To authorize appropriations for assistance for the National Council of La Raza and the Raza Development Fund.
Bill # H.R.1999

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Status:
04/23/2007: Referred to the House Committee on Financial Services.

Committee/Subcommittee Activity:
Financial Services: Referral, In Committee

Amendment(s):
***NONE***

Sponsor/Cosponsor(s) 5:
Frank, Barney (D-MA 4th) Hinojosa, Ruben (D-TX 15th) Pastor, Ed (D-AZ 4th) Renzi, Rick (R-AZ 1st) Reyes, Silvestre (D-TX 16th)
Summary:
4/23/2007--Introduced.
Hope Fund Act of 2007 - Directs the Secretary of Housing and Urban Development to make a grant to the National Council of La Raza to provide technical and financial assistance to local non-profit organizations to undertake community development and affordable housing projects and programs serving low- and moderate-income households, particularly through organizations located in neighborhoods with substantial populations of income-disadvantaged households of Hispanic origin.
Authorizes the National Council of La Raza, or the Raza Development Fund, to use such funds to: (1) provide technical and financial assistance for site acquisition and development, construction financing, and short- and long-term financing for housing, community facilities, and economic development; (2) leverage capital from private entities, including private financial institutions, insurance companies, and private philanthropic organizations; and (3) provide technical assistance, training, support, and advice to develop the management, financial, and administrative capabilities of housing development organizations serving low-income households, including Hispanic households.


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