Directory of Community Development Investments
Posted by on November 14, 2003
The Office of the Comptroller of the Currency recently published its annual directory of community development investments made during 2002. The National Bank Community Development Investments, 2002 Directory http://www.occ.treas.gov/cdd/2002Part24Dir.pdf
lists and summarizes national bank investments that support a public welfare purpose, permitted under the investment authority of the National Bank Act and part 24 of the OCC regulations. This is the authority that allows banks to invest in CDFIs and to purchase Low-Income Housing Tax Credits, for example.
In 2002, national banks made 156 community development investments valued at nearly $1 billion – investments that helped create affordable housing, supported small business start-ups and expansions, and financed community facilities and other infrastructure projects. Since 1965, when community development investments were first authorized, the OCC has approved approximately 2,000 investments receiving more than $15 billion in funding from national banks and their community development partners.
In addition to describing recent community development trends and innovations, the directory outlines recent changes to the part 24 regulations which expanded the scope of activities in which banks can invest under this authority.
Previous years’ editions of the directory, as well as other community development investment information, is available on the OCC’s web site at http://www.occ.treas.gov/cdd/pt24toppage.htm
The OCC is a bureau of the U.S. Treasury Department that licenses and supervises national banks.
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