Summary: H.R.629 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.629. Bill summaries are authored by CRS.

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Introduced in House (02/08/1999)

Community Development Financial Institutions Fund Amendments Act of 1999 - Modifies the Community Development Banking and Financial Institutions Act of 1994 (the Act) to expand its purposes to include promotion of economic revitalization and community development through incentives to insured depository institutions that increase lending and other assistance and investment in both economically distressed communities and community development financial institutions.

(Sec. 2) Places the Community Development Financial Institutions Fund in the Department of the Treasury and all Fund functions under the supervision of the Secretary of the Treasury.

(Sec. 3) Authorizes the Fund to offer community development finance activity training programs through grants or cooperative agreements with other organizations (as well as directly or through contracts).

(Sec. 4) Authorizes appropriations for FY 2000 through 2003.

(Sec. 6) Requires the Fund to: (1) develop a scoring system which assigns a relative point value to each factor required in connection with applicant selection criteria; (2) convene multiperson review panels to review applications on the basis of such factors and the scoring system; and (3) include in its annual report specified contract and compliance information, as well as a complete description of the implementation of the scoring system and its methodology.

Directs the Comptroller General to report to the Congress on Fund structure, governance, and performance.