135.433. Initiative, public-private partnership for community development corporations--purpose--funding.
Initiative, public-private partnership for community developmentcorporations--purpose--funding.
135.433. 1. The department of economic development shall establish apublic-private partnership to be known as the "Missouri CommunityDevelopment Corporation Initiative". The initiative shall be supported byappropriations made to the department for that purpose and from federalfunds and private corporations. All moneys for the operation of theinitiative shall be deposited into the community development fund asestablished by section 135.401.
2. The initiative shall support the organizational development ofcommunity development corporations. Its purpose is to help thesecorporations initiate and develop strategies which generate beneficialself-sustaining economic and human development activities in minority andunderdeveloped communities. It shall use public and private dollars toidentify community development corporations appropriate for assistance, toadminister a grants process, to offer bridge financing, and to lendtechnical assistance in numerous areas including the construction ofaffordable housing and the development of commercial real estate. Fundingfrom the initiative to community development corporations may be in thefollowing forms:
(1) Operational grants;
(2) Special opportunity grants;
(3) Gap financing for single and multifamily housing, office space,industrial space, plants and equipment, child care facilities, and smallbusiness incubators or entrepreneurial development;
(4) Bridge loans for emergency needs;
(5) Initial programs for emerging community development corporationsto complete their first projects;
(6) Certificate of deposit loan leveraging programs to leverage loansmade to community development corporations by financial institutions forland acquisition and construction; and
(7) Other financing programs which the initiative deems to beappropriate.
(L. 1997 2d Ex. Sess. S.B. 1 § 4)Effective 12-23-97