Sec. 3. Supporting the CDFI Fund
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Of the amounts made available to the Secretary of the Treasury under section 4027 of the CARES Act ( 15 U.S.C. 9061 ), $7,000,000,000 shall be made available to the Fund to carry out this section. Of the amounts made available under subsection (a), the following amounts shall be set aside: Up to $1,000,000,000, to remain available until September 30, 2022, to support, prepare for, and respond to the economic impact of the coronavirus, provided that the Fund shall— provide grants funded under this paragraph using a formula that takes into account criteria such as certification status, financial and compliance performance, portfolio and balance sheet strength, a diversity of CDFI business model types, and program capacity, of which not less than $30,000,000 may be for grants to benefit Native American, Native Hawaiian, and Alaska Native communities; and make funds available under this paragraph not later than 60 days after the date of enactment of this Act.
Up to $4,000,000,000, to remain available until September 30, 2025, to provide grants to CDFIs— 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; 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 CDFI 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 $500,000,000, to remain available until expended, for technical assistance, technology, and training under sections 108(a)(1)(B) and 109, respectively, of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4707(a)(1)(B) , 4708), with a preference for minority-led and minority-owned CDFIs that primarily serve low- and moderate-income communities. Up to $500,000,000, to remain available until expended, to provide grants to recipients that are minority-led and minority-owned CDFIs.
Funds made available under this section 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 of 1986. The amounts provided under this section are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 ( 2 U.S.C. 933(g) ). In the Senate, this section is designated as an emergency requirement pursuant to section 4112(a) of H.
Con. Res. 71 (115th Congress), the concurrent resolution on the budget for fiscal year 2018. In this section: The term CDFI means a community development financial institution, as defined in section 103 of the Community Development Banking and Financial Institutions 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 Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4703(a) ).
The term minority means any Black American, Native American, Hispanic American, or Asian American.
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