,i #aai? ,,congress #b;d ,session ,h4 ,r4 #hfjg ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #cj1 #bjbf,mr4 ,de,saulnier introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,transportation & ,infra/ructure ,a ,,bill ,to am5d title #bc1 ,unit$ ,/ates ,code1 to modify ! transportation f9ance infra/ructure & innovation program ) respect to community developm5t f9ancial in/itutions1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,equitable ,transit ,ori5t$ ,developm5t ,support ,act4 #b4 ,infra/ructure f9ance 7a7 ,g5]ally applicable provisions ,section #fja7;a7 ( title #bc1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by ins]t+ & section #faa aft] #fji2 7#b7 9 p>agraph 7#b7-- 7,a7 9 subp>agraph 7,c7 by /rik+ 2 & & ins]t+ a semicolon2 7,b7 9 subp>agraph 7,d7 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,e7 capitaliz+ a ,,cdfi ,,tod acc\nt4 2 7#c7 9 p>agraph 7#ab7-- 7,a7 9 subp>agraph 7,e7 by /rik+ 2 & & ins]t+ a semicolon2 7,b7 9 subp>agraph 7,h7 by /rik+ ! p]iod & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7,i7 ! capitalization ( a ,,cdfi ,,tod acc\nt4 2 & 7#d7 by add+ at ! end ! foll[+3 7#bc7 ,,cdfi ,! t]m ,,cdfi has ! mean+ giv5 ! t]m community developm5t f9ancial in/itution "u section #ajc ( ! ,riegle ,community ,developm5t & ,regulatory ,improvem5t ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74 7#bd7 ,,cdfi ,,tod acc\nt ,! t]m ,,cdfi ,,tod acc\nt means an acc\nt-- 7,a7 e/abli%$ )9 a ,,cdfi "u section #faa7;c72 7,b7 capitaliz$ ) ! proce$s ( a secur$ loan made to a ,,cdfi 9 accordance ) sections #fjb & #fjc2 7,c7 = ! purpose ( mak+ loans to sponsors ( transit-ori5t$ developm5t projects 9 accordance ) section #faa4 4 7b7 ,det]m9ation ( eligibility & project selection ,section #fjb ( title #bc1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#b7 by add+ at ! end ! foll[+3 7,c7 ,,cdfi ,not)/&+ subp>agraphs 7,a7 & 7,b71 9 a case 9 :i* ! ,f$]al cr$it in/rum5t is provid$ to a ,,cdfi1 ! ,secret>y may rely ^u a cr$it assessm5t ( ! ,,cdfi by ! ,secret>y ( ,treasury 9 lieu ( inve/m5t grade rat+s & cr$it op9ions f rat+ ag5cies4 2 7,b7 9 p>agraph 7#d7 by ins]t+ ,,cdfi1 aft] p>tn]%ip12 7,c7 9 p>agraph 7#e77;,b7 by ins]t+ at ! end ! foll[+3 7v7 ,,cdfi ,,tod acc\nts ,9 ! case ( a project capitaliz+ a ,,cdfi ,,tod acc\nt1 eligible project co/s %all n exce$ #ajj1jjj1jjj4 2 7,d7 9 p>agraph 7#f7-- 7i7 9 subp>agraph 7,c7 by /rik+ or2 7ii7 9 subp>agraph 7,d7 by /rik+ ! p]iod & ins]t+ 2 or2 & 7iii7 by add+ at ! end ! foll[+3 7,e7 9 ! case ( a ,,cdfi ,,tod acc\nt1 ! unconditional promissory obligation ( a ,,cdfi4 2 7,e7 9 p>agraph 7#g7-- 7i7 by /rik+ ,/ate or local gov]nm5t or & ins]t+ ,/ate or local gov]nm5t12 & 7ii7 by ins]t+ or a ,,cdfi1 be=e ! project2 7,f7 9 p>agraph 7#i7-- 7i7 by /rik+ ,! ,secret>y & ins]t+ 7,a7 ,9 