3.0.0 2528 2023-01-11T13:15:23Z 2023-01-11T13:15:23Z Senate S S 2007-12-19 110 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2007-12-19T22:10:42Z 2007-12-19 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2007-12-19 Sponsor introductory remarks on measure. (CR S16016) IntroReferral B00100 9 Library of Congress 2007-12-19 Introduced in Senate IntroReferral 10000 9 Library of Congress M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ N Finance and Financial Sector Bonds Community development Community development banking Depressed areas Economic development Economics and Public Finance Employment of the disadvantaged Federally-guaranteed loans Financial services Home ownership Housing and Community Development Income tax Infrastructure Interest rates Job creation Labor and Employment Low-income housing Mortgages Rural economic development Social Welfare Tax exemption Taxation Finance and Financial Sector 00 2007-12-19 Introduced in Senate 2008-03-20T21:35:49Z Full Faith and Credit in Our Communities Act of 2007 - Amends the Community Banking and Financial Institutions Act of 1994 to require the Secretary of the Treasury to guarantee payments on tax-exempt bonds or notes issued by any approved issuer if their proceeds are used to make loans to eligible community development financial institutions: (1) for eligible community or economic development purposes; or (2) to refinance loans or notes issued for such purposes.

Lists among such community or economic development purposes, especially in low-income or underserved rural areas, developing or supporting: (1) commercial facilities that promote revitalization, community stability, or job creation or retention; (2) businesses that provide jobs for low-income people or are owned by low-income people, or enhance the availability of products and services to them; (3) community facilities; (4) the provision of basic financial services; and (5) housing that is principally affordable to low-income people.

Specifies that assistance used to facilitate homeownership shall only be used for services and lending products that: (1) serve low-income people; and (2) are not provided by other lenders in the area, or complement the services and lending products provided by other lenders that serve the investment area or targeted population.

Authorizes an eligible community development financial institution or an issuer to use a bond or note to reduce the interest rate on a loan made by an issuer to an eligible community development financial institution for any community or economic development purpose.

Requires each issuer, during the term of a guarantee, to establish a risk-share pool meeting certain criteria.

Requires any issuer receiving a guarantee on a bond or note to pay a specified fee to the Director of the Community Development Financial Institutions Fund.

]]> Full Faith and Credit in Our Communities Act of 2007 Display Title Full Faith and Credit in Our Communities Act of 2007 Short Titles as Introduced Full Faith and Credit in Our Communities Act of 2007 Official Title as Introduced A bill to authorize guarantees for bonds and notes issued for community or economic development purposes. Introduced in Senate 2007-12-19T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2528is/xml/BILLS-110s2528is.xml 2007-12-19 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.