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The 5 “hooks” of Community Development

Question: 
How many of the “hooks” do you have to hit in order for a loan to meet the definition of community development?
Answer: 

Only 1 hook must be hit for a loan to meet the definition of a community development loan, the hooks are:
1. Affordable housing for low or moderate income individuals;
2. Community services targeted to low or moderate income individuals;
3. Activities that promote economic development by financing businesses or farms that meet the SBA’s size eligibility standards;
4. Activities that revitalize or stabilize certain geographies or areas;
5. Loans, investments, and services that support, enable, or facilitate projects that meet certain criteria established under the Housing and Economic Recovery Act.

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Community Reinvestment Act - Review and Update

First published on 10/08/2017

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