State College Community Land Trust
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The Community Reinvestment Act Supports Good Work in the Centre Region

3/13/2019

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Check out this article from our March Welcome Home newsletter about the Community Reinvestment Act. Shout out to our terrific community bank partners who contributed to this piece! You can read the entire newsletter in our archive. Not a subscriber? You can sign up to receive our newsletter on our homepage!

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    The Community Reinvestment Act (CRA) is a vital funding source for our program, our homeowners, and for affordable housing nationwide. But, what is it? More importantly, if you already own your home, why should you care about current proposed changes to this program? Passed in 1977 the CRA sought to encourage banks to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods. As a result of the CRA, federal regulators evaluate the record of each financial institution that receives Federal Deposit Insurance Corporation (FDIC) insurance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions. 
    CRA activities include providing lending products to low- and moderate-income households and supporting organizations and initiatives that serve that population, with a strong emphasis on providing affordable housing. Funding that SCCLT receives from area banks allows us to acquire and rehab homes that are then sold to low- and moderate-income individuals and families.
    The CRA has undergone many changes since its inception 42 years ago, and this current era is no different. The Office of the Comptroller of the Currency announced in August, 2018 that it was looking to “modernize” the CRA. No one knows yet what changes regulators will make to the CRA this time around. Regulators are currently reviewing public comments submitted at the end of last year, and a proposed ruling could be announced by the end of this year. In recognition of the CRA, we wanted to highlight some of the terrific work accomplished through the CRA right here in the Centre Region, and to hear directly from local banks about ways they invest in our community:

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1315 S. Allen Street, #306,  State College, PA 16801
Phone: (814) 867-0656     Email: director@scclandtrust.org

​Office Hours: Mon.- Fri.: By appointment. We are a small staff, and may be out of the office for a meeting, so please call ahead.
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