SECTION 1. Community Capital Investment Program.

“(i) Community Capital Investment Program.—

“(1) IN GENERAL.—The Secretary shall establish a Community Capital Investment Program to support the efforts of community investment institutions to provide loans and forbearance for small businesses, minority-owned businesses, and consumers, especially in low-income and underserved communities, by—

“(A) providing direct capital investments in community investment institutions; and

“(B) providing loans to community investment institutions—

“(i) that are interest-free loans;

“(ii) that have a loan term of 5 years;

“(iii) with respect to which no loan payment is required under at least the end of the 180-day period beginning on the date the loan is made, or such longer term as the Secretary may determine appropriate.

“(2) APPLICATION DATE.—The Secretary shall begin accepting applications for capital investments and loans under the Program not later than the end of the 10-day period beginning on the date of enactment of this subsection.

“(3) DIVIDEND RATE.—Any preferred stock or other financial instrument issued to the Secretary in exchange for a capital investment under the Program shall carry a dividend or interest rate that does not exceed—

“(A) 1 percent, during the 3-year period following the date on which such instrument is issued; and

“(B) 3 percent, after the 3-year period described under subparagraph (A).

“(4) RESTRICTIONS.—The restrictions described under subsection (c)(3)(A)(ii) shall apply to capital investments and loans made under this subsection.

“(5) AVAILABLE AMOUNTS.—In carrying out the Program, the Secretary shall use amounts made available under subsection (b), notwithstanding the limitations on the use of such funds under paragraphs (1) through (4) of such subsection (b).

“(6) DEFINITIONS.—In this subsection:

“(A) COMMUNITY INVESTMENT INSTITUTION.—The term ‘community investment institution’ means—

“(i) a community development financial institution, as defined in section 103 of the Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4702);

“(ii) an impact credit union;

“(iii) an impact bank; and

“(iv) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463 note).

“(B) CREDIT UNION.—The term ‘credit union’ means a State credit union and Federal credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

“(C) IMPACT CREDIT UNION.—The term ‘impact credit union’ means a credit union that—

“(i) has total consolidated assets of less than $10,000,000,000; and

“(ii) extends at least 50 percent of the loans extended by the credit union to borrowers who are low-income borrowers, as determined by the Secretary.

“(D) IMPACT BANK.—The term ‘impact bank’ means a depository institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) that—

“(i) has total consolidated assets of less than $10,000,000,000; and

“(ii) extends at least 50 percent of the loans extended by the institution to borrowers who are low-income borrowers, as determined by the Secretary.

“(E) PROGRAM.—The term ‘Program’ means the Community Capital Investment Program.”.