Sec. 106. CDFI Bond Guarantee Improvement

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It is the sense of Congress that the authority to guarantee bonds under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) (commonly referred to as the CDFI Bond Guarantee Program ) provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the Community Development Financial Institutions Fund (established under section 104(a) of such Act ( 12 U.S.C. 4703(a) )) to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States.

Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended— in subsection (c)(2)— by striking , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ; and by inserting outstanding before principal amount ; by amending subsection (e)(2) to read as follows: The Secretary may not guarantee any amount under the Program equal to an amount less than $25,000,000, but the total of all such guarantees in any fiscal year may not exceed $1,000,000,000. ; in subsection (g)(1), by striking 10 basis points and inserting not fewer than 10 basis points and not more than 15 basis points ; and in subsection (k), by striking September 30, 2014 and inserting December 31, 2028 .

The table of contents in section 1(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( Public Law 103–325 ; 108 Stat. 2160) is amended by inserting after the item relating to section 114 the following: Sec. 114A. Guarantees for bonds and notes issued for community or economic development purposes. . Not later than 3 years after the date of enactment of this Act, the Secretary of the Treasury shall issue a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the effectiveness of the CDFI bond guarantee program established under section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ).

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12 USC 4713a
12 USC 4703(a)
Pub. L. 103-325
108 Stat. 2160

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Sec. 106

CDFI Bond Guarantee Improvement

Cite12 USC 4713a

Cite12 USC 4703(a)

Pub. L.Pub. L. 103-325

Stat.108 Stat. 2160

Cites 4Cited by 0 across 0 sources