I 

118TH CONGRESS 

2D SESSION H. R. 10422 

To amend the Community Development Banking and Financial Institutions 

Act of 1994 to reauthorize and improve the community development 

financial institutions bond guarantee program, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 16, 2024 

Mr. CLEAVER introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve 

the community development financial institutions bond 

guarantee program, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘CDFI Bond Guarantee 

5 Program Improvement Act of 2023’’. 

6 SEC. 2. SENSE OF CONGRESS. 

7 It is the sense of Congress that the authority to guar8 antee bonds under section 114A of the Community DevelVerDate Sep 11 2014 21:51 Jan 24, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H10422.IH H10422

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1 opment Banking and Financial Institutions Act of 1994 

2 (12 U.S.C. 4713a) (commonly referred to as the ‘‘CDFI 

3 Bond Guarantee Program’’) provides community develop4 ment financial institutions with a sustainable source of 

5 long-term capital and furthers the mission of the Commu6 nity Development Financial Institutions Fund (established 

7 under section 104(a) of such Act (12 U.S.C. 4703(a)) to 

8 increase economic opportunity and promote community 

9 development investments for underserved populations and 

10 distressed communities in the United States. 

11 SEC. 3. GUARANTEES FOR BONDS AND NOTES ISSUED FOR 

12 COMMUNITY OR ECONOMIC DEVELOPMENT 

13 PURPOSES. 

14 (a) IN GENERAL.—Section 114A of the Community 

15 Development Banking and Financial Institutions Act of 

16 1994 (12 U.S.C. 4713a) is amended— 

17 (1) in subsection (c)(2), by striking ‘‘, multi18 plied by an amount equal to the outstanding prin19 cipal balance of issued notes or bonds’’; 

20 (2) by amending subsection (e)(2) to read as 

21 follows: 

22 ‘‘(2) LIMITATION ON GUARANTEE AMOUNT.— 

23 The Secretary may not guarantee any amount under 

24 the program equal to less than $25,000,000, but the 


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1 total of all such guarantees in any fiscal year may 

2 not exceed $1,000,000,000.’’; and 

3 (3) in subsection (k), by striking ‘‘September 

4 30, 2014’’ and inserting ‘‘the date that is 4 years 

5 after the date of enactment of the CDFI Bond 

6 Guarantee Program Improvement Act of 2023’’. 

7 (b) CLERICAL AMENDMENT.—The table of contents 

8 in section 1(b) of the Riegle Community Development and 

9 Regulatory Improvement Act of 1994 (Public Law 103– 

10 315; 108 Stat. 2160) is amended by inserting after the 

11 item relating to section 114 the following: 

‘‘Sec. 114A. Guarantees for bonds and notes issued for community or economic 

development purposes.’’. 

12 SEC. 4. REPORT ON THE CDFI BOND GUARANTEE PRO13 GRAM. 

14 Not later than 1 year after the date of enactment 

15 of this Act, and not later than 3 years after such date 

16 of enactment, the Secretary of the Treasury shall issue 

17 a report to the Committee on Banking, Housing, and 

18 Urban Affairs of the Senate and the Committee on Finan19 cial Services of the House of Representatives on the effec20 tiveness of the CDFI bond guarantee program established 

21 under section 114A of the Community Development Bank22 ing and Financial Institutions Act of 1994 (12 U.S.C. 

23 4713a). 

Æ 


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