The Reinvestment Task Force was created by the City and the County of San Diego to monitor local banking practices and recommend lending strategies that benefit low- and moderate-income residents. Local banks are monitored for the percentage of deposits each reinvests back into the community through small-business loans, affordable housing development and mortgage loans to residents in lower-incom
e neighborhoods. The Task Force also monitors local economic data to track trends in consumer debt, housing costs and home mortgages. The Task Force can intervene in bank mergers and negotiate with lenders in the region to develop reinvestment plans that benefit underserved communities. The Task Force is an outgrowth of the federal Community Reinvestment Act, which was enacted in 1977 to reduce discriminatory credit practices in low-income neighborhoods, also known as “redlining.” The agency is funded jointly by the County and the San Diego Housing Commission. It is jointly chaired by a member of the San Diego City Council and the County Board of Supervisors. These co-chairs may appoint up to 15 members, who typically include representatives from lending institutions, community housing and economic development agencies and the general public. The task force is a public agency subject to the Brown Act, which means its meetings are open to the public. Its meetings are usually held the third Thursday of each month beginning at 12 Noon at the City Council Committee Room on the 12th Floor of City Hall. Questions about the Reinvestment Task force can be directed to [email protected].
