,,ii #aaith ,,congress #b;d ,session ,s4 #cidj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #bf1 #bjbf,mr4 ,daines 7for himself1 ,mr4 ,warner1 ,mr4 ,crapo1 ,ms4 ,smith1 ,mr4 ,rounds1 ,mr4 ,kim1 ,mr4 ,risch1 ,mr4 ,schumer1 ,mr4 ,justice1 ,ms4 ,klobuchar1 ,mrs4 ,fischer1 ,mr4 ,booker1 ,mr4 ,wicker1 ,mr4 ,hickenlooper1 ,mr4 ,sheehy1 ,mr4 ,van ,hollen1 ,mr4 ,sullivan1 ,mrs4 ,gillibrand1 ,mrs4 ,hyde-,smith1 ,mr4 ,coons1 ,mr4 ,peters1 ,mr4 ,bennet1 ,mrs4 ,britt1 ,mr4 ,wyden1 ,mr4 ,cassidy1 ,mr4 ,durbin1 ,ms4 ,murkowski1 ,mr4 ,cramer1 ,mr4 ,boozman1 and ,mr4 ,heinrich7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,community ,development ,banking and ,financial ,institutions ,act of #aiid to require the ,secretary of the ,treasury to testify before ,congress1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,access to ,fair ,financing for ,opportunity and ,resilient ,development ,act4 #b4 ,requirement to testify ,section #ajd7;b7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;b77 is amended by adding to the end the following3 7#e7 ,annual testimony ,the ,secretary of the ,treasury 7or a designee of the ,secretary7 shall1 at the discretion of the chairman of the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate and chairman of the ,committee on ,financial ,services of the ,house of ,representatives1 annually testify before such committees 7or a subcommittee of such committees7 regarding the operations of the ,fund during the previous fiscal year4 4 #c4 ,,cdfi bond guarantee program improvement 7a7 ,sense of ,congress ,it is the sense of ,congress that the authority to guarantee bonds under section #aad;,a of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgac;a7 7commonly referred to as the ,,cdfi ,bond ,guarantee ,program7 provides community development financial institutions with a sustainable source of long-term capital and furthers the mission of the ,community ,development ,financial ,institutions ,fund 7established under section #ajd7;a7 of such ,act 7#ab ,u4,s4,c4 #dgjc7;a777 to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the ,united ,states4 7b7 ,guarantees for bonds and notes issued for community or economic development purposes 7#a7 ,in general ,section #aad;,a of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgac;a7 is amended-- 7,a7 in subsection 7c77#b7-- 7i7 by inserting outstanding before principal amount2 and 7ii7 by striking multiplied by an amount equal to the outstanding principal balance of issued notes or bonds12 7,b7 by amending subsection 7e77#b7 to read as follows3 7#b7 ,limitation on guarantee amount ,the ,secretary may not guarantee any amount under the program equal to less than #be1jjj1jjj1 but the total of all such guarantees in any fiscal year may not exceed #a1jjj1jjj1jjj4 2 and 7,c7 in subsection 7k71 by striking ,september #cj1 #bjad and inserting the date that is the later of #d years after the date of enactment of the ,access to ,fair ,financing for ,opportunity and ,resilient ,development ,act or ,december #ca1 #bjcj44 7#b7 ,clerical amendment ,the table of contents in section #a7;b7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7,public ,law #ajc-cbe2 #ajh ,stat4 #bafj7 is amended by inserting after the item relating to section #aad the following3 ,sec4 #aad;,a4 ,guarantees for bonds and notes issued for community or economic development purposes4 4 7c7 ,report on the ,,cdfi bond guarantee program ,not later than #c years after the date of enactment of this ,act1 the ,secretary of the ,treasury shall issue a report to the ,committee on ,banking1 ,housing1 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 #aad;,a of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgac;a74 #d4 ,capitalization assistance to enhance liquidity 7a7 ,in general ,section #aac of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgab7 is amended-- 7#a7 by striking subsection 7a7 and inserting the following3 7a7 ,assistance 7#a7 ,in general ,the ,fund may provide funds to organizations for the purpose of-- 7,a7 purchasing loans that are originated by community development financial institutions1 loan participations1 or interests therein from community development financial institutions2 7,b7 providing guarantees1 loan loss reserves1 or other forms of credit enhancement to promote liquidity for community development financial institutions2 and 7,c7 otherwise enhancing the liquidity of community development financial institutions4 7#b7 ,construction of ,federal ,government