§ 13-14-201. Creation
It is the intent of the general assembly to provide for the creation and expansion of economic development efforts by community-based organizations.
§ 13-14-202. Community-Based Development Organization Defined
A community-based development organization is an organization that: Is established under the state charter provisions of the Tennessee Code; Has qualified for tax exempt status under § 501(c)(3) of the Internal Revenue Code (26 U.S.C. § 501(c)(3)); Has a purpose, stated in the articles of incorporation, to serve low and moderate income people’s need for […]
§ 13-14-203. Purpose
A program may be established by this state to build local capacity of community-based organizations to address any or a combination of the following: Housing needs of people with low or moderate incomes, for home ownership and affordable rental housing, including housing development for the elderly and persons with a disability; Employment needs of people […]
§ 13-14-204. Available Assistance
In carrying out this part, any, or a combination of the following, may be provided: Grants to initiate new community-based development organizations in communities lacking one; Grants to existing community-based development organizations to extend their capacity to meet the housing and job creation needs of their service area, including staffing and reasonable administrative costs; Grants […]
§ 13-14-205. Preferences in Granting Assistance
In carrying out this part, preference shall be given to community-based development organizations that: Serve a geographic area or a population of individuals effectively marginalized due to its small numbers, high ratio of African-American residents, persistent poverty, disability or other factors which effectively result in structural disinvestment; and Can demonstrate support from the community, particularly […]
§ 13-14-206. Authority to Implement Rules
Rules may be developed by the state to carry out this part, including rules to define “persons of low and moderate income.”
§ 13-14-207. Authority
Nothing in this part shall limit the authority or powers of community-based development organizations currently authorized under the law.
§ 13-14-208. Administrative Expenses
Any grant program authorized under this part to support the creation and expansion of economic development efforts by community-based organizations shall authorize the community-based development organization to utilize up to five percent (5%) of the funds for the administration of the grant program, including, but not limited to, accounting expenses associated with the grant program, […]