Thread Options
#2085714 - 06/28/16 08:04 PM Economic Development Authorities
wblewis935 Offline
Member
Joined: Feb 2011
Posts: 53
I am curious what everyone's experience has been with Economic Development Authorities/Alliances/Corporations.

We have an employee who serves on the BOD for a local alliance. EDCs don't usually specify a commitment to LMI families. their mission is to promote economic development and help create an environment for businesses and individuals to thrive.

Do these type of entities usually qualify for CRA under any of the tests?

Return to Top
CRA
#2085853 - 06/29/16 02:15 PM Re: Economic Development Authorities wblewis935
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Based on its mission and vision, it is difficult. They might have a program or initiative focused on micro businesses or training for low skilled low wage jobs that might qualify.
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


Return to Top
#2085863 - 06/29/16 03:08 PM Re: Economic Development Authorities Pale Rider
kansas9839 Offline
Junior Member
Joined: May 2016
Posts: 43
And I would think you might need to have the number of LMI served as well. It would also depend on the regulator you get as some are more stricter than others. This is what I have heard from others at my bank. Correct me if I am wrong in my analysis.

Return to Top
#2085874 - 06/29/16 03:32 PM Re: Economic Development Authorities wblewis935
RR Jen Offline
Power Poster
RR Jen
Joined: May 2003
Posts: 3,759
Running and riding everywhere ...
We have one group that is dedicated to revitalizing a "downtown" area...think bringing back businesses and housing...that's in a low income tract (one of only a few in the MSA). I'm going to try it due to the primary focus being in the low income tract.
_________________________
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

Return to Top