CRA Opportunities with DHOC

DHOC offers outstanding community investment opportunities that will help you meet all three CRA tests.

(Updated August 2005 - All quotes excerpted from the Federal Financial Institutions Examination Council CRA Interagency Questions and Answers - www.ffiec.gov/cra/qnadoc.htm.)

Gain Lending Test Credit – DuPage Homestead and Housing Choice Loan Programs
“Community development includes activities outside of low- and moderate-income areas that provide affordable housing for, or community services target to, low- or moderate-income individuals.” (p. 21)

Gain Investment Test Credit – DHOC Membership Dues

 “Examples of qualified investments include … grants… to … not-for-profit organizations serving low- and moderate-income housing or other community development needs, such as counseling for credit, home ownership…” (page 41)

Gain Service Test Credit

• Speaking at Our Home Buyer Education Classes Qualifies:“Examples of community development services include…providing credit counseling, home buyer and home maintenance counseling …” (page 32)
• Supporting Our Annual Home Buyer’s Fair Qualifies: “Examples of technical assistance activities that might be provided to community development organizations include:  … assisting in marketing financial services, including development of advertising and promotions, publications, workshops and conferences…” (page 33)
• Serving on DHOC’s Board and Committees Qualifies:“… service on the board of directors of an organization that promotes credit availability or finances affordable housing is related to the provision of financial services.” (p. 31)
• Supporting our Fundraising Qualifies:“Examples of technical assistance activities that might be provided to community development organizations include … assisting in fund raising …” (p. 33)

Intermediate Small Banks – Gain Lending & Community Development Test Credits

Under the new joint ruling effective September 1, 2005, institutions with asset size between $250 million and $1 billion are subject to the small bank lending test and a new community development test.  DHOC’s programs can help you meet both of those tests.

Smaller Institutions - Why be just “satisfactory” when you can be “outstanding”? 

“In assessing performance at the ‘outstanding’ level, the agencies consider the extent to which the institution exceeds each of the performance standards and, at the institution’s option, its performance in making qualified investments and providing services that enhance credit availability in its assessment area(s).” (p. 78)

Gain a Tax Deduction AND CRA Credit (Non-Profit Tax ID # 36-3770757)

“A qualified investment is not disqualified because an institution receives favorable treatment for it … under the Internal Revenue Code.”  (p. 41)

DHOC – Your Best CRA Investment in DuPage County!

Learn More by Calling (630) 260-2500