Poor Homeowners, Good Loans
For those who championed a hands-off approach to the supervision of finance, the economic meltdown should have prompted reflection on the value of common-sense regulation. Unfortunately, a growing chorus in conservative circles is trying to shift blame for the current crisis to the poor and the advocates for the poor. Read full story

Filling the LIHTC Investment Gap: Will CRA Help or Hinder?
With some major, traditional lowincome housing tax credit (LIHTC) investors out of the market, finding new investors is a crucial challenge. There simply is not enough investment capital in the market today to fund all of the projects that have LIHTC allocations. One obvious source of new capital would be large local or regional banks that until now have not been significant investors. The Community Reinvestment Act (CRA) has for 20 years been an important motivator for banks considering LIHTC investments. But in the context of today’s investment climate, a proposed CRA policy—described in more detail below—is making it hard to attract these new bank investors. Read full story

Events & Happenings
GLCF Staff Member Earns BA, GLCF Presents Annual Holiday Card Contest Winners and Unveil Newest Editions to the GLCF Portfolio... Read full story

CRA: A Crtical Law for Turbulent Times, but Enforcement Waning
Passed by Congress in 1977, the Community Reinvestment Act (CRA) requires banks to serve the credit needs of communities in a safe and sound manner. Communities that previously experienced discrimination benefited from a significant increase in bank lending, investing, and services due to CRA. At this unique moment in our nation’s history when credit markets are “freezing up,” a mandate to serve communities is more critical than ever to our economic health. Read full story