Question

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

Answer 1

The act that tasks financial institutions to provide credit for the development being pursued by Tyler is the Community Reinvestment Act.

What is the Community Reinvestment Act?

The Community Reinvestment Act is a federal act that was passed in 1977 to encourage banks and other financial institutions to loan out credit for projects in lower and moderate-income neighborhoods.

Tyler is building the community center in a low-income neighborhood so the loan acquired falls under the Community Reinvestment Act.

Find out more on the Community Reinvestment Act at https://brainly.com/question/15508628.

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