Section 1 Short title
This Act may be cited as the “CDFI Bond Guarantee Program Improvement Act of 2023”.
CDFI Bond Guarantee Program Improvement Act of 2023
A BILL
To amend the Community Development Banking and Financial Institutions Act of 1994 to reauthorize and improve the community development financial institutions bond guarantee program, and for other purposes.
Sec. 2 Sense of Congress
It is the sense of Congress that the authority to guarantee bonds under section 114A of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4713a) (commonly referred to as the “CDFI Bond Guarantee Program”) provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the Community Development Financial Institutions Fund (established under section 104(a) of such Act (12 U.S.C. 4703(a)) to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States.
Sec. 3 Guarantees for bonds and notes issued for community or economic development purposes
In general— Section 114A of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4713a) is amended—
in subsection (c)(2), by striking “, multiplied by an amount equal to the outstanding principal balance of issued notes or bonds”;
by amending subsection (e)(2) to read as follows:
“(2) Limitation on guarantee amount—The Secretary may not guarantee any amount under the program equal to less than $25,000,000, but the total of all such guarantees in any fiscal year may not exceed $1,000,000,000.”
in subsection (k), by striking “September 30, 2014” and inserting “the date that is 4 years after the date of enactment of the CDFI Bond Guarantee Program Improvement Act of 2023”.
Clerical amendment— The table of contents in section 1(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103–315; 108 Stat. 2160) is amended by inserting after the item relating to section 114 the following:
Sec. 4 Report on the CDFI bond guarantee program
Not later than 1 year after the date of enactment of this Act, and not later than 3 years after such date of enactment, the Secretary of the Treasury shall issue a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the effectiveness of the CDFI bond guarantee program established under section 114A of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4713a).