The Federal Home Loan Banks awarded approximately $458 million in affordable housing program funds in 2018, a 15% increase from the year prior, according to a report released today by the Federal Housing Finance Agency.
Browsing: Community development
The Treasury Department’s Community Development Financial Institutions Fund today announced more than $25 million in awards to 113 banks through its Bank Enterprise Awards program, which encourages banks to increase their investments and loans in disadvantaged communities.
As it marks its centennial, North Dakota’s public bank does its work through private-sector partnerships.
As urban areas across the country grow and change, community development financial institutions like Metro Bank in Louisville, Ky., are meeting the unique needs of these evolving neighborhoods.
Acknowledging banks’ innovative efforts to meet the credit needs of residents in distressed communities, the OCC today rescinded 2017 guidance for banks seeking to develop programs to offer home loans with loan-to-value ratios of over 90 percent, known as “higher-LTV” loans.
In remarks yesterday at a meeting of community development bankers, FDIC Chairman Jelena McWilliams highlighted several ongoing initiatives at the agency to strengthen and sustain the nation’s community banks, including the highly anticipated reform of the Community Reinvestment Act regulations.
Christie Obenauer’s family-owned bank had a problem. Based in a rural county in western North Dakota, her community had been dealing with the prospect of population decline, but then the North Dakota energy boom brought an influx of newcomers. “It’s a wonderful problem to have.”
Bank investments in housing and broader community development can lead to improved health outcomes in communities.
ABA and three other trade groups today urged House and Senate appropriations leaders to support $300 million in funding for the Community Development Financial Institutions Fund in fiscal year 2020, with $35 million allocated for the Bank Enterprise Award Program.
As financial regulators continue their review of the Community Reinvestment Act regulations, Federal Reserve Governor Lael Brainard today said that they are considering making adjustments to the assessment area definition that would allow banks to receive CRA consideration for community developments in a more expansive area.