serve Native American, Alaskan Native or Native Hawaiian communities. Available awards include (1) financial assistance awards available only to certified CDFIs and primarily used for financing capital, up to $750,000, and (2) technical assistance grants, up to $150,000. Applications are due December 22, 2010.

The CDFI program can help tribes develop a private sector economy on their reservations. The CDFI Fund does not make loans directly to individuals nor does it finance specific projects. Instead, the CDFI Fund provides financing to CDFIs who, in turn, loan to individuals needing assistance to purchase their first home or entrepreneurs seeking financing for a new business. In addition, many CDFIs provide technical assistance (credit counseling, budgeting, business planning, etc.) to their clients.

Technical assistance grants may be used to address a variety of needs including, but not limited to, development of strategic planning documents (such as strategic or capitalization plans), market analyses or product feasibility analyses, operational policies and procedures, curricula for development services (such as entrepreneurial training, home buyer education, financial education or training, or borrower credit repair training), improvement of underwriting and portfolio management, development of outreach and training strategies to enhance product delivery, operating support to expand into a new eligible market, and tools that allow the applicant to assess the impact of its activities in its community.

Godfrey & Kahn has experience helping tribes and other organizations form CDFIs both to provide down payment assistance to first time home buyers and to provide funding for start-up businesses. For more information, contact Brian Pierson, (414) 287-9456 or bpierson@gklaw.com.

Godfrey & Kahn's Corporate Counsel Symposium to be held November 11th

Godfrey & Kahn will host an informative symposium November 11, 2010 from 2:00 to 5:00 p.m. at Pier Wisconsin/Discovery World Pilot House in Milwaukee. The symposium will address some of today's most current issues and challenges facing in-house attorneys. This event has been approved by the Wisconsin Board of Examiners for 3.5 CLE/EPR credits and one hour of ethics credit. Included in the symposium will be a panel discussion among general counsel from some of the state's most well-respected companies regarding significant issues facing in-house lawyers today. Topics will include: "Ethics 2010: Serving Two (or Three or Four) Masters -- Resolving Conflicting Duties in Governmental and Corporate Compliance," "Federal and State Environmental Compliance Audit Policies: Strategies for Current Owners and New Buyers of Businesses," "What In-house Lawyers Should Know About Upcoming Tax Law Changes," and a panel discussion "What Keeps General Counsel up at Night, and Strategies for Better Sleep." For more information, contact Kelly Pastors at (414) 287-9450.
 

 

 

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