Tyler is a developer who renovates a long-abandoned warehouse in a low-income neighborhood into a community center, complete with space for after-school programs, a daycare, and a gym. Tyler is able to complete the renovation with a loan funded by a local bank.

Which act requires financial institutions to make credit available for this type of development?

A. Community Reinvestment Act
B. Consumer Credit Protection Act
C. Equal Credit Opportunity Act
D. Home Mortgage Discrimination Act

The Community Reinvestment Act mandates financial institutions to provide credit for community development projects in all neighborhoods, fostering economic growth and revitalization.

Explanation:

The act that requires financial institutions to make credit available for this type of development is the Community Reinvestment Act (CRA). This act encourages banks to meet the credit needs of all individuals and communities, including low and moderate-income neighborhoods, by providing loans for community development projects like Tyler's renovation of the warehouse.

By complying with the CRA, financial institutions contribute to the improvement of local communities and provide opportunities for economic development in areas that may have been neglected in the past.

Through the CRA, Tyler was able to secure the loan from a local bank to transform the abandoned warehouse into a beneficial community center with various facilities for the neighborhood's residents.

Learn more about Community Reinvestment Act here:

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