S. 1880

103 S1880 IS: CDFI Bond Guarantee Program Improvement Act of 2025
 U.S. Senate
 2025-05-22
 text/xml
 EN
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 II  119th CONGRESS  1st Session  S. 1880  IN THE SENATE OF THE UNITED STATES   May 22, 2025   Ms. Smith  (for herself,  Mr. Rounds ,  Mr. Booker ,  Mr. Daines ,  Mr. Sheehy ,  Mr. Hickenlooper ,  Ms. Klobuchar ,  Mrs. Hyde-Smith ,  Mr. Gallego ,  Ms. Lummis ,  Ms. Blunt Rochester , and  Mr. Crapo ) introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    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.
1.
Short title
This Act may be cited as the   CDFI Bond Guarantee Program Improvement Act of 2025  .
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.
3.
Guarantees for bonds and notes issued for community or economic development purposes
(a)
In general
Section 114A of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4713a ) is amended—
(1)
in subsection (c)(2), by striking  , multiplied by an amount equal to the outstanding principal balance of issued notes or bonds ;
(2)
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.
 ; and
(3)
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 2025  .
(b)
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. 114A. Guarantees for bonds and notes issued for community or economic development purposes.
  .
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 ).