g5]al--,! ,secret>y2 7ii7 by r$esignat+ subp>agraphs 7,a71 7,b71 & 7,c7 z clauses 7i71 7ii71 & 7iii72 & 7iii7 by add+ at ! end ! foll[+3 7,b7 ,,cdfi ,,tod acc\nts ,) respect to f9ancial assi/ance provid$ to a ,,cdfi "u ! ,,tifia program1 ! ,secret>y %all deem t ! project g5]ates b5eficial effects4 2 & 7,g7 9 p>agraph 7#aj7-- 7i7 9 subp>agraph 7,a7 by /rik+ subp>agraph 7,b7 & ins]t+ subp>agraphs 7,b7 & 7,c72 & 7ii7 by add+ at ! end ! foll[+3 7,c7 ,,cdfi ,,tod acc\nt ,9 ! case ( a project capitaliz+ a ,,cdfi ,,tod acc\nt1 ! ,,cdfi %all demon/rate to ! ,secret>y1 n lat] ?an two ye>s aft] ! date on :i* a secur$ loan is obligat$ = ! project "u ! ,,tifia program1 t ! ,,cdfi has execut$ a loan agreem5t ) a project sponsor 9 accordance ) section #faa4 ,aft] ! demon/ration is made1 ! ,,cdfi may draw ^u ! secur$ loan4 ,at ! end ( ! #b-ye> p]iod1 to ! ext5t ! ,,cdfi has n us$ ! loan commitm5t1 ! ,secret>y may ext5d ! "t p]iod = us+ ! loan commitm5t or )draw ! loan commitm5t4 2 & 7#b7 9 subsection 7b77#c7-- 7,a7 by /rik+ ,! ,secret>y & ins]t+ 7,a7 ,9 g5]al--,! ,secret>y2 7,b7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively2 & 7,c7 by add+ at ! end ! foll[+3 7,b7 ,,cdfi ,,tod acc\nt ,not)/&+ subp>agraph 7,a71 9 ! case ( an applicant t is a ,,cdfi1 9 lieu ( a prelim9>y rat+ op9ion lett]1 ! ,secret>y may rely ^u a lett] f ! ,secret>y ( ! ,treasury t v]ifies ! applicant is a ,,cdfi c]tifi$ by ! ,community ,developm5t ,f9ancial ,in/itutions ,fund ( ! ,dep>tm5t ( ! ,treasury4 4 7c7 ,secur$ ,loans ,section #fjc ( title #bc1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7a77#c7 by /rik+ section #fjb7;b77#c77;,b7 & ins]t+ section #fjc7;b77#c77;,a77ii7 or1 ) respect to a ,,cdfi1 ! lett] ( ! ,secret>y ( ,treasury "u section #fjb7;b77#c77;,b72 7#b7 9 subsection 7b7-- 7,a7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a7 by /rik+ subp>agraph 7,b7 & ins]t+ subp>agraphs 7,b7 & 7,c72 & 7ii7 by add+ at ! end ! foll[+3 7,c7 ,,cdfi ,,tod acc\nt ,9 ! case ( a project capitaliz+ a ,,cdfi ,,tod acc\nt1 ! maximum am\nt ( a secur$ loan made to a ,,cdfi %all be det]m9$ 9 accordance ) section #fjb7;a77#e77;,b77v74 2 7,b7 9 p>agraph 7#c77;,a77i7-- 7i7 9 subclause 7,,iv7 by /rik+ 2 or & ins]t+ 22 7ii7 9 subclause 7,v7 by /rik+ 2 & & ins]t+ 2 or2 & 7iii7 by add+ at ! end ! foll[+3 7,,vi7 9 ! case ( a secur$ loan = a project capitaliz+ a ,,cdfi ,,tod acc\nt1 any o!r rev5ue s\rces available to a ,,cdfi1 includ+ repaym5ts f loans made = projects 9 accordance ) section #faa2 & 2 7,c7 9 p>agraph 7#d77;,b7-- 7i7 9 ! head] by ins]t+ & ,,cdfi ,,tod acc\nts aft] infra/ructure projects2 7ii7 9 clause 7i7 by /rik+ or a rural projects fund & ins]t+ 1 a rural projects fund1 or a ,,cdfi ,,tod acc\nt2 & 7iii7 9 clause 7ii7 by /rik+ & rural project funds & ins]t+ 1 rural projects