Bill > S3940

This bill, titled the "Access to Fair Financing for Opportunity and Resilient Development Act," aims to strengthen community development financial institutions (CDFIs) and expand access to capital for underserved communities. Key provisions include requiring the Secretary of the Treasury to annually testify before Congress about the operations of the Community Development Financial Institutions Fund (CDFI Fund), which supports economic opportunity in distressed areas. The bill also enhances the CDFI Bond Guarantee Program, a program that provides long-term capital to CDFIs, by adjusting guarantee limits and extending its authorization. Furthermore, it expands the types of assistance the CDFI Fund can provide to CDFIs, focusing on enhancing their liquidity by enabling them to purchase loans, receive credit enhancements, and other forms of support, with specific prioritization for organizations that can leverage private capital and serve geographically diverse or underserved populations. Finally, the bill establishes a new relending program within the Housing Act of 1949 to provide loans and grants specifically to Native CDFIs, which are CDFIs owned or controlled by Native American, Alaska Native, or Native Hawaiian communities, to increase homeownership opportunities in rural areas and on priority Tribal lands.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3940/all-info