To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to establish minimum issuance amounts under the CDFI Bond Guarantee Program, and for other purposes,.

Bill: 116-hr-6830
Sponsor: full_name: Rep. Phillips, Dean [D-MN-3]
Introduced: 2020-05-12
Policy area: Finance and Financial Sector
Subjects: Community Development Financial Institutions Fund

Community life and organization

Government lending and loan guarantees

Housing and community development funding

Securities
Latest action: action_date: 2020-05-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-05-12
action_desc: Introduced in House
text: <p>This bill reduces the Community Development Financial Institutions (CDFI) Bond Guarantee Program minimum issuance amount from $100 million to $25 million for FY2020, and to $50 million thereafter. (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.)</p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6830 IN THE HOUSE OF REPRESENTATIVES May 12, 2020 Mr. Phillips introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Riegle Community Development and Regulatory Improvement Act of 1994 to establish minimum issuance amounts under the CDFI Bond Guarantee Program, and for other purposes.

1. Minimum issuance amounts under the CDFI Bond Guarantee Program (a) Reduction for fiscal year 2020 (1) In general Section 114A(e)(2)(B) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4713a(e)(2)(B) ) is amended by striking $100,000,000 and inserting $25,000,000 . (2) Rule of application The Notice of Guarantee Availability issued for the Bond Guarantee Program in fiscal year 2019 (CFDA 21.011) shall apply for purposes of carrying out the Program (as defined under section 114A(a) of the Riegle Community Development and Regulatory Improvement Act of 1994) with regard to commitments to guarantee bonds and notes during fiscal year 2020. (b) Permanent adjustment Effective October 1, 2020, section 114A(e)(2)(B) of the Riegle Community Development and Regulatory Improvement Act of 1994 ( 12 U.S.C. 4713a(e)(2)(B) ) is amended by striking $25,000,000 and inserting $50,000,000 .