funds1 & ,,cdfi ,,tod acc\nts2 7,d7 9 p>agraph 7#e77;,b7-- 7i7 9 ! head] by ins]t+ & ,,cdfi ,,tod acc\nt aft] ,rural projects fund2 & 7ii7 by ins]t+ or ,,cdfi ,,tod acc\nt aft] rural projects fund2 & 7,e7 9 p>agraph 7#i7 by add+ at ! end ! foll[+3 7,c7 ,,cdfi ,,tod acc\nt ,a project capitaliz+ a ,,cdfi ,,tod acc\nt %all satisfy subp>agraph 7,a7 ?r\gh compliance ) ! ,f$]al %>e requirem5t describ$ 9 section #faa7;c77#c77;,a74 4 7d7 ,program adm9i/ration ,section #fje ( title #bc1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subsection 7d7 by ins]t+ 1 community developm5t1 aft] field ( municipal2 7#b7 by r$esignat+ subsections 7e7 & 7f7 z subsections 7g7 & 7h71 respectively2 7#c7 by ins]t+ aft] subsection 7d7 ! foll[+3 7e7 ,assi/ance f ! ,secret>y ( ,treasury ,! ,secret>y %all consult ) ! ,secret>y ( ! ,treasury 9 assess+ ! cr$itwor?9ess ( ,,cdfi applicants & %all ent] into a memor&um ( und]/&+ pursuant to section #faa7;b7 ( ?is *apt] ?r\gh :i* ! ,secret>y ( ! ,treasury provides assi/ance 9 ! cr$it und]writ+1 s]vic+1 & monitor+ ( ,f$]al cr$it in/rum5ts provid$ to ,,cdfi ,,tod acc\nts4 7f7 ,implem5tation ,n lat] ?an #ahj days aft] enactm5t ( ,section #faa1 ! ,secret>y %all implem5t ?is section by releas+ program guidance & solicit+ applications4 2 & 7#d7 9 subsection 7h7 7z s r$esignat$7-- 7,a7 9 ! head+ by ins]t+ & ,,cdfi ,,tod acc\nts aft] small projects2 & 7,b7 9 p>agraph 7#a7-- 7i7 by /rik+ #fjh7;a77#e7 & ins]t+ #fjh7;a77#f72 7ii7 by /rik+ #b1jjj1jjj & ins]t+ #d1jjj1jjj2 & 7iii7 by /rik+ #ge1jjj1jjj & ins]t+ #ajj1jjj1jjj4 7e7 ,fund+ ,section #fjh7;a7 ( title #bc1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#d7 & 7#e7 z p>agraphs 7#e7 & 7#f71 respectively2 7#b7 by ins]t+ aft] p>agraph 7#c7 ! foll[+3 7#d7 ,,cdfi ,set aside 7,a7 ,9 g5]al ,( ! total am\nt ( funds made available to c>ry out ! ,,tifia program = ea* fiscal ye>1 n m ?an #aj p]c5t %all be set aside = ,,cdfi ,,tod acc\nts4 7,b7 ,reobligation ,any am\nts set aside "u subp>agraph 7,a7 t rema9 unobligat$ by ,june #a ( ! fiscal ye> = :i* ! am\nts 7 set aside %all be available = obligation by ! ,secret>y on projects o!r ?an ,,cdfi ,,tod acc\nts4 2 & 7#c7 by add+ at ! end ! foll[+3 7#g7 ,reimbursem5ts to ! ,secret>y ( ! ,treasury ,( ! am\nts au?oriz$ = ! adm9i/ration ( ! ,,tifia program "u p>agraph 7#f71 ! ,secret>y may use n m ?an #aj p]c5t = ea* fiscal ye> to reimburse ! ,secret>y ( ! ,treasury = assi/ance provid$ pursuant to a memor&um ( und]/&+ "u section #faa7;b74 4 7f7 ,community developm5t f9ancial in/itution transit-,ori5t$ developm5t 7#a7 ,9 g5]al ,*apt] #f ( title #bc1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #faa4 ,community developm5t f9ancial in/itution transit-ori5t$ developm5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,,cdfi ,,tod project ,! t]m ,,cdfi ,,tod project means a project locat$ )9 "o-half mile 9 an urban area or ?ree-f\r?s ( a mile 9 a rural area ( a fix$ guideway transit facility1 pass5g] rail /ation1 int]city bus /ation or int]modal facility t supports-- 7,a7 comm]cial facilities or bus9esses t are locat$ 9 l[-income communities & are-- 7i7 own$ by l[-income p]sons2 7ii7 pr9cipally s]ve l[-income p]sons or l[-income community resid5ts2 or 7iii7 pr9cipally employ l[-income p]sons2 7,b7 community facilities t are locat$ 9 l[-income communities or pr9cipally s]ve l[-income p]sons2 or 7,c7 h\s+ t is pr9cipally af=dable to l[-income p]sons4 7#b7 ,inve/m5t ,area ,! t]m ,inve/m5t ,area has ! mean+ giv5 ! t]m 9 section #ahje4bja7;b77#c77;,b77ii7 ( title #ab1 ,code ( ,f$]al ,regulations 7z 9 effect on ! date ( enactm5t ( ?is section74 7#c7 ,loan ,! t]m loan means any =m ( direct f9ancial assi/ance t is requir$ to be repaid ov] a p]iod ( "t provid$ by a ,,cdfi to a project sponsor = all or "p ( ! co/s ( a ,,cdfi ,,tod project4 7#d7 ,l[-income community ,! t]m l[-income community means a community t is locat$ 9 an ,inve/m5t ,area4 7#e7 ,l[-income p]son ,! t]m l[-income p]son means a p]son ^: income does n exce$ ! level e/abli%$ = l[-income 7z su* t]m is def9$ 9 section #ahje4ajd ( title #ab1 ,code ( ,f$]al ,regulations1 z 9 effect on ! date ( enactm5t ( ?is section74 7#f7 ,project sponsor ,! t]m project sponsor means a public or private entity approv$ by a ,,cdfi & develop+ a ,,cdfi ,,tod project 9 accordance ) ?is section4 7b7 ,memor&um ( ,und]/&+ ,! ,secret>y %all ent] into a memor&um ( und]/&+ ) ! ,secret>y ( ,treasury to support consultation ) ! ,community ,developm5t ,f9ancial ,in/itutions ,fund to provide ! necess>y cr$it und]writ+1 s]vic+1 & monitor+ ( ,,cdfi applicants & p>ticipants 9 ! ,,tifia program4 7c7 ,,cdfi ,,tod acc\nts 7#a7 ,9 g5]al ,! ,secret>y %all require any ,,cdfi p>ticipat+ 9 ! program au?oriz$ 9 ?is section to e/abli% a ,,cdfi ,,tod acc\nt into :i* ! proce$s ( a secur$ loan made to ! ,,cdfi 9 accordance ) sections #fjb & #fjc & any loan repaym5ts f public or private entities receiv+ loans made to fund ,,cdfi ,,tod projects w be deposit$4 7#b7 ,am\nts 9 acc\nt ,any pr9cipal loan repaym5ts & any inve/m5t income d]iv$ f funds deposit$ to a ,,cdfi ,,tod acc\nt %all be-- 7,a7 cr$it$ to ! acc\nt2 7,b7 available = provid+ loans to project sponsors2 7,c7 available = repay+ ! secur$ loan made to ! ,,cdfi 9 accordance ) sections #fjb & #fjc2 & 7,d7 inve/$ 9 su* f9anc+ in/rum5ts z ! ,secret>y may approve to e>n int]e/ to augm5t ! l5d+ capacity ( ! acc\nt4 7#c7 ,loans ,any loan to a project sponsor fund$ f ! acc\nt %all-- 7,a7 be 9 an am\nt det]m9$ by ! ,,cdfi1 b 9 any case n exce$ #hj p]c5t ( eligible project co/s2 7,b7 comm5ce repaym5t n lat] ?an #e ye>s aft] ! project has be5 