S. 3940, the Access to Fair Financing for Opportunity and Resilient Development Act, strengthens lending to underserved communities by expanding the Community Development Financial Institutions (CDFI) Fund's tools and establishing a new program focused on Native American homeownership. The bill increases the maximum assistance the CDFI Fund can provide to individual institutions from $5 million to $20 million and allows it to purchase loans and provide credit enhancements to boost liquidity. It also creates a $50 million annual lending program through Native CDFIs—lenders owned and controlled by Native Americans, Alaska Natives, or Native Hawaiians—to finance mortgages in tribal and Native communities, with priority given to borrowers on tribal trust lands. The legislation includes $1 million annually for technical assistance and requires regular reporting to Congress on program outcomes and impact.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.