Louisiana Revised Statutes 33:130.755 – Grants and loans to community development corporations and community development financial institutions
Terms Used In Louisiana Revised Statutes 33:130.755
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
A. Criteria for grants and loans.
(1) The department shall establish and implement criteria for grants and loans to community development corporations and community development financial institutions.
(2) Grant and loan criteria shall be set forth in rules, promulgated in accordance with the Administrative Procedure Act, La. Rev. Stat. 49:950 et seq.
(3) Such criteria shall require that an applicant demonstrate a capacity to engage in the community development projects and sufficient organizational structure to ensure proper management.
B. The total amount of grants and loans administered pursuant to this Subpart shall not exceed one million dollars for all recipients in any one fiscal year.
C. A single community development corporation or community development financial institution shall not receive more than ten percent of the total amount of grants and loans funds administered pursuant to this Subpart in any one fiscal year.
D. The department may receive funds from both state appropriations and private contributions.
Acts 2007, No. 374, §1, eff. July 10, 2007.