1. Short title
This Act may be cited as the “HBCU Capital Financing Improvement Act”.
HBCU Capital Financing Improvement Act
A BILL
To amend the Higher Education Act of 1965 to modify certain provisions relating to the capital financing of historically Black colleges and universities.
2. Bond insurance
Section 343 of the Higher Education Act of 1965 (20 U.S.C. 1066b) is amended—
by striking “an escrow account” each place the term appears and inserting “a bond insurance fund”;
by striking “the escrow account” each place the term appears and inserting “the bond insurance fund”; and
by striking “such escrow account” and inserting “such bond insurance fund”.
3. Strengthening technical assistance
Paragraph (9) of section 345 of the Higher Education Act of 1965 (20 U.S.C. 1066d) is amended to read as follows:
“(9) may, directly or by grant or contract, provide financial counseling and technical assistance to eligible institutions to prepare the institutions to qualify, apply for, and maintain a capital improvement loan, including a loan under this part; and”
4. HBCU Capital Financing Advisory Board
Paragraph (2) of section 347(c) of the Higher Education Act of 1965 (20 U.S.C. 1066f(c)) is amended to read as follows:
“(2) Report—On an annual basis, the Advisory Board shall prepare and submit to the authorizing committees a report on the status of the historically Black colleges and universities described in paragraph (1)(A). That report shall also include—
“(A) an overview of all loans in the capital financing program, including the most recent loans awarded in the fiscal year in which the report is submitted; and
“(B) administrative and legislative recommendations, as needed, for addressing the issues related to construction financing facing historically Black colleges and universities.”