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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Community Development Financial Institution (CDFI)

A specialized financial institution that provides financial services and technical assistance primarily in low-income communities and to people who lack access to conventional financing.

Distressed Community

An economically disadvantaged geographic area, often identified by specific census data, typically characterized by low income levels, high poverty rates, or high unemployment.

High Opportunity Area

A geographic area that offers residents access to significant resources and advantages, such as good jobs, quality schools, and essential services, often determined by specific regulatory criteria.

Emerging Developer

A real estate developer with limited experience in the industry or restricted access to financial resources, typically new to the field or undertaking smaller-scale projects.

Predevelopment Loans

Short-term loans used to fund the initial stages of a real estate project, such as architectural designs, engineering studies, legal fees, and permitting costs, before construction begins.

Loan Loss Reserves

Funds that a financial institution sets aside to cover potential losses from loans that may not be repaid, helping to manage risk.