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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 21, 2017.
HBCU Capital Financing Improvement Act
This bill amends the Higher Education Act of 1965 to modify the HBCU Capital Financing Program, which guarantees low-cost private loans to historically black colleges and universities (HBCUs) to finance infrastructure repairs, maintenance, and construction.
It replaces statutory references to "escrow account" with "bond insurance fund."
The bill authorizes the Department of Education to provide financial counseling that prepares an eligible HBCU to qualify for, apply for, and maintain a capital improvement loan.
It revises and expands reporting requirements for the HBCU Capital Financing Advisory Board.