EDA: Last Week, Over $25 Million in American Rescue Plan Funds Invested
Last week, the following grants were made under the American Rescue Plan Funds program and the CARES Act Recovery Assistance program: July 1, 2022 – U.S. Department of Commerce Invests $3.2 Million in American Rescue Plan Funds to Improve State Park Campgrounds and Boost Tourism in Dover, Delaware June 28, 2022 – U.S. Department of Commerce Invests…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Federal bank regulatory agencies today made available the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development under the agencies’ regulations. Visit the Federal Financial Institutions Examination Council (FFIEC) website to see…
CDFI Fund: Updated Program Eligibility Information to be Released based on 2016-2020 American Community Survey Census Bureau Data
The Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has established a plan for releasing updated program eligibility information based upon Census Bureau data from the 2016-2020 American Community Survey (ACS). Eligibility requirements for the Bank Enterprise Award Program (BEA Program), Capital Magnet Fund (CMF), Community Development Financial Institutions Program (CDFI Program),…
FEMA: President Biden Approves Major Disaster Declaration for Oklahoma
FEMA announced today that federal disaster assistance has been made available to the state of Oklahoma to supplement state, tribal and local recovery efforts in the areas affected by a severe storm, tornadoes and flooding, May 2-8, 2022. The President’s action makes federal funding available to affected individuals in Adair, Cherokee, Muskogee, Okmulgee, Pottawatomie, Seminole and…
HUD: Rental Assistance Demonstration Conversion Transaction Closed as Part of a Neighborhood Redevelopment Plan in Baltimore, MD
$27.8 million transaction with the Housing Authority of Baltimore City and the City of Baltimore includes the development of 93 new affordable rental homes and is part of the neighborhood redevelopment plan for Baltimore’s Perkins-Somerset-Oldtown community The U.S. Department of Housing and Urban Development’s Office of Multifamily Housing on June 30, 2022 closed a Rental…
HUD: Rental Assistance Demonstration Conversion Closed with Miami-Dade County Public Housing & Community Development
$34.5 million construction investment transaction to renovate senior community of 240 homes at Haley Sofge is part of a five-project redevelopment, preserving and developing 1,055 units of affordable rental homes The U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing on June 30, 2022 closed a Rental Assistance Demonstration (RAD) transaction with…
CFPB: Special Regulatory Treatment for Payactiv Rescinded
Termination Follows Request by Company in Order to Change its Product The Consumer Financial Protection Bureau (CFPB) issued an order today terminating Payactiv’s Sandbox Approval Order relating to its earned wage access products. The CFPB had given Payactiv special regulatory treatment, including as to liability under a relevant federal consumer financial law with respect to…
FEMA: President Biden Approves Major Disaster Declaration for South Dakota
FEMA announced today that federal disaster assistance has been made available to the state of South Dakota to supplement state, tribal and local recovery efforts in the areas affected by a severe storm, straight-line winds, tornadoes and flooding on May 12, 2022. Federal funding is available to state, tribal and eligible local governments and certain…
CFPB: Agency Moves to Reduce Junk Fees Charged by Debt Collectors
Advisory opinion explains that most “pay-to-pay” fees charged by debt collectors violate federal law Today, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make…