Gentle readers, you know I enjoy throwing snowballs at Mr. Chapel, and I'll have some packed and ready soon enough. But first, why don't you take a crack at parsing the LAIC's misty oraculations. You can go look at the PDF version of the newsletter if you wish, but as a public service, here's a faithful-to-the-last-hyphen reproduction of Mr. Chapel's text:
Dwaine Chapel, "The LAIC Perspective,"
Madison Chamber of Commerce newsletter,
November 2008, p. 7
The Community Reinvestment Act (CRA) was passed in 1977 and states "regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered." This simply means that lending institutions are a-for-profit organization and are afforded the ability to reinvest that profit back into the community in which they serve.
Banks are rated on their reinvestment activities and the funds are used to accomplish many productive and positive tasks. For example the funds can be used to take action in creating new jobs, affordable housing, fair housing, and to help small business and entrepreneurs to name a few.
Fair housing and affordable housing focus on the low to moderate income sectors of an area. Area median income is a guideline used to determine if a bank can receive CRA credit for the loans it issues. Many organizations throughout the country have applied for community development loans addressing housing needs in their community.
The definition of area median income is the median family income for a metropolitan statistical area (MSA) or the county or statewide median family income if the individual is outside of a metropolitan statistical area. The definition of low income means that the income level of an individual is 50 percent of a geographical area. Moderate income means that the income level of an individual is at least 50 percent and less than 80 percent of the area median income. Family median income states that the income is at least 50 percent and less than 80 percent of a geographical area. Middle income means that the income level of an individual is at least 80 percent and less than 120 percent of the area median income. Family median income states that the income is at least 80 percent and less than 120 percent of a geographical area.
What is a metropolitan statistical area (MSA)? It is a geographic area used by federal agencies that collect and tabulate survey information gathered. A metropolitan area contains a population of 50,000 or more as its core urban area. Furthermore, a micropolitan is that urban core consisting of more than 10,000 and less than 50,000 in population.
According to the most recent census data obtained through the Federal Deposit Insurance Corporation (FDIC), income information for Lake County shows the 2008 estimated median income to be $57,240 which is an increase from the 2004 median income level of $43,750.
The Community Reinvestment Act provides opportunity for banks throughout the country to provide community development loans to address a number of economic development issues in their communities. The CRA was initiated to improve the quality of life issues and create and retain jobs and most importantly retain families for a neighborhood and a community.
Before I can muster any commentary, I need an answer to one simple question: What is the thesis of this essay? Friends, English teachers, countrymen, have at it!
Update: You can view an English teacher's corrections and comments on the above text here.