CDFI Bond Guarantee Program Improvement Act of 2022
Bill: H.R.7733 | Sponsor: Rep. Cleaver, Emanuel (D-MO)
Policy area: Finance and Financial Sector

Summary:
CDFI Bond Guarantee Program Improvement Act of 2022
This bill reauthorizes for four years and otherwise revises the Community Development Financial Institutions (CDFI) Bond Guarantee Program. Specifically, the bill (1) reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million, and (2) revises the amount to be held in a CDFI's relending account.
(CDFIs are financial institutions serving low-income communities. Designation as a CDFI allows an institution to participate in programs such as the CDFI Bond Guarantee Program. The program provides financing to CDFIs through federal credit subsidies that allow CDFIs to issue bonds.)

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.

    Be it enacted by the Senate and House of Representatives 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 2022''.

SEC. 2. SENSE OF CONGRESS.

    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.

SEC. 3. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY OR ECONOMIC 
              DEVELOPMENT PURPOSES.

    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 ``, multiplied by an 
        amount equal to the outstanding principal balance of issued 
        notes or bonds'';
            (2) in subsection (e)(2)(B), by striking ``$100,000,000'' 
        and inserting ``$25,000,000''; 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 
        2022''.

SEC. 4. REPORT ON THE CDFI BOND GUARANTEE PROGRAM.

    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 Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate 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).

            Passed the House of Representatives July 27, 2022.

            Attest:

                                             CHERYL L. JOHNSON,

                                                                 Clerk.