I. The authority shall provide technical assistance to community development corporations, other nonprofit organizations involved in community development, and employee and other types of cooperatives and to persons forming such organizations. Technical assistance includes, but is not limited to, assistance with respect to organizational development, economic development planning, community education, financial planning or packaging, the development of grant or other applications, market research, business plan development or review, management training, and such accounting and legal services as may be necessary to enhance or render effective any of the foregoing. Such assistance may be provided by the authority directly by staff or other agents of the authority or through contract with a third party.
II. The authority may award grants to community development corporations, other nonprofit organizations involved in community development activities, and employee and other types of cooperatives to fund their operating costs or other costs of projects including, but not limited to, costs incurred for planning, feasibility or other studies, consultants, technical assistance, or educational or publicity programs. The authority shall award the grants to further the purposes of this chapter. The authority shall review applications for grants based upon need, effectiveness in encouraging the development of community development corporations, other nonprofit organizations involved in community development activities, and employee or other types of cooperatives, effectiveness in assisting in the attainment of capital for the development of the operating area of the organization or cooperative, and the extent to which the grant will encourage the exchange of information among community development organizations and cooperatives.