Alert March 23, 2010

Federal Banking Agencies Adopt Final Changes to CRA Q&As

The federal banking agencies issued final changes to their Community Reinvestment Act questions and answers that include one new Q&A, and revisions to two others. The new Q&A provides examples of how to demonstrate that community development services meet the criteria for serving low- and moderate-income individuals. The revised Q&As explain under what circumstances institutions may claim a pro rata share of mixed-income affordable housing projects as community development projects. Click here for the Q&As.