,,ii #aai? ,,congress #a/ ,session ,s4 #biae ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #ai 7legislative day1 ,septemb] #af71 #bjbe,mr4 ,durb9 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to require ! ,secret>y ( ,h\s+ & ,urban ,developm5t to e/abli% an em]g+ develop] fund program to provide competitive grants to nonpr(it h\s+ organizations & community developm5t f9ancial in/itutions1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,sp>k+ ,production ( ,urban & ,rural ,h\s+ ,act or ! ,,spur ,h\s+ ,act4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,community developm5t f9ancial in/itution ,! t]m community developm5t f9ancial in/itution means an in/itution t has be5 c]tifi$ z a community developm5t f9ancial in/itution 7z def9$ 9 section #ajc ( ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgjb77 by ! ,secret>y ( ! ,treasury4 7#b7 ,di/ress$ community ,! t]m di/ress$ community has ! mean+ giv5 ! t]m qualifi$ c5sus tract 9 section #db7;d77#e77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#c7 ,high opportunity area ,! t]m high opportunity area has ! mean+ giv5 ! t]m 9 section #abhb4a ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7#d7 ,em]g+ develop] ,! t]m em]g+ develop] means a develop] t has-- 7,a7 limit$ real e/ate developm5t exp]i5ce & limit$ liquidity or net wor?2 7,b7 any o!r qualifications z det]m9$ appropriate by ! ,secret>y4 7#e7 ,in/itution ( high] education2 "p ,b in/itution ,! t]ms in/itution ( high] education & "p ,b in/itution h ! mean+s giv5 ^? t]ms 9 section #aja & #cbb1 respectively1 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajja1 #ajfa74 7#f7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,h\s+ & ,urban ,developm5t4 #c4 ,em]g+ develop] fund program 7a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% an em]g+ develop] fund program to provide competitive grants to nonpr(it h\s+ organizations & community developm5t f9ancial in/itutions4 7b7 ,use ( am\nts ,nonpr(it h\s+ organizations & community developm5t f9ancial in/itutions t receive am\nts "u ?is section %all use su* am\nts-- 7#a7 to (f] f9anc+ to em]g+ develop]s und]tak+ af=dable h\s+ & community developm5t projects1 includ+-- 7,a7 pr$evelopm5t loans2 7,b7 loan loss res]ves2 7,c7 grants2 7,d7 risk %>+2 & 7,e7 cr$it enhancem5ts1 includ+ int]e/ rate buy d[ns2 7#b7 to capitalize a fund to support af=dable h\s+ & community developm5t projects ( em]g+ develop]s2 7#c7 to (f] capacity-build+ tra9+1 & te*nical assi/ance programs to em]g+ develop]s2 & 7#d7 = o!r uses approv$ by ! ,secret>y4 7c7 ,application ,ea* nonpr(it h\s+ organization & community developm5t f9ancial in/itution t applies = a grant "u ?is section %all submit an application to ! ,secret>y at su* "t & 9 su* mann] z ! ,secret>y may reasonably require & %all-- 7#a7 demon/rate plans = provid+ compreh5sive tra9+1 te*nical assi/ance1 & f9anc+ to em]g+ develop]s2 & 7#b7 include in=mation ab\t pa/ "w complet$ by ! organization or in/itution4 7d7 ,aw>d+ ( grants ,! ,secret>y %all aw>d grants "u ?is section bas$ on ! ability ( an applicant to-- 7#a7 id5tify & quantify ! ne$ = developm5t capacity build+ 9 ! community ( focus1 includ+ em]g+ develop]s ) an int5t to pursue af=dable h\s+ & community developm5t projects1 includ+ 9 di/ress$ communities2 7#b7 provide compreh5sive real e/ate developm5t capacity build+ & ongo+ te*nical assi/ance1 includ+ by help+ em]g+ develop]s to-- 7,a7 develop & manage a con/ruction budget2 7,b7 det]m9e f9anc+ ne$s2 7,c7 id5tify & secure s\rces ( private & public capital1 includ+ prep>+ applications = tax cr$its "u section #db ( ! ,int]nal ,rev5ue ,code ( #aihf2 7,d7 /ructure capital /acks2 7,e7 und]/& loan t]ms2 7,f7 conduct bus9ess plann+2 7,g7 conduct /rategic plann+2 7,h7 prep>e bids2 7,i7 /ructure f9ancial /atem5ts2 & 7,j7 implem5t bond+ /rategies2 7#c7 provide af=dable l5d+ products = af=dable h\s+ & community developm5t projects1 su* z pr$evelopm5t loans & o!r relevant products2 7#d7 (f] m5tor+ & network+ opportunities = em]g+ develop]s2 7#e7 build p>tn]%ips ) in/itutions ( high] education1 includ+ community colleges & "p ,b in/itutions1 to provide real e/ate developm5t c\rse "w & o!r res\rces to curr5t & aspir+ real e/ate develop]s2 7#f7 provide ongo+ te*nical assi/ance aft] completion ( any curriculum (f]$ at ! in/itutions describ$ 9 p>agraph 7#e72 & 7#g7 track program outcomes1 includ+ ! total numb] & volume ( loans orig9at$1 total developm5t co/s1 geographic areas s]v$1 & income /reams creat$ = ! borr[]4 7e7 ,priority ,:5 aw>d+ grants "u ?is section1 ! ,secret>y %all prioritize organizations t-- 7#a7 are provid+ l5d+ or te*nical assi/ance to em]g+ develop]s-- 7,a7 ) limit$ exp]i5ce2 7,b7 :o are und]capitaliz$2 or 7,c7 :o int5d to focus on ! developm5t ( af=dable h\s+ & community developm5t projects 9 di/ress$ communities & high opportunity areas2 & 7#b7 h a hi/ory ( provid+ support to em]g+ develop]s4 7f7 ,limitation ,no organization or in/itution may receive an aw>d am\nt "u ?is section t is great] ?an #ae p]c5t ( ! am\nt appropriat$ pursuant to subsection 7h74 7g7 ,coord9ation ) o!r ,f$]al ag5cies ,! ,secret>y %all coord9ate ) ! ,secret>y ( ! ,treasury ) respect to ! alignm5t ( program "u ?is section & report+ requirem5ts "u ?is section ) simil> requirem5ts ( ! ,community ,developm5t ,f9ancial ,in/itutions ,fund "u ! ,community ,developm5t ,bank+ & ,f9ancial ,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4 #dgja et seq474 7h7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ to c>ry out ?is section #ej1jjj1jjj = ea* ( fiscal ye>s #bjbf ?r\gh #bjcj4