Newport Comprehensive Land Use Plan - Existing Conditions | Page 210

Newport Comprehensive Land Use Plan
Community Reinvestment Act (CRA) - this federal law requires that federally insured banks, state banks and trust
companies, state-chartered savings banks, and loan associations help meet the credit needs of low- and moderateincome neighborhoods. Under the act, if such needs are not met, banks may be denied the ability to expand or
merge with other banks. In addition, state and municipal monies cannot be deposited in a non-complying bank.
Cost-Burdened Housing – is considered to occur when the amount dedicated to paying for rent or mortgage is 30%
or more of the household’s total gross income.
Cultural Resources – are defined as the collective evidence of past inhabitants interaction with their environment
through past a