S.Amdt. 6101

The amendment, titled the Access to Fair Financing for Opportunity and Resilient Development Act, aims to expand and improve support for community development financial institutions (CDFIs). It seeks to add a new subtitle to the bill to increase economic opportunity and community development for underserved populations and distressed communities.

Key Changes and Additions:

• Accountability: It requires the Secretary of the Treasury to testify annually before specific House and Senate committees regarding the operations of the Fund.

• Bond Guarantee Program: It updates the CDFI Bond Guarantee Program by setting a minimum guarantee amount of $25,000,000, a yearly cap of $1,000,000,000, and extending the program's expiration date to the later of December 31, 2030, or 4 years after the Act's enactment.

• Liquidity Support: It expands how the Fund provides assistance to enhance the liquidity of CDFIs. This includes purchasing loans or loan participations and providing credit enhancements. It also increases the assistance limit from $5,000,000 to $20,000,000 and allows organizations that promote community development to be eligible, even if they are not certified CDFIs.

• Native CDFI Relending Program: It creates a specific set-aside of up to $50,000,000 annually for direct loans to Native CDFIs. The purpose is to increase homeownership and mortgage transactions for Indian Tribes, Alaska Native communities, and Native Hawaiian communities, specifically prioritizing those on priority Tribal land.

• Support for Native CDFIs: The amendment adds grants for operational support (up to 20% of the direct loan amount) and appropriates $1,000,000 for fiscal years 2025, 2026, and 2027 for technical assistance and outreach.