Welcome to Community Affairs - the OCC's community development resource for
national banks, government agencies, and community organizations.
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What's New in Community Affairs
- Financial Literacy Update - Jan/Feb '09
Welcome to the OCC's second Financial Literacy Update. These periodic updates contain information about upcoming financial literacy events, new initiatives of the Office of the Comptroller of the Currency and other organizations in the financial literacy field, as well as listings of financial literacy and consumer financial education resources.
- Mortgage Banking Magazine recently spoke with Barry Wides, OCC's Deputy Comptroller for Community Affairs, about the Community Affairs Department's mission and how it is helping to respond to current conditions in the mortgage market. Read the article and interview here.
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OCC Update for June - October
2008
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Neighborhood Stabilization - The
OCC recently launched this Web page which contains a range of resources for
bankers and consumers related to homeownership preservation and stablizing
neighbrohoods affected by foreclosures.
-
OCC Bulletin Revising Part 24 Investment Authority (OCC
2008-22)
Recently Released Publications
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Historic
Tax Credits: Bringing New Life to Older Communities
(NR 2008-140) This edition of Community Developments
Insights describes the Historic Tax Credit program with a particular focus on
topics of interest to bankers new to the product. The report examines the
primary risks and regulatory considerations associated with financing HTC
projects as well as how Historic Tax Credits would be considered in a bank's
Community Reinvestment Act examination. Also discussed is how national banks
may utilize these credits under the "Part 24" public welfare investment
authority, which the Housing and Economic Recovery Act recently expanded to
include a broader range of communities targeted for revitalization,
FEMA-designated disaster areas, and rural underserved and distressed
communities.
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Gulf
Coast Redevelopment: Pathways to Recovery [PDF]
(NR 2008-130) The Fall 2008 edition of the Community
Development Newsletter features an overview of how banks, for-profit and
nonprofit businesses and state and local government agencies have responded to
the damage inflicted on the gulf coast region by the 2005 hurricane season. It
includes the specific activities of selected national banks and their partners,
and offers opportunities for others interested in supporting the continuing
recovery effort. It also highlights recent legislative and regulatory changes
that facilitate national bank investments in this and other recovery efforts
from federally declared disasters.
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Multibank CDCs: Pooling Resources to Strengthen Communities (NR 2008-109) The Fall 2008 edition of the Community Developments Investments focuses on multibank community development corporations (MBCDC) and features guidance for establishing a MBCDC, describes three existing MBCDCs, and describes how MBCDCs use gap financing to complement bank loans.
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The SBA's
7(a) Loan Program: A Flexible Tool for Commercial Lenders
NR 2008-108
This edition of Community Developments Insights examines the primary bank
risks, benefits, and regulatory considerations associated with the Small
Business Administration's 7(a) Loan Program. The report provides a
comprehensive overview of the program for lenders that may be considering
expanding their product line with 7(a) loans. It also highlights how banks can
use the 7(a) program to develop new business, mitigate risk, enhance
profitability, improve liquidity management, and meet certain regulatory
requirements.
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Preservation
of Affordable Multifamily Housing (NR
2008-51)
Preservation of Affordable Multifamily Housing (Spring 2008) features an
overview of the challenges facing the nation's affordable multifamily rental
housing inventory and describes how a variety of public, private, and nonprofit
initiatives have addressed these challenges. This issue also highlights the
specific activities and investments of selected national banks, nonprofit
organizations, and state and local government agencies in supporting the
preservation of affordable multifamily rental housing.
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Low-Income Housing Tax
Credits: Affordable Housing Investment Opportunities for Banks
(NR 2008-10)
This edition of Community Developments Insights describes how LIHTCs are used
to develop affordable rental housing and how banks can benefit from investing
in LIHTC-financed projects. It describes the two approaches for investing in
LIHTCs - direct investments in individual affordable housing projects and fund
investments that have multiple projects managed by third parties. The report
outlines risks and regulatory considerations of LIHTC investments and describes
how these investments would be considered under the Community Reinvestment Act
(CRA).
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