Summary: H.R.4822 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.4822. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/11/2000)

American Communities Investment Act of 1999 - Amends the Housing and Community Development Act of 1974 to revise requirements for the maximum amount of outstanding loan guarantees for a single issuer in connection with community development. Mandates participation of the major stakeholders in the community in which activities funded with guaranteed obligations will be implemented.

Amends the Federal Home Loan Bank Act to set forth parameters within which: (1) Federal home loan banks may make advances to a nonmember mortgagee for community lending purposes; and (2) each Federal home loan bank shall establish a Community Lending Fund to facilitate community lending by its members and nonmember mortgagees.