PRIA Logo™
District of ColumbiaPR26-0251Council Period 26 (2025-2026)HouseWALLET

National Community Reinvestment Coalition, Inc., Revenue Bonds Project Emergency Approval Resolution of 2025

Sponsored By: Sponsor information unavailable

Adopted

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

Bond financing for one District nonprofit

Beginning July 1, 2025, the District can issue up to $88 million in bonds for National Community Reinvestment Coalition, Inc. This tax-exempt nonprofit can borrow the proceeds for its building at 740 15th Street NW. The money can refinance its 2018A and 2018B bonds and cover related financing costs, interest, and reserves. Replacement bonds are allowed, but outstanding principal cannot exceed $88 million. Repayment comes only from the loan, bond proceeds, and other sources named in financing documents—not District taxes or general funds. The District does not guarantee bond issuance, repayment, or tax-exempt interest for investors. The authority expires July 1, 2028, unless bonds are issued, sold, and delivered to the original purchaser within three years.

Possible bond fees for District nonprofit

The Mayor may charge National Community Reinvestment Coalition, Inc. a fee for issuing and managing the bond deal. The fee can cover District costs for issuing bonds, tracking money use, checking public-benefit agreements, and keeping records. It can also cover help with bond repayment, repurchase, and resale. The law sets no fee amount and does not require the Mayor to charge it. The nonprofit must also repay issuance costs and other fees required by the financing documents.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Phil Mendelson

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 12 • No: 0

House vote • 7/1/2025

Final Reading

Yes: 12 • No: 0

Actions Timeline

  1. Resolution R26-0166, Effective from Jul 01, 2025 Published in DC Register Vol 72 and Page 007748

    7/11/2025House

  2. Approved with Resolution Number R26-0166

    7/1/2025House

  3. Legislative Meeting

    7/1/2025House

  4. Retained by the Council with comments from the Committee on Business and Economic Development

    7/1/2025House

  5. PR26-0251 Introduced by Chairman Mendelson at Office of the Secretary

    6/25/2025House

Bill Text

  • Enrollment

    7/1/2025

    PDF

  • Introduced

    6/25/2025

    PDF

Related Bills

Back to State Legislation