In this title the following words have the meanings indicated. “Board” means the Community Reinvestment Board. “Community reinvestment assistance” means a loan, assurance, guarantee, grant, payment, credit enhancement, or other assistance provided by the Fund as set forth in § 9-404 of this title, or a commitment to provide the assistance. “Community reinvestment project” means a project or program eligible under § 9-402 of this title to receive community reinvestment assistance from the Fund. “Fund” means the Community Reinvestment Fund. “Limited income household” means a household or individual whose income does not exceed the upper income limits that the Secretary establishes. “Member” means a member of the Board.

The General Assembly finds that: some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment; financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and federal and State regulators are requiring more community reinvestment by these financial institutions. The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to: increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment; make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and forge partnerships among financial institutions and the State in meeting community reinvestment goals.