S.Amdt. 4394

The amendment, titled the Access to Fair Financing for Opportunity and Resilient Development Act, aims to change and add several provisions to the Community Development Banking and Financial Institutions Act of 1994 and the Housing Act of 1949. Its purpose is to increase economic opportunity, promote community development for underserved populations, and increase homeownership for Native communities.

Key Changes and Additions:

• Accountability and Reporting: It requires the Secretary of the Treasury to testify annually before specific Senate and House committees regarding the operations of the Fund. It also mandates reports on the effectiveness of the CDFI bond guarantee program and annual reports on liquidity assistance.

• CDFI Bond Guarantee Program: The amendment improves this program by updating the limitation on guarantee amounts (minimum $25 million, maximum $1 billion per fiscal year) and extending the program's expiration date to the later of 4 years after enactment or December 31, 2030.

• Liquidity and Capitalization: It expands how the Fund provides assistance to organizations to enhance the liquidity of community development financial institutions. This includes purchasing loans and providing credit enhancements. It also increases the assistance limit from $5 million to $20 million.

• Native CDFI Relending Program: The amendment adds a new set-aside of up to $50 million per fiscal year for direct loans to Native community development financial institutions. These loans are intended to increase mortgage transactions and homeownership for Indian Tribes, Alaska Native communities, and Native Hawaiian communities, with priority given to those on priority Tribal land.

• Support for Native CDFIs: It establishes grants for operational support equal to 20 percent of the direct loan amount and authorizes $1 million annually for fiscal years 2025-2027 for outreach and technical assistance.