Title: HBCU Capital Financing Improvement Act
Policy area: Education

Summary:
HBCU Capital Financing Improvement Act
This bill amends the Higher Education Act of 1965 to modify the HBCU Capital Financing Program, which guarantees low-cost private loans to historically black colleges and universities (HBCUs) to finance infrastructure repairs, maintenance, and construction.
It replaces statutory references to "escrow account" with "bond insurance fund."
The bill authorizes the Department of Education to provide financial counseling that prepares an eligible HBCU to qualify for, apply for, and maintain a capital improvement loan.
It revises and expands reporting requirements for the HBCU Capital Financing Advisory Board.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2268 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 2268

To amend the Higher Education Act of 1965 to modify certain provisions 
 relating to the capital financing of historically Black colleges and 
                             universities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 21, 2017

  Mr. Booker (for himself, Mr. Perdue, Mr. Kaine, Mr. Brown, and Ms. 
    Harris) introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
To amend the Higher Education Act of 1965 to modify certain provisions 
 relating to the capital financing of historically Black colleges and 
                             universities.

    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 ``HBCU Capital Financing Improvement 
Act''.

SEC. 2. BOND INSURANCE.

    Section 343 of the Higher Education Act of 1965 (20 U.S.C. 1066b) 
is amended--
            (1) by striking ``an escrow account'' each place the term 
        appears and inserting ``a bond insurance fund'';
            (2) by striking ``the escrow account'' each place the term 
        appears and inserting ``the bond insurance fund''; and
            (3) by striking ``such escrow account'' and inserting 
        ``such bond insurance fund''.

SEC. 3. STRENGTHENING TECHNICAL ASSISTANCE.

    Paragraph (9) of section 345 of the Higher Education Act of 1965 
(20 U.S.C. 1066d) is amended to read as follows:
            ``(9) may, directly or by grant or contract, provide 
        financial counseling and technical assistance to eligible 
        institutions to prepare the institutions to qualify, apply for, 
        and maintain a capital improvement loan, including a loan under 
        this part; and''.

SEC. 4. HBCU CAPITAL FINANCING ADVISORY BOARD.

    Paragraph (2) of section 347(c) of the Higher Education Act of 1965 
(20 U.S.C. 1066f(c)) is amended to read as follows:
            ``(2) Report.--On an annual basis, the Advisory Board shall 
        prepare and submit to the authorizing committees a report on 
        the status of the historically Black colleges and universities 
        described in paragraph (1)(A). That report shall also include--
                    ``(A) an overview of all loans in the capital 
                financing program, including the most recent loans 
                awarded in the fiscal year in which the report is 
                submitted; and
                    ``(B) administrative and legislative 
                recommendations, as needed, for addressing the issues 
                related to construction financing facing historically 
                Black colleges and universities.''.
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