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 Finan-
cial Institutions Act of 1994 to reauthorize and improve 
the community development financial institutions bond 
guarantee program, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘CDFI Bond Guarantee 
Program Improvement Act of 2023’’. 
SEC. 2. SENSE OF CONGRESS. 
It is the sense of Congress that the authority to guar-
antee bonds under section 114A of the Community Devel-
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opment Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4713a) (commonly referred to as the ‘‘CDFI 
Bond Guarantee Program’’) provides community develop-
ment financial institutions with a sustainable source of 
long-term capital and furthers the mission of the Commu-
nity 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. 
SEC. 3. GUARANTEES FOR BONDS AND NOTES ISSUED FOR 
COMMUNITY OR ECONOMIC DEVELOPMENT 
PURPOSES. 
(a) IN GENERAL.—Section 114A of the Community 
Development Banking and Financial Institutions Act of 
1994 (12 U.S.C. 4713a) is amended— 
(1) in subsection (c)(2), by striking ‘‘, multi-
plied by an amount equal to the outstanding prin-
cipal balance of issued notes or bonds’’; 
(2) by amending subsection (e)(2) to read as 
follows: 
‘‘(2) LIMITATION ON GUARANTEE AMOUNT.— 
The Secretary may not guarantee any amount under 
the program equal to less than $25,000,000, but the 
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total of all such guarantees in any fiscal year may 
not exceed $1,000,000,000.’’; and 
(3) in subsection (k), by striking ‘‘September 
30, 2014’’ and inserting ‘‘the date that is 4 years 
after the date of enactment of the CDFI Bond 
Guarantee Program Improvement Act of 2023’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
in section 1(b) of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (Public Law 103– 
315; 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.’’. 
SEC. 4. REPORT ON THE CDFI BOND GUARANTEE PRO-
GRAM. 
Not later than 1 year after the date of enactment 
of this Act, and not later than 3 years after such date 
of enactment, 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 Finan-
cial Services of the House of Representatives on the effec-
tiveness of the CDFI bond guarantee program established 
under section 114A of the Community Development Bank-
ing and Financial Institutions Act of 1994 (12 U.S.C. 
4713a). 
Æ 
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