Sec. 8-240k. Community economic development program. Establishment of entity.
232 words·~1 min read·
/ct/title-8/chapter-133a-community-economic-development-program/8-240kA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)As used in this section and section 8-240 l , “low and moderate income individuals” means individuals earning not more than the state median income, as determined by the United States Department of Housing and Urban Development, “public investment communities” has the same meaning as provided in section 7-545 , “qualified census tract” has the same meaning as provided in section 4-66c and “targeted investment community” has the same meaning as provided in section 32-222 . The state, acting by and through the Secretary of the Office of Policy and Management, in conjunction with other relevant state agencies and quasi-public agencies, as defined in section 1-20 , shall establish a community economic development program in public investment communities, in qualified census tracts, in targeted investment communities and state-wide to assist low and moderate income individuals in establishing, maintaining and expanding businesses. The purpose of the program shall be to strengthen neighborhoods by maintaining or creating employment for neighborhood residents, generating tax revenues and stemming physical deterioration and the social problems resulting from deterioration by providing
(1)access to credit,
(2)facilitation of financing for community development activities, and
(3)technical assistance.
(b)The secretary shall establish an entity to accomplish the program. The entity may, without limitation, be owned and governed, in whole or in part, by parties other than the state, any agency of the state or any quasi-public agency.