Louisiana § RS 33:130.752 - Definitions

§ RS 33:130.752. Definitions

            For the purposes of this Subpart, the following terms shall have the following meanings, unless the context clearly indicates otherwise:

            (1) "Community development corporation" means a nonprofit corporation which satisfies all of the following:

            (a) Is chartered pursuant to Chapter 2 of Title 12 of the Louisiana Revised Statutes of 1950.

            (b) Is tax exempt pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

            (c) Has a primary mission of developing and improving low-income communities and neighborhoods through economic and related development.

            (d) Has activities and decisions initiated, managed, and controlled by the constituents of the community served.

            (e) Has a primary function of developing projects and activities designed to enhance the economic opportunities of the people in the community served, including efforts to enable them to become owners and managers of small businesses, producers of affordable housing, and providers of jobs in the community served.

            (f) Does not provide credit, capital, or other assistance from public funds in an amount greater than twenty-five thousand dollars at one time or in one transaction.

            (g) Is not a nonprofit organization with the sole purpose of providing housing to neighborhoods or technical assistance to other nonprofit organizations.

            (h) Has been certified or recertified as a community development corporation as provided in this Subpart.

            (2) "Community development financial institution" means an organization which satisfies all of the following:

            (a) Has a primary mission of promoting community development by providing credit, capital, or development services to small businesses or home mortgage assistance to individuals, including, but not limited to, capital access programs, micro-lending, franchise financing, and guaranty performance bonds.

            (b) Maintains, through representation on its governing board, accountability to persons in need of the institution's services.

            (c) Is not an agent or instrumentality of the United States, or of a state or political subdivision of a state, nor maintains an affiliate relationship with any of these entities.

            (d) Maintains a goal of providing a majority of its services to low-income individuals, minorities, or females or in rural areas.

            (e) Provides capital and technical assistance to small or micro-businesses or mortgage assistance to individuals.

            (f) Does not provide credit, capital, or other assistance in an amount greater than two hundred fifty thousand dollars at one time or in one transaction.

            (g) Has been certified or recertified as a community development financial institution as provided in this Subpart.

            (h) May be a federally chartered or state-chartered financial institution holding company which qualifies as a community development financial institution only if the holding company and the subsidiaries and affiliates of the holding company collectively satisfy the requirements of this Subpart.

            (3) "Department" means Louisiana Economic Development.

            (4) "Low income" means an income level at or below eighty percent of the mean income for a family of similar size within this state.

            Acts 2007, No. 374, §1, eff. July 10, 2007.