Skip to content
BOL Conferences
Thread Options
#323071 - 02/28/05 04:48 AM CRA loan < $1 million?
Anonymous
Unregistered

Other than a multifamily loan, must a community development loan be more than $1 million to be reported?

Return to Top
CRA
#323072 - 02/28/05 06:44 AM Re: CRA loan < $1 million?
Princess Romeo Offline

Power Poster
Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
No - any loan that does not qualify as a "Small Business Loan" can be reported as Community Development IF the loan has Community Development as a primary purpose.

For example, a construction loan to build one or two affordable SFR's for Low/Mod homebuyers (in-fill project) would be community development.

An loan to a non-profit organization that was not secured by non-farm/non-residential real estate, where the loan proceeds will go toward Community Development activities, would be a Community Development loan. An example here could be a loan to a Low/Mod Child Care Center secured by a general UCC filing on fixtures and equipment.
_________________________
CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'

Return to Top