HBCU Capital Financing Improvement Act

Bill: 115-s-2268
Sponsor: full_name: Sen. Booker, Cory A. [D-NJ]
Introduced: 2017-12-21
Policy area: Education
Latest action: action_date: 2017-12-21
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2017-12-21
action_desc: Introduced in Senate
text: <p><b>HBCU Capital Financing Improvement Act</b></p> <p>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.</p> <p>It replaces statutory references to "escrow account" with "bond insurance fund."</p> <p>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.</p> <p> It revises and expands reporting requirements for the HBCU Capital Financing Advisory Board.</p>

tv_txt: II 115th CONGRESS 1st Session S. 2268 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.

1. Short title This Act may be cited as the HBCU Capital Financing Improvement Act . 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 . 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 . 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. .