funds ,for purposes of this subsection1 notwithstanding section #aje7;a77#i7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;a77#i771 funds provided pursuant to such ,act shall be considered to be ,federal ,government funds4 2 7#b7 by striking subsection 7b7 and inserting the following3 7b7 ,selection 7#a7 ,in general ,the selection of organizations to receive assistance and the amount of assistance to be provided to any organization under this section shall be at the discretion of the ,fund and in accordance with criteria established by the ,fund4 7#b7 ,eligibility ,organizations eligible to receive assistance under this section-- 7,a7 shall have a primary purpose of promoting community development2 and 7,b7 are not required to be community development financial institutions4 7#c7 ,prioritization ,for the purpose of making an award of funds under this section1 the ,fund shall prioritize the selection of organizations that-- 7,a7 demonstrate relevant experience or an ability to carry out the activities under this section1 including experience leading or participating in loan purchase structures or purchasing or participating in the purchase of1 assigning1 or otherwise transferring1 assets from community development financial institutions2 7,b7 demonstrate the capacity to increase the number or dollar volume of loan originations or expand the products or services of community development financial institutions1 including by leveraging the award with private capital2 and 7,c7 will use the funds to support community development financial institutions that represent broad geographic coverage or that serve borrowers that have experienced significant unmet capital or financial services needs4 2 7#c7 in subsection 7c71 in the first sentence-- 7,a7 by striking #e1jjj1jjj and inserting #bj1jjj1jjj2 and 7,b7 by striking during any #c-year period2 and 7#d7 by adding at the end the following3 7g7 ,regulations ,the ,secretary may promulgate such regulations as may be necessary or appropriate to carry out the authorities or purposes of this section4 4 7b7 ,emergency ,capital ,investment ,funds ,section #ajd;,a of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjc;a7 is amended by striking subsection 7l7 and inserting the following3 7l7 ,deposit of funds ,all funds received by the ,secretary in connection with purchases made pursuant this section1 including interest payments1 dividend payments1 and proceeds from the sale of any financial instrument1 shall be deposited into the ,fund and used-- 7#a7 to provide financial assistance to organizations pursuant to section #aac2 and 7#b7 to provide financial and technical assistance pursuant to section #ajh1 except that subsection 7e7 of that section shall be waived4 4 7c7 ,annual reports 7#a7 ,definitions ,in this subsection1 the terms community development financial institution and ,fund have the meanings given the terms in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,requirements ,not later than #a year after the date on which assistance is first provided under section #aac of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgab7 pursuant to the amendments made by subsection 7a7 of this section1 and annually thereafter1 the ,secretary of the ,treasury shall submit to ,congress a written report describing the use of the ,fund for the #a-year period preceding the submission of the report for the purposes described in subsection 7a77#a7 of such section #aac1 as amended by subsection 7a7 of this section1 which shall include1 with respect to the period covered by the report-- 7,a7 the total amount of-- 7i7 loans1 loan participations1 and interests therein purchased from community development financial institutions2 7ii7 loans that support affordable housing construction2 and 7iii7 guarantees1 loan loss reserves1 and other forms of credit enhancement provided to community development financial institutions2 7,b7 the effect of the purchases and guarantees made by the ,fund on the overall competitiveness of community development financial institutions2 and 7,c7 the impact of the purchases and guarantees made by the ,fund on the liquidity of community development financial institutions4 #e4 ,native ,,cdfi relending program ,section #ejb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adgb7 is amended by adding at the end the following3 7j7 ,set aside for native community development financial institutions 7#a7 ,definitions ,in this subsection-- 7,a7 the term ,alaska ,native has the