summary
Introduced
05/12/2022
05/12/2022
In Committee
05/17/2022
05/17/2022
Crossed Over
07/28/2022
07/28/2022
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
AN ACT To amend the Community Development Banking and Finan- cial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.
AI Summary
This bill, the CDFI Bond Guarantee Program Improvement Act of 2022, aims to reauthorize and improve the community development financial institutions (CDFI) bond guarantee program. Specifically, it removes the requirement that the bond guarantee amount be tied to the outstanding principal balance, lowers the minimum bond size from $100 million to $25 million, and extends the program's authorization period by 4 years. The bill also requires the Secretary of the Treasury to issue reports on the effectiveness of the CDFI bond guarantee program. The goal is to provide CDFIs with a sustainable source of long-term capital to increase economic opportunity and promote community development investments in underserved populations and distressed communities.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (1)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 07/28/2022)
Official Document
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bill summary
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bill summary
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