Laserfiche WebLink
20 <br /> <br /> Community Reinvestment Act oE 1977 (P.L. 95-128). <br />The ouroose o~ cn!s Act is ~o ne±p ensure cna~ ~ne c~edit <br />needs of a community are fulfilled. In the [egu!at!ons <br />concerning th is Act, an S~.!SA is given as one of several <br />means of defining a community. <br /> <br /> Home MortsaQe Disclosure Act of 1975 {P.L. 94-200). <br />This Ac~ requzres each ceposl~ory ~ns~l~u~on ~n an S~.~SA <br />to disclose annually the number and total dollar amount <br />of mortgage loans which were originated or purchased <br />by that institution during the previous fiscal veer. <br />T~is information must be itemized by census tract or <br />ZIP code and reported separately for property outside <br />the SMSA in which the institution is located. <br /> <br />Examination of the uses of SMSA's ~n several Federal <br />programs has revealed that allocation and eligibility <br />for funds under certain programs can be affected by <br />changes in an tree's SMSA status. E!i~ibi!ity for hVJD's <br />housing and community development assistance grants is <br />affected by changes in SMSA status. In addition, when <br />counties are added to an SMSA or when two SMSA's are <br />merged, it may be more difficult for a previously existing <br />consortium to qualify for the 10 percent CETA consortium <br />bonus, Changes in SMSA definitions not only affect eligi- <br />bi!ity for funds, but also a~fect the boundaries of O~5B <br />Circular No. A-95 clearinghouses, which coordinate <br />areawide plans and programs and conform to SMSA boundaries. <br />Thus, it appears that changes in SMSA's have potential <br />impact on specific Federal programs, but whether a particu- <br />!ar area would'benefit or lose as a result of these changes <br />would seem to vary with the program of concern and the <br />nature of the change in that area. <br /> <br /> October 2~, 1978 <br /> <br /> <br />