[House Report 117-352]
[From the U.S. Government Publishing Office]


117th Congress }                                          { Report
                        HOUSE OF REPRESENTATIVES
 2nd Session   }                                          { 117-352

======================================================================
 
          CDFI BOND GUARANTEE PROGRAM IMPROVEMENT ACT OF 2022

                                _______
                                

  June 7, 2022.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

  Ms. Waters, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                        [To accompany H.R. 7733]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 7733) to amend the Community Development Banking 
and Financial Institutions Act of 1994 to reauthorize and 
improve the community development financial institutions bond 
guarantee program, and for other purposes, having considered 
the same, reports favorably thereon with an amendment and 
recommends that the bill as amended do pass.

                                CONTENTS

                                                                   Page
Purpose and Summary..............................................     2
Background and Need for Legislation..............................     2
Section-by-Section Analysis of the Legislation...................     3
Hearings.........................................................     4
Committee Consideration..........................................     4
Committee Votes..................................................     4
Committee Oversight Findings.....................................     4
Statement of Performance Goals and Objectives....................     4
New Budget Authority and C.B.O. Cost Estimate....................     5
Committee Cost Estimate..........................................     5
Federal Mandates Statement.......................................     5
Advisory Committee Statement.....................................     5
Applicability to Legislative Branch..............................     5
Congressional Earmarks, Limited Tax Benefits, and Limited Tariff 
  Benefits.......................................................     5
Duplicative Federal Programs.....................................     5
Changes to Federal Law...........................................     6

    The amendment is as follows:
  Strike all after the enacting clause and insert the 
following:

SECTION 1. SHORT TITLE.

  This Act may be cited as the ``CDFI Bond Guarantee Program 
Improvement Act of 2022''.

SEC. 2. SENSE OF CONGRESS.

  It is the sense of Congress that the authority to guarantee bonds 
under section 114A of the Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4713a) (commonly referred to as the 
``CDFI Bond Guarantee Program'') provides community development 
financial institutions with a sustainable source of long-term capital 
and furthers the mission of the Community Development Financial 
Institutions Fund (established under section 104(a) of such Act (12 
U.S.C. 4703(a)) to increase economic opportunity and promote community 
development investments for underserved populations and distressed 
communities in the United States.

SEC. 3. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY OR ECONOMIC 
                    DEVELOPMENT PURPOSES.

  Section 114A of the Community Development Banking and Financial 
Institutions Act of 1994 (12 U.S.C. 4713a) is amended--
          (1) in subsection (c)(2), by striking ``, multiplied by an 
        amount equal to the outstanding principal balance of issued 
        notes or bonds'';
          (2) in subsection (e)(2)(B), by striking ``$100,000,000'' and 
        inserting ``$25,000,000''; and
          (3) in subsection (k), by striking ``September 30, 2014'' and 
        inserting ``the date that is 4 years after the date of 
        enactment of the CDFI Bond Guarantee Program Improvement Act of 
        2022''.

SEC. 4. REPORT ON THE CDFI BOND GUARANTEE PROGRAM.

  Not later than 1 year after the date of enactment of this Act, and 
not later than 3 years after such date of enactment, the Secretary of 
the Treasury shall issue a report to the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate on the effectiveness of the 
CDFI bond guarantee program established under section 114A of the 
Community Development Banking and Financial Institutions Act of 1994 
(12 U.S.C. 4713a).

                          Purpose and Summary

    On May 12, 2022, Representative Cleaver introduced H.R. 
7733, the ``CDFI Bond Guarantee Program Improvement Act of 
2022,'' which would reduce the CDFI Bond Guarantee Program 
(BGP) minimum issuance threshold from $100 million to $25 
million and make the program permanent. It would also activate 
a re-lending account, which allows any amounts remaining after 
bonds are repaid for use to fund additional loans.

