Economic Development Authorities

Posted By: wblewis935

Economic Development Authorities - 06/28/16 08:04 PM

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?
Posted By: Pale Rider

Re: Economic Development Authorities - 06/29/16 02:15 PM

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.
Posted By: kansas9839

Re: Economic Development Authorities - 06/29/16 03:08 PM

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.
Posted By: RR Jen

Re: Economic Development Authorities - 06/29/16 03:32 PM

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.