1998 Regular Session
To: Economic Dev, Tourism and Parks
By: Senator(s) Blackmon, Horhn
Senate Bill 2559
AN ACT TO ESTABLISH A PROGRAM ADMINISTERED BY THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TO PROVIDE GRANTS TO COMMUNITY DEVELOPMENT CORPORATIONS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. For purposes of this section, the term "community development corporation" means a nonprofit corporation:
(a) That meets the criteria established by the Department of Economic and Community Development;
(b) That is tax exempt pursuant to Section 501(c)(3) of the Internal Revenue Code;
(c) Whose primary mission is to develop and improve low-income communities and neighborhoods through economic and related development;
(d) Whose activities and decisions are initiated, managed and controlled by the constituents of those local communities; and
(e) Whose primary function is to act as deal-maker and packager of projects and activities that will increase their constituencies' opportunities to become owners, managers and producers of small businesses, affordable housing, and jobs designed to produce positive cash flow and curb blight in the target community.
(2) The Department of Economic and Community Development shall establish a grant program to support community development projects and activities within the state's minority community. Any community development corporations may apply for funds under this section. The Department of Economic and Community Development shall establish and implement performance based criteria for determining which community development corporations will receive a grant and the amount of the grant.
The Department of Economic and Community Development shall allocate Two Million Dollars ($2,000,000.00) each fiscal year to the grant program established in this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 1998.