Bill > S1880

This bill aims to improve the Community Development Financial Institutions (CDFI) Bond Guarantee Program by making several key modifications. The bill reauthorizes and enhances the existing program, which helps provide long-term capital to community development financial institutions that support underserved populations and distressed communities. Specifically, the bill changes the guarantee amount rules by removing a previous calculation method and establishing a new minimum guarantee of $25,000,000, with a total fiscal year cap of $1,000,000,000. The program's authorization is extended for four years from the date of enactment of this Act. Additionally, the bill requires the Secretary of the Treasury to submit two reports to congressional committees (within one and three years after enactment) evaluating the effectiveness of the CDFI Bond Guarantee Program. The legislation reflects Congress's recognition that the program is crucial for increasing economic opportunity and promoting community development investments in underserved areas, and seeks to provide a more sustainable and flexible framework for supporting community financial institutions.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1880/all-info