Bill > S2718

This bill amends the Community Development Banking and Financial Institutions Act of 1994 to expand the capabilities of the Community Development Financial Institutions (CDFI) Fund in providing liquidity and financial support to organizations that promote community development. The bill allows the Fund to purchase loans originated by CDFIs, provide loan guarantees and credit enhancements, and improve liquidity for these institutions. The Fund can now select organizations to receive assistance based on their ability to increase loan originations, leverage private capital, and support CDFIs serving underserved geographic areas or borrowers with significant unmet financial needs. The maximum amount of assistance an organization can receive has been increased from $5 million to $20 million, and the previous three-year limitation on funding has been removed. Additionally, the bill requires the Secretary of the Treasury to submit annual reports to Congress detailing the Fund's activities, including the total amount of loans purchased, guarantees provided, and the impact on the competitiveness and liquidity of CDFIs. The legislation aims to strengthen community development financial institutions by providing them with more flexible and substantial financial support.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2718/all-info