I 

116TH CONGRESS 

1ST SESSION H. R. 3664 

To direct the Community Development Financial Institutions Fund to perform 

an outreach program for the new markets tax credit to underserved 

communities, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 10, 2019 

Mr. HECK (for himself, Mr. COLE, Ms. DELBENE, Ms. HAALAND, Ms. HERRERA BEUTLER, Mr. KILMER, Mr. KIND, Ms. MCCOLLUM, Mr. 

NEWHOUSE, and Mrs. TORRES of California) introduced the following 

bill; which was referred to the Committee on Ways and Means, and in 

addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such 

provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To direct the Community Development Financial Institutions 

Fund to perform an outreach program for the new markets tax credit to underserved communities, 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 ‘‘Aiding Development 

5 of Vital Assets in Native Communities and Environments 

6 Act of 2019’’ or the ‘‘ADVANCE Act of 2019’’. 


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1 SEC. 2. NEW MARKETS TAX CREDIT OUTREACH TO UNDER2 SERVED COMMUNITIES. 

3 (a) IN GENERAL.—Subtitle A of title I of the Riegle 

4 Community Development and Regulatory Improvement 

5 Act of 1994 (12 U.S.C. 4701 et seq.) is amended by add6 ing at the end the following new section: 

7 ‘‘SEC. 123. NEW MARKETS TAX CREDIT OUTREACH TO UN8 DERSERVED COMMUNITIES. 

9 ‘‘(a) IN GENERAL.—The Secretary of the Treasury 

10 shall— 

11 ‘‘(1) establish a program under which the Fund 

12 shall provide outreach and training with respect to 

13 the new markets tax credit in low-income commu14 nities with a disproportionately low amount of quali15 fied low-income community investments by qualified 

16 community development entities; and 

17 ‘‘(2) include questions to determine in the ap18 plication for allocation of new markets tax credit 

19 limitation, and consider as an innovative use or a 

20 comparable incentive in the evaluation of such appli21 cations, the extent to which such entity intends to 

22 make qualified low-income community investments 

23 within Indian country; and 

24 ‘‘(3) to the maximum extent practicable, ensure 

25 that at least one qualified community development 

26 entity whose primary mission is to fund projects 


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1 within or that directly benefit Indian country re2 ceives an allocation for each allocation round. 

3 ‘‘(b) DEFINITIONS.—For purposes of this section— 

4 ‘‘(1) NEW MARKETS TAX CREDIT.—Any term 

5 used in this section which is also used in section 

6 45D of the Internal Revenue Code of 1986 shall 

7 have the same meaning as when used in such section 

8 45D. 

9 ‘‘(2) INDIAN COUNTRY.—The term ‘Indian 

10 country’ has the meaning given such term in section 

11 1151 of title 18, United States Code.’’. 

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

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

14 Regulatory Improvement Act of 1994 is amended by in15 serting after the item relating to section 121 the following: 

‘‘122. Grants to establish loan-loss reserve funds. 

‘‘123. New markets tax credit outreach to underserved communities.’’. 

Æ 


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