National Community Economic Partnership Act of 1991

Summary

National Community Economic Partnership Act of 1991 - Amends the Omnibus Budget Reconciliation Act of 1981 to establish a National Commission on Community Economic Development (the Commission), as an independent agency, to: (1) administer the community development programs established under this Act; and (2) serve as a focal point for Federal promotion of community-based economic development. Directs the Commission to develop and promulgate, in consultation with the heads of other Federal agencies, regulations to permit appropriate operation of joint programs coordinating activities supported with assistance under this Act with activities supported with assistance under programs administered by such agency heads. Authorizes the Commission to enter into contracts and other appropriate arrangements with nonprofit organizations for operation and management of any projects undertaken under such a joint program. Requires the Commission to coordinate such joint programs with other related Federal, State, local, and private activities. Establishes a program of community economic partnership investment funds. Authorizes the Commission to provide nonrefundable lines of credit to community development corporations (CDCs) to establish, maintain, or expand revolving loan funds to finance projects to: (1) provide business and employment opportunities for low-income and unemployed individuals; and (2) improve the quality of life in urban and rural areas. Sets forth requirements relating to such revolving loan funds, including: (1) competitive assessment of applications from eligible entities for capitalization of such funds; (2) applications including strategic investment plans and demonstrations of experience and achievement; (3) matching local funds (with exceptions); (4) application approval criteria, including priority for target areas with low incomes and high unemployment; and (5) availability of lines of credit; (6) authorized uses of lines of credit and of revolving loan funds; (7) limitations on use of funds; (8) local contributions; and (9) use of proceeds from investments. Requires the Commission to give priority in providing lines of credit under this Act to CDCs that propose to undertake economic development activities in distressed communities that target women, Native Americans, at-risk youth, farmworkers, very low-income communities, single mother or refugees and programs providing loans in limited amounts to very small business enterprises. Allows not more than five percent of program appropriations to be reserved for such priority activities. Authorizes appropriations for FY 1993 through 1995 for such community economic partnership investment funds program. Establishes a program for emerging community development corporations (CDCs). Directs the Commission to award: (1) grants to community development corporations to attain or enhance the business management and development skills of the individuals that manage such CDCs, in order to enable such CDCs, to seek the public and private resources necessary to develop community economic projects; and (2) operating grants to community development corporations to enable them to support an administrative capacity for planning, developing, and management of low-income community development projects. Sets forth authorized uses and maximum amounts of, and application requirements for, such grants. Authorizes the Commission to award grants to emerging CDCs to enable them to establish, maintain, or expand revolving loan funds, to make or gurantee loans, or to make capital investments in new or expanding local businesses. Sets forth eligibility requirements, authorized uses of such revolving loan funds and of proceeds from investments, and maximum grant amount. Authorizes appropriations for FY 1993 through 1995 for such program for emerging CDCs. Establishes a community economic development research and demonstration program. Directs the Commission to award grants to enable eligible organizations to undertake programs involving research, testing, studies, or demonstrations related to community economic development. Makes eligible for such grants, if they submit appropriate applications, the following entities: CDCs, universities, fiscal intermediaries, or nonprofit organizations involved in community-based economic development. Sets forth authorized uses and maximum amount of such grants. Authorizes appropriations for FY 1993 through 1995 for such grants program. Prohibits funds authorized under this Act from being used to finance the construction of housing.

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Documents

4 official files

• Reported to Senate (text)

  Reported to Senate · EN

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• Introduced in Senate (text)

  Introduced in Senate · EN

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• Reported to Senate with amendment(s)

  summary · EN · 2 July 1992

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• Introduced in Senate

  summary · EN · 24 October 1991

  Open at official source

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