§__.12(g)(4)(ii) Designated Disaster Area Activities

§__.12(g)(4)(ii) – 2

Q: What activities are considered to “revitalize or stabilize” a designated disaster area, and how are those activities considered?

A2: The Agencies generally will consider an activity to revitalize or stabilize a designated disaster area if it helps to attract new, or retain existing, businesses or residents and is related to disaster recovery. An activity will be presumed to revitalize or stabilize the are if the activity is consistent with a bona fide government revitalization or stabilization plan or disaster recovery plan. The Agencies generally will consider all activities relating to disaster recovery that revitalize or stabilize a designated disaster area, but will give greater weight to those activities that are most responsive to community needs, including the needs of low- or moderate-income individuals or neighborhoods. Qualifying activities may include, for example, providing financing to help retain businesses in the area that employ local residents, including low – and moderate-income individuals; providing financing to attract a major new employer that will create long-term job opportunities, including for low- and moderate-income individuals; providing financing or other assistance for essential community-wide infrastructure, community services, and rebuilding needs; and activities that provide housing, financial assistance, and services to individuals in designated disaster areas and to individuals who have been displace from those areas, including low- and moderate-income individuals (see, e.g., Q&As §__.12(I) – 3; §__.12(t) – 4; §__.22(b)() & (3) – 4; §_.22(b)(3) & (3) – 5; and §__.24(d)(3)-1).

 

Source: Interagency Questions & Answers Regarding Community Reinvestment | July 2016

Last modified April 28, 2023