Community Development Banking List
07-30-2008, 01:18 PM
Original message from: info@cdfi.org
(7/30/08) Today, President Bush signed the Housing and Economic Recovery Act
of 2008 (H.R.
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9xdyxgR%2BlxGupRxgN5h ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9xdyxgR%2BlxGupRxgN5h')
SxqpX9DY61vsI> 3221), which is intended to stabilize financial markets and
the battered housing sector. Included in H.R. 3221 is the Capital
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=ZOuNolgCKCt%2FFXbrjTh ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=ZOuNolgCKCt%2FFXbrjTh')
SJ6pX9DY61vsI> Magnet Fund. This is a landmark piece of legislation that
creates a permanent trust fund for CDFIs.
The Capital Magnet Fund will receive annual allocations from Fannie Mae and
Freddie Mac, estimated to be between $175-$350 million when fully funded in
2012. During the first 3 years, portions of the Capital Magnet fund will be
set aside to help the mortgage crisis (100% in 2009, 50% in 2010, & 25% in
2011). The fund will also require that CDFIs show they can leverage $10 of
private funding for every $1 received from the Capital Magnet Fund. For more
details on the Capital Magnet Fund you can click
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9q8eFA3Lpz8TQBUXWPxxO ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9q8eFA3Lpz8TQBUXWPxxO')
6pX9DY61vsI> here, or you can read the text of the H.R.
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=nkU40UOVBvtyKo5E%2BW8 ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=nkU40UOVBvtyKo5E%2BW8')
bf6pX9DY61vsI> 3221 (Sec. 1339).
H.R. 3221 also includes several major pieces of legislation aimed at
stabilizing the housing market: including new authority for the Treasury
Department to buy stock and extend credit to Fannie and Freddie; a new
regulator for Fannie and Freddie; an overhaul of the Federal Housing
Administration; an agency that insures mortgages; an FHA-led program to help
borrowers refinance mortgages; and $15.1 billion in tax breaks.
CDFI Coalition
3240 Wilson Boulevard, Suite 220
Arlington, VA 22201
703.294.6970 phone
703.294.6460 fax
<http://www.cdfi.org> ('http://www.cdfi.org>') www.cdfi.org
The CDFI Coalition is the unified national voice of community development
financial institutions. Our mission is to encourage fair access to financial
resources for America's underserved people and communities.
Sign up to join the CDFI Coalition's ACTION NETWORK at www.cdfi.org
<http://www.cdfi.org/> ('http://www.cdfi.org/>') . Receive important legislative updates, information
about funding opportunities, and news about the industry directly in your
inbox.
(7/30/08) Today, President Bush signed the Housing and Economic Recovery Act
of 2008 (H.R.
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9xdyxgR%2BlxGupRxgN5h ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9xdyxgR%2BlxGupRxgN5h')
SxqpX9DY61vsI> 3221), which is intended to stabilize financial markets and
the battered housing sector. Included in H.R. 3221 is the Capital
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=ZOuNolgCKCt%2FFXbrjTh ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=ZOuNolgCKCt%2FFXbrjTh')
SJ6pX9DY61vsI> Magnet Fund. This is a landmark piece of legislation that
creates a permanent trust fund for CDFIs.
The Capital Magnet Fund will receive annual allocations from Fannie Mae and
Freddie Mac, estimated to be between $175-$350 million when fully funded in
2012. During the first 3 years, portions of the Capital Magnet fund will be
set aside to help the mortgage crisis (100% in 2009, 50% in 2010, & 25% in
2011). The fund will also require that CDFIs show they can leverage $10 of
private funding for every $1 received from the Capital Magnet Fund. For more
details on the Capital Magnet Fund you can click
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9q8eFA3Lpz8TQBUXWPxxO ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=9q8eFA3Lpz8TQBUXWPxxO')
6pX9DY61vsI> here, or you can read the text of the H.R.
<http://org2.democracyinaction.org/dia/track.jsp?v=2&c=nkU40UOVBvtyKo5E%2BW8 ('http://org2.democracyinaction.org/dia/track.jsp?v=2&c=nkU40UOVBvtyKo5E%2BW8')
bf6pX9DY61vsI> 3221 (Sec. 1339).
H.R. 3221 also includes several major pieces of legislation aimed at
stabilizing the housing market: including new authority for the Treasury
Department to buy stock and extend credit to Fannie and Freddie; a new
regulator for Fannie and Freddie; an overhaul of the Federal Housing
Administration; an agency that insures mortgages; an FHA-led program to help
borrowers refinance mortgages; and $15.1 billion in tax breaks.
CDFI Coalition
3240 Wilson Boulevard, Suite 220
Arlington, VA 22201
703.294.6970 phone
703.294.6460 fax
<http://www.cdfi.org> ('http://www.cdfi.org>') www.cdfi.org
The CDFI Coalition is the unified national voice of community development
financial institutions. Our mission is to encourage fair access to financial
resources for America's underserved people and communities.
Sign up to join the CDFI Coalition's ACTION NETWORK at www.cdfi.org
<http://www.cdfi.org/> ('http://www.cdfi.org/>') . Receive important legislative updates, information
about funding opportunities, and news about the industry directly in your
inbox.