WASHINGTON - The Interagency Community Investment Committee, chaired by Adrianne Todman, Acting Secretary of the U.S. Department of Housing and Urban Development (HUD), hosted a Roundtable and Listening Session to highlight the Administration’s accomplishments in place-based investments, boosting housing supply across the federal government, and small business investments.
“Over the past year, it was my honor to lead the Interagency Community Investment Committee, focusing on investing in under-resourced communities and ensuring fair access to the opportunities created by this Administration,” said HUD Acting Secretary Adrianne Todman. “We are highlighting the progress our eight federal agencies have made in the past year, from expanding access to affordable housing to reducing barriers of access to capital.”
Last June, the Interagency Community Investment Committee (ICIC) released its 2023 Action Plan; which outlined new actions to facilitate resource flow into under-resourced communities nationwide. Today’s announcements highlight progress on ICIC’s inaugural plan to support cities and towns across the United States. This work builds upon the Biden-Harris Administration’s commitment to achieving long-term equitable growth by building an economy from the bottom up and middle out. Ultimately, this Administration’s efforts will unlock economic potential in communities of color, low-income areas, rural regions, tribal communities, and other historically underserved groups.
Today, the Biden-Harris Administration announced that ICIC agencies have collectively:
Adopted a ‘No Wrong Doors’ for Small Businesses Trying to Access Capital
The ICIC members adopted a ‘no wrong door’ policy to ensure that small businesses and entrepreneurs get relevant assistance and information. SBA, Commerce, Treasury, and USDA have built an online tool for small businesses. They will soon distribute resource guides for small businesses across a nationwide network of field offices on federal capital products and technical assistance programs.
Supported community finance market development through access to secondary markets
Agencies collaborated to build infrastructure for community-financed affordable housing. HUD, through Ginnie Mae (GNMA), and USDA presented webinars to over 165 community-based lenders across Federal Home Loan Bank districts including Chicago, Des Moines, Topeka, Boston, and Pittsburgh. The Mortgage Partnership Finance® Program (MPF®) provides smaller mortgage lenders with access to the secondary mortgage market by pooling government-backed mortgages into GNMA-backed securities.
Strengthened understanding of federal community investment flows
The ICIC launched a pilot analyzing federal community and economic development investments in twelve diverse communities including urban and rural areas. The Departments of Treasury and Commerce led complementary research using data from ICIC agencies. Initial observations highlighted a need for aligned metrics and data measurement of cumulative impact.
Leveraged Federal Government's Convening Power for Rural Communities
Agencies connected rural communities with capital for growing small businesses, developing affordable housing, and workforce training through USDA's Rural Partners Network (RPN). This alignment has contributed nearly $2.8 billion in direct federal investments into RPN communities.
Identified Opportunities to Improve Alignment of Federal Investments
Treasury expanded eligible activities under State and Local Fiscal Recovery Funds program to include HUD Title I Community Development Block Grant projects. Treasury announced new efforts in March 2024 aimed at increasing housing supply using SLFRF funds.
Continued Public-Private Coordination
In 2022 Vice President announced with ICIC formation of Economic Opportunity Coalition (EOC), a private coalition committed to investing in underserved communities. EOC secured $1 billion in corporate deposits for CDFIs and MDIs with plans to raise an additional $2 billion by late 2024.
The ICIC members include USDA, Commerce Department (Commerce), HUD Department (HUD), Treasury Department (Treasury), DOT Department (DOT), SBA Department (SBA), DOE Department (DOE) and EPA Agency (EPA).
