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Comerica Expands Community Development Lending Program
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DALLAS, March 17, 2021 /PRNewswire/ Comerica Bank today announced it will expand its community development lending program, specifically as it relates to affordable housing.
Comerica plans to strengthen access to capital assistance for nonprofit and for-profit developers of Low-Income Housing Tax Credit (LIHTC) projects. The program will focus on increasing the availability of affordable multifamily housing for vulnerable communities in the markets Comerica services, providing tax credit lending to fund projects receiving reservations of LIHTC. Andrew Wong, Senior Vice President, Comerica Bank, will oversee Comerica s support of these projects to bolster development of affordable multifamily housing.
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Moratorium on Evictions
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A long-awaited bipartisan stimulus bill was signed into law by President Trump on December 27, 2020. Included in the law, known as the Consolidated Appropriations Act, 2021 (the “Act”), are economic stimulus measures and a number of provisions designed to provide relief to banks and their customers in the wake of the continuing COVID-19 pandemic. Below is a summary of the COVID-19 relief provisions of the Act that will most directly impact the banking industry and the financial services sector in general. Click here for the entire text of the Act.