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No, the Loan Purchases section of the TLR must be completed as part of the TLR package submission only if an entity has loan purchases on its balance sheet and the loans were purchased within the reporting period. Such entities should complete the Loan Purchases section of the TLR even if they did not use loan purchases to meet their required Target Market activity thresholds.
No, while a transaction may qualify for multiple approved Target Market types, it can only be counted once in the calculation. For example, a mortgage could be located in an Investment Area to a low-income, Hispanic borrower. However, for purposes of the Target Market activity thresholds, a transaction can only be counted once, so an entity will be required to select which Target Market type should be assigned to a transaction. The entity can only select one of its approved Target Market types.
If an entity is a regulated financial institution such as a bank or credit union, then consumer loan transactions should be entered into the Consumer Loans/Investments TLR Object with a value of “CONSUMER” for the “Purpose” data field.
If an entity is an unregulated financial institution, then consumer loans transactions should be entered into the main section of the TLR by selecting “CONSUMER” for the “Purpose” data field and selecting ‘IND’ within the ‘Investee/Borrower Type’ field for a loan issued to an individual borrower.
Yes, if a regulated financial institution intends to serve an OTP Target Market, it now must report the aggregated consumer loan transaction totals for each specific OTP type in the Consumer Loans/Investments TLR Object. This information is necessary to determine how regulated financial institutions are serving their proposed or approved component(s) of their Target Market.
Applicants must count a transaction for only one OTP category regardless of whether it qualifies for more than one.
The Community Development Financial Institutions Fund (CDFI Fund) has had a busy fall.
As previously announced, the next round of the New Markets Tax Credit Program (NMTC Program) will make $10 billion in Allocation Authority available, and the round will span calendar years (CYs) 2024 and 2025. The CDFI Fund is tentatively planning to open the CY 2024-2025 NMTC Program Allocation Application round this fall.
Office of the Secretary
U.S. Department of Housing and Urban Development
Washington, DC
Julienne Joseph currently serves as the Senior Counselor to the Acting HUD Secretary, the Honorable Adrianne R. Todman at the U.S. Department of Housing and Urban Development. Prior to assuming this role, Ms. Joseph served as Chief of Staff under the leadership of former HUD Secretary, the Honorable Marcia L. Fudge, through her retirement in March 2024, and assisted in the transition of the seat to Acting Secretary Todman. Before assuming the role as Chief of Staff, she served as Secretary Fudge’s Senior Advisor for Homeownership. In this role, Ms. Joseph was the Secretary-level point of contact and subject matter expert on all homeownership issues with a focus on expanding access to homeownership for diverse segments and first-time homebuyers. Prior to her promotion to Senior Advisor in January 2023, Ms. Joseph served as the Deputy Assistant Secretary (DAS) for Single Family Housing, where she oversaw the Federal Housing Administration’s (FHA) insurance-in-force portfolio of more than eight million loans with an unpaid principal balance of more than $1.2 trillion. She was appointed to that role by the Biden-Harris administration in June 2021 and managed all aspects of FHA’s single family housing operations including origination and servicing policy, information technology strategy, quality control and lender enforcement, and institutional risk management. Her responsibilities also included the management oversight of more than 700 employees.
Ms. Joseph has more than 20 years of housing, borrower outreach, and mortgage industry experience. Prior to joining HUD in 2021, she was most recently the Associate Director of Government Housing Programs and Member Engagement at the Mortgage Bankers Association (MBA). Additionally, she previously served as the Housing Finance Program Manager for the Virginia Department of Housing and Community Development where she managed the Commonwealth’s Affordable and Special Needs Multifamily Housing Program and administered the Neighborhood Stabilization Program. Julienne also held the position of Senior Homeownership Advisor for Neighborhood Housing Services of Baltimore where she provided foreclosure and prepurchase counseling following the 2008 Housing Crisis. She holds a Bachelor of Arts Degree in English Literature from the University of Virginia and a Master of Business Administration Degree in Real Estate Management from Marylhust University.
Chief Operating Officer
Popular Bank
New York, NY
Manuel Chinea serves as Chief Operating Officer of Popular Bank, the mainland subsidiary of Popular, Inc, the largest Hispanic Minority Depository Institution in the United States. He oversees all operations and business activities for Popular in the U.S. Mainland. Popular Bank is a full-service financial institution that caters to a very diverse consumer, small business, and commercial customer base with branches in the New York, New Jersey, and South Florida markets.
He has direct management experience in functional disciplines that include marketing, product management, sales, retail banking and business banking during his more than three decades of experience at Popular. Previously, Manuel served as Popular Bank’s Chief Marketing Officer and Head of Retail Banking Operations. He’s distinguished himself for leading cross-functional teams and driving transformational changes.
He began his career with Popular at Banco Popular de Puerto Rico where he held several different roles over the course of 11 years. Most of his experience was in the functional disciplines of product management, cash management and small business lending, including oversight of the Bank’s Government Guaranteed Loan Programs.
Throughout his career, Manuel has been a vocal advocate for financial literacy, education, and the importance of supporting the small business community. He has served on multiple not-for-profit boards, and currently serves on the Board of the Hispanic Federation, the nation’s premier Latino nonprofit membership organization. He is based in New York. In 2021, Crains NY recognized Manuel as one of its Notable Hispanic Leaders & Executives.