All affordable housing stakeholders are urged to comment on the interagency Notice of Proposed Rulemaking on the Community Reinvestment Act reform issued in May 2022.
CRA was enacted in 1977 to ensure banks meet the credit needs of the communities they serve. These rules have not been significantly revised since 1995.
Nearly 85% of all Housing Credit investment $19B – comes from banks motivated by CRA requirements.
CRA must be strengthened to create a stronger incentive to invest in Housing Credit properties across the country.
For more information, including proposed changes to enhance Housing Credit investments, CLICK HERE.
Please take a moment to submit comments on behalf of your organization by 11:00am Friday, August 5, 2022.