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RESOLUTION NO. 10, 514
A RESOLUTION IN SUPPORT OF THE
COMMUNITY REINVESTMENT ACT (CRA).
M M M
z17i
WHEREAS, the Community Reinvestment Act has successfully channeled billions of dollars
of loans into communities traditionally deprived of them; and
WHEREAS, many of our residents and many of our neighborhoods continue to have
significant unmet credit needs; and
WHEREAS, redlining is an essential cause of urban decay; and
WHEREAS, without access to needed credit families cannot buy homes, and would -be
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, community involvement has been essential to the effective enforcement of the
Community Reinvestment Act.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Board will go on record in support of a strong, effective Community
Reinvestment Act.
SECTION 2. The City Board is opposed to any changes that would weaken CRA.
SECTION 3. The City Board urges the state congressional delegation to oppose any such
changes.
Adopted: April 6, 1999
est:
Rob ie Hancock, City Clerk
App v As To Legal Form:
To Legal Form:
Thomas M. Carpenter, 'ty ttorney
Approve •
Jim Dai e , Mayor �/