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Financial Support for Communities and Small Businesses in COVID-19 Crisis

This act aims to strengthen the Federal Home Loan Bank system to better support economic recovery after the COVID-19 pandemic. It facilitates access to financing for small businesses, low-income communities, and tribal communities by increasing the banks' ability to accept various types of collateral and expanding housing and economic development support programs.
Key points
Easier access to loans for small businesses: Banks can now accept Small Business Administration-guaranteed loans as collateral, making it easier for small businesses to obtain financing.
More funding for affordable housing: Funding for the Affordable Housing Program has been increased, with a 2% set-aside for Native American communities.
Support for low-income communities: A new community economic development investment program is created to generate jobs and stimulate development in urban, rural, and tribal areas.
Expanded support for financial institutions: Community development financial institutions and credit unions can now offer a wider range of collateral, increasing their lending capacity.
Liquidity for government entities: Banks can issue letters of credit to support the financial stability of local, tribal, state, and federal government entities.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_3323
Sponsor: Rep. Torres, Ritchie [D-NY-15]
Process start date: 2021-05-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Federal Home Loan Banks’ Mission Implementation Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3323.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-18.

What are the main provisions?

Key points include:

  • Easier access to loans for small businesses: Banks can now accept Small Business Administration-guaranteed loans as collateral, making it easier for small businesses to obtain financing.
  • More funding for affordable housing: Funding for the Affordable Housing Program has been increased, with a 2% set-aside for Native American communities.
  • Support for low-income communities: A new community economic development investment program is created to generate jobs and stimulate development in urban, rural, and tribal areas.
  • Expanded support for financial institutions: Community development financial institutions and credit unions can now offer a wider range of collateral, increasing their lending capacity.
  • Liquidity for government entities: Banks can issue letters of credit to support the financial stability of local, tribal, state, and federal government entities.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Torres, Ritchie [D-NY-15].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

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