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Wordcount: 693
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Community reinvestment act
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The Community Reinvestment Act (CRA) was enacted by the Congress in 1977 to help meet the credit needs of low- and moderate-income communities. CRA is a federal law requiring banks to meet the credit needs of the entire community, including low- and moderate-income neighborhoods. CRA does not require banks to make loans in particular areas or to subsidize unprofitable borrowers, but it does require banks to consider its entire community when making lending decisions. CRA has encouraged lenders to invest in Low Income Housing Tax Credit developments, to make loans for affordable multifamily housing development, to offer small business lending, and to support community development corporations (CDCs).
Currently, there is a bill
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