§ 47-351.07 — Community development score.

District of Columbia § 47-351.07

• Jurisdiction: District of Columbia
• Title 47: Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
• Ch. 3: Budget and Financial Management; Borrowing; Deposit of Funds.
• Subch. III-A: Financial Institutions Deposits and Investments.

Text

(a) The Mayor, or the CFO pursuant to § 47-351.02(c) , shall calculate the community development score by calculating a ratio of the eligible financial institution’s performance for 1 or more of the criteria in each of the 3 categories under subsection (b) of this section; multiplying the ratio by the weight for each category listed in subsection (c) of this section; and then adding the weighted points for all 3 categories to produce the final community development score.

(b) The Mayor, or the CFO pursuant to § 47-351.02(c) , shall calculate a ratio for an eligible financial institution’s performance listed within the categories of mortgage lending, community development lending, and financial services. A ratio is the level of activity for a specific criterion divided by the institution’s overall performance in the generic activity that includes the specific criterion. The criteria to be considered for mortgage lending are the total mortgage lending made in low-to-moderate income areas in the District and the total mortgage lending made in low-to-moderate income areas by third parties and purchased by the bidding financial institution in the secondary market; for community development lending are the total lending activity to small businesses located in low-to-moderate income areas in the District and the total lending to small businesses located in low-to-moderate income areas in the District by third parties and purchased by the financial institution in the secondary market; and for financial services is the number of branches in low-to-moderate income areas in the District.

(c) The Mayor, or the CFO pursuant to § 47-351.02(c) , shall assign the following weighing factors to the numerical scores given under the categories listed in subsection (b) of this section, to calculate the community development score for an eligible financial institution:

(1) Forty percent for mortgage lending;

(2) Forty percent for community development lending; and

(3) Twenty percent for financial services.

(d) Noninsured institutions providing investment services are exempt from providing data for a community development score as prescribed in this section. Investment services from noninsured institutions shall be awarded on the basis of a financial score, as calculated under § 47-351.06 .

(e) The Mayor, or the CFO pursuant to § 47-351.02(c) , shall periodically issue a report on the community development efforts of the eligible financial institutions on the eligible bidder’s list.

Legislative History

Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933; Apr. 20, 1999, D.C. Law 12-264, § 52(c), 46 DCR 2118