HBCU Capital Financing Improvement Act

Bill: 115-hr-1123
Sponsor: full_name: Rep. Adams, Alma S. [D-NC-12]
Introduced: 2017-02-16
Policy area: Education
Subjects: Education programs funding

Government lending and loan guarantees

Higher education

Minority education

Securities
Latest action: action_date: 2017-02-16
text: Referred to the House Committee on Education and the Workforce.

Summaries:
action_date: 2017-02-16
action_desc: Introduced in House
text: <p><b>HBCU Capital Financing Improvement Act</b></p> <p>This bill amends title III (Institutional Aid) of the Higher Education Act of 1965 to modify the HBCU Capital Financing Program. (The program 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: I 115th CONGRESS 1st Session H. R. 1123 IN THE HOUSE OF REPRESENTATIVES February 16, 2017 Ms. Adams (for herself, Mr. Byrne , Ms. Sewell of Alabama , and Mr. Hill ) introduced the following bill; which was referred to the Committee on Education and the Workforce 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 escrow account each place it appears and inserting bond insurance fund ; and (2) in subsection (b)— (A) in paragraph (1), by striking an and inserting a ; and (B) in paragraph (8), in the matter preceding subparagraph (A), by striking an and inserting a . 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. .