Race to the Job Initiative Act

Bill: 114-hr-6017
Sponsor: Rep. Richmond, Cedric L. [D-LA-2]
Introduced: 2016-09-13 in the House
Policy area: Finance and Financial Sector

Summary:
action_date: 2016-09-13
text: 

Race to the Job Initiative Act

 
This bill requires the Department of the Treasury to establish and administer a grant program to provide anchor institution (i.e., a hospital, college, research center, or nonprofit institution) grants and infrastructure grants to eligible low-income communities for community development.
 
Treasury shall select: (1) within the first year after enactment of this bill, 30 of such low-income communities to receive these grants; and (2) within the second year, an additional 20 of these communities.
 
Treasury must award a capital assistance grant to each community development financial institution specified in the grantee's application to make loans to, and invest in, businesses, organizations, or public-private partnerships located in the eligible low-income community.
 
The bill amends the Internal Revenue Code to allow a new markets tax credit for investment in a partner community development financial institution without regard to allocation limitations on such credit.
 
The bill amends the Community Development Banking and Financial Institutions Act of 1994 to limit to $20 million (in the aggregate, during a three-year period) an award from the Community Development Financial Institutions (CDFI) Fund to a community development financial institution and its subsidiaries and affiliates receiving a capital assistance grant under this bill.
 
CDFI funds are limited annually for these entities to: (1) $10 million for financial assistance, and (2) $500,000 for technical assistance.


Legislative actions:
action_date: 2016-09-14
text: Referred to the Subcommittee on Highways and Transit.
action_date: 2016-09-13
text: Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, 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.
action_date: 2016-09-13
text: Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, 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.
action_date: 2016-09-13
text: Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, 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.
action_date: 2016-09-13
text: Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, 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.
action_date: 2016-09-13
text: Introduced in House
action_date: 2016-09-13
text: Introduced in House