PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Highways and Transit.
Congressional Research Service
Version 00 · Introduced in House · Sep 13, 2016
Race to the Job Initiative Act
This bill requires the Department of the Treasury to establish and administer a grant program to provide anchor institution (i.e., a hospital, college, research center, or nonprofit institution) grants and infrastructure grants to eligible low-income communities for community development.
Treasury shall select: (1) within the first year after enactment of this bill, 30 of such low-income communities to receive these grants; and (2) within the second year, an additional 20 of these communities.
Showing the opening paragraphs of the official summary.
Treasury must award a capital assistance grant to each community development financial institution specified in the grantee's application to make loans to, and invest in, businesses, organizations, or public-private partnerships located in the eligible low-income community.
The bill amends the Internal Revenue Code to allow a new markets tax credit for investment in a partner community development financial institution without regard to allocation limitations on such credit.
The bill amends the Community Development Banking and Financial Institutions Act of 1994 to limit to $20 million (in the aggregate, during a three-year period) an award from the Community Development Financial Institutions (CDFI) Fund to a community development financial institution and its subsidiaries and affiliates receiving a capital assistance grant under this bill.
CDFI funds are limited annually for these entities to: (1) $10 million for financial assistance, and (2) $500,000 for technical assistance.
People & committees
Rep. Richmond, Cedric L. [D-LA-2] · D–LA
Legislative record
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Referred to the Subcommittee on Highways and Transit.
Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Transportation and Infrastructure, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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