Bill Would Require FHLBanks to Increase Investment in Affordable Housing, Community Development

Monday, May 24, 2021 - 1:45pm

Legislation introduced in both houses of Congress would require the 11 Federal Home Loan Banks (FHLBanks) to increase their investments in affordable housing and community development. The Federal Home Loan Banks’ Mission Implementation Act (S. 1684, H.R. 3323), would double the FHLBanks’ investment in affordable housing through the Affordable Housing Program (AHP), include a 2% set-aside for tribal communities from each FHLBank’s AHP and community development program and make other changes. The 11 regional FHLBanks provide financing for more than 6,000 credit unions, banks, community development financial institutions and state housing finance agencies. The legislation was introduced in the Senate by Sen. Catherine Cortez Masto, D-Nevada, and in the House by Rep. Ritchie Torres, D-New York. The bill’s text is not yet available.

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