Representative Joe Baca (D-CA) introduced H.R. 4144, the Strengthening Economic Development Through Affordable Housing Act of 2012, on March 6. The legislation would amend the State Small Business Credit Initiative Act of 2010 to allow participating states to provide program funds to community development housing organizations for development of affordable housing.
The State Small Business Credit Initiative allows states to use federal funds for programs that encourage private lending to help finance small businesses that cannot get the needed loans for expansion. The bill would allow such lending to extend to community development housing organizations.
The bill was referred to the House Committee on Financial Services.