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#2085714 - 06/28/16 08:04 PM Economic Development Authorities
wblewis935 Offline
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?

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#2085853 - 06/29/16 02:15 PM Re: Economic Development Authorities wblewis935
Pale Rider Offline
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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.

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#2085863 - 06/29/16 03:08 PM Re: Economic Development Authorities Pale Rider
kansas9839 Offline
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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.

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#2085874 - 06/29/16 03:32 PM Re: Economic Development Authorities wblewis935
RR Jen Offline
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RR Jen
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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 positive and helpful people or I will kick you in the shins!!!

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