Title
Honoring the National Community Reinvestment Coalition for its assistance in addressing lending disparities within the City of Philadelphia.
Body
WHEREAS, The National Community Reinvestment Coalition is the nation's economic justice trade association of more than 600 community organizations and local public agencies dedicated to increasing access to credit and capital to minority and low- and moderate income communities; and
WHERAS, The National Community Reinvestment Coalition has assisted members of Congress in developing the Community Reinvestment Act Modernization Act; and
WHEREAS, The National Community Reinvestment Coalition is helping localities across the country adopt anti-predatory lending laws, using its model bill as a template. NCRC also assisted in crafting the Access and Openness in Small Business Lending Act of 2003, which would require detailed data disclosure of the characteristics of small business borrowers, including race and gender; and
WHEREAS, In November of 2002, NCRC testified before this council concerning worrisome trends in small business lending in the City of Philadelphia. NCRC data analysis revealed that the number of loans decreases as the number of minority residents in a census tract increases. In March 2004, NCRC conducted a follow-up study, which found that in 2001, just 17 percent of businesses in low and moderate-income census tracts in the Philadelphia metropolitan area received loans; and
WHEREAS, NCRC data has been instrumental in helping to address lending disparities in Philadelphia. In light of NCRCs excellent performance in studying lending data, the Council of the City of Philadelphia, in order to maintain the most comprehensive and accurate data on lending trends, should consider NCRC to be its consultant for community reinvestment; now therefore
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the National Community Reinvestment Coa...
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