America's Private Investment Companies Act

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

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

6 official files

• Reported in House (text)

  Reported in House · EN · 23 May 2000

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 23 May 2000

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 23 May 2000

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 5 August 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 August 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 August 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.