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Investments

27

Portfolio Exits

4

Partners & Customers

10

About U.S. Department of Treasury

The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth, and fostering improved governance in financial institutions. The Department of the Treasury operates and maintains systems that are critical to the nation's financial infrastructure, such as the production of coin and currency, the disbursement of payments to the American public, revenue collection, and the borrowing of funds necessary to run the federal government. The Department works with other federal agencies, foreign governments, and international financial institutions to encourage global economic growth, raise standards of living, and to the extent possible, predict and prevent economic and financial crises. The Treasury Department also performs a critical and far-reaching role in enhancing national security by implementing economic sanctions against foreign threats to the U.S., identifying and targeting the financial support networks of national security threats, and improving the safeguards of our financial systems.

U.S. Department of Treasury Headquarters Location

1500 Pennsylvania Avenue NW

Washington, DC, 20220,

United States

+1 202 622 2000

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Latest U.S. Department of Treasury News

Treasury Updates Guidance, Easing the Use of Funds for Affordable Housing Development

Aug 17, 2022

To embed, copy and paste the code into your website or blog: <iframe frameborder="1" height="620" scrolling="auto" src="//www.jdsupra.com/post/contentViewerEmbed.aspx?fid=95ebbf13-d8a8-406a-9f25-52b8f545917b" style="border: 2px solid #ccc; overflow-x:hidden !important; overflow:hidden;" width="100%"></iframe> Summary The U.S. Department of Treasury recently updated guidance on the American Rescue Plan Act’s (ARPA) State and Local Fiscal Recovery Funds (SLFRF) and Emergency Rental Assistance 2 (ERA2) programs. The Upshot The ARPA provided states and local jurisdictions with $350 billion in SLFRF to support their response to, and recovery from, the COVID-19 public health emergency. The new guidance facilitates the use of SLFRF and ERA2 for affordable housing construction and preservation as rising costs and interest rates continue to present challenges to financial feasibility. The updated U.S. Treasury guidance does not impact ERA1 funds. The Bottom Line The SLFRF and ERA2 updated Treasury guidance opens the door to additional affordable housing resources that can be used in a streamlined manner. Though program nuances remain, affordable housing developers now may more easily partner with the state and local jurisdictions that were allocated SLFRF and ERA2 funds to bridge gaps in project financing. The U.S. Department of Treasury (Treasury) recently updated guidance on the American Rescue Plan Act’s (ARPA) State and Local Fiscal Recovery Funds (SLFRF) and Emergency Rental Assistance 2 (ERA2) programs. This guidance will facilitate the use of these two funding sources for affordable housing construction and preservation at a time when rising costs and interest rates continue to present challenges for financial feasibility. SLFRF Update The ARPA provided states and local jurisdictions with $350 billion in SLFRF to support their response to and recovery from the COVID-19 public health emergency. While affordable housing was an allowable use of SLFRF, the Final Rule governing SLFRF that took effect April 1, 2022, failed to maximize the use of SLFRF as a source for financing affordable housing development by essentially not allowing SLFRF to be used as loan principal if the loan would be repaid after 2026. The issue was that ARPA required the SLFRF to be expended by December 31, 2026, meaning the funds needed to be spent on an expense by December 31, 2026. Only the cost of the loan (interest, origination fees) would be considered an expense and the loan principal would not be considered an expense because the funds would be repaid. On July 27, 2022, Treasury resolved this issue by releasing updated guidance, through updated Frequently Asked Questions (FAQs) and a joint Treasury/HUD-issued How-to-Guide , that allows the cost of the loan and the loan principal to be considered expended at the time of disbursement to the borrower and that repayments of these loans would not be subject to the program income rules. The July 27, 2022, guidance also expanded housing programs that are presumptively eligible to use SLFRF with the stated purpose of enhancing the “administrability and clarity” of using SLFRF funds for affordable housing. Originally, the National Housing Trust Fund (HTF) and HOME Investment Partnerships Program were the only presumptively eligible programs. The updated guidance