H.R.6017 - Race to the Job Initiative Act114th Congress (2015-2016)
|Sponsor:||Rep. Richmond, Cedric L. [D-LA-2] (Introduced 09/13/2016)|
|Committees:||House - Financial Services; Transportation and Infrastructure; Ways and Means|
|Latest Action:||House - 09/14/2016 Referred to the Subcommittee on Highways and Transit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6017 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (09/13/2016)
Race to the Job Initiative Act
This bill requires the Department of the Treasury to establish and administer a grant program to provide anchor institution (i.e., a hospital, college, research center, or nonprofit institution) grants and infrastructure grants to eligible low-income communities for community development.
Treasury shall select: (1) within the first year after enactment of this bill, 30 of such low-income communities to receive these grants; and (2) within the second year, an additional 20 of these communities.
Treasury must award a capital assistance grant to each community development financial institution specified in the grantee's application to make loans to, and invest in, businesses, organizations, or public-private partnerships located in the eligible low-income community.
The bill amends the Internal Revenue Code to allow a new markets tax credit for investment in a partner community development financial institution without regard to allocation limitations on such credit.
The bill amends the Community Development Banking and Financial Institutions Act of 1994 to limit to $20 million (in the aggregate, during a three-year period) an award from the Community Development Financial Institutions (CDFI) Fund to a community development financial institution and its subsidiaries and affiliates receiving a capital assistance grant under this bill.
CDFI funds are limited annually for these entities to: (1) $10 million for financial assistance, and (2) $500,000 for technical assistance.