The federal bank and thrift regulatory agencies have announced the availability of the 2010 list of distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities will receive Community Reinvestment Act consideration as “community development.”
“Distressed nonmetropolitan middle-income geographies” and “underserved nonmetropolitan middle-income geographies” are designated by the agencies in accordance with their CRA regulations. The designations reflect local economic conditions, including triggers such as unemployment, poverty and population changes.
As with past releases, the 2010 list will incorporate a one-year lag period for geographies designated as distressed or underserved in 2009, but not designated as such in the 2010 release. Geographies subject to this one-year lag period are eligible to receive consideration for community development activities for 12 months after publication of the 2010 list.
See press release.