considers all of the follow programs as presumptively eligible for SLFRF: National Housing Trust Fund (HTF); HOME Investment Partnerships Program (HOME); Low-Income Housing Credit (LIHTC); Section 811 Supportive Housing for Persons with Disabilities Program; Project-Based Rental Assistance; Multifamily Preservation & Revitalization Program; and Affordable housing projects provided by a Tribal government if they would be eligible for funding under the Indian Housing Block Grant program, the Indian Community Development Block Grant program, or the Bureau of Indian Affairs Housing Improvement Program. Additionally, the use of SLFRF will be considered presumptively eligible if the affordable rental housing units serve households at or below 65 percent of area median income (AMI) for an affordability period of at least 20 years. Therefore, in order to achieve the minimum period of affordability, a SLFRF loan used in conjunction with LIHTC would require the waiver of the qualified contract right. For mixed-income housing, under this presumption, the amount of SLFRF funds that may be used as a percentage of the total financing is equal to the percentage of total development costs attributable to such income-restricted units. ERA2 Update ARPA awarded states and local jurisdictions $21.55 billion to assist households unable to pay their rent or utilities due to the impact of the pandemic. These funds were in addition to $25 billion from the fiscal year 2021 Appropriations Act. The $25 billion program is known as ERA1 and the $21.55 billion program is known as ERA2. The updated Treasury guidance is specific to ERA2 funds and does not impact ERA1 funds. The statute authorizing ERA2 provided that after October 1, 2022, unobligated ERA2 funds may be used for “affordable rental housing and eviction prevention purposes, as defined by the Secretary, serving very low-income families.” The statute also required that the grantee must have obligated at least 75 percent of its allocated ERA2 funds before using them for additional purposes. The recently updated Treasury FAQ on the Emergency Rental Assistance program provides the Secretary’s definition of “affordable rental housing and eviction prevention purposes.” “Affordable rental housing” purposes are defined as “the construction, rehabilitation, or preservation of affordable rental housing projects serving very low-income families; and the operation of affordable rental housing projects serving very low-income families that were constructed, rehabilitated, or preserved using ERA2 funds.” Transitional housing and emergency shelters are not considered affordable rental housing projects and are therefore not eligible for funding. The funds must be used to house very low-income households, defined as earning no more than 50 percent of AMI, and this affordability requirement must be in place for at least 20 years. Additionally, to be eligible, the affordable rental housing projects must meet the program requirements of one or more of the following affordable housing programs: Low-Income Housing Tax Credit (Treasury); HOME Investment Partnerships Program (U.S. Department of Housing and Urban Development (HUD)); HOME-ARP Program (HUD); Public Housing Capital Fund (HUD); Indian Housing Block Grant Program (HUD); Section 202 Supportive Housing for the Elderly (HUD); Section 811 Supportive Housing for Persons with Disabilities (HUD); Farm Labor Housing Direct Loans and Grants (U.S. Department of Agriculture (USDA)); or Multifamily Preservation and Revitalization Program (USDA). “Eviction prevention purposes” are defined as housing stability services that serve very low-income households. Housing stability services are programs that enable households to maintain or obtain housing and may include: eviction prevention and eviction diversion programs; mediation between landlords and tenants; housing counseling; case management related to housing stability; housing-related services for survivors of domestic abuse or human trafficking; legal services or attorney’s fees related to eviction proceedings and maintaining housing stability; and specialized services for individuals with disabilities or seniors that support their ability to access or maintain housing. Conclusion The SLFRF and ERA2 updated Treasury guidance opens the door to additional affordable housing resources that can be used in a streamlined manner. Though program nuances remain, affordable housing developers now may more easily partner with the state and local jurisdictions that were allocated SLFRF and ERA2 funds to bridge gaps in project financing.

U.S. Department of Treasury Investments

27 Investments

U.S. Department of Treasury has made 27 investments. Their latest investment was in SkyPoint Federal Credit Union as part of their Debt on July 7, 2022.

