Hbcu Capital Financing Improvement Act
Floor Speech
I thank the gentleman from Alabama also for serving as co-chair of the bipartisan HBCU Caucus and cosponsoring this bill.
I am here today to encourage all of my colleagues to support the HBCU Capital Financing Improvement Act. This bipartisan legislation seeks to offset inequities faced by Historically Black Colleges and Universities in the private bond market by making improvements to the HBCU Capital Financing Program, a program that provides low-cost capital to finance infrastructure improvements at HBCUs.
This bill also makes technical changes to the program, such as changing the name of an account to more adequately describe the purpose of the fund. The simple change in name may increase participation by public HBCUs which otherwise may have been discouraged from participating.
The HBCU Capital Financing Improvement Act also provides additional support to institutions interested in participating but unable to meet the program's financial requirements. This bill allows the Department of Education to offer financial counseling to interested HBCUs, in addition to the technical assistance already provided by the agency through the program.
The HBCU Capital Financing Program provides integral investments to HBCUs, allowing them to provide students with enhanced learning and living environments, rebuild and restructure historic buildings, and provide jobs in communities.
Without this important program, many HBCUs would be unable to maintain their campuses and make the improvements necessary to serve their student populations. Additionally, this financing program has been an effective tool, and it has exhibited very limited risk to the Federal Government and taxpayers.
I hope these changes will encourage and help more HBCUs take advantage of the capital financing program, and I encourage all of my colleagues to support this legislation.
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Ms. ADAMS. Mr. Speaker, I would like to simply close by saying that I want to thank Congressman Byrne and all the committee for their support of this important legislation and to all of our bipartisan cosponsors as well because what we have here, this legislation will definitely make improvements to the HBCU capital financing program which ultimately supports our HBCUs.
Mr. Speaker, I have no other speakers, and I yield back the balance of my time.
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