if it is purchased, developed, rehabilitated, or preserved in conjunction with a federal, state, local, or tribal government affordable housing program or subsidy, with the bona fide intent of providing affordable housing. this definition is intended to capture a wide variety of subsidies, including tax credit programs ( such as the low - income housing tax credit ), federal government direct - 8subsidies, and state and local government direct subsidies for the production or preservation of affordable housing. these programs could be for rental housing or homeownership. the suggested language is also intended to capture programs that do not provide monetary subsidies, but that have the express intent of producing or preserving affordable housing, such as a loan in support of a land bank program. in addition, many stakeholders have noted the importance of preserving unsubsidized housing that is affordable to lmi households and ensuring units retain their affordability in gentrifying areas. in response to these concerns, the anpr seeks to clarify the criteria under which banks can receive cra consideration for investing in unsubsidized, or naturally - occurring, affordable housing. we are also considering other options to ensure that housing - related community development financing activities maintain long - term affordability, limit displacement, and encourage affordable housing located in all communities. as experts in this field, we look forward to receiving your feedback on what specific data sources and criteria we should consider to promote the preservation of naturally - occurring, affordable housing. fifth, the anpr seeks feedback on the appropriate cra treatment of mortgagebacked securities ( mbs ) that are backed by loans that finance subsidized multifamily rental housing, loans for mixed - income housing that includes affordable housing for lmi families, or loans to lmi borrowers. while issuance of qualifying mbs can improve liquidity, and thereby increase capacity for lenders that make home mortgage loans to lmi borrowers, some stakeholders have expressed concern that mbs purchases may be undertaken in lieu of other more impactful community development financing activities that may require greater effort. - 9finally, the anpr seeks feedback on extending to cdfis the status that is extended to minority depository institutions, women - owned financial institutions, and low - income credit unions. such an approach would effectively give banks cra consideration for loans, investments, or services in conjunction with a cdfi anywhere in the country. additionally, the anpr discusses granting automatic cra community development consideration

markets go through peaks and troughs. and like this marble hall – renovated, rehabilitated, now strong, beautiful and iconic... it is our taking action, our adoption of decisive policies and our welcoming of reforms through the years — that has helped strengthen our economies. our actions, our reforms, our regulations and our staunch commitment as policymakers, monetary authorities, central banks, regulators, public servants, have made them resilient. the ayuntamiento gives us a glimpse of the past. it also reminds us to continue to fortify our pillars and to build on the economic, financial and institutional reforms we initiated. it is when we gather together periodically and openly share our ideas, insights and experiences that we add to the strength and resilience we have. this is what today was about. our discussions will continue tomorrow. tonight, this dinner is about celebrating that collaboration. it is about fellowship. as your hosts, we are also proud to share our culture with you – to showcase our talents and also our cuisine which we arranged for you to enjoy tonight. 1 / 2 bis central bankers'speeches thank you very much and have a good evening. bon apetit. 2 / 2 bis central bankers'speeches