Proposed Change May Help Fuel New Stadiums

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Under a regulation called the Community Reinvestment Act, U.S. banks have been required by law to return a portion of their money to low-income communities. But regulators are proposing a change that would redefine that requirement, and it could help boost the construction of sports stadiums.

According to Bloomberg, the proposal outlines a list of hypothetical ways for banks to meet their obligations as required by law, including one that says by “investment in a qualified opportunity fund, established to finance improvements to an athletic stadium in an opportunity zone that is also an LMI (low- or moderate-income) census tract.”

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