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United States · Bill · HR

H.R. 2764 (106th)

America's Private Investment Companies Act

openUnited States· United States Congress· EN

Introduced

5 August 1999

Last action

23 May 2000 · Reported

Status

Placed on the Union Calendar, Calendar No. 351.

Sponsors

Rep. LaFalce, John J. [D-NY-29], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Vento, Bruce F. [D-MN-4], Rep. Waters, Maxine [D-CA-43], Rep. Watt, Melvin L. [D-NC-12], Rep. Hooley, Darlene [D-OR-5], Rep. Gutierrez, Luis V. [D-IL-4], Rep. Carson, Julia [D-IN-7], Rep. Sandlin, Max [D-TX-1], Rep. Meeks, Gregory W. [D-NY-5], Rep. Mascara, Frank [D-PA-20], Rep. Gonzalez, Charles A. [D-TX-20], ROBERT BRADY, Rep. Jefferson, William J. [D-LA-2], Rep. Klink, Ron [D-PA-4], Rep. Owens, Major R. [D-NY-11], Rep. Andrews, Robert E. [D-NJ-1], Rep. Frost, Martin [D-TX-24], Rep. Mink, Patsy T. [D-HI-2], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Rush, Bobby L. [D-IL-1], Rep. Pastor, Ed [D-AZ-4], Rep. Johnson, Eddie Bernice [D-TX-30], Sen. Udall, Mark [D-CO], Rep. Snyder, Vic [D-AR-2], Rep. Becerra, Xavier [D-CA-34], Rep. Ortiz, Solomon P. [D-TX-27], Rep. Reyes, Silvestre [D-TX-16], Rep. Rodriguez, Ciro D. [D-TX-28], Rep. Roybal-Allard, Lucille [D-CA-40], Rep. Serrano, Jose E. [D-NY-15], Rep. Velázquez, Nydia M. [D-NY-7], Rep. Larson, John B. [D-CT-1], Rep. Rahall, Nick J., II [D-WV-3], Rep. Pelosi, Nancy [D-CA-11], Rep. DeGette, Diana [D-CO-1], Rep. Martinez, Matthew G. [D-CA-31], Rep. Thompson, Bennie G. [D-MS-2], Rep. Engel, Eliot L. [D-NY-16], Rep. Lee, Barbara [D-CA-12], Rep. Fattah, Chaka [D-PA-2]

Subjects

Environment, Housing

Source updated

7 April 2025

Environment · Housing

Official sourceDownload fileView documentsShare

Summary

America's Private Investment Companies Act - Authorizes the Secretary of Housing and Urban Development to license America's Private Investment Companies (APICs) (for-profit investment companies formed to make equity and credit investments for large-scale business development in low-income communities). Authorizes the Secretary to impose fees and charges for administrative costs and to collect fees for loan guarantee commitments and loans made under this Act. Authorizes appropriations for FY 2000 through 2004 for loan guarantee commitments and for administrative expenses. (Sec. 105) Directs the Secretary to select APICs for licensing on the basis of competitions announced through the Federal Register. Outlines application and licensee selection requirements and criteria, including that each such entity have available at least $25 million in equity capital. (Sec. 106) Requires substantially all investments made by selected APICs to be qualified low-income community investments if such investments are financed by the Secretary under this Act. Outlines investment limits and borrowing and repayment conditions. (Sec. 107) Authorizes the Secretary, consistent with the Federal Credit Reform Act of 1990, to make commitments to guarantee the timely payment of principal and interest on debentures issued by APICs, to issue trust certificates representing ownership of all or a fractional part of such debentures, and to guarantee the payment of principal and interest on such certificates. (Sec. 108) Authorizes an APIC to request that the Secretary guarantee a debenture that the APIC intends to issue under this Act. Outlines special requirements for: (1) requests which would include funding for initial expenditures for a project or activity; and (2) certification by a State or unit of general local government of responsibility for environmental reviews in connection with authorized projects or activities. (Sec. 109) Directs the Secretary to examine and monitor the operations and activities of APICs for compliance with sound financial management practices and satisfaction of the program and procedural goals of this and related Acts. (Sec. 110) Authorizes the Secretary to: (1) increase the credit subsidy allocated to an APIC as an award for high performance in carrying out its investment strategy and public purpose goals; and (2) penalize APICs for fraud, mismanagement, or noncompliance (allowing for notice and opportunity to respond prior to such penalties).

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 5 August 1999

    Introduced

    Referred to the House Committee on Banking and Financial Services.

    Source: IntroReferral

  2. 5 August 1999

    Introduced

    Sponsor introductory remarks on measure. (CR E1769-1770)

    Source: IntroReferral

  3. 5 August 1999

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 5 August 1999

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 10 September 1999

    Referred

    Referred to the Subcommittee on Housing and Community Opportunity.

    Source: Committee

  6. 12 April 2000

    Committee

    Subcommittee on Housing and Community Opportunity Discharged.

    Source: Committee

  7. 13 April 2000

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  8. 13 April 2000

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 14.

    Source: Committee

  9. 23 May 2000

    Calendars

    Placed on the Union Calendar, Calendar No. 351.

    Source: Calendars

  10. 23 May 2000

    Reported

    Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 106-638.

    Source: Committee

  11. 23 May 2000

    Reported

    Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 106-638.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported in House (text)

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  • Reported in House (text)

    Reported in House · EN · 23 May 2000

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  • Reported in House (PDF)

    Reported in House · EN · 23 May 2000

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  • Reported to House with amendment(s)

    summary · EN · 23 May 2000

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  • Introduced in House (text)

    Introduced in House · EN · 5 August 1999

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  • Introduced in House (PDF)

    Introduced in House · EN · 5 August 1999

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  • Introduced in House

    summary · EN · 5 August 1999

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Sponsors

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Sources

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