Implementing Katrina Disaster Relief Through the CDFI Fund Act - Authorizes appropriations for FY2006 to the Community Development Financial Institutions Fund (Fund) in order to provide assistance to community development financial institutions located in a Hurricane Katrina affected area.
Requires the Fund to limit the selection of applicants for such assistance to any financial institution that: (1) is located in a Hurricane Katrina affected area; or (2) demonstrates to the satisfaction of the Fund that it has the ability to provide capital, credit, or financial services within the Hurricane Katrina affected area.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4020 Introduced in House (IH)]
109th CONGRESS
1st Session
H. R. 4020
To authorize the Community Development Financial Institutions Fund to
conduct a special round of funding in fiscal year 2006 for assistance
in areas affected by Hurricane Katrina, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 7, 2005
Mr. Frank of Massachusetts (for himself, Mr. Sanders, Mr. Jefferson,
and Mr. Melancon) introduced the following bill; which was referred to
the Committee on Financial Services
_______________________________________________________________________
A BILL
To authorize the Community Development Financial Institutions Fund to
conduct a special round of funding in fiscal year 2006 for assistance
in areas affected by Hurricane Katrina, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Implementing Katrina Disaster Relief
Through the CDFI Fund Act''.
SEC. 2. AUTHORIZATION OF APPROPRIATIONS.
In addition to amounts appropriated to the Community Development
Financial Institutions Fund (hereafter in this Act referred to as the
``Fund'') for fiscal year 2006 to carry out the purposes of the
Community Development Banking and Financial Institutions Act of 1994,
there are authorized to be appropriated to the Fund (which may be
derived by transfer from funds appropriated for ``Disaster Relief'' in
Public Law 109-62), such sums as may be necessary for fiscal year 2006
to carry out such Act for the purposes of, and in the manner provided
in, this Act.
SEC. 3. ASSISTANCE PROVIDED BY THE FUND FOR HURRICANE KATRINA
ASSISTANCE.
(a) In General.--Amounts appropriated pursuant to the authorization
under section 2 shall be available to the Fund under the Community
Development Banking and Financial Institutions Act of 1994 for the
purposes of such Act, including technical and training assistance,
awards under the Bank Enterprise Act of 1991, equity investments,
deposits, and other forms of financial assistance to community
development financial institutions, in accordance with subsection (b).
(b) Adjustments to Criteria.--In providing assistance under
subsection (a), the Community Development Banking and Financial
Institutions Act of 1994 shall be applied with the following
adjustments:
(1) Designation of assisted areas.--Notwithstanding section
107(b) of the Community Development Banking and Financial
Institutions Act of 1994, the Fund shall limit the selection of
community development financial institution applicants for
assistance pursuant to this section to any financial
institution that--
(A) is located in a Hurricane Katrina affected
area; or
(B) demonstrates to the satisfaction of the Fund
that the financial institution has the ability to
provide capital, credit or financial services within
the Hurricane Katrina affected area.
(2) Waiver of matching requirements.--In the case of an
applicant with severe constraints on available sources of
matching funds, the Fund may reduce or waive the matching
requirements of section 108(e)(1) of the Community Development
Banking and Financial Institutions Act of 1994 for such
applicant for purposes of this section.
(3) Waiver of limitations on certain forms of assistance.--
The limitation contained in section 113(c) of the Community
Development Banking and Financial Institutions Act of 1994
shall not apply to assistance provided under this section in
accordance with section 113 of such Act.
(4) Application of bank enterprise act of 1991.--In making
assistance under this section available in the manner provided
in section 114 of the Community Development Banking and
Financial Institutions Act of 1994, the Bank Enterprise Act of
1991 shall be applied under section 114(a)(2)--
(A) by substituting ``Hurricane Katrina affected
area'', as defined in subsection (c), for ``qualified
distressed community''; and
(B) with respect to life line accounts, by taking
into account only life line accounts offered in an
Hurricane Katrina affected area.
(c) Hurricane Katrina Affected Area Defined.--For purposes of this
section, the term ``Hurricane Katrina affected area'' means any county
(as defined in section 2 of title 1, United States Code) that--
(1) is within an area in which the President, pursuant to
section 401 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, has determined, on or after August
28, 2005, that a major disaster exists due to Hurricane
Katrina; and
(2) has been designated by the Federal Emergency Management
Agency as an area in which public assistance or individual
assistance is available as a result of Hurricane Katrina.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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