Regional Development Act

Summary

Regional Development Act - Establishes one independent capital development bank in each of the ten standard Federal administrative regions. Provides for the management and capitalization of such banks. Empowers each bank to issue notes, debentures, bonds, and other evidence of indebtedness in such amounts and on such terms and conditions as its board of directors may determine subject to the limitations prescribed in this Act. Authorizes the banks to make or guarantee loans to provide funds for: (1) the purchase of real and personal property and for working capital necessary for the location of new business and industry or the improvement of existing business and industry in depressed urban and rural areas; (2) financing capital expenditures for public works and community facilities; and (3) making loans to appropriate public agencies, nonprofit cooperatives and corporations, developers, and other persons to provide construction loans for low and moderate income housing loan programs of the Department of Housing and Urban Development, the Veterans' Administration, and the Farmers Home Administration of the Department of Agriculture.

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

Timeline

1. 5 April 1978

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 5 April 1978

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 April 1978

  Open at official source

Sponsors

• Sen. Hathaway, William D. [D-ME] · D · Sponsor
• · ssbk00 · Standing

Related records

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