90-6-146. Community reinvestment organizations.
280 words·~1 min read·
/mt/title-90/chapter-6/part-1/90-6-146·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
90-6-146 . Community reinvestment organizations.
(1)A community reinvestment organization meeting the requirements of 90-6-147 may be established no later than December 31, 2024.
(2)There may be a maximum of 16 community reinvestment organizations in the state.
(3)The geographic boundaries of each community reinvestment organization must be similar to the boundaries determined by the department of commerce for certified regional development corporations provided for in 90-1-116 . Regions not included in the described boundaries may establish community reinvestment organizations up to the maximum number allowed in subsection (2). The certified regional development corporation may choose to create and manage a region's community reinvestment organization but is not required to serve as that region's community reinvestment organization.
(4)Counties that are not within the boundaries of an existing certified regional development corporation region may participate in a neighboring community reinvestment organization or create a community reinvestment organization that includes one or more counties not within an existing certified regional development corporation subject to the limit provided in subsection (2).
(5)Each county wishing to participate in the program shall make an affirmative decision to participate by joining a community reinvestment organization. Counties that do not join a community reinvestment organization are ineligible to participate in the program. A county may only participate in one community reinvestment organization.
(6)A participating county is encouraged to enact local ordinances that provide for an expedited development and construction review process with priority for attainable workforce housing.
(7)To be certified by the chief economic development officer provided for in 2-15-219 , a community reinvestment organization shall provide the information required by the chief economic development officer and 90-6-147 by January 15, 2025.