CDFI Fund: Nearly $22.8 Million in Bank Enterprise Awards for Increased Investment in Highly Distressed Communities Announced
Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced nearly $22.8 million in awards to 113 banks for increasing investments benefiting economically distressed communities across the nation. The awards were made through the fiscal year (FY) 2017 round of the Bank Enterprise Award Program (BEA Program). The BEA Program…
SBA: Disaster Recovery Lending Increased for Small Businesses through Express Bridge Loan Pilot Program
The U.S. Small Business Administration prides itself in the efforts it takes to help small business owners recover from disasters. The SBA 7(a) Loan Program is aiding in that effort by offering the Express Bridge Loan Pilot Program. This Pilot Program was authorized on October 16, 2017 and is available through September 30, 2020. With…
FHFA: Index Shows Mortgage Rates Increased in May 2018
Nationally, interest rates on conventional purchase-money mortgages increased from April to May, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.57 percent for loans closed in late May, up 6 basis points from 4.51 percent in April. The…
FEMA: President Trump Approves Major Disaster Declaration for Maryland
The Federal Emergency Management Agency (FEMA) announced today that federal disaster assistance has been made available to the state of Maryland to supplement state and local recovery efforts in the areas affected by severe storms and flooding from May 15 to May 19, 2018. Federal funding is available to the state and eligible local governments…
FEMA: President Trump Approves Major Disaster Declaration for Oklahoma
The Federal Emergency Management Agency (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 wildfires from April 11 to April 20, 2018. Federal funding is available to the state, tribal, and eligible local governments and…
FEMA: President Trump Approves Major Disaster Declaration for Massachusetts
The Federal Emergency Management Agency (FEMA) announced today that federal disaster assistance has been made available to the Commonwealth of Massachusetts to supplement Commonwealth, tribal, and local recovery efforts in the areas affected by severe winter storm and flooding from March 2 to March 3, 2018. Federal funding is available to the Commonwealth, tribal, and…
HUD: $5 Billion Texas Disaster Recovery Plan Approved
Funding will target long-term housing, infrastructure and economic development recovery U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today approved a disaster recovery plan to help Texans recover from Hurricane Harvey. In November, HUD Deputy Secretary Pamela Hughes Patenaude announced the allocation of more than $5 billion to the Lone Star State…
FFIEC: Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2018 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community…
Ever Wondered “What is Low- and Moderate-Income or LMI”? Here’s Your Answer.
“What is low- and moderate-income or LMI?” is one of the most common questions we hear at findCRA. Most people may have a general understanding of what it means to be low-income, but under the federal Community Reinvestment Act, defining low- and moderate-income can seem overly technical and confusing. More importantly, knowing who and what…
CFPB: Measuring a Child’s Progress on the Building Blocks of Financial Capability
Developing financial capability during youth is an important stepping stone on the path to adult financial well-being. Financially capable individuals have healthy money habits, stick to plans, and apply their knowledge and skills to successfully complete financial tasks. Financial capability is developed over time and is marked by milestones on the path to financial well-being….