9408�]
9
RESOLUTION NO. 9,408
A RESOLUTION TO SUPPORT THE COMMUNITY
REINVESTMENT ACT AND TO OPPOSE
CONGRESSIONAL CHANGES WHICH WOULD WEAKEN
THE COMMUNITY REINVESTMENT ACT (CRA).
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WHEREAS, the Community Reinvestment Act has successfully
channeled billions of dollars of loans into communities across
the country which have traditionally been deprived of access to
credit; and
WHEREAS, low to moderate income neighborhoods in the City
of Little Rock have benefited from the Community Reinvestment
Act through home purchase and improvement loans at no cost to
the taxpayer; and
WHEREAS, many residents and neighborhoods continue to have
unmet credit needs; and
WHEREAS, capital deprivation is an essential cause of urban
decay; and
WHEREAS, without access to needed credit, families cannot
buy homes and potential employers cannot open or expand
businesses; and
WHEREAS, when individuals are denied mortgages that would
enable them to purchase homes, they are also denied equity that
could fund later investments in further education, needed
transportation or small enterprises; and
WHEREAS, Congress is considering legislation that would
weaken the Community Reinvestment Act by adding "safe harbor"
provisions and small bank exemptions or even repeal the Act
entirely.
NOW, THEREFORE, BE IT RESOLVED BY THE LITTLE ROCK BOARD OF
DIRECTORS:
SECTION 1. The Little Rock Board of Directors
enthusiastically supports a strong Community Reinvestment Act.
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SECTION 2. The Little Rock Board of Directors is opposed to
changes which would weaken the Community Reinvestment Act.
SECTION 2. The Little Rock Board of Directors urges the
Arkansas Congressional delegation and the entire Congress to
oppose any changes which would weaken the Act.
ADOPTED: June 6, 1995
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CITY 4 X;
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ATTORNEY CITY
APPROVED:,
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