[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4020 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 4020

 To authorize the Community Development Financial Institutions Fund to 
 conduct a special round of funding in fiscal year 2006 for assistance 
    in areas affected by Hurricane Katrina, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2005

 Mr. Frank of Massachusetts (for himself, Mr. Sanders, Mr. Jefferson, 
and Mr. Melancon) introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To authorize the Community Development Financial Institutions Fund to 
 conduct a special round of funding in fiscal year 2006 for assistance 
    in areas affected by Hurricane Katrina, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Implementing Katrina Disaster Relief 
Through the CDFI Fund Act''.

SEC. 2. AUTHORIZATION OF APPROPRIATIONS.

    In addition to amounts appropriated to the Community Development 
Financial Institutions Fund (hereafter in this Act referred to as the 
``Fund'') for fiscal year 2006 to carry out the purposes of the 
Community Development Banking and Financial Institutions Act of 1994, 
there are authorized to be appropriated to the Fund (which may be 
derived by transfer from funds appropriated for ``Disaster Relief'' in 
Public Law 109-62), such sums as may be necessary for fiscal year 2006 
to carry out such Act for the purposes of, and in the manner provided 
in, this Act.

SEC. 3. ASSISTANCE PROVIDED BY THE FUND FOR HURRICANE KATRINA 
              ASSISTANCE.

    (a) In General.--Amounts appropriated pursuant to the authorization 
under section 2 shall be available to the Fund under the Community 
Development Banking and Financial Institutions Act of 1994 for the 
purposes of such Act, including technical and training assistance, 
awards under the Bank Enterprise Act of 1991, equity investments, 
deposits, and other forms of financial assistance to community 
development financial institutions, in accordance with subsection (b).
    (b) Adjustments to Criteria.--In providing assistance under 
subsection (a), the Community Development Banking and Financial 
Institutions Act of 1994 shall be applied with the following 
adjustments:
            (1) Designation of assisted areas.--Notwithstanding section 
        107(b) of the Community Development Banking and Financial 
        Institutions Act of 1994, the Fund shall limit the selection of 
        community development financial institution applicants for 
        assistance pursuant to this section to any financial 
        institution that--
                    (A) is located in a Hurricane Katrina affected 
                area; or
                    (B) demonstrates to the satisfaction of the Fund 
                that the financial institution has the ability to 
                provide capital, credit or financial services within 
                the Hurricane Katrina affected area.
            (2) Waiver of matching requirements.--In the case of an 
        applicant with severe constraints on available sources of 
        matching funds, the Fund may reduce or waive the matching 
        requirements of section 108(e)(1) of the Community Development 
        Banking and Financial Institutions Act of 1994 for such 
        applicant for purposes of this section.
            (3) Waiver of limitations on certain forms of assistance.--
        The limitation contained in section 113(c) of the Community 
        Development Banking and Financial Institutions Act of 1994 
        shall not apply to assistance provided under this section in 
        accordance with section 113 of such Act.
            (4) Application of bank enterprise act of 1991.--In making 
        assistance under this section available in the manner provided 
        in section 114 of the Community Development Banking and 
        Financial Institutions Act of 1994, the Bank Enterprise Act of 
        1991 shall be applied under section 114(a)(2)--
                    (A) by substituting ``Hurricane Katrina affected 
                area'', as defined in subsection (c), for ``qualified 
                distressed community''; and
                    (B) with respect to life line accounts, by taking 
                into account only life line accounts offered in an 
                Hurricane Katrina affected area.
    (c) Hurricane Katrina Affected Area Defined.--For purposes of this 
section, the term ``Hurricane Katrina affected area'' means any county 
(as defined in section 2 of title 1, United States Code) that--
            (1) is within an area in which the President, pursuant to 
        section 401 of the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act, has determined, on or after August 
        28, 2005, that a major disaster exists due to Hurricane 
        Katrina; and
            (2) has been designated by the Federal Emergency Management 
        Agency as an area in which public assistance or individual 
        assistance is available as a result of Hurricane Katrina.
                                 <all>