Sec. 3. Resilience grants
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Section 108 of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4707 ) is amended— in subsection (a)(1)— in subparagraph (A), by striking and at the end; in subparagraph (B), by striking the period at the end and inserting ; and ; and by adding at the end the following: grants to community development financial institutions (as defined in section 123) to improve resilience to the impacts of covered crises (as defined in section 123) in any State (as defined in section 123). ; in subsection (d)— in paragraph (1), by striking paragraph
(2)and inserting paragraphs
(2)and
(3); by redesignating paragraph
(3)as paragraph (4); by inserting after paragraph
(2)the following: With respect to resilience grants described in subsection (a)(1)(C), each grant made in a fiscal year shall be in an amount that is not more than 10 percent of the total amount appropriated for resilience grants for that fiscal year. ; and in paragraph (4), as so redesignated, by striking paragraphs
(1)and
(2)and inserting paragraphs (1), (2), and
(3); by redesignating subsections
(e)through
(h)as subsections
(f)through (i), respectively; and by inserting after subsection
(d)the following: With respect to resilience grants described in subsection (a)(1)(C), the Secretary of the Treasury shall award the grants based on criteria established by the Fund, including— making awards for projects that the Fund determines will have the greatest impact in improving resilience for low-income populations; and coordinating with the Federal Emergency Management Agency, the Department of Housing and Urban Development, and with the Small Business Administration, as relevant, to ensure that the awards meet unmet resilience needs. A recipient of a resilience grant described in subsection (a)(1)(C) shall use— not less than 25 percent of the grant funds for activities described in paragraph
(1)that benefit very low-income individuals; and not less than 15 percent of the grant funds for activities described in paragraph
(1)that benefit individuals with incomes of not more than 30 percent of the area median income. Of the amounts made available under this subsection, 10 percent shall be set aside for resilience grants made to Native community development financial institutions, which set aside may also qualify under subparagraph (ii). Of the amounts made available under this subsection, 30 percent shall be set aside for grants made to minority community development financial institutions. Based on the recommendations of the Comptroller General of the United States and data that the Secretary of the Treasury may collect from recipients of resilience grants described in subsection (a)(1)(C), the Secretary of the Treasury shall— develop a publicly accessible database of best practices for effective use of those grants, including past case studies of success and other useful information; and issue guidance, restrictions, and regulations with respect to those grants. To provide resilience grants described in subsection (a)(1)(C), there is authorized to be appropriated to the Fund $30,000,000 for fiscal year 2021, to remain available until expended. In this subsection, the terms low-income , minority community development financial institution , Native community development financial institution and very low-income have the meanings given those terms in section 123. .
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