meaning given the term ,native in section #c7;b7 of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjb7;b772 7,b7 the term appropriate congressional committees means-- 7i7 the ,committee on ,agriculture of the ,senate2 7ii7 the ,committee on ,indian ,affairs of the ,senate2 7iii7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 7iv7 the ,committee on ,agriculture of the ,house of ,representatives2 7v7 the ,committee on ,natural ,resources of the ,house of ,representatives2 and 7vi7 the ,committee on ,financial ,services of the ,house of ,representatives2 7,c7 the term community development financial institution has the meaning given the term in section #ajc of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjb72 7,d7 the term ,indian ,tribe has the meaning given the term ,indian tribe in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc72 7,e7 the term ,native community development financial institution means an entity-- 7i7 that has been certified as a community development financial institution by the ,secretary of the ,treasury2 7ii7 that is not less than #ea percent owned or controlled by members of ,indian ,tribes1 ,alaska ,native communities1 or ,native ,hawaiian communities2 and 7iii7 for which not less than #ea percent of the activities of the entity serve ,indian ,tribes1 ,alaska ,native communities1 or ,native ,hawaiian communities2 7,f7 the term ,native ,hawaiian has the meaning given the term in section #hja of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dbba72 and 7,g7 the term priority ,tribal land means-- 7i7 any land located within the boundaries of-- 7,i7 an ,indian reservation1 pueblo1 or rancheria2 or 7,,ii7 a former reservation within ,oklahoma2 7ii7 any land not located within the boundaries of an ,indian reservation1 pueblo1 or rancheria1 the title to which is held-- 7,i7 in trust by the ,united ,states for the benefit of an ,indian ,tribe or an individual ,indian2 7,,ii7 by an ,indian ,tribe or an individual ,indian1 subject to restriction against alienation under laws of the ,united ,states2 or 7,,iii7 by a dependent ,indian community2 7iii7 any land located within a region established pursuant to section #g7;a7 of the ,alaska ,native ,claims ,settlement ,act 7#dc ,u4,s4,c4 #afjf7;a772 7iv7 ,hawaiian ,home ,lands1 as defined in section #hja of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dbba72 or 7v7 those areas or communities designated by the ,assistant ,secretary of ,indian ,affairs of the ,department of the ,interior that are near1 adjacent1 or contiguous to reservations where financial assistance and social service programs are provided to ,indians because of their status as ,indians4 7#b7 ,purpose ,the purpose of this subsection is to-- 7,a7 increase homeownership opportunities for ,indian ,tribes1 ,alaska ,native ,communities1 and ,native ,hawaiian communities in rural areas2 and 7,b7 provide capital to ,native community development financial institutions to increase the number of mortgage transactions carried out by those institutions4 7#c7 ,set aside for ,native ,c,d,f,is ,of amounts appropriated to make direct loans under this section for each fiscal year1 the ,secretary may use not more than #ej1jjj1jjj to make direct loans to ,native community development financial institutions in accordance with this subsection4 7#d7 ,application requirements ,a ,native community development financial institution desiring a loan under this subsection shall demonstrate that the institution-- 7,a7 can provide the non-,federal cost share required under paragraph 7#f72 and 7,b7 is able to originate and service loans for single family homes4 7#e7 ,lending requirements ,a ,native community development financial institution that receives a loan pursuant to this subsection shall-- 7,a7 use those amounts to make loans to borrowers-- 7i7 who otherwise meet the requirements for a loan under this section2 and 7ii7 who-- 7,i7 are members of an ,indian ,tribe1 an ,alaska ,native community1 or a ,native ,hawaiian community2 or 7,,ii7 maintain a household in which not less than #a member is a member of an ,indian ,tribe1 an ,alaska ,native community1 or a ,native ,hawaiian community2 and 7,b7 in making loans under subparagraph 7,a71 give priority to borrowers described in that subparagraph who are residing on priority ,tribal land4 7#f7 ,non-,federal cost share 7,a7 ,in general ,a ,native community development financial institution that receives a loan under this section shall be required to match not