HB 26-14: Reinvestment in Our Communities Act (Passed)

[Tamika Jackson]

Aye

[P. Clodius Pulcher did nothing wrong]

Abstain

[Adam Griffin]

Nay

[Senator-elect Spark]

Aye

[Joseph Cao]

Aye. I think this bill goes further than the other two proposed bills in a number of ways, and we can of course pursue similar aims on all of their fronts as we continue to debate the other bills.

[Joseph Cao]

Vote closed.

By a vote of 4-3-1-1, this bill passes.

[Joseph Cao]

AN ACT
To reduce financial burdens upon minority communities and to promote small businesses

Be it ordained by the HOUSE OF REPRESENTATIVES

Section 1. Title

a. The title of this legislation shall be the Reinvestment in our Communities Act

Section 2. Purpose
The purpose of this Act is to—

a. Hereby establish programs to revitalize and provide long-term financial products and service availability for, and provide investments in, low- and moderate-income and minority communities;
b. respond to the unprecedented loss of Black-owned businesses and unemployment; and
c. otherwise enhance the stability, safety and soundness of community financial institutions that support low- and moderate-income and minority communities.

Section 3. Considerations

a. Increasing the availability of affordable credit for consumers, small businesses, and nonprofit organizations, including for projects supporting affordable housing, community-serving real estate, and other projects, that provide direct benefits to low- and moderate-income communities, low-income and underserved individuals, and minorities;
b. Providing funding to minority-owned or minority-led eligible institutions and other eligible institutions that have a strong track record of serving minority small businesses;
c. Increasing the opportunity for small business, affordable housing and community development in geographic areas and demographic segments with poverty and high unemployment rates that exceed the average in Atlasia.
e. Ensuring that all low- and moderate-income community financial institutions may apply to participate in the programs established under this Act and the amendments made by this Act, without discrimination based on geography
f. Providing transparency with respect to use of funds provided under this Act and the amendments made by this Act.

Section 4. Guidelines

a. It is the sense of Congress that the investments made under this Act and the amendments made by this Act should be designed to maximize the benefit to low- and moderate-income and minority communities and contemplate losses to capital of the Treasury.

Section 5. Neighborhood Investment Programs

A. A community neighborhood investment program shall be established.

B. Establishment
a. A Neighborhood Capital Investment Program shall be established to support low- and moderate-income community financial institutions to provide loans and forbearance to borrowers in low- and moderate-income communities, especially for borrowers who are historically disadvantaged, including minorities, and borrowers in rural and urban low-income and underserved communities.

C. Investments
Under the Program, a fund will be created to facilitate direct capital investments, including purchases and modifications of those purchases.

People's House of Representatives
Passed 4-3-1-1 in the House of Representatives