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Titles (3)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

ADVANCE Act
Aiding Development of Vital Assets in Native Communities and Environments Act of 2017

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To direct the Community Development Financial Institutions Fund to perform an outreach program for the new markets tax credit to underserved communities, and for other purposes.


Actions Overview (1)

Date
06/29/2017Introduced in House

All Actions (3)

Date
06/29/2017Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
06/29/2017Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
06/29/2017Introduced in House
Action By: House of Representatives

Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means06/29/2017 Referred to
House Financial Services06/29/2017 Referred to

No related bill information was received for H.R.3129.


Subjects (7)


Latest Summary (1)

There is one summary for H.R.3129. View summaries

Shown Here:
Introduced in House (06/29/2017)

Aiding Development of Vital Assets in Native Communities and Environments Act of 2017 or the ADVANCE Act

This bill amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require the Community Development Financial Institutions (CDFI) Fund to provide outreach and training with respect to the New Markets Tax Credit (NMTC) in low-income communities with a disproportionately low amount of low-income community investments by community development entities.

(The NMTC is a non-refundable tax credit intended to encourage private capital investment in low-income communities. NMTCs are allocated by the CDFI Fund, a bureau of the Department of the Treasury, using a competitive application process.)

The CFDI Fund must also: (1) include in the application for the NMTC questions to determine and consider, as an innovative use or a comparable incentive in evaluating applications, the extent to which the applicant intends to make low-income community investments within Indian country; and (2) to the maximum extent practicable, ensure that at least one community development entity whose primary mission is to fund projects within or that directly benefit Indian country receives an allocation for each allocation round.