Sec. 706. Emergency support for CDFIs and communities
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There is authorized to be appropriated to the Community Development Financial Institutions Fund $2,000,000,000 for fiscal year 2021, for providing financial assistance and technical assistance under subparagraphs
(A)and
(B)of section 108(a)(1) of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4707(a)(1) ), except that subsections
(d)and
(e)of such section 108 shall not apply to the provision of such assistance, for the Bank Enterprise Award program, and for financial assistance, technical assistance, training, and outreach programs designed to benefit Native American, Native Hawaiian, and Alaska Native communities and provided primarily through qualified community development lender organizations with experience and expertise in community development banking and lending in Indian country, Native American organizations, Tribes and Tribal organizations, and other suitable providers. Of the amounts appropriated pursuant to the authorization under subsection (a), the following amounts shall be set aside: Up to $400,000,000, to remain available until expended, to provide grants to community development financial institutions— to expand lending or investment activity in low- or moderate-income minority communities and to minorities that have significant unmet capital or financial services needs, of which not less than $10,000,000 may be for grants to benefit Native American, Native Hawaiian, and Alaska Native communities; and using a formula that takes into account criteria such as certification status, financial and compliance performance, portfolio and balance sheet strength, a diversity of community development financial institution business model types, and program capacity, as well as experience making loans and investments to those areas and populations identified in this paragraph. Up to $160,000,000, to remain available until expended, for technical assistance, technology, and training under sections 108(a)(1)(B) and 109, respectively, of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4707(a)(1)(B) , 4708), with a preference for minority lending institutions. Up to $800,000,000, to remain available until expended, shall be for providing financial assistance, technical assistance, awards, training, and outreach programs described under subsection
(a)to recipients that are minority lending institutions. Funds appropriated pursuant to the authorization under subsection
(a)may be used for administrative expenses, including administration of Fund programs and the New Markets Tax Credit Program under section 45D of the Internal Revenue Code. In this section: The term CDFI means a community development financial institution, as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4702 ). The term Fund means the Community Development Financial Institutions Fund established under section 104(a) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4703(a) ). The terms minority and minority lending institution have the meaning given those terms, respectively, under section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ).
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