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Reauthorization of the Community Development Financial Institutions Fund (CRS Report for Congress)

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Release Date Dec. 28, 2000
Report Number RS20286
Report Type Report
Authors Pauline Smale, Government and Finance Division
Source Agency Congressional Research Service
Summary:

On May 26, 1999 the House Banking Committee approved H.R. 629, the Community Development Financial Institutions (CDFI) Fund Amendments Act of 1999. The bill would reauthorize the CDFI program for four years. The Community Development Financial Institutions Fund provides credit and investment capital to distressed urban and rural areas through grants to qualifying community based organizations. The Fund's program also provide technical and training assistance. In addition, the Fund's Bank Enterprise Awards program funds depository financial institutions that increase their lending and provision of financial services in distressed communities.