This year’s list of distressed or underserved, middle-income geographic areas that are eligible to receive Community Reinvestment Act (CRA) consideration was released Friday by the federal banking agencies.
More specifically, the list represents distressed or underserved nonmetropolitan middle-income geographic areas where revitalization or stabilization activities are eligible to receive CRA consideration under the definition of “community development” under the agencies’ regulations.
According to the agencies, the 2022 list uses the County Intercensal Estimates for 2000-2010 for population estimates because the County Intercensal Estimates for 2010-2020 are not yet available.
The agencies noted that distressed or underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with their own CRA regulations (which implement the anti-redlining Community Reinvestment Act). The designations continue to reflect local economic conditions, including unemployment, poverty, and population changes, the agencies stated.
The agencies also noted that revitalization or stabilization activities in these geographies on the list are eligible to receive CRA consideration under the community development definition for 12 months after publication of the current list. “As with past lists, the agencies apply a one-year lag period for geographies that were included in 2021 but are no longer designated as distressed or underserved in the current list,” they noted.