Development Banking and Financial Institutions Act of 1994. . (b) Part of general business credit Section 38(b) of such Code is amended by striking plus at the end of paragraph (40), by striking the period at the end of paragraph (41) and inserting , plus , and by adding at the end the following new paragraph: (42) the CDFI investment credit determined under section 45BB(a). . (c) Conforming amendments (1) Section 45D(b)(1) of the Internal Revenue Code of 1986 is amended by striking and at the end of subparagraph (B), by striking the period at the end of subparagraph (C) and inserting , and , and by adding at the end the following new subparagraph: (D) such investment has not been designated as a qualified CDFI investment for purposes of section 45BB. . (2) The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: 45BB. Community development financial institution investment tax credit. . (d) Effective date The amendments made by this section shall apply to investments made after the date of the enactment of this Act. 3. Community development equity funds Section 105 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4704 ) is amended by adding at the end the following: (d) Community development equity funds (1) Definition In this subsection, the term community development equity fund means a community development financial institution with a management entity that manages 1 or more investment funds where a majority of both the number and dollar volume of financial products are equity or near equity investments in small businesses located in an investment area or small businesses majority owned by a targeted population. (2) Qualifications In an application for assistance under this subtitle, an applicant that is a community development equity fund shall demonstrate, to the satisfaction of the Secretary, that the current or proposed management team of the fund is qualified and has the