complet$2 7,c7 h a f9al maturity n lat] ?an #cj ye>s aft] ! date ( ! fir/ paym5t on ! loan2 7,d7 be set at a rate n great] ?an ! level ne$$ to fully reimburse ! ,,cdfi's adm9i/rative1 monitor+1 s]vic+1 & capital *>ges associat$ ) ! loan2 & 7,e7 be secur$ & h a priority ( paym5t z det]m9$ by ! ,,cdfi4 7#d7 ,revolv+ loan /ructure ,! ,,cdfi may apply loan repaym5ts to fund additional loans provid$ su* rel5d+ does n impair ! ability ( ! ,,cdfi to repay its secur$ loan 9 full & timely fa%ion4 7#e7 ,delegat$ l5d+ model ,! ,,cdfi is au?oriz$ to provide loans = ,,cdfi ,,tod projects "u a delegat$ l5d+ model4 ,no provision ( ?is section %all re/rict ! ability ( ! ,,cdfi to e/abli% ! t]ms & conditions ( loans to project sponsors "u ?is section4 7d7 ,discont9uance ( fund+ ,if ! ,secret>y det]m9es t a ,,cdfi is n implem5t+ ! ,,cdfi ,,tod acc\nt 9 accordance ) ! application ( su* acc\nt1 ! ,secret>y may prohibit ! ,,cdfi f draw+ d[n any additional proce$s f a secur$ loan commitm5t4 7e7 ,=ms ( assi/ance f a ,,cdfi 7#a7 ,9 g5]al ,a ,,cdfi may1 us+ funds deposit$ into ! ,,cdfi ,,tod acc\nt1 make loans to a public or private entity to c>ry out a ,,cdfi ,,tod project4 7#b7 ,subord9ation ( loan ,! am\nt ( a loan or o!r =m ( cr$it assi/ance provid$ = a project describ$ 9 subsection 7c77#c7 may be subord9at$ to any o!r debt f9anc+ = ! project4 7f7 ,annual report to ! ,secret>y ,any ,,cdfi p>ticipat+ 9 ?is program %all make an annual report to ! ,secret>y n lat] ?an ,septemb] #cj ( ea* ye> & su* o!r reports z ! ,secret>y may require "u guidel9es issu$ to c>ry out ?is section4 7g7 ,applicability ( ,f$]al law ,! requirem5ts ( ?is title & title #di t w\ld o!rwise apply to funds made available "u ?is *apt] or su* title & projects assi/$ ) ^? funds %all apply to ,,cdfi ,,tod projects assi/$ by ! ,,cdfi "u ?is *apt]1 except to ! ext5t ! ,secret>y det]m9es t any requirem5t ( su* title is n applicable or is n consi/5t ) ! objectives ( ?is section4 7h7 ,unit$ ,/ates n obligat$ ,! deposit ( ,f$]al funds into a ,,cdfi "u ?is section %all n be con/ru$ z a commitm5t1 gu>antee1 or obligation on ! "p ( ! ,unit$ ,/ates to any ?ird p>ty1 nor %all any ?ird p>ty h any "r aga9/ ! ,unit$ ,/ates = paym5t solely by virtue ( ! contribution4 ,any security or debt f9anc+ in/rum5t issu$ by ! ,,cdfi %all expressly /ate t ! security or in/rum5t does n con/itute a commitm5t1 gu>antee1 or obligation ( ! ,unit$ ,/ates4 7i7 ,program adm9i/ration ,= ea* fiscal ye>1 a ,,cdfi may n exp5d m ?an #b p]c5t ( ! ,f$]al assi/ance receiv$ "u ?is *apt] to pay ! reasonable co/s ( adm9i/]+ a ,,cdfi ,,tod acc\nt pursuant to ?is section4 4 7#b7 ,cl]ical am5dm5t ,! analysis = *apt] #f ( title #bc1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #faa4 ,community developm5t f9ancial in/itution transit-ori5t$ developm5t4 4