§ 26–431.02. Definitions.
For the purposes of this chapter, the term:
(1) “CFO” means the Chief Financial Officer of the District of Columbia, established by § 1-204.24a.
(1A) “Community development” means:
(A) Affordable housing (including single-family and multi-family rental housing and homeownership) for low-income or moderate-income individuals and families and related retail and community facilities development;
(B) Community services targeted to low-income or moderate-income individuals and families;
(C) Activities that promote economic development by financing businesses that meet the size eligibility standards of the Small Business Administration Certified Development Company Program or the Small Business Administration Small Business Investment Company Program or have gross annual revenues of $1 million or less;
(D) Activities that revitalize or stabilize low-income or moderate-income areas; or
(E) Activities that seek to prevent defaults or foreclosures on loans made for the purposes described in subparagraphs (A) and (C) of this paragraph.
(1B) “Community development loan” means a loan that:
(A) Has as its primary purpose community development; and
(B) Except in the case of a wholesale or limited purpose bank, and unless a multifamily dwelling loan, has not been reported or collected by the bank or an affiliate for consideration in the bank’s assessment as a:
(i) Home mortgage;
(ii) Small business loan;
(iii) Small farm loan; or
(iv) Consumer loan; and
(C) Benefits the bank’s assessment area or a broader District-wide or regional area that includes the bank’s assessment area.
(2) “Community Reinvestment Act” shall mean the Community Reinvestment Act of 1977, approved October 12, 1977 (91 Stat. 1147; 12 U.S.C. § 2901 et seq.).
(3) “Commissioner” shall have the same meaning as set forth in § 26-551.02(7).
(4) “Department” shall have the same meaning as set forth in § 26-551.02(9).
(4A) “Deposit-receiving institution” means a federal, state, or District chartered bank, savings institution, or credit union that receives after March 11, 2015, District contracts pursuant to §§ 47-351.02(c) and 47-351.03, including any chartered bank, savings institution, or credit union that has applied to be or is regulated, supervised, examined, or licensed by the Department or a District chartered bank that is engaged in activity covered by §§ 47-351.02(c) and 47- 351.03; except, that the provision of services provided for and deposits made with regard to District debt transactions does not create a deposit-receiving institution, notwithstanding that deposit receiving institutions may provide those services or receive those deposits.
(5) “Designated development areas” means any of the following located in the District:
(A) A low-income or moderate-income area;
(B) An area designated as underserved or economically disadvantaged by the Commissioner; or
(C) A commercial, industrial, residential, or other economic development project which the Commissioner determines will benefit the District.
(5A) “Elderly resident” means a District resident 55 years of age or older.
(6) “Federal financial supervisory agency” means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision and any successor to any of the foregoing agencies, as applicable to the specific type of bank.
(7) “Financial institution” shall have the same meaning as in § 26-551.02(18).
(8) “Low-income” shall have the same meaning as set forth in § 26-1401.02(21).
(9) “Low-income area” means a census tract or block numbering area in which the median individual or family income does not exceed 65% of the median income of the Washington, D.C., metropolitan area as determined by the statistics of the United States Department of Housing and Urban Development.
(10) “Moderate-income” shall have the same meaning as set forth in § 26-1401.02(22).
(11) “Moderate-income area” means a census tract or block numbering area in which the median individual or family income does not exceed 80% of the median income for the Washington, D.C. metropolitan area as determined by the statistics of the United States Department of Housing and Urban Development.
(12) “Minority group” means African-Americans, Hispanic-Americans, Latinos, Asian-Americans, Pacific Islander-Americans, American Indians, Native Americans, or Alaskan-Natives.
(13) “Minority-owned business” means a business in which:
(A) At least 51% ownership and control is held by individuals who are members of a minority group;
(B) At least 51% of the individuals that make policy decisions and actively manage day-to-day operations are members of a minority group; and
(C) More than 50% of the net profit or loss accrues to owners who are members of a minority group.
(14) “Mortgage loan” means a loan that is secured by residential real property.
(14A) “Qualified investments” means a lawful investment, deposit, membership share, or grant that has as its primary purpose community development.
(15) “Small business loan” means a small business loan as defined in Federal Reserve System Regulation BB, 12 C.F.R. Part 228.
(16) “Women-owned business” means a business in which:
(A) At least 51% of the ownership and control is held by a woman or women;
(B) A woman or women constitute at least 51% of the individuals that make policy decisions and actively manage day-to-day operations; and
(C) More than 50% of the net profit or loss accrues to a woman owner or women owners.