less than #bj percent of the amount received4 7,b7 ,waiver ,in the case of a loan for which amounts are used to make loans to borrowers described in paragraph 7#e77;,b71 the ,secretary shall waive the non-,federal cost share requirement described in subparagraph 7,a7 with respect to those loan amounts4 7#g7 ,reporting 7,a7 ,annual report by ,native ,c,d,f,is ,each ,native community development financial institution that receives a loan pursuant to this subsection shall submit an annual report to the ,secretary on the lending activities of the institution using the loan amounts1 which shall include-- 7i7 a description of the outreach efforts of the institution in local communities to identify eligible borrowers2 7ii7 a description of how the institution leveraged additional capital to reach prospective borrowers2 7iii7 the number of loan applications received1 approved1 and deployed2 7iv7 the average loan amount2 7v7 the number of finalized loans that were made on ,tribal trust lands and not on ,tribal trust lands2 and 7vi7 the number of finalized loans that were made on priority ,tribal land and not priority ,tribal land4 7,b7 ,annual report to ,congress ,not later than #a year after the date of enactment of this subsection1 and every year thereafter1 the ,secretary shall submit to the appropriate congressional communities a report that includes-- 7i7 a list of loans made to ,native community development financial institutions pursuant to this subsection1 including the name of the institution and the loan amount2 7ii7 the percentage of loans made under this section to members of ,indian ,tribes1 ,alaska ,native communities1 and ,native ,hawaiian communities1 respectively1 including a breakdown of loans made to households residing on and not on ,tribal trust lands2 and 7iii7 the average loan amount made by ,native community development financial institutions pursuant to this subsection4 7,c7 ,evaluation of program ,not later than #c years after the date of enactment of this subsection1 the ,secretary and the ,secretary of the ,treasury shall conduct an evaluation of and submit to the appropriate congressional committees a report on the program under this subsection1 which shall-- 7i7 evaluate the effectiveness of the program1 including an evaluation of the demand for loans under the program2 and 7ii7 include recommendations relating to the program1 including whether-- 7,i7 the program should be expanded to such that all community development financial institutions may make loans under the program to the borrowers described in paragraph 7#e72 and 7,,ii7 the set aside amount paragraph 7#c7 should be modified in order to match demand under the program4 7#h7 ,grants for operational support 7,a7 ,in general ,the ,secretary shall make grants to ,native community development financial institutions that receive a loan under this section to provide operational support and other related services to those institutions1 subject to-- 7i7 the satisfactory performance1 as determined by the ,secretary1 of a ,native community development financial institution in carrying out this section2 and 7ii7 the availability of funding4 7,b7 ,amount ,a ,native community development financial institution that receives a loan under this section shall be eligible to receive a grant described in subparagraph 7,a7 in an amount equal to #bj percent of the direct loan amount received by the ,native community development financial institution under the program under this section as of the date on which the direct loan is awarded4 7#i7 ,outreach and technical assistance ,there is authorized to be appropriated to the ,secretary #a1jjj1jjj for each of fiscal years #bjbe1 #bjbf1 and #bjbg-- 7,a7 to provide technical assistance to ,native community development financial institutions-- 7i7 relating to homeownership and other housing-related assistance provided by the ,secretary2 and 7ii7 to assist those institutions to perform outreach to eligible homebuyers relating to the loan program under this section2 or 7,b7 to provide funding to a national organization representing ,native ,american housing interests to perform outreach and provide technical assistance as described in clauses 7i7 and 7ii71 respectively1 of subparagraph 7,a74 7#aj7 ,administrative costs ,in addition to other available funds1 the ,secretary may use not more than #c percent of the amounts made available to carry out this subsection for administration of the programs established under this subsection4 4