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Start Date
September 24 @ 6:30 pm
End Date
September 24 @ 7:30 pm
Address
Events Description
Community reinvestment Act “CRA”
The Community Reinvestment Act (CRA) is a 1977 Federal Law designed to stop redlining and encourage banks to lend in all parts of their communities, including low- and moderate-income (LMI) areas. [1, 2]
💡 What the CRA Does
- Requires lending: Pushes banks to serve local credit needs. [1]
- Evaluates performance: Regulators grade banks regularly on LMI lending. [1]
- Drives investment: Encourages funding for community projects and local development. [1]
✅ Benefits for Communities
- Affordable housing: Drives major bank support for affordable housing programs like the Low-Income Housing Tax Credit (LIHTC). [1]
- Small business growth: Increases small business loans in working-class and urban neighborhoods. [1]
- CDFI support: Directs vital capital and deposits into Community Development Financial Institutions (CDFIs). [1]
- Branch access: Keeps physical bank locations and services open in underserved areas.
Events Details
Organizer
Name : African American Chamber of Commerce of Hudson Valley
Email : info@aacchudsonvalley.org
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Community reinvestment Act “CRA”
The Community Reinvestment Act (CRA) is a 1977 Federal Law designed to stop redlining and encourage banks to lend in all parts of their communities, including low- and moderate-income (LMI) areas. [1, 2]
💡 What the CRA Does
- Requires lending: Pushes banks to serve local credit needs. [1]
- Evaluates performance: Regulators grade banks regularly on LMI lending. [1]
- Drives investment: Encourages funding for community projects and local development. [1]
✅ Benefits for Communities
- Affordable housing: Drives major bank support for affordable housing programs like the Low-Income Housing Tax Credit (LIHTC). [1]
- Small business growth: Increases small business loans in working-class and urban neighborhoods. [1]
- CDFI support: Directs vital capital and deposits into Community Development Financial Institutions (CDFIs). [1]
- Branch access: Keeps physical bank locations and services open in underserved areas.