                  Background and Need for Legislation

    The BGP, authorized by the Small Business Jobs Act of 2010, 
is a federal credit program of the U.S. Department of the 
Treasury's (Treasury) Community Development Financial 
Institutions Fund (CDFI Fund). The program provides CDFIs with 
long-term capital at fixed, below-market interest rates through 
federally-guaranteed bonds that are issued by approved bond 
issuers. Qualified issuers, which may be certified CDFIs or 
entities the CDFIs designate to issue bonds on their behalf 
approved by the CDFI Fund, apply to the CDFI Fund for 
authorization to issue bonds worth a minimum of $100 million, 
and the CDFI Fund provides a 100% guarantee on those bonds. The 
bond issuers then sell those bonds to the Federal Financing 
Bank and use the proceeds to make loans to CDFIs to finance or 
refinance new or existing community development projects in 
low-income urban, rural, and Native communities throughout the 
country. Under the law, Treasury provides a 100% guarantee on 
up to 10 bonds annually. Since its inception, the CDFI Fund has 
completed nine rounds of the program and guaranteed nearly $1.7 
billion in bonds, and 35 CDFIs have deployed about $1.3 billion 
in loans to develop small businesses, commercial real estate, 
housing units, charter schools, day care or health care 
centers, and rural infrastructure.
    In January 2022, the Community Reinvestment Fund, USA, 
testified before the Senate Banking Committee, noting that the 
current threshold ``makes it difficult for small and medium 
sized CDFIs to participate in the BGP as they are generally 
seeking smaller bond loans, in the $10 million to $25 million 
range. Based on data from the CDFI Fund of 35 CDFI Bond Loans, 
``[s]ixty-five percent of the loans are for $50 million or 
less, 44% of the loans are $25 million or less, and 24% of the 
loans to date are for $15 million or less''. While 
authorization for BGP lapsed in 2014, the program has been 
extended on a year-by-year basis in annual appropriations 
bills. CDFI advocates also note that ``[t]he BGP is a sound, 
well managed program and to date there have been no 
delinquencies or defaults on any payment under this program.'' 
When Congress created the BGP, it authorized the use of an 
account designed to hold any proceeds remaining after bond 
repayments have been made, so they may be available for funding 
additional loans. According to the CDFI Fund, the account has 
never been used in the history of the BGP, in part because of 
an unintended term in the formula for calculating the relending 
fund amount.
    By lowering the minimum bond loan threshold to $25 million, 
the H.R. 7733 would allow more eligible CDFIs, especially those 
seeking smaller loan bond amounts, to access the capital needed 
to spur community and economic development projects in 
communities across the nation. It would also make the program 
permanent, and correct the formula used for the program's 
relending account to allow it to function for the first time, 
making any amounts remaining after bonds have been repaid, 
available for issuing additional loans.
    This bill was considered at the House Financial Services 
Committee hearing on February 16, 2022, and a previous version 
of the bill was included in Section 5 of the ``Promoting and 
Advancing Communities of Color Through Inclusive Lending Act,'' 
introduced by Chairwoman Waters and Representative Meeks in 
August 2020. This bill is the House companion to a bipartisan 
bill in the Senate, S. 3411, which is sponsored by Senators 
Smith (D-MN) and Rounds (R-SD) and was introduced on January 5, 
2022.

                      Section-by-Section Analysis


Section 1. Short title

       This section establishes the short title of the 
bill as the ``CDFI Bond Guarantee Program Improvement Act of 
2022.''

Section 2. Sense of Congress

       This section provides that it is the sense of 
Congress that the CDFI Bond Guarantee Program provides CDFIs 
with a sustainable source of long-term capital and furthers the 
mission of the CDFI Fund to increase economic opportunity and 
promote community development investments for underserved 
populations and distressed communities.

Section 3. Guarantees for bonds and notes issued for community or 
        economic development purposes

       This section would amend Section 114A of the 
Community Development Banking and Financial Institutions Act of 
1994, to remove certain restrictions on the amount of bonds or 
notes that may be made available for new eligible community or 
economic development purposes, and sets the minimum guarantee 
amount to $25 million. This section would also make the program 
permanent four years after the bill's enactment.

Section 4. Report on the CDFI Bond Guarantee Program

       This section would require that Secretary of the 
Treasury submit two reports to Congress on the effectiveness of 
the CDFI Bond Guarantee Program, with the first within 1 year 
after the enactment of this bill, and the second within the 3rd 
year of the bill's enactment.

