The CRA definition of community development is revised to include loans, services and investments to support, enable or facilitate NSP eligible activities in areas with HUD-approved NSP plans.
NSP eligible activities will receive favorable consideration only if conducted within two years after the date when NSP program funds are required to be spent.
NSP eligible activities in NSP plan areas outside the institution's assessment areas, will receive consideration, provided that an institution has adequately addressed the community development needs of its assessment area(s).
As explained in the preamble, a financial institution will receive favorable CRA consideration for activities in NSP areas including, for example:
Loans, investments, and services to redevelop demolished or vacant properties in such areas, consistent with eligible uses for NSP funds and including projects that are not directly receiving NSP funds.
A donation of OREO properties to non-profit housing organizations in eligible areas designated in NSP plans.
The HUD web site identifies NSP areas at http://www.hud.gov/nspmaps and a grantee search may be conducted at http://hudnsphelp.info.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officers
Community Reinvestment Act
Neighborhood Stabilization Program
Joint Final Rule - PDF (PDF Help)
Janet Gordon, Senior Policy Analyst, Compliance Policy Section, email@example.com or (202) 898-3850; or Richard M. Schwartz, Counsel, firstname.lastname@example.org or (202) 898-7424
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2010/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).