Sec. 2. Purpose
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The purpose of this Act is to promote economic recovery in response to the COVID–19 pandemic and to meet the short- and long-term housing and community economic development needs of low-income communities, including Tribal communities, by— increasing the ability of the Federal Home Loan Banks to accept, as collateral, small business loans guaranteed by the Small Business Administration; authorizing the Federal Home Loan Banks to accept government guaranteed loans as collateral to support COVID–19 programs; allowing community development financial institutions and credit unions to pledge community financial institution collateral, such as small business, small agriculture, and community development loans, and enable the Federal Housing Finance Agency to raise the threshold for qualification as a community financial institution; providing letters of credit to provide liquidity, and support, stabilize and strengthen local, Tribal, State and Federal governmental entities public unit deposits, housing and community development efforts, and vital public financing; increasing funding for the Affordable Housing Program established by each Federal Home Loan Bank under section 10(j) of the Federal Home Loan Bank Act ( 12 U.S.C. 1430(j) ) and establishing a 2-percent set aside for Native American Tribes; and creating a community economic development investment program within the Federal Home Loan Bank system to generate financial opportunity, create jobs, and stimulate economic development in distressed urban, rural, Tribal, and suburban communities in the United States.
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U.S. Code