At a time when many communities across the U.S. are suffering from the financial effects of COVID-19, the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency provide the updated list of distressed or underserved nonmetropolitan middle-income geographies in the U.S. in a joint press release Tuesday.
Photo courtesy of National Association for Latino Community Asset Builders
Geographies placed on the list are areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition, according to the release.
The Community Reinvestment Act (CRA), enacted by Congress in 1977, is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, according to the Federal Financial Institutions Examination Council website.
Criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) website located here.
Areas listed continue to reflect local economic conditions, including unemployment, poverty, and population changes, the release said.
A few counties on the list are located within an hour or so drive outside of the Kansas City metro, including Holt County to the North and Carroll County to the East.
Similar to past lists, the agencies apply a one-year lag period for geographies that were listed in 2019 but are no longer designated as distressed or underserved in the current list. Revitalization or stabilization activities in these geographies are eligible to receive CRA consideration under the community development definition for 12 months after publication of the current list, said the release
The recently announced 2020 list as well as previous years’ list can be found here.