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Hope Fund Act of 2007 (H.R. 1999)
To authorize appropriations for assistance for the National Council of La Raza and the Raza Development Fund. [Read More]
Use- The Secretary of Housing and Urban Development shall, to the extent amounts are made available pursuant to subsection (b), make a grant to the National Council of La Raza for the purpose of providing technical and financial assistance to local non-profit organizations to undertake community development and affordable housing projects and programs serving low- and moderate-income households, particularly through organizations located in neighborhoods with substantial populations of income-disadvantaged households of Hispanic origin. Assistance provided by the Secretary under this section may be used by the National Council of La Raza or the Raza Development Fund to--
- provide technical and financial assistance for site acquisition and development, construction financing, and short- and long-term financing for housing, community facilities, and economic development;
- leverage capital from private entities, including private financial institutions, insurance companies, and private philanthropic organizations;
- provide technical assistance, training, support, and advice to develop the management, financial, and administrative capabilities of housing development organizations serving low-income households, including Hispanic households; and
- conduct such other activities as may be determined by the Secretary and the National Council of La Raza.
Authorization of Appropriations- There is authorized to be appropriated for grants under this section--
- $5,000,000 for fiscal year 2008; and
- $10,000,000 for each fiscal year thereafter.
- 4/23/2007:
- Referred to the House Committee on Financial Services.
Click Here to see the list of members of the House Financial Services Committee.
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