                                Hearings

    For the purposes of section 3(c)(6) of House rule XIII, the 
Committee on Financial Services' Full Committee a hearing on 
February 16, 2022, to consider H.R. 7733 entitled, ``An 
Unprecedented Investment for Historic Results: How Federal 
Support for MDIs and CDFIs Have Launched a New Era for 
Disadvantaged Communities.''

                        Committee Consideration

    The Committee on Financial Services met in open session on 
May 18, 2022 and accepted an amendment to H.R. 7733 offered by 
Rep. Timmons by a voice vote. Subsequently, the Committee on 
Financial Services ordered H.R. 7733 to be reported favorably 
to the House with an amendment in the nature of a substitute by 
a voice vote, a quorum being present.

                  Committee Votes and Roll Call Votes

    In compliance with clause 3(b) of rule XIII of the Rules of 
the House of Representatives, the Committee advises that no 
roll call votes occurred during consideration of H.R. 7733.

  Statement of Oversight Findings and Recommendations of the Committee

    In compliance with clause 3(c)(1) of rule XIII and clause 
2(b)(1) of rule X of the Rules of the House of Representatives, 
the Committee's oversight findings and recommendations are 
reflected in the descriptive portions of this report.

             Statement of Performance Goals and Objectives

    Pursuant to clause (3)(c) of rule XIII of the Rules of the 
House of Representatives, the goals of H.R. 7733 are to reduce 
the CDFI Bond Guarantee Program (BGP) minimum issuance 
threshold from $100 million to $25 million and make the program 
permanent and to activate a re-lending account, which allows 
any amounts remaining after bonds are repaid for use to fund 
additional loans.

               New Budget Authority and CBO Cost Estimate

    Pursuant to clause 3(c)(2) of rule XIII of the Rules of the 
House of Representatives and section 308(a) of the 
Congressional Budget Act of 1974, and pursuant to clause 
3(c)(3) of rule XIII of the Rules of the House of 
Representatives and section 402 of the Congressional Budget Act 
of 1974, the Committee has requested an estimate from the 
Director of the Congressional Budget Office. CBO was unable to 
provide an estimate in a timely manner.

                        Committee Cost Estimate

    Clause 3(d)(1) of rule XIII of the Rules of the House of 
Representatives requires an estimate and a comparison of the 
costs that would be incurred in carrying out H.R. 7733. After 
careful review, including discussions with the Congressional 
Budget Office, the Committee estimates that H.R. 7733 would 
have an insignificant impact on spending.

                       Unfunded Mandate Statement

    Pursuant to Section 423 of the Congressional Budget and 
Impoundment Control Act (as amended by Section 101(a)(2) of the 
Unfunded Mandates Reform Act, Pub. L. 104-4), the Committee 
adopts as its own the estimate of federal mandates regarding 
H.R. 7733, as amended, prepared by the Director of the 
Congressional Budget Office.

                           Advisory Committee

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

              Application of Law to the Legislative Branch

    Pursuant to section 102(b)(3) of the Congressional 
Accountability Act, Pub. L. No. 104-1, H.R. 7733, as amended, 
does not apply to terms and conditions of employment or to 
access to public services or accommodations within the 
legislative branch.

                           Earmark Statement

    In accordance with clause 9 of rule XXI of the Rules of the 
House of Representatives, H.R. 7733 does not contain any 
congressional earmarks, limited tax benefits, or limited tariff 
benefits as described in clauses 9(e), 9(f), and 9(g) of rule 
XXI.

                    Duplication of Federal Programs

    Pursuant to clause 3(c)(5) of rule XIII of the Rules of the 
House of Representatives, the Committee states that no 
provision of H.R. 7733 establishes or reauthorizes a program of 
the Federal Government known to be duplicative of another 
federal program, a program that was included in any report from 
the Government Accountability Office to Congress pursuant to 
section 21 of Public Law 111-139, or a program related to a 
program identified in the most recent Catalog of Federal 
Domestic Assistance.

                        Changes to Existing Law

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, H.R. 7733, as reported, are shown as follows:

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

  COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS ACT OF 1994




           *       *       *       *       *       *       *
         TITLE I--COMMUNITY DEVELOPMENT AND CONSUMER PROTECTION

 Subtitle A--Community Development Banking and Financial Institutions 
Act

           *       *       *       *       *       *       *


SEC. 114A. GUARANTEES FOR BONDS AND NOTES ISSUED FOR COMMUNITY OR 
                    ECONOMIC DEVELOPMENT PURPOSES.

  (a) Definitions.--In this section, the following definitions 
shall apply:
          (1) Eligible community development financial 
        institution.--The term ``eligible community development 
        financial institution'' means a community development 
        financial institution (as described in section 1805.201 
        of title 12, Code of Federal Regulations, or any 
        successor thereto) certified by the Secretary that has 
        applied to a qualified issuer for, or been granted by a 
        qualified issuer, a loan under the Program.
          (2) Eligible community or economic development 
        purpose.--The term ``eligible community or economic 
        development purpose''--
                  (A) means any purpose described in section 
                108(b); and
                  (B) includes the provision of community or 
                economic development in low-income or 
                underserved rural areas.
          (3) Guarantee.--The term ``guarantee'' means a 
        written agreement between the Secretary and a qualified 
        issuer (or trustee), pursuant to which the Secretary 
        ensures repayment of the verifiable losses of 
        principal, interest, and call premium, if any, on notes 
        or bonds issued by a qualified issuer to finance or 
        refinance loans to eligible community development 
        financial institutions.
          (4) Loan.--The term ``loan'' means any credit 
        instrument that is extended under the Program for any 
        eligible community or economic development purpose.
          (5) Master servicer.--
                  (A) In general.--The term ``master servicer'' 
                means any entity approved by the Secretary in 
                accordance with subparagraph (B) to oversee the 
                activities of servicers, as provided in 
                subsection (f)(4).
                  (B) Approval criteria for master servicers.--
                The Secretary shall approve or deny any 
                application to become a master servicer under 
                the Program not later than 90 days after the 
                date on which all required information is 
                submitted to the Secretary, based on the 
                capacity and experience of the applicant in--
                          (i) loan administration, servicing, 
                        and loan monitoring;
                          (ii) managing regional or national 
                        loan intake, processing, or servicing 
                        operational systems and infrastructure;
                          (iii) managing regional or national 
                        originator communication systems and 
                        infrastructure;
                          (iv) developing and implementing 
                        training and other risk management 
                        strategies on a regional or national 
                        basis; and
                          (v) compliance monitoring, investor 
                        relations, and reporting.
          (6) Program.--The term ``Program'' means the 
        guarantee Program for bonds and notes issued for 
        eligible community or economic development purposes 
        established under this section.
          (7) Program administrator.--The term ``Program 
        administrator'' means an entity designated by the 
        issuer to perform administrative duties, as provided in 
        subsection (f)(2).
          (8) Qualified issuer.--
                  (A) In general.--The term ``qualified 
                issuer'' means a community development 
                financial institution (or any entity designated 
                to issue notes or bonds on behalf of such 
                community development financial institution) 
                that meets the qualification requirements of 
                this paragraph.
                  (B) Approval criteria for qualified 
                issuers.--
                          (i) In general.--The Secretary shall 
                        approve a qualified issuer for a 
                        guarantee under the Program in 
                        accordance with the requirements of 
                        this paragraph, and such additional 
                        requirements as the Secretary may 
                        establish, by regulation.
                          (ii) Terms and qualifications.--A 
                        qualified issuer shall--
                                  (I) have appropriate 
                                expertise, capacity, and 
                                experience, or otherwise be 
                                qualified to make loans for 
                                eligible community or economic 
                                development purposes;
                                  (II) provide to the 
                                Secretary--
                                          (aa) an acceptable 
                                        statement of the 
                                        proposed sources and 
                                        uses of the funds; and
                                          (bb) a capital 
                                        distribution plan that 
                                        meets the requirements 
                                        of subsection (c)(1); 
                                        and
                                  (III) certify to the 
                                Secretary that the bonds or 
                                notes to be guaranteed are to 
                                be used for eligible community 
                                or economic development 
                                purposes.
                  (C) Department opinion; timing.--
                          (i) Department opinion.--Not later 
                        than 30 days after the date of a 
                        request by a qualified issuer for 
                        approval of a guarantee under the 
                        Program, the Secretary shall provide an 
                        opinion regarding compliance by the 
                        issuer with the requirements of the 
                        Program under this section.
                          (ii) Timing.--The Secretary shall 
                        approve or deny a guarantee under this 
                        section after consideration of the 
                        opinion provided to the Secretary under 
                        clause (i), and in no case later than 
                        90 days after receipt of all required 
                        information by the Secretary with 
                        respect to a request for such 
                        guarantee.
          (9) Secretary.--The term ``Secretary'' means the 
        Secretary of the Treasury.
          (10) Servicer.--The term ``servicer'' means an entity 
        designated by the issuer to perform various servicing 
        duties, as provided in subsection (f)(3).
  (b) Guarantees Authorized.--The Secretary shall guarantee 
payments on bonds or notes issued by any qualified issuer, if 
the proceeds of the bonds or notes are used in accordance with 
this section 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.
  (c) General Program Requirements.--
          (1) In general.--A capital distribution plan meets 
        the requirements of this subsection, if not less than 
        90 percent of the principal amount of guaranteed bonds 
        or notes (other than costs of issuance fees) are used 
        to make loans for any eligible community or economic 
        development purpose, measured annually, beginning at 
        the end of the 1-year period beginning on the issuance 
        date of such guaranteed bonds or notes.
          (2) Relending account.--Not more than 10 percent of 
        the principal amount of guaranteed bonds or notes[, 
        multiplied by an amount equal to the outstanding 
        principal balance of issued notes or bonds], minus the 
        risk-share pool amount under subsection (d), may be 
        held in a relending account and may be made available 
        for new eligible community or economic development 
        purposes.
          (3) Limitations on unpaid principal balances.--The 
        proceeds of guaranteed bonds or notes under the Program 
        may not be used to pay fees (other than costs of 
        issuance fees), and shall be held in--
                  (A) community or economic development loans;
                  (B) a relending account, to the extent 
                authorized under paragraph (2); or
                  (C) a risk-share pool established under 
                subsection (d).
          (4) Repayment.--If a qualified issuer fails to meet 
        the requirements of paragraph (1) by the end of the 90-
        day period beginning at the end of the annual 
        measurement period, repayment shall be made on that 
        portion of bonds or notes necessary to bring the bonds 
        or notes that remain outstanding after such repayment 
        into compliance with the 90 percent requirement of 
        paragraph (1).
          (5) Prohibited uses.--The Secretary shall, by 
        regulation--
                  (A) prohibit, as appropriate, certain uses of 
                amounts from the guarantee of a bond or note 
                under the Program, including the use of such 
                funds for political activities, lobbying, 
                outreach, counseling services, or travel 
                expenses; and
                  (B) provide that the guarantee of a bond or 
                note under the Program may not be used for 
                salaries or other administrative costs of--
                          (i) the qualified issuer; or
                          (ii) any recipient of amounts from 
                        the guarantee of a bond or note.
  (d) Risk-Share Pool.--Each qualified issuer shall, during the 
term of a guarantee provided under the Program, establish a 
risk-share pool, capitalized by contributions from eligible 
community development financial institution participants an 
amount equal to 3 percent of the guaranteed amount outstanding 
on the subject notes and bonds.
  (e) Guarantees.--
          (1) In general.--A guarantee issued under the Program 
        shall--
                  (A) be for the full amount of a bond or note, 
                including the amount of principal, interest, 
                and call premiums;
                  (B) be fully assignable and transferable to 
                the capital market, on terms and conditions 
                that are consistent with comparable Government-
                guaranteed bonds, and satisfactory to the 
                Secretary;
                  (C) represent the full faith and credit of 
                the United States; and
                  (D) not exceed 30 years.
          (2) Limitations.--
                  (A) Annual number of guarantees.--The 
                Secretary shall issue not more than 10 
                guarantees in any calendar year under the 
                Program.
                  (B) Guarantee amount.--The Secretary may not 
                guarantee any amount under the Program equal to 
                less than [$100,000,000] $25,000,000, but the 
                total of all such guarantees in any fiscal year 
                may not exceed $1,000,000,000.
  (f) Servicing of Transactions.--
          (1) In general.--To maximize efficiencies and 
        minimize cost and interest rates, loans made under this 
        section may be serviced by qualified Program 
        administrators, bond servicers, and a master servicer.
          (2) Duties of program administrator.--The duties of a 
        Program administrator shall include--
                  (A) approving and qualifying eligible 
                community development financial institution 
                applications for participation in the Program;
                  (B) compliance monitoring;
                  (C) bond packaging in connection with the 
                Program; and
                  (D) all other duties and related services 
                that are customarily expected of a Program 
                administrator.
          (3) Duties of servicer.--The duties of a servicer 
        shall include--
                  (A) billing and collecting loan payments;
                  (B) initiating collection activities on past-
                due loans;
                  (C) transferring loan payments to the master 
                servicing accounts;
                  (D) loan administration and servicing;
                  (E) systematic and timely reporting of loan 
                performance through remittance and servicing 
                reports;
                  (F) proper measurement of annual outstanding 
                loan requirements; and
                  (G) all other duties and related services 
                that are customarily expected of servicers.
          (4) Duties of master servicer.--The duties of a 
        master servicer shall include--
                  (A) tracking the movement of funds between 
                the accounts of the master servicer and any 
                other servicer;
                  (B) ensuring orderly receipt of the monthly 
                remittance and servicing reports of the 
                servicer;
                  (C) monitoring the collection comments and 
                foreclosure actions;
                  (D) aggregating the reporting and 
                distribution of funds to trustees and 
                investors;
                  (E) removing and replacing a servicer, as 
                necessary;
                  (F) loan administration and servicing;
                  (G) systematic and timely reporting of loan 
                performance compiled from all bond servicers' 
                reports;
                  (H) proper distribution of funds to 
                investors; and
                  (I) all other duties and related services 
                that are customarily expected of a master 
                servicer.
  (g) Fees.--
          (1) In general.--A qualified issuer that receives a 
        guarantee issued under this section on a bond or note 
        shall pay a fee to the Secretary, in an amount equal to 
        10 basis points of the amount of the unpaid principal 
        of the bond or note guaranteed.
          (2) Payment.--A qualified issuer shall pay the fee 
        required under this subsection on an annual basis.
          (3) Use of fees.--Fees collected by the Secretary 
        under this subsection shall be used to reimburse the 
        Department of the Treasury for any administrative costs 
        incurred by the Department in implementing the Program 
        established under this section.
  (h) Authorization of Appropriations.--
          (1) In general.--There are authorized to be 
        appropriated to the Secretary, such sums as are 
        necessary to carry out this section.
          (2) Use of fees.--To the extent that the amount of 
        funds appropriated for a fiscal year under paragraph 
        (1) are not sufficient to carry out this section, the 
        Secretary may use the fees collected under subsection 
        (g) for the cost of providing guarantees of bonds and 
        notes under this section.
  (i) Investment in Guaranteed Bonds Ineligible for Community 
Reinvestment Act Purposes.--Notwithstanding any other provision 
of law, any investment by a financial institution in bonds or 
notes guaranteed under the Program shall not be taken into 
account in assessing the record of such institution for 
purposes of the Community Reinvestment Act of 1977 (12 U.S.C. 
2901).
  (j) Administration.--
          (1) Regulations.--Not later than 1 year after the 
        date of enactment of this section, the Secretary shall 
        promulgate regulations to carry out this section.
          (2) Implementation.--Not later than 2 years after the 
        date of enactment of this section, the Secretary shall 
        implement this section.
  (k) Termination.--This section is repealed, and the authority 
provided under this section shall terminate, on [September 30, 
2014] the date that is 4 years after the date of enactment of 
the CDFI Bond Guarantee Program Improvement Act of 2022.

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