Community Reinvestment in Housing and Community Development in Low- and Middle-Income Communities Critical to Strength of Our Neighborhoods
The Community Reinvestment Act (CRA) is being threatened. The U.S. Dept. of Treasury’s Office of the Comptroller of the Currency’s (OCC) Advance Notice of Public Rulemaking represents a massive threat to low- and moderate-income (LMI) communities and community development nonprofits.
Weakening CRA rules could reduce or eliminate banks’ obligation to invest in housing and community development and result in the loss of billions of dollars a year in loans to low- and moderate-income census tracts.
The Housing and Community Development Network of New Jersey (the Network) is urging that the OCC needs to receive as many letters as possible defending CRA.
Here’s how you can defend the CRA:
- Send a letter to the OCC on your organization’s letterhead. You can use this sample letter as a template. It is crucial that the OCC hears specific examples on how the CRA has benefited your communities. Please be sure to include those specific examples in your organization’s letter. Once you send your own letter, please let the Network know.
- Join Monarch Housing Associates in signing on with the Network to defend the CRA. If your organization would like to be included in the Network’s letter to the OCC, please let the Network know by close of business Friday, November 9 to opt in to the letter. The endorsements are open to organizations only, please.
Every community development organization that has ever received a grant, investment or loan from financial institution should send a letter urging the OCC and other federal regulators to protect the Community Reinvestment Act. Please also encourage your town and/or county to pass a resolution to also send a letter to the OCC defending CRA.
If you have any questions, please contact Arnold Cohen at the Network.