CDFI Bond Guarantee Program Improvement Act of 2023
Summary
CDFI Bond Guarantee Program Improvement Act of 2023
This bill reauthorizes for four years and otherwise revises the Community Development Financial Institutions (CDFI) Bond Guarantee Program. Specifically, the bill (1) reduces the CDFI Bond Guarantee Program minimum issuance amount from $100 million to $25 million, (2) eliminates the cap on the annual number of guarantees, and (3) revises the amount to be held in a CDFI's relending account.
(CDFIs are financial institutions serving low-income communities. Designation as a CDFI allows an institution to participate in programs such as the CDFI Bond Guarantee Program. The program provides financing to CDFIs through federal credit subsidies that allow CDFIs to issue bonds.)
Timeline
- Feb 1, 2024Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-592.
- Oct 17, 2023Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held.
- Mar 16, 2023Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Mar 16, 2023Introduced in Senate
Cosponsors
- Sen. Rounds, Mike [R-SD] R-SD
- Sen. Lummis, Cynthia M. [R-WY] R-WY
- Sen. Daines, Steve [R-MT] R-MT
- Sen. Moran, Jerry [R-KS] R-KS
- Sen. Klobuchar, Amy [D-MN] D-MN
- Sen. Menendez, Robert [D-NJ] D-NJ
- Sen. Warner, Mark R. [D-VA] D-VA
- Sen. Hyde-Smith, Cindy [R-MS] R-MS
- Sen. Tester, Jon [D-MT] D-MT
- Sen. Fetterman, John [D-PA] D-PA
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