Sec. 704. Investment in communities
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In addition to funds otherwise available, there is appropriated out of any money in the Treasury not otherwise appropriated, $200,000,000 for each of fiscal years 2023 through 2027 to the Community Development Financial Institutions Fund established under section 104 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4703 ) to provide grants to expand lending and investment in low- or moderate-income areas, including those most affected by the war on drugs.
In addition to funds otherwise available, there is appropriated out of any money in the Treasury not otherwise appropriated, $200,000,000 for each of fiscal years 2023 through 2027 to the Emergency Capital Investment Fund established under section 104A(b) of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4703a ) to support the efforts of low- and moderate-income community financial institutions to, among other things, provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, including those most affected by the war on drugs.
In this subsection: The term eligible activity — means any eligible activity— described in title I of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 et seq. ), the HOME Investment Partnerships Act ( 42 U.S.C. 12721 et seq. ), or section 415 of the McKinney-Vento Homeless Assistance Act ( 42 U.S.C. 11374 ); and that addresses the needs of individuals and census tracts in the provisions described in subclause (I); and does not include administrative expenses that exceed 15 percent of the amount of a grant made under this subsection.
The term eligible grantee includes any State, unit of local government, or Indian tribe eligible to receive a grant under title I of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5301 et seq. ). The term individual adversely impacted by the War on Drugs has the meaning given the term in section 3062 as defined in section 3062 of the Omnibus Crime Control and Safe Streets Act of 1968, as added by section 301(a)(2) of this Act. The terms State , unit of local government , and Indian Tribe have the meanings given the terms in section 102 of the Housing and Community Development Act of 1974 ( 42 U.S.C. 5302 ).
In addition to funds otherwise available, there is appropriated out of any money in the Treasury not otherwise appropriated, $300,000,000 for each of fiscal years 2023 through 2027 to the Secretary of Housing and Urban Development for grants to eligible grantees for eligible activities to address the housing and community development needs of— individuals adversely impacted by the War on Drugs; and housing and community development needs of census tracts where a disproportionate share of residents are individuals described in subparagraph (A), as determined by the Secretary.
In awarding grants under this subsection, the Secretary of Housing and Urban Development shall establish criteria for awards as may be necessary to demonstrate that the eligible grantee has the need, capacity, and commitment to carry out a grant under this subsection to address the needs described in paragraph (2). Of the amount appropriated under this section, not more than 10 percent shall be available to the Secretary of Housing and Urban Development for administration, evaluation, and technical assistance activities to carry out the grant program under this subsection.
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Sec. 704
Investment in communities
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