Sec. 8-240k. Community economic development program. Establishment of entity.
Sec. 8-240k. Community economic development program. Establishment of
entity. (a) As used in this section and section 8-240l, "low and moderate income individuals" means individuals earning not more than the state median income, as determined
by the United States Department of Housing and Urban Development. The state, acting
by and through the Secretary of the Office of Policy and Management, in conjunction
with other relevant state agencies and quasi-public agencies, as defined in section 1-20, shall establish a community economic development program in public investment
communities, as defined in section 7-545, in targeted investment communities, as defined in section 32-222, and state-wide to assist low and moderate income individuals
in establishing, maintaining and expanding businesses. The purpose of the program shall
be to strengthen neighborhoods by maintaining or creating employment for neighborhood residents, generating tax revenues and stemming physical deterioration and the
social problems resulting from deterioration by providing (1) access to credit, (2) facilitation of financing for community development activities, and (3) technical assistance.
(b) The secretary shall establish an entity to accomplish the program. The entity
may, without limitation, be owned and governed, in whole or in part, by parties other
than the state, any agency of the state or any quasi-public agency.
(P.A. 93-404, S. 1, 6; P.A. 03-93, S. 1.)
History: P.A. 93-404 effective July 1, 1993; P.A. 03-93 amended Subsec. (a) to define "low and moderate income
individuals", to expand the community economic development program to provide assistance to such individuals on a
state-wide basis and to make a technical change.