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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The American Recovery and Reinvestment Act of 2009 (ARRA), commonly referred to as the Stimulus or The Recovery Act, was an economic stimulus package enacted by the 111th United States Congress in February 2009 and signed into law on February 17, 2009, by President Barack Obama.
The Union-Miles Community Coalition was the culmination of a decade-long process of social justice organizing in Cleveland. The Roman Catholic Diocese of Cleveland formed the Commission on Catholic Community Action (CCCA) in June 1969 to institutionalize its attempts to stem the economic and social losses in the greater Cleveland area. [8]
Other, larger nonprofit loan funds have typically invested nearly $2 billion per loan fund (as of 2017) including Low Income Investment Fund, Boston Community Capital, Reinvestment Fund, Capital Impact Partners, Local Initiatives Support Corp and Self-Help. Within the field, only a handful of CDFIs have achieved an investment grade rating from ...
Gale Cincotta (December 28, 1929 – August 15, 2001), a community activist from the Austin neighborhood of Chicago, led the national fight for the US federal Home Mortgage Disclosure Act (HMDA) of 1975 and the Community Reinvestment Act (CRA) of 1977. [1]
In 1977, Ron was the only banker to testify in favor of the Community Reinvestment Act which required banks and thrifts meet the credit needs of the communities in which they did business, including low- and middle-income residents. Thanks in part to Ron’s testimony, it was enacted by congress later that year.
[citation needed] It required the agencies to issue Community Reinvestment Act (CRA) ratings publicly and do written performance evaluations using facts and data to support the agencies' conclusions. It also required a four-tiered CRA examination rating system with performance levels of "Outstanding," "Satisfactory," "Needs to Improve," or ...
Reinvestment in the area in the mid-1990s spurred a rebirth in Downtown. Between 2010 and 2014, Downtown Cleveland saw more than $4.5 billion in residential and commercial developments. [75] As of 2000, 100,000 people worked in the district, [76] which in 2012 contained more than 16 million square feet of rentable office space. [77]