Regulacje i polityka gospodarcza · 27.11.1998

Community Investment Cash Advance Programs

The Federal Housing Finance Board (Finance Board) is adopting a final rule establishing a general framework under which the Federal Home Loan Banks (Banks) may offer Community Investment Cash Advance (CICA) programs in addition to their Affordable Housing Programs (AHP) and Community Investment Programs (CIP). CICA programs other than AHP and CIP are entirely optional on the part of the Banks. The final rule is intended to provide the Banks with an array of specific standards for projects, targeted beneficiaries and targeted income levels that the Finance Board has determined support community lending under all CICA programs, including CIP. The final rule, however, does not apply to a Bank's AHP, which is governed specifically by part 960 of the Finance Board's regulations. A Bank may offer CICA programs, called Rural Development Advance (RDA) and Urban Development Advance (UDA) programs, for community lending using the specified standards for targeted beneficiaries or targeted income levels, without prior Finance Board approval. A Bank also may offer other CICA programs for projects, targeted beneficiaries and targeted income levels established by the Bank with prior Finance Board