Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)
WASHINGTON – Rep. Gregory Meeks (NY) thanked his colleagues and bipartisan leadership across both the House of Representatives and US Senate for including key provisions of the Jobs and Neighborhood Investment Act in the year-end COVID19 stimulus package, which will bring desperately needed relief to the hardest hit communities.
Rep. Meeks introduced the legislation on July 21st, 2020, with Senators Warner, Schumer, Harris and Booker with whom he worked closely to draft the bill. It provides eligible community development financial institutions (CDFIs) and Minority Depository Institutions (MDIs) with capital, liquidity, and operational capacity to expand the flow of credit into underserved, minority, and historically disadvantaged communities, helping small businesses stay afloat and expand operations, while providing affordable access to credit for lower income borrowers.
The provisions of the legislation included in the COVID19 relief package will mobilize $9 billion for the Emergency Capital Investment Program, providing critically needed affordable capital to CDFIs and MDIs, as well as $3 billion of emergency funding to the CDFI Fund, including $1.75 billion for minority lending institutions.
“I’m thankful to leadership and my colleagues in both the House and Senate for fighting for inclusion of key provisions of the Jobs and Neighborhood Investment Act in the COVID19 relief package. Throughout this pandemic, CDFIs and MDIs have been critical for supporting underserved communities. By investing in the Emergency Capital Investment Program, CDFI fund and minority lending institutions, we are making sure that relief will be made available to the un-banked and under-banked, and that communities of color have equal access to desperately needed capital and loans.”
Rep. Meeks added “This negotiation will provide relief in the interim for families and businesses, including $600 in stimulus checks, an additional $300 in enhanced unemployment insurance, $25 billion in rent relief, an extended eviction moratorium, $13 billion for SNAP, funding for vaccine distribution, as well as my provisions for CDFIs and MDIs. Let’s be clear, however, that this negotiated relief bill still falls short in addressing the needs of struggling Americans. It fails to provide state and local aid, which will leave cities like New York in a dire financial situation. But this short-term COVID relief bill will bridge the gap between now and when another relief bill is negotiated under the Biden-Harris administration. Our work bringing relief to the American people is far from over, and we must redouble our efforts to bring support to, and level the playing field for marginalized communities and communities of color who have borne a disproportionate burden of the COVID19 pandemic and economic crisis.”
A broad coalition of civil rights, consumer groups and trade organizations mobilized in support of the Jobs and Neighborhood Investment Act, including: the NAACP, National Urban League, Black Economic Alliance, National Bankers Association, Center for Responsible Lending, African American Alliance of CDFI CEOs, National Association for Latino Community Asset Builders, Conference of National Black Churches, Prosperity Now, Local Initiatives Support Corporation, Milken Institute Center for Financial Markets, Inclusiv, Opportunity Finance Network, Community Development Bankers Association, and many others.