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U.S. Department of Treasury Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/19/2022

Debt

SkyPoint Federal Credit Union

$7M

Yes

2

6/15/2022

Debt

Genesee Co-op Federal Credit Union

$2M

Yes

1

6/9/2022

Unattributed

Beneficial State Bank

$218M

Yes

1

12/15/2021

Unattributed

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$99M

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10

10/1/2021

Grant

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$99M

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10

Date

7/19/2022

6/15/2022

6/9/2022

12/15/2021

10/1/2021

Round

Debt

Debt

Unattributed

Unattributed

Grant

Company

SkyPoint Federal Credit Union

Genesee Co-op Federal Credit Union

Beneficial State Bank

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Amount

$7M

$2M

$218M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

2

1

1

10

10

U.S. Department of Treasury Portfolio Exits

4 Portfolio Exits

U.S. Department of Treasury has 4 portfolio exits. Their latest portfolio exit was Greyhound Lines on October 21, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/21/2021

Acquired

$99M

11

3/28/2019

IPO

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$99M

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10

11/17/2014

Acquired

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$99M

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10

10/17/2014

IPO

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$99M

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10

Date

10/21/2021

3/28/2019

11/17/2014

10/17/2014

Exit

Acquired

IPO

Acquired

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

Acquirer

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Sources

11

10

10

10

U.S. Department of Treasury Partners & Customers

10 Partners and customers

U.S. Department of Treasury has 10 strategic partners and customers. U.S. Department of Treasury recently partnered with TCG on August 8, 2020.

Date

Type

Business Partner

Country

News Snippet

Sources

8/3/2020

Vendor

United States

TCG Awarded $625m BPA from Treasury’s Bureau of the Fiscal Service - TCG

TCG is delighted to announce that it has been awarded a blanket purchase agreement for the Department of the Treasury , Bureau 's OneARC Strategic Support Services .

1

1/7/2020

Vendor

United States

Treasury renews Comerica contract for benefits program hit by fraud

`` The new agreement with Comerica implements rigorous customer service requirements , requires more reporting , reduces cardholder fees for certain transactions , and lowers the overall cost to the federal government from the previous agreement , '' Treasury 's Bureau of Fiscal Service said in a press release .

1

2/21/2019

Vendor

United States

1

8/29/2017

Partner

Iraq

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10

7/21/2015

Partner

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10

Date

8/3/2020

1/7/2020

2/21/2019

8/29/2017

7/21/2015

Type

Vendor

Vendor

Vendor

Partner

Partner

Business Partner

Country

United States

United States

United States

Iraq

News Snippet

TCG Awarded $625m BPA from Treasury’s Bureau of the Fiscal Service - TCG

TCG is delighted to announce that it has been awarded a blanket purchase agreement for the Department of the Treasury , Bureau 's OneARC Strategic Support Services .

Treasury renews Comerica contract for benefits program hit by fraud

`` The new agreement with Comerica implements rigorous customer service requirements , requires more reporting , reduces cardholder fees for certain transactions , and lowers the overall cost to the federal government from the previous agreement , '' Treasury 's Bureau of Fiscal Service said in a press release .

Subscribe to see more

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Sources

1

1

1

10

10

U.S. Department of Treasury Team

3 Team Members

U.S. Department of Treasury has 3 team members, including former Chief Financial Officer, Chief Operating Officer, Jesus Delgado.

Name

Work History

Title

Status

Jesus Delgado

ZOA Energy, Private Ventures Group, 7-Eleven, PwC, and U.S. Army

Chief Financial Officer, Chief Operating Officer

Former

Daniel Schmerin

UOVO, Fairholme Capital Management, White House, and uk parliament

Chief Operating Officer

Former

Drew J Ladner

Jboss, Markle Foundation, AOL, and Ripcord Systems

Chief Information Officer

Former

Name

Jesus Delgado

Daniel Schmerin

Drew J Ladner

Work History

ZOA Energy, Private Ventures Group, 7-Eleven, PwC, and U.S. Army

UOVO, Fairholme Capital Management, White House, and uk parliament

Jboss, Markle Foundation, AOL, and Ripcord Systems

Title

Chief Financial Officer, Chief Operating Officer

Chief Operating Officer

Chief Information Officer

Status

Former

Former

Former

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