REGIONAL HOUSING AND
COMMUNITY DEVELOPMENT ALLIANCE
Stephen Acree [stephen@rhcda.com]
I am writing to request that you to
withdraw your proposed changes to the Community Reinvestment Act (CRA)
regulations. My organization, the Regional Housing and Community
Development Alliance (“RHCDA”), knows firsthand that the CRA has been
instrumental in increasing homeownership, boosting economic development,
and expanding small businesses in the nation’s low- and moderate-income
communities.
The Community Reinvestment Act is critical to the success of our
community’s affordable housing and community development efforts. Over
the past four years, as a developer, lender and technical assistance
provider, RHCDA assisted in the construction of 606 affordable housing
units, representing $88 million in affordable housing investment. RHCDA
was the developer of 224 of these housing units, a $30 million housing
investment that has helped improve the lives of low- and moderate-income
families in our community. Without strong support from our financial
institution partners, this work would not have been possible.
The proposed FDIC rule would exempt many of our community’s key
financial partners from the effective and productive requirements
currently in place. We oppose any increase to the threshold of what is
considered to be a small bank, and we urge the FDIC to withdraw its
proposed rule.
Sincerely,
Stephen Acree
President
RHCDA
601 Olive Street, Suite 1641
St. Louis, Missouri 63101 | stephen@rhcda.com
314-333-7001
314-231-9186 (fax)
