SB 480 Summary

• Establishes an Office of Community Economic Development Assistance within the Department of Economic and Community Development to certify community development corporations and manage related programs, effective July 1, 2022.

• Defines "certified community development corporation" as a 501(c)(3) exempt organization focused on serving target areas with meaningful community representation on its board of directors.

• Creates a grant program for certified community development corporations to undertake projects in target areas including infrastructure improvements, housing rehabilitation, and streetscape improvements.

• Authorizes investors to reserve tax credits equal to 50% of their cash investments in certified community development corporations, capped at $25,000 per investor and $5 million in aggregate credits under Chapter 208 tax.

• Authorizes the State Bond Commission to issue up to $100 million in bonds to fund the Office's operations and grant program, with bonds maturing within 20 years.

• Requires annual reporting to the General Assembly beginning July 1, 2023, detailing office activities, corporations certified, grants awarded, and projects undertaken.