Thread Options
#2195299 - 10/12/18 01:50 PM Community Improvement District (CID)=CRA Qualified
Owlman Offline
Member
Joined: Dec 2015
Posts: 52
I'm looking for any information regarding if CIDs are CRA qualified. Before I go on I must disclose, like a good compliance person, that my knowledge on CIDs is very minimal. We are in search of additional CRA credit and want to know if the bank invests in a CID, is it safe to assume (I know, that's a 4 letter word) that we can count it for CRA credit? It's pretty obvious that if the CID is within a LMI census tract that it would, but what if it is not in a LMI CT?

Just want to make sure that before we go down this road that we are on the right road to begin with.

Thanks

Return to Top
CRA
#2195674 - 10/17/18 04:13 PM Re: Community Improvement District (CID)=CRA Qualified Owlman
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
There are so many of these CIDs, enterprise zones, opportunity zones, tirz, trz.....on and on.

That being said, if this CID is not in an LMI CT, you might think about economic development and LMI job creation in this improvement zone.
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#2196097 - 10/22/18 06:35 PM Re: Community Improvement District (CID)=CRA Qualified Owlman
mrogersfib Offline
100 Club
Joined: Aug 2018
Posts: 116
Yes if you invest in the CID it would qualify for CRA as long as it had an express bona fide statement that would meet 1 of the 4 CD purposes and is approved by a Federal, State, Local, or Tribal plan then it would be safe to assume.

Return to Top