HR 2250 103th Congress House Finance and Financial Sector Affordable housing Bank capital Bank loans Bank management Bank reserves Certificates of deposit College costs Community development banking Community development corporations Credit unions Depressed areas Displaced homemakers Dividends Education Educational finance Executive reorganization Federal aid to community development Federally-assisted loans Financial institutions

Community Development Financial Institutions Act of 1993

Introduced: May 25, 1993 See on congress.gov

Everywhere this bill has been 8 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 15, 1993

Referred to the Subcommittee on Housing and Community Development.

Jun 15, 1993

Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.

Jun 15, 1993

Referred to the Subcommittee on Consumer Credit and Insurance.

Jun 15, 1993

Referred to the Subcommittee on Economic Growth and Credit Formation.

May 25, 1993

Referred to the House Committee on Ways and Means.

May 25, 1993

Introduced in House

May 25, 1993

Referred to the House Committee on Banking, Finance + Urban Affrs.

May 25, 1993

Sponsor introductory remarks on measure. (CR H2782)

Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: National Community Development Administration

Title II: Certification Programs

Title III: Assistance to Community Development Financial

Institutions

Subtitle A: Assistance to Existing Community Development

Financial Institutions

Subtitle B: Assistance to Establish Community Development

Financial Institutions

Title IV: Assistance for Community Development Secondary

Market Institutions

Title V: Community Development Individual Investment

Certificates

Community Development Financial Institutions Act of 1993 - Title I: National Community Development Administration - Establishes the National Community Development Administration (Administration) to: (1) assist financial institutions in providing credit and promoting comprehensive community development in low-income communities; (2) assist secondary market institutions to purchase and securitize loans, increase investment liquidity, and improve the distribution of investment capital for community development financing; and (3) promote the use of community Development Individual Investment Certificates (authorized by this Act).

Authorizes appropriations.

Title II: Certification Programs - Requires the Administration to implement a certification program for: (1) community development financial institutions; and (2) technical assistance providers to community development financial and secondary market institutions.

Title III: Assistance to Community Development Financial Institutions - Subtitle A: Assistance to Existing Community Development Financial Institutions - Directs the Administration to assist existing community development financial institutions in implementing financing initiatives and obtaining technical assistance for broad-based, long-range community development in target communities. Identifies: (1) activities eligible for such assistance; and (2) criteria for financial initiatives.

Requires community development financial institutions to contribute matching funds from non-Federal sources.

Subtitle B: Assistance to Establish Community Development Financial Institutions - Directs the Administration to assist nonprofit and for-profit organizations to establish community development financial institutions whose purpose shall be to finance specified community development activities.

Title IV: Assistance for Community Development Secondary Market Institutions - Directs the Administration to assist secondary market institutions to: (1) establish a secondary market for community development loans; (2) increase the liquidity of community development investments; and (3) improve the distribution of investment capital available for community development financing.

Prescribes eligible use of such assistance. Requires such secondary market institutions to contribute matching funds from non-Federal sources. Authorizes the Administration to issue tax-exempt bonds to finance such secondary market institutions.

Title V: Community Development Individual Investment Certificates - Prescribes guidelines for the issuance by any community development bank or credit union of certificates of indebtedness to be known as Community Development Individual Investment Certificates.

What's happening now June 15, 1993

Referred to the Subcommittee on Housing and Community Development.

Committees of jurisdiction 6