Source: https://development.code.dccouncil.us/dc/council/code/sections/47-351.09.html
Timestamp: 2019-04-21 00:53:31+00:00

Document:
D.C. Law Library - § 47–351.09. Linked deposits for community development lending.
↪ § 47–351.09. Linked deposits for community development lending.
§ 47–351.08. Collateral and reporting requirements.
§ 47–351.10. Preservation of banking services.
§ 47–351.09. Linked deposits for community development lending.
(a) The Mayor, or the CFO pursuant to § 47-351.02(c), may make a deposit in an insured financial institution in return for a commitment by that institution to make specific community development loans in a low-to-moderate income area. The Mayor, or the CFO pursuant to § 47-351.02(c), shall determine the amount and scope of community development loans required to qualify for such linked deposits.
(b) When making a linked deposit, the Mayor, or the CFO pursuant to § 47-351.02(c), may accept a below-market interest rate that is within 3% of the market rate interest if the insured financial institution provides an equivalent reduction in the interest rate charged for the community development lending to which the deposit is linked.
(c) The Mayor, or the CFO pursuant to § 47-351.02(c), may make deposits linked to either specific loans or loan types.
(d) An insured financial institution may submit to the Mayor, or the CFO pursuant to § 47-351.02(c), a linked deposit application that includes information about the proposed community development lending and any other information the Mayor, or the CFO pursuant to § 47-351.02(c), requires.
(5) The terms of the community development loans lending effort.
(f) The total amount of linked deposits and community development program deposits shall not exceed 7% of the average annual investment balance of the latest audited fiscal year.
This section is referenced in § 47-351.05.

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