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HR 2764 106th Congress House Commerce Administrative fees Administrative procedure Administrative remedies Auditing Community development corporations Community organization Conflict of interests Congress Congressional investigations Congressional reporting requirements Department of Housing and Urban Development Depressed areas Economic development Economics and Public Finance Environmental Protection Environmental assessment Federal aid to Indians Federal aid to community development Federal aid to rural areas

America's Private Investment Companies Act

Introduced: August 5, 1999 See on congress.gov
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 Everywhere this bill has been 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2000
Placed on the Union Calendar, Calendar No. 351.
May 23, 2000
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 106-638.
Apr 13, 2000
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 14.
Apr 13, 2000
Committee Consideration and Mark-up Session Held.
Apr 12, 2000
Subcommittee on Housing and Community Opportunity Discharged.
Sep 10, 1999
Referred to the Subcommittee on Housing and Community Opportunity.
Aug 5, 1999
Referred to the House Committee on Banking and Financial Services.
Aug 5, 1999
Sponsor introductory remarks on measure. (CR E1769-1770)
Aug 5, 1999
Introduced in House
 Plain-English summary Congressional Research Service
America's Private Investment Companies Act - Authorizes the Secretary of Housing and Urban Development to license America's Private Investment Companies (APICs) (for-profit investment companies formed to make equity and credit investments for large-scale business development in low-income communities). Authorizes the Secretary to impose fees and charges for administrative costs and to collect fees for loan guarantee commitments and loans made under this Act. Authorizes appropriations for FY 2000 through 2004 for loan guarantee commitments and for administrative expenses.

(Sec. 105) Directs the Secretary to select APICs for licensing on the basis of competitions announced through the Federal Register. Outlines application and licensee selection requirements and criteria, including that each such entity have available at least $25 million in equity capital.

(Sec. 106) Requires substantially all investments made by selected APICs to be qualified low-income community investments if such investments are financed by the Secretary under this Act. Outlines investment limits and borrowing and repayment conditions.

(Sec. 107) Authorizes the Secretary, consistent with the Federal Credit Reform Act of 1990, to make commitments to guarantee the timely payment of principal and interest on debentures issued by APICs, to issue trust certificates representing ownership of all or a fractional part of such debentures, and to guarantee the payment of principal and interest on such certificates.

(Sec. 108) Authorizes an APIC to request that the Secretary guarantee a debenture that the APIC intends to issue under this Act. Outlines special requirements for: (1) requests which would include funding for initial expenditures for a project or activity; and (2) certification by a State or unit of general local government of responsibility for environmental reviews in connection with authorized projects or activities.

(Sec. 109) Directs the Secretary to examine and monitor the operations and activities of APICs for compliance with sound financial management practices and satisfaction of the program and procedural goals of this and related Acts.

(Sec. 110) Authorizes the Secretary to: (1) increase the credit subsidy allocated to an APIC as an award for high performance in carrying out its investment strategy and public purpose goals; and (2) penalize APICs for fraud, mismanagement, or noncompliance (allowing for notice and opportunity to respond prior to such penalties).

What's happening now May 23, 2000

Placed on the Union Calendar, Calendar No. 351.

 Committees of jurisdiction 2
 Cosponsors 7
All 7 Democratic 7