Do examiners generally consider school bonds for CRA based solely on the school's participation in the free/reduced lunch program?

If so, does consideration for these type of investments follow the same "rule" as a tax credit investment where a bank will receive "full credit" based on purchase price if the investment is made during the current exam cycle, and "partial credit" based on the book value if the investment was made during the previous exam cycle?